Good afternoon. Thank you to those of you who are joining us today to hear from Supreme PLC, who announced their results yesterday. If you haven't seen it already, we've got an up-to-date note on our website with forecasts. The purpose of today is to hear from the management team, go through the presentation, and take Q&A at the end. As ever, feel free to submit questions as we go along. For now, I'm going to hand over to Sandy Chadha, CEO. Yeah. Hi. Welcome. Thank you, Hannah. Yes, I'm Sandy, CEO of Supreme, and we also have Suzanne, who's our CFO. Welcome to everybody, to our investor roadshow. Yeah, what is Supreme? Supreme, for those that don't know, is a fast-moving consumer goods business. We're a manufacturer, we're a brand owner, we're a distributor, and we're a licensee of fast-moving consumer goods. Most of our products are the fastest-selling products in our retail stores with the highest margin. To the next slide, Suzanne. Yeah. Looking at a quick snapshot. We've been going since 1975. I started in 1990. There was four of us. I was employee number four. Today, we have over 450 employees in the group in total. We service about 6,000 customers into 55,000 retail outlets. 65%-70% of our profits come from products we manufacture ourselves. We manufacture vaping, wellness products like protein powders, meal replacements. We manufacture soft drinks, tea, and shortly, we'll be manufacturing cleaning products. We sold about 500 million products in the last year into 45 different countries. Just moving on to the next slide, Suzanne. Yeah. We wanted to just take a quick snapshot of where the business has come since we came to market in 2021. The results that we listed off the back of were the 2020 results. As it says there, we were doing GBP 92 million of revenue and GBP 16 million of EBITDA at that time. In that period of five, six years, we've tripled revenue and profits also more than double, two and a half times the profit that we were doing back in 2020. Alongside that, we've bought nine businesses, we've taken on three new licenses, we've opened up a number of additional manufacturing sites, we've taken on a whole host of new customers and also employees. There's been a huge transformation of the business in that time. I think a cynic would say, "Oh, you've acquired a lot of that growth. You've done a lot of acquisitions, of course, your revenue has grown." While that is true, it's also important to note two things. One is that all those acquisitions have been done from the free cash that the core business has generated. We've taken on no debt at all during that period, and we've never gone to market to fundraise at all. That's a nod to how cash-generative the core business has been consistently, through its history. Secondly, yes, we have acquired lots of businesses, but typically, we acquire businesses that have been neglected or underperforming or even businesses that are in some kind of financial distress, or worse, they're even in administration. We've not simply slotted successful businesses into our platform. We have had to work very hard to nurture those businesses and brands, turn them around, and put them into our own platform and ensure that they are then earning and enhancing under our ownership. That's taken a great deal of work, a great deal of resource and expertise from our people at Supreme. Also we've done it with our own money. I don't think it detracts from the success of the growth just because that's acquired growth when we've done it with our own free cash. Moving on to the timeline. It says it all really. Our first acquisition since the IPO was Cimex and Vendek. Cimex, we only paid GBP 1 million for. I think it makes triple that in profits a year right now. As Suzanne said that we've done all these acquisitions from money from our existing business rather than borrowing any money. Just so you know, that's about GBP 60 million of acquisitions there in the five years we've been a public company. Moving on to the divisions. We now have actually nine different divisions, but we have to, for public, for actually announcement purposes and making things simple, we're putting it into three different categories. Electrical and household, which includes lighting, the batteries, and now the cleaning products. Vaping, which includes our 88Vape, Liberty Flights, prison contracts. It also includes our branded distribution likes of Elf Bar, Lost Mary, Hayati, and also private labels that we make for other vape companies. The wellness division, which now includes protein powders, tea, and soft drinks. These are now nine divisions, but streamlined into three different ones, and we'll probably go through them now for you in some of the following slides. This just gives us a sort of depth of brands that we own and license. I mean, we have 30 brands here that we have to manage. Most companies manage one. To manage 30, you can imagine the complexity of the business. Yeah, we do it because of our platform, which I'm going to come onto very shortly. There's some really strong household names, and as our business has developed through time, our acquisitions are with better and bigger brands, the last one being SlimFast, which is obviously a household name across the U.K., across Europe, and in parts of the world. Our customers, I mentioned we have 6,000 live accounts, so our team at the credit control are busy chasing 6,000 customers for money. Through those 6,000 customers, we reach about 50 to 55,000 different retail outlets across the U.K. and EU premise. I would say that we have probably got the largest range of customers than any company I know, just because of the sheer different product categories we're in. That makes one of our strengths in Supreme is the broad depth of customers that we have. Our platform, this is probably the most clever part of Supreme, is that when we acquire businesses, when we acquire brands, or when we actually add a new category organically, you don't really incur overheads with that division, all of a sudden we have very good economies of scale. Giving examples, we bought SlimFast with zero employees, not one. We've now hired a number of employees, four or five, but we actually literally integrated the whole business into Supreme. Our warehouse is one, our marketing team is one, our sales team is one, our credit control is one. It means that when you are competing with other companies, you're somehow at an advantage because you have a shared overhead resource across many divisions, which actually most times makes you more competitive than others. The other side of the argument here is that we've got 450 employees, looking at them, we have 30 brands and nine divisions. If we had 450 employees in just one category, of course it would be bigger than the category we're in. Overall, we would not make anywhere near as much money. I guess this is the part of Supreme that is pretty unique, I don't know many companies that have this type of platform in the U.K. Suzanne? We'll go through the detailed financials later on in the deck, just to call out some of the highlights. Record year for revenue growth, 17% growth year-over-year. As the bar chart to the left shows, it's a consistent growth story year-over-year. In fact, our cumulative annual growth rate is about 20% in revenue. It's 17% in EBITDA as well. We're equally focused on profit as we are on cash and revenue. Standout performers within the group have been our newly acquired SlimFast and also our vaping category, we'll deep dive into that a little bit deeper. Posting profits of over GBP 40 million comparable with the previous year. The other call-out early on is cash. We've done all of this, as I said earlier, without any assistance from the bank. We've closed the year with GBP 7.5 million cash positive, which given it's been a year of substantial expenditure on acquisitions and capital expenditure, so GBP 13 million on acquiring other brands and GBP 6 million investing in our manufacturing facilities as well as servicing our dividend, paying our corporation tax, all the usual things, we've still generated net cash in the year and closed the year with GBP 7.5 million in the bank. Operationally, it's been another extremely busy year for Supreme, as hopefully you've come to expect. We acquired SlimFast and 1001 in that period, and we'll cover those in a bit more detail on the next slide, both of which immediately earnings enhancing for Supreme, which as you'll know, is one of our key M&A criteria. We've spent GBP 6 million upgrading and expanding our manufacturing facilities. In particular, we have moved into a brand-new wellness manufacturing site in the last month. We've also opened our tea manufacturing facility at the start of this financial year. We've also invested into our Clearly Drinks, which is our soft drinks manufacturing site up in the northeast. We are gearing the business up for growth and adding further capacity and allowing for more complexity in our manufacturing to enable long-term growth. Vaping revenue is up 50%. Sandy will cover that in a little bit more detail. Yeah, we are stand out performance success for the year, especially given the backdrop of the disposable vape ban that we were facing into this time last year. Internationally as well, we've made some real progress internationally. We won't focus on it too much this year, but hopefully this forms a really significant and interesting part of our presentation to you next year. We've spent this year exploring territories including and specifically Hong Kong and also the Middle East, where we've had exceptionally pleasing progress, and particularly in Hong Kong, where we now have more than 1,500 retail points signed up in Hong Kong. We're seeing a very similar story sort of unfold in the Middle East. That's very exciting for the group because we have largely been a U.K.-centric business up to this point. But this is really proving a model that our brands travel well and they resonate with consumers, not just in the U.K. We signed two more license agreements this year, so Carabao and Lamborghini, both of which we will work with from an energy and sports drinks perspective. That's yet adding another string to our bow. As Sandy said at the start, we now have a real strong portfolio of brands, most of which we own and all we exclusively license, almost 30 now. Meaning that gives us real diversification in our product offering, which in the midst of lots of vaping legislation, is definitely de-risking our overall opportunity and our overall proposition. Yeah, an extremely busy year, but a very successful year operationally. If we talk specifically about the two businesses we have acquired this year, we started with 1001 back in August. Whilst that for us is a small acquisition, the business cost us GBP 1.7 million. Strategically, it's a very important acquisition for the group. Sandy, a while ago, had identified that cleaning as a sector, is a sector that is in growth and is particularly interesting at the discount level right now, and that was a category that we thought Supreme had a real place in. 1001 represents our kind of step into that market. We expect annually the business to turn over somewhere between GBP 4 million and GBP 5 million, there's a lot of innovation already happening across the brand. Today, 1001 is a carpet care brand. We see in the future it being more of a general household cleaning brand, there's lots of innovation to come in that area. Secondly, SlimFast, which was a much bigger acquisition, in fact, our biggest acquisition to date. We acquired SlimFast back in October, so we've had about five months of revenue of that brand in these numbers here. Again, really strategically important acquisition for us. We were able to acquire Boots and Superdrug as two brand-new customers to the group, which is very helpful for us in terms of a cross-sell perspective and always good to get two kind of consuming U.K. retailers onto your roster. Also, around 40% of their business is powders. We have a powder manufacturing facility, so we knew that there would be vertical integration and a manufacturing opportunity for Supreme, which we know helps expand growth margins and gives us more ownership of our supply chain. That's another kind of key criteria when it comes to M&A. Together, they have contributed just shy of GBP 11 million of revenue for the group, both were immediately earnings-enhancing for the group. That's very helpful. Yeah, two more great additions to the portfolio. If we just take a snapshot of our sites, if you'd have looked at this just two, three years ago, it would be a lot smaller, we were much more heavily concentrated in Manchester alone. I think the most important takeaway in terms of the group sites at the minute is the extent and abundance of manufacturing. We manufacture soft drinks, wellness, tea, vaping. There is a multitude of disciplines within manufacturing, we have spent around GBP 6 million this year investing in that manufacturing. As I said earlier, setting those businesses up for further growth, giving them increased capacity and complexity to deal with new lines and innovative areas within those categories. Yeah, let's move on. Okay. Vaping. As you can see, our revenue has grown by 15% from the previous year. Now, if you think about the previous year, it's when disposables were banned. We've done actually much better in our transition from disposables to pods, way better than we thought, actually, to be fair, in terms of the revenue. However, I must add that the margins on the pods are lower of the disposables that we discontinued last June. I guess, overall, it's a great performance from the vaping division. If you just look back five years, it was 29 million in 2020, it's 148 million now. It's just incredible growth in a very short space of time. I would say most of that's been all organic, to be fair. Yeah, I'm happy with the vaping division. I think I'm going to move on to the next slide, which is probably the elephant in the room, vape tax, which is coming in in October. Just for those who don't know, there's a tax of GBP 0.22 per one milliliter of e-liquid, so a 10-milliliter liquid is GBP 2.20 plus VAT or tax, which currently our product retails for GBP 1.20, which will take the retail price up to GBP 3.80-GBP 4. This is going to be obviously a significant increase in price for the retailer, but at the same time, everyone's in the same boat. I guess this could go a few ways, and there's a few options for the consumer. The consumer option number one is pay the new tax price and carry on vaping. Option two is they give up cold turkey, and they stop vaping altogether. That probably happens and lasts for maybe a few days, and then they realize it's actually really good for them to keep on taking nicotine, and they enjoy it so much, so they start again. The third alternative is to move to cigarettes, which is actually more expensive and is obviously a lot worse for your health. We don't think that will happen, and if it does, it will be a disaster for the industry. We don't believe that could be an alternative. The last one is to move on to another brand and pay a little bit more. I guess our percentage changes between other brands is less, but the cash difference will still be relatively similar. I guess at the same time, we have this transition period where from October to April, we are still able to sell the product without tax, so it will not be in our numbers this year, but next year, you should see our revenue increase substantially because of the tax, but our margins obviously will decrease. Hopefully, our cash is the same or better, but the actual percentages will reduce because now we have to charge tax. Just to put this into perspective, it's about GBP 120 million a year of extra tax that will be collected for the government. This is all very big news, in terms of big things to do and big things to change in our business. In our manufacturing, we need to have the right stamps to apply onto the box. We need to have software that integrates with HMRC. We need to apply for an excise license for our factory, for our distribution center. There is a lot of things to happen in the next few months. We are really busy with VPD, and we are in the thick of it right now. It also means opportunities where a lot of the smaller companies cannot do a lot of this, and a lot of them end up either closing down or somebody ends up buying them, and there is a consolidation, which actually works in our favor. We may also see a downtrade from people not wanting to spend as much on a bottle of liquid and actually trade down to a lower priced brand. These are all things, it is hard to say which way it is going to go. In Germany and Spain, it's not affected the business there, and we're hoping to see a similar sort of outcome in the U.K. Drinks and wellness. The drinks and wellness side, most of this is actually reverse vaping, is that we've acquired a lot of brands, SlimFast, Typhoo, Clearly Drinks. The core business is probably at GBP 18 million, GBP 19 million that we built organically, and the rest is acquired. We still see good growth in this business. We still see opportunities in this business, and we think that this is the business where we have the highest valuation for Supreme. In terms of our valuation of the company, we think it's this area that will probably drive and help drive the valuation of the overall business. Yeah. Drinks and wellness, happy to take questions on that if you'd like to ask. The last one is on the household and electrical. This also now includes the cleaning products. Batteries are in flat or in slight decline. If you're lighting, though, it's in a bit more decline because once you've bought a light bulb, you don't need to replace it. There's obviously been a decline since the IPO on this area, and we are cautiously looking at the cleaning to fill some of the gap at the end. We believe that the cleaning will grow, the lighting will probably carry on declining, and we believe the batteries will be relatively stable going forward. There's a lot of consolidation. The retailers now are not making their own private label, and we have opportunity to make that private label for them. Same with lighting. Also, I think the opening of the cleaning factory next year, the hope being that we can do some private label and extend our 1001 and grow into more products later on, just to Suzanne. Okay, on the financials, we're looking at the income statement there. As I said at the start of the call, revenue's grown 17% year-over-year. Roughly two-thirds of that has come from M&A, the acquisitions that we made this year, SlimFast and 1001, and also the full year impact of the acquisitions from the year before. As a reminder, that was Clearly Drinks and Typhoo Tea. The other third has come from the core business, organic growth, and that's largely come from vaping. As Sandy said earlier, a fairly seamless transition from disposable vapes into their rechargeable counterparts. We held onto all of our key retailers and really held their hand through that transition. You won't see any big stock write-offs in these numbers for obsolete disposable vapes of ours or even many of our retailers. We managed that stock transition meticulously. That was an out and out success. We supplemented the revenue within vaping by adding on the distribution of incremental brands. Now not just Elf and Lost Mary, but also IVG, SKE, and most interestingly, Hayati. We also expanded our reach into Spain as well, that's given us some geographical expansion in that category. We did see some contraction across batteries and lighting, as Sandy has said. All fairly well signposted, nothing of a surprise. Perhaps people might ask, well, if those categories are in structural decline, is that not something that you are interested to dispose of, even those categories? The answer is that they both continue to be earnings enhancing for the group overall, and they take up very minimal management bandwidth. They are still helping to keep our customers sticky, and there's still products there that's in demand. We'll continue to operate those categories for a long time yet. Our gross profit as a percentage of sales fell from 32% to 29%. As Sandy said earlier, that is largely as a result of, exclusively as a result of the transition from disposable vapes to pods devices and their margins are, the margin profile is simply lower, and at the volume of branded distribution that we do, that has a meaningful impact on our blended gross margin overall. Our admin expenses have increased year-on-year about GBP 5 million, most of that as a result of the acquisitions. When we buy a business, we are desperate to take on the knowledge, the history, the relationships, the resources, and that comes at a cost. We're carrying the overheads of those businesses right now. Actually, the core business increase in overheads has been very marginal year-on-year, only around GBP 700 grand of cost increases associated with inflation and more specifically, the NI obligations. It's important to note here that you'll see that revenues are up and EBITDA is flat as a result of those overheads from the acquisitions and the blended gross margin coming down. It's more important to see that, or more important for us to explain why then profit before tax is actually lower year-on-year. You'll see that depreciation and amortization is up. It's up from GBP 8.7 million to GBP 11.3 million. Actually, when you think about everything we've said earlier in the presentation, which is we've invested heavily in our manufacturing assets, our fixed assets. We've also acquired brands, intangible assets, their price tag is in depreciation and amortization, that naturally steps up. We've also seen a swing in adjusted items. Last year, we reported a credit of GBP 700k. That was as a result of the bargain purchase reporting under Typhoo, this year it's a GBP 800k loss, which is more how it had been in previous years. It's those items, those non-cash items that have really triggered the profit before tax to fall. Our cash measure of profit, our EBITDA, is comparable year-on-year. I don't think we need to go into segmental because I think between the color that Sandy's given in the deck previously and the quick run through I gave there, I feel like we've really walked through why the various categories are up or down for electrical, vaping up as a result of the transition. The revenue bridge really just illustrates everything we've just said. You can see there the first two green bars represent the incremental revenue we have had from acquisitions. The really big green bar is the organic growth that I have just talked about in vaping, offset by some contraction in batteries and lighting. There is the growth in the remainder of the core business. That really is our wellness business because everything else has been carved up into the other bars in the chart. The same for EBITDA. If you move over to the next bridge, you see that the increase in EBITDA comes from the acquisitions, those earnings enhancing acquisitions. The contraction comes again from the drop through of the foreign revenue on electricals. Some investment into overheads, particularly to allow us to explore the new geographical territories I talked about earlier, so Hong Kong and the Middle East. Also some increased overheads associated with our new sites. Quick look at the balance sheet. The top half of the balance sheet has got bigger, the fixed assets, everything we have just talked about, more manufacturing assets, more brands, more intellectual property, so more fixed assets. Our working capital is leaner year-over-year by almost GBP 10 million, and that is a result of a really careful management of our stock and inventory levels, an ongoing, really strict discipline we have with investors. Our creditors are bigger this year versus last. Actually, we highlighted last year, they were unusually low last year as a result of deposit payments of our suppliers. Further down, cash. There is no borrowings there to speak of. We have a net cash or positive cash of GBP 7.5 million. Over on to cash flow to finish. We generated GBP 32 million of operating cash from GBP 40 million EBITDA. That is an incredible level of cash conversion, I think, in any profile of business. Even at the very bottom of the cash flow, positive GBP 4.3 million, despite the fact we spent GBP 13 million on acquisitions and GBP 6 million on CapEx. That just speaks to the level of cash generation that this business is able to report year-over-year. Just to summarize, key investment highlights. Hopefully, we draw all this out throughout the presentation, we do not need to labor these too much. Just to summarize, this business has built its platform on brands that it owns and most of which it manufactures. It gives us influence and agility into our supply chain. It means that our customers really have to buy our products from us. They do not have a choice about locks. Our customers make our products super sticky. Our distribution across U.K. retail is unrivaled. As Sandy said at the start, 55,000 retail points. We have been on a real journey of diversification over the last couple of years. We were looking at vaping and seeing the legislative changes that were coming. We knew that diversifying was a way to de-risk the business. We've successfully, tremendously successfully navigated the first Element, and we are now partway through the vape tax preparation, but feeling quietly confident. Diversification was a way to protect ourselves against any potential downside risk, but that looks less and less likely. Outlook. I'd say we've had a great start to the year, a positive start within Q1. Internally, we continue to bed in the acquisitions, and we are increasingly focused on gearing up the business ready for the Vaping Products Duty that begins in October. We will keep plowing on more of the same. We are very much open for business from an M&A perspective. Our customers are happy. We have a really open dialogue with them when it comes to tax and indeed anything else strategic that may be on the horizon. More of the same. Great. Let me pull up some questions. Okay. Can you update on the availability of funds should further acquisition opportunities arise? Yes. We have GBP 40 million of facilities with HSBC. They are there waiting in the wings, ready for us if we need them. HSBC have always been our banking partner, super supportive. We've just never needed to draw down on the facilities that we have on hand. Great. The departures of Mike Holliday and Dean Lee, is this something to be concerned about, as both have been mentioned on recent calls? Nothing to be concerned about. It's a process in every line of business, employees move on. I mean, they are completely different industries. One's online, one's AV. We've got already replacements in those areas. Yeah, we're comfortable. Thank you. Some longer questions. Typhoo was initially positioned as an outsourced capital-light model targeting 30% gross margins. Can you explain the rationale for pivoting to in-house manufacturing and quantify the total CapEx of working capital investment associated with that transition? I'll let Suzanne answer that, I'd just like to say that a lot of the plants and machinery to start the factory, we actually got it free when we bought the business. It was just all there, it wasn't being used. Anyway, Suzanne, I'll let you take it. Yeah, no. We've said a couple of times in this presentation, manufacturing is something that Supreme will always look to do. We're actually very good at it. One of our M&A criteria when we look to buy a business is it a manufacturing business, or is this something that we could manufacture in the future? It was something that we were always open to. In fact, manufacturing means that you expand the gross margin. Yes, as Sandy said, as a capital investment, I think in total, we would have spent about GBP 1 million fitting out the entire facility. Which actually considering this year we'll produce something like 800 million tea bags and we'll expand our gross margin four or five percentage points, that is a worthy investment. Yeah, we'd always look to try and manufacture something if we can, and up to this point, it's going very, very well. If we don't manufacture, we would then be buying at prices a lot higher than we are. Actually, if you think about it, your brand Normally, they don't manufacture, so they have their own margin, 20%, 30%. They then go to a manufacturer, and the manufacturer will make a margin of 20%, 30%. If you are the manufacturer and you own the brand, then you have both margins. Of course, there's CapEx, of course, there's more complexity, but you make more margin. If you are then able to fill that factory with other products to make, your overall costs come down. It does work for us really well. Brilliant, mate. I think taking a slightly different view on it, how should investors then look at Supreme going forward in terms of perhaps assessing ROCE versus improvements in gross margin or EBITDA? That's a bit of a harder question. Say that again? We're looking at return on capital employed. Yeah. What's the question? Sorry. Specifically commenting on the return on capital employed now that the business is more vertically integrated, with additional CapEx spend, rather than focusing solely on improvements in gross profit or EBITDA. Right. I understand the point. We should be focused on measuring our return on capital as opposed to just gross margin. I think that's the question. Correct. We already do, and we would always look at our returns, whether it's on an acquisition or even on capital expenditure. I saw one of the comments earlier that said that, oh, the business is too heavily focused on gross margin as a percentage of sales. That couldn't be further from the truth. Actually, cash margin, cash profit, cash return is the fundamental measure of the business. You can pick that up whether it's measured by a return on capital or even a baseline profit or cash in the bank. Effectively, that is the KPI that this business lives and breathes by. Right. Let's take a look at drinks and wellness category. Revenue last year, GBP 48.8. This year, GBP 43.2. Which product lines moved? Oh, good question. Before we bought 1001, we had a small revenue stream within a cleaning category. We are a distributor of Procter & Gamble professional range. It's a sub GBP 4 million revenue stream for us, it sat quietly within drinks and wellness really because there was no other obvious place for it. When we acquired 1001 and we put the existing revenue of P&G together with 1001, it became a substantial enough part of our business that didn't sit in drinks and wellness because it isn't a drink. It felt that the better home for it within the categories within Electricals. We renamed Electricals to Electricals and Household, we moved that small bit of cleaning revenue over there so you can see it more transparently. Is Supreme actively advising the online consumer about vape tax, giving them the opportunity to bulk buy pre-tax? Okay. Good question. There's only a limited amount of advertising you can do, of course. We sent out lots and lots of questionnaires to customers, we want to understand their behavior post-tax, we've got a really good understanding from over 1,000 participants on how they will possibly behave running to the tax and running after the tax. Just so you know, the tax goes up from 1st of October. We have got stock in our premises all the way up till January, February next year, maybe March, depending on how fast it all goes. We believe that as soon as the media, the newspapers, they start shouting that tax is coming on your vapes because they love talking about vaping in any negative way they feel that's negative. As soon as they start shouting about that in September, end of September, I think there'll be a mad rush for people to go out and buy vaping before the tax comes in, and then it'll settle down. That's our view. I think the media will do that for us. It's very hard for us to do it because there's very strong restrictions on what we can and can't say. We can talk to our customers. That's about it. Can you talk through the working capital impact on the vape duty? When does Supreme need to start paying it, and what's the lag on receiving the duty by the retailer? We'll start paying it probably February, March next year when we start selling taxed products, and the lag is about 15 days, we anticipate, between when we have to pay it and when our customers will pay us. We have applied for an excise warehouse status, which means we suspend the payment of any taxes until the point that we sell the product rather than naturally when it occurs. Naturally, which is the legislation says you should pay it when you manufacture or import it, but we will apply to suspend it. About GBP 10 million. That's all the bills. About GBP 10 million. Sorry, Sandy? About GBP 10 million worth of working capital extra we need for next year. Yeah. Correct. Yeah. Okay. You mentioned that 88Vape doesn't really have competition within the discount segment because of how competitively priced the products are. Given how competitive the vaping market is overall, why do you think more competitors haven't tried to replicate the model, especially given its profitability and scalability? Well, the answer is they have. Tens of companies have tried. There's two things. Obviously, it's low price. That isn't the only driver. If you ask me, a bigger driver is the brand loyalty, because we were the first company to introduce the low-price product. We inherited millions, probably 1.5 million vapers. Those vapers are mostly loyal to 88Vape. Even when a product comes on half the price of 88Vape from the same retailers, they don't go for it, which tells me I'm more confident post-tax. Let's see how it goes. That's the answer. It's not just price. It's price, loyalty. If you're used to a flavor and a type of when you vape this product and it gives you a type of sensation, taste, and feeling, you will stick with it. If the price is even cheaper, sometimes you will stay with what you know. Can you explain the phrase doubling of your factory's tea output in FY 2027? The factory now has the capacity to double its output. Last year it manufactured just shy of 400 million tea bags, and next year it now has the ability, the capacity. I'm not promising that it will or it will need to, but it can make nearer to 800 million tea bags, and that's as a result of the investment that we've made in the facility over the course of the year. Thank you. Congratulations to you both, and some questions. Net profit dropped this year because of depreciation from the recent factory purchases. Is this lower profit the new normal, or will operating cash flow conversion stay strong? Those increased depreciation rates are here to stay at least for a couple of years whilst we unwind the CapEx that we have been spending. Ideally, EBITDA will increase, so that will offset some of the increases in depreciation amortization. I would assume if someone's trying to model it, that the rates that we're seeing this year will be higher again next year because of the full year of the SlimFast intellectual property amortization and the full year depreciation of assets we've acquired this year. Thereafter, we'll return back to spending more like a baseline of GBP 2 million of CapEx a year as opposed to the GBP 6 million that was really quite unusually high for Supreme this year. Yeah, I'd assume that those rates are going to stick around. Okay. Given the range of products that you do have, how do you ensure that the management team isn't spread too thin? How are the teams below you structured? Yeah. As I said, we have a head in each division and they have their own people team. A lot of the people within Supreme have grown their way up from the grassroots, so they've been here from the early days. We look at the divisions, and we look where somebody or a division's struggling with resource, we'll then throw and work to actually solving that. We solve the issues of any resources that are shortfall, we make sure we try and solve that with another layer of management. Okay, thank you. Suzanne, are you suggesting that the reduction in PBT should be viewed in the context of increased depreciation and amortization arising from acquired businesses? Correct. Right, okay. Does this imply that the depreciation charge associated with the acquired tangibles is not expected to be broadly representative of the ongoing maintenance CapEx required to sustain the assets? No. What we've spent this year, we do not have to sustain to maintain the assets. We have spent an unusually high amount this year. I think I said earlier, our baseline CapEx going forward. Before we bought the businesses we bought in the last couple of years, Supreme typically spent about GBP 1 million on CapEx. It did that year after year. CapEx expenditure we've always been fairly light despite the fact we are a manufacturing business. We bought Clearly Drinks two years ago on FY 2025. They are a highly automated facility, and their baseline CapEx spend, theirs alone, is about GBP 1 million to maintain that machinery. Our baseline group CapEx became GBP 2 million. That remains our baseline level. We might spend a little bit more this year depending on what we need to do in terms of adaptations in our vaping facility as a result of, to accommodate some of the changes we need to do for tax. However, I'd say GBP 2 million, we'd expect the company to spend GBP 2 million going forward. Nothing like what we've spent this year. Okay, fine. Regarding the vape business, do you have plans to enter other markets? Yeah, we're already looking at other areas. We've done very well in Spain. We've started in Romania. We're working on country by country. Each country has its own laws and regulations. It is a little bit tricky to just go to market and start selling. You need to find the right partner, you need to find the right profile of products, make sure the legislation's right. It does take time, but we've got the rhythm now. Okay, thank you. Is there an opportunity to leverage your current vaping assets into the nicotine pouch market? Nicotine pouch market is quite tricky. A lot of the big tobacco sort of own the markets and their brands. We are looking at a new product, a new technology product, we won't be manufacturing that product because of the type of technology it is. We are still looking at nicotine pouches in a different format. What do you expect the gross margin uplift to be when SlimFast products are produced in-house? Hello- 5% within that category, how that blends out into the wider drinks and wellness category, it will depend on sales mix, absolutely certainly an uplift. Okay. I think we've answered that one. Please go on. I'm just having a flip through here. Some of them are asking the same thing. Is Juicy Protein shipped to Hong Kong or produced more locally to the market? We are producing in U.K. with the drinks and shipping it there. Remember, the freight cost to Far East is very cheap compared to the freight cost from Far East to the U.K. It's a fraction of the cost. We are looking at local suppliers there in Indonesia and other areas that could potentially supply Hong Kong. Yeah, it's work in progress there. Okay. Are you pleased with the SlimFast acquisition given it did GBP 9 million in 5 months, and it now seems to indicate the turnover is down compared to performance before the acquisition? Suzanne? Yeah. You're right, that doesn't rate up to the GBP 25 million that we indicated the business would do, but that's as a result of seasonality. In the five months that we've owned it's not in its highest performing- We've got six or seven new products that are coming to market that are not weight management products, that are more suited to the GLP-1. They're going live in all of the grocers, Boots and Superdrug, and all the discounters. We hope to see initially good traction, and then depending on how well the details are, and these are more lifestyle based on wellness rather than on weight management. Thank you. Adjusted EPS for 2026 came in at 18.4, lower than forecast from brokers at 19.6. This was said to be to a one-off jump in the effective tax rate to 31% on a deferred tax unwind. Can you explain this and say whether it could recur? Yes. The deferred tax unwind was on share options that didn't vest. It won't reoccur. Super, thank you. When you explained the Lost Mary distribution deal three years ago, you referred to an expected ROI of 30%. Given the lower margins on pods, is their ROI on this distribution still decent? Something we ever said that it's 30%? It's never been 30%. If we did, we were mistaken, but I don't think we've ever quoted it. I don't know how you define decent. I think at that volume, it's very decent, but it's not 30%. Thank you. Do you have a medium-term pre-Forex gross margin target, and is there a medium-term adjusted EBIT margin target or target range? No. For the very reason we talked about earlier that we are not transfixed on gross margin percentage or even EBITDA margin percentage. If our EBITDA and our absolute gross margin are growing, we're doing a good job. Again, you probably touched a bit on this in the presentation, Sandy. Obviously, the impact of VPD, do you think it will impact demand, given that tax will end up being 70% of the total price? It's hard to say. I look at other countries like Germany or Spain, it hasn't done. I can't answer the question. I can tell you this time next year. Yeah. Fair. I think most of these, the rest of these questions, there's a lot of reiteration around the point of, are you no longer a CapEx-light model? Which I think we have covered off. GBP 2 million each on CapEx on five factories isn't a lot of money when you're making so much cash. I think we're still quite CapEx-light. Don't you think, Suzanne, in comparison with other- No. Yeah, absolutely. I suppose what we should just make clear, and I think we have done in this presentation, perhaps not in the RNS, is that the GBP 6 million isn't a step change to a new baseline. It has been a one-off. It's The Hive. It's a brand-new protein facility that we've built. We put two can lines in cleaning products, and we set Tide through Tia. We did all those three things all in the same year. That's true. In terms of how investors assess the business and the metrics that they use, the historic are still used for purposes. We used to be a GBP 1 million CapEx business. Now we're a GBP 2 million CapEx business. You mentioned the cleaning facility or cleaning products going online next year. Can you elaborate? Sorry, I didn't say going online with cleaning products. I said we are going to manufacture and sell into retailers cleaning products with 1001. Online, we are already starting to see if you go to Amazon and you punch in 1001, you'll see a whole range of new cleaning industrial products for 1001 artificial grass cleaner, different types of disinfectants. You'll see a whole range of new products that have started to come out in the 1001 range slowly but surely. Thank you. Done this team. Pouches. With me, I've got about 20 odd questions here. Right. I'm sure it says persistent. Here we are. This says most persistent, let's go. Can you explain the expected GBP 9 million drop in gross profits for vaping in the Equity Development FY 2027 forecast? The GBP 9 million drop? In what? In gross margin? Yeah. We should get Mike on the call. Drop in gross profits. Sorry. For vaping. Perhaps maybe we need to go away and check our numbers. Yeah, possibly. We've got the tax in there, that is definitely a bit of a distraction in terms of the numbers. Yeah. Yeah. Let me take a look at that. Do you have the answer to the question? I do. Right. I do. Why is it that, Suzanne? Is it no change? No, there's a small unwind of the fact we had the pipe fill this year, so that has to unwind, and we have some slowdown in revenue assumed in and around the taps as our retailers are unwinding their stock levels, but not to that degree. Let's check. That's sensible. In the vape business, can you let me know if your main focus is on distributing your own proprietary brands or the in-sourced? Whatever your focus with vape brands. Well, our focus is both. Should we wrap up with a couple of those, Suzanne, and then- Fine. Absolutely. I think at that point scanning through them, a lot of them are points that we've already made in terms of international expansion and movements within the statement. I think we shall leave it there and say thank you to you both for your time. Thank you to our audience for attending. We look forward to hearing an update in another six months. Thank you.