Good morning, everyone, and welcome to Spectris' half year results for 2022. I'm Andrew Heath, Chief Executive, and I'm joined by our CFO, Derek Harding. I'd like to start this morning by saying a big thank you to all my Spectris colleagues for their hard work again this year. 2022 has presented new challenges, but our teams have worked hard, as hard as ever, to deliver the continued progress we have made so far this year. I'm always grateful for their commitment and can-do, aim-high approach, delivering on our purpose, harnessing the power of precision measurement to equip our customers to make the world cleaner, healthier, and more productive. Thank you. We are delivering on all elements of our strategy for profitable growth, which continues to position us strongly as we navigate the macro backdrop, supply disruptions, and further COVID-related lockdowns in China. Our focus on working closely with our customers is underpinning demand and driving growth. We provide premium, differentiated technologies, equipping them to improve the drugs that heal us, the food we eat, the materials we build with, the cars we drive, the semiconductors that power our devices, or the air that we breathe. This is clearly translating into strong growth in orders and sales. Over the past three years, we have transformed the group into a more focused, more profitable, and more resilient business, with the ability to compound growth at a higher rate through the cycle. Today, Spectris is in a position of strength with a robust balance sheet, well-positioned in attractive end markets with strong fundamentals, supported by key sustainability themes to deliver structural growth. The successful sale of Omega delivered significant shareholder value, demonstrating our continued portfolio discipline as we further improve the quality of the group. We have fabulous, engaged people all contributing to a purpose-led, high-performance growth culture. While vigilant to the macro environment and alert to signs of changes in demand, we have confidence in our business and have increased our investment for growth in R&D to innovate and enhance our customer offerings. With our current order visibility, we expect to deliver high single-digit organic sales growth and margin expansion for the full year, supported by the pricing already in the order book and SBS, the Spectris Business System. SBS is central to our strategy for profitable growth, tightening our processes and improving the efficiency and effectiveness of our operations. Launched three years ago, it is now delivering tangible benefits right across the group. For those who attended our Investor Day at Malvern Panalytical site, they saw in person the results of improvements made to the manufacturing line for one of our highest volume products, the Mastersizer, where we double throughput in a smaller footprint with fewer people. More so, the team have almost halved overall lead times, creating a real competitive advantage, supporting the significant order and sales growth we've achieved this year. In a Kaizen event run by the HBK Suzhou production team, analyzed how they could reduce work in progress by value stream mapping and use of Heijunka flow leveling tools. The team achieved close to 30% lead time improvement, significant labor cost savings, as well as inventory reduction. Following a Kaizen at PMS, the service room for the 20 nm particle counters was re-laid out to provide a faster response time than competitors. Turnaround time was almost halved and capacity quadrupled, generating GBP 1.6 million worth of extra revenue. The HBK torque sensor design team applied Value Analysis and value engineering to deliver a 40% reduction in unit cost for one of their key product lines. This also came with a significant reduction in disposed plastic. At Red Lion and PMS, we also ran Kaizen to reduce packaging and the use of plastics, saving cost and reducing our environmental impact. These are just a small snapshot of SBS in action and the great engagement of our people, driving continuous improvement to deliver business success, enhancing our productivity, increasing our competitiveness, and making our operations more sustainable. We entered 2022 with good momentum and a record order book right across the group. We have continued to see healthy demand for our products and services, with orders up 20% on a like-for-like basis, further extending our order book. As expected, this resulted in like-for-like sales increasing 11% in the first six months, reflecting the recent introduction of new products and services as well as market share gains. With our current order visibility, we expect to deliver high single-digit organic sales growth for the full year as we previously guided. Adjusted operating profit increased to GBP 72.3 million, with operating margin maintained at 12.7%. This reflects higher sales, partly offset by a lower gross margin and higher planned spend in R&D as we increase investment for growth. Gross margins are temporarily being impacted by the phasing in recognizing increased prices that are already in the order book while we deal with the elevated input cost inflation and supply chain disruption costs, prioritizing delivering for our customers. Pricing in our order book, the application of the Spectris Business System, and our higher quality, more focused portfolio with continued pricing power gives us confidence that we will see margin expansion for the full year. Our near-term target remains to return the group to its previously adjusted operating margin highs of 18% and longer term to drive margin expansion beyond this level. We have further simplified the group with the sale of Omega, which completed in July, with GBP 410 million of proceeds adding to our balance sheet strength. We are deploying the balance sheet in line with our capital allocation policy, investing organically in the business to compound growth at a higher rate through the cycle and to accelerate this growth via M&A. In the first half, we announced a number of high-quality bolt-on acquisitions, further enhancing our customer offering. For our shareholders, we continue to look to drive attractive returns, and reflecting this, we have increased the interim dividend 5% and returned GBP 150 million to shareholders via a share buyback in the first half, with another GBP 150 million to go. Sustainability is at the core of our strategy, and I am pleased and proud that we have joined the UN Global Compact as a demonstration of our commitment. Turning to our strategy scorecard, the message here is one of continued strong execution. Our strategy is working for us and for our stakeholders. Spectris today is more focused, higher quality, more profitable, and more resilient. We're also a less cyclical business, concentrating on attractive growth markets with the ability to compound growth at a higher rate through the cycle. We have demonstrated our ability to improve the quality of the group, drive organic growth and margin, and allocate capital with discipline for attractive returns, including several synergistic acquisitions. This gives us a much stronger business today. As I've said, we maintained our adjusted operating margin and have confidence in delivering margin expansion in the second half. This confidence underpins our planned increase in investment in the business. Our R&D spend is up 18% year-on-year on a like-for-like basis at 8.3% of sales to fuel for future growth. We're investing in new ERP systems to further improve operating effectiveness and a new facility for PMS, expanding capacity to meet demand. It also supports the 5% increase in the dividend and the share buyback program. The strength in our balance sheet still leaves plenty of capacity for M&A, and we've announced around GBP 100 million worth of acquisitions in the first half, and I'll talk more on these later. We're now moving into the next phase of our strategy for profitable growth, which we'll be discussing later in the year in more detail. I'd now like to hand over to Derek, who will run through the financials in more detail before I come back to talk to you about the businesses and future opportunities. Good morning, everyone. As with previous presentations, my first slide today is our scorecard for the first half. I will cover the specific details shown here on the following slides. Overall, we are very pleased with our performance in the first half of 2022, with continuing demand for our products and services and strong like-for-like growth in both orders and sales. Let me now take you through the specific details. Before I go into the detailed numbers, it is important to note that all the figures presented today exclude Omega, which was classified as a discontinued operation at the thirtieth of June and subsequently sold on the first of July. Reported sales increased by 6% to GBP 570.2 million. If you adjust for the impact of disposals, net of acquisitions, which reduced sales by GBP 30.5 million or 6%, and foreign exchange movements, which increased sales by GBP 10.7 million or 2%, you see a growth of 11% on a like-for-like basis compared to 2021. Adjusted operating profit increased by 6% to GBP 72.3 million on both the reported and like-for-like basis. Adjusted operating margins were flat at 12.7% with like-for-like adjusted operating margin down 60 basis points compared to H1 2021. This reflected higher sales, partly offset by a lower gross margin and higher investment in like-for-like R&D being 18% higher year on year as we increased the investment for growth. Adjusted profit before tax was GBP 70.3 million, up 8%, and our tax rate came in at 22%, which is in line with guidance. Adjusted earnings per share were GBP 0.498. The interim dividend per share of GBP 0.241 represents a 5% increase over the prior year, consistent with the growth in dividend for 2021, and we remain committed to paying a progressive dividend. Adjusted cash conversion was 39%, lower than we would normally expect due to higher working capital, particularly inventory, to ensure customer orders are met in the second half and higher capital expenditure as a result of a $20 million investment in a new production facility and headquarters for PMS in Colorado. We expect our cash conversion percentage to recover to more normal levels in the second half. Our net debt at the end of June was GBP 98.3 million, following the completion of GBP 150 million of share buyback. It is worth noting that GBP 410 million of headline proceeds for Omega was received in early July. Finally on this slide, our return on gross capital employed continues to improve, increasing from 12.4% to 13.8%. I should also note that this measure is an average measure and does include Omega in both the numerator and the denominator for the full period in question. This slide provides a graphical view of the main P&L movements that I've just discussed, and therefore I will not go over them again. I would, however, like to highlight two points of note. The gross margin is temporarily impacted by the timing lag in recognizing increased prices and supply disruption costs in executing the order book to support our customers. We expect this to recover progressively in the second half as price increases implemented earlier in the year start to be reflected in sales. Also, it is worth noting that of the GBP 13.9 million of increased overhead shown in the slide, almost half relates to like-for-like R&D investment, which we have purposely increased in the first half. Moving on to cash. This slide shows how we generated cash in the period and illustrates what we have then done with that cash. Starting by adding back the GBP 18.8 million of depreciation and amortization charged to the adjusted operating profit brings you to GBP 91.1 million of EBITDA. The group has utilized its strong balance sheet to ensure continued customer deliveries, and where necessary, has held additional inventory to adjust supply chain disruptions. This has required a cash outflow of GBP 31.6 million relating to working capital during the period, and we spent GBP 31.6 million on CapEx, the largest element of which was the new building for PMS previously mentioned. This gives us our adjusted cash from operating activities of GBP 27.9 million, which we divide into the adjusted operating profit to get our cash conversion metric of 39%. Transaction-related costs and acquisitions resulted in a GBP 68.8 million cash outflow. In the first half, we spent GBP 150 million of the GBP 300 million share buyback announced in April and paid GBP 53.3 million final dividend. We spent GBP 2.6 million of cash in relation to previously provided restructuring. Interest and tax had a combined cash impact of GBP 20.8 million, with other movements of GBP 2.3 million bringing us to the net decrease in cash for H1 of GBP 266.1 million. As I stated previously, the GBP 410 million of cash proceeds for Omega were received just after the balance sheet date. This schedule reconciles our adjusted operating profit measures and our statutory profit measure down to statutory profit before tax. There are no asset impairments to report or restructuring costs in the period. Transaction-related costs were GBP 6.8 million, and we spent GBP 2.3 million on the new ERP project for Malvern Panalytical and HBK. Amortization and acquisition-related intangibles of GBP 8.8 million brings us down to the statutory operating profit of GBP 54.3 million. Finance costs, primarily a GBP 10.7 million FX loss on intercompany balances, brings you down to a statutory profit before tax of GBP 41.8 million for the period. During the period, the group has continued to follow its approach to capital allocation set out in 2019. The balance sheet remains strong with a net debt to EBITDA of 0.6x at the period end. Within the year, we have used the cash generated from operations and disposals to invest in the business to position it for stronger through the cycle growth via an 18% like-for-like increase in R&D to drive further innovation and through selective acquisitions. We continue to look to drive attractive shareholder returns through a combination of growth and income, and reflecting this, have increased the interim dividend by 5% and used the excess capital following the sale of Omega to return GBP 150 million to shareholders via a share buyback in the first half. Looking ahead to the second half, this slide updates our view of things to consider when looking at 2022 on a full year basis. Starting with the headwinds. We believe that things are starting to improve with respect to the global supply chain. However, we still anticipate that we will experience some disruption, but cannot predict exactly which components or the absolute impact this could have. We will continue to find engineering solutions to these issues and make alternative supply arrangements wherever possible. We expect continued inflation for the remainder of this year. However, our premium products provide us with good pricing power to continue to offset the higher inflation than expected at the time of setting the budget. On the positive side, we have several tailwinds. Our order book remains strong and supports our continued organic growth confidence for the remainder of the year. We expect gross margins to recover progressively in the second half as price increases implemented earlier in the year start to be reflected in sales. Additionally, we are working hard to offset inflationary pressures through the application of the Spectris Business System, SBS, to drive cost efficiencies. In terms of other guidance, I've included our usual table for FX movements. CapEx will be around GBP 50 million-GBP 60 million, and we anticipate incurring around GBP 20 million of software as a service cost as we roll out the new ERP system at Malvern Panalytical. Primarily as a result of acquisitions, we now believe our additional R&D spend in 2022 will be GBP 15 million compared to the GBP 10 million previously guided. We expect our tax rate to be 22%. Working capital will stay within our previously guided range of 11%-15%. With that, I'll hand you back to Andrew. Thank you, Derek. Now let's take a quick look at our end markets and then turn to our businesses. We have seen good demand in our end markets, with all of them now return to growth. In pharma, higher sales have been driven by investment in biologics and onshoring of manufacturing capacity. Growth has been further driven by the success of our new products like the Zetasizer and OmniTrust software at Malvern Panalytical, and for our complete sterility assurance solutions at PMS. The onshoring trend is also supporting growth in semicon, as is the rising demand for chips, driving an increase in investment programs from major manufacturers. Sales were notably stronger to Asia with robust demand for PMS's liquids instruments and Servomex's gas purity range. Sales growth in machine manufacturing continued, albeit against a tough comparator, supported by strong demand for HBK's weighing technologies and OEM sensors. Energy and utilities and automotive really stand out as the strongest performers in the first half, in part reflecting their later cycle nature and the easier comp against last year. Sales to energy and utilities continued an improving trend following the growth we saw in the second half of 2021 as the hydrocarbon sector recovers. Sales to energy customers at Servomex saw strong growth in Asia, especially in China. Automotive is now back into growth territory with robust demand from customers, especially for electric vehicle projects, including simulators and production. Higher sales at Red Lion reflects recent high demand for its automation products. Turning now to our businesses, there are a number of common themes. All the businesses ended the half with record order books and good like-for-like sales growth. We have experienced higher than expected input cost inflation and production costs from supply disruption, which has impacted our gross margin in the first half. Pricing power has been maintained, and we will see the full impact of increased prices coming through in the second half, helping to underpin margin expansion for the full year. At Malvern Panalytical, we continue to see buoyant customer demand, particularly in pharma and advanced materials, with market share gains supported by the positive impact from new products. Order intake was up 12% leading to a 14% increase in sales. There was a 24% increase in adjusted operating profit and a 100 basis points rise in operating margin, even after higher R&D investment. This also included investment to accelerate the growth of the recent Creoptix acquisition. Turning to HBK, orders grew 23% like-for-like, with organic sales 7% higher, reflecting longer lead times and longer dated orders from a planned increase in OEM business. Automotive saw strong demand with significant order and sales growth, especially for electric vehicle projects and for our range of simulation offerings. Like-for-like sales were also up strongly in aerospace and defense. Demand from machine manufacturers continues to be elevated, driven by demand for our weighing technologies and for our smart OEM sensor solutions in medical and healthcare applications. Adjusted operating profit rose 11%, though it was 8% lower on a like-for-like basis, with operating margins 160 basis points lower. The higher sales plus positive mix and pricing effects were more than offset by higher input and production costs. Turning now to Industrial Solutions, like-for-like orders grew 28%, with like-for-like sales increasing 11%, driven by strong demand from semiconductor and pharmaceutical customers, as well as the favorable impact of recent product launches across each of our businesses. On a like-for-like basis, adjusted operating profit increased 1%, while operating margins decreased 160 basis points. Again, the sales increase was more than offset by lower gross margins and higher investment. It also reflected the impact of the disposals, which enhanced the underlying margin, but was offset by a higher burden of central costs. We've decided to continue to run ISD's three businesses on a standalone basis to drive efficiency and effectiveness. To take out additional costs, the three businesses will now report directly to me and the ISD management layer has been removed. We are now more aligned than ever to markets with attractive growth trajectories, positioned in technology-driven end markets with strong fundamentals, increasingly supported by sustainability thematics. Back in February, we highlighted a number of sustainability growth trends, which we see as providing new growth opportunities, as detailed on this slide. We've continued to refine our approach and future strategic direction around these trends, given our strong positions in many of these areas today. We see exciting opportunities to accelerate our growth, align to these trends over the coming years, both in our organic development and via M&A, compounding growth at a higher rate through the cycle. Let's look at each in more detail. In health, both Malvern Panalytical and PMS have leading positions across the pharma development and production workflow. Sales into the sector now account for 25% of the group's revenue, and the success of our new product launches, such as Zetasizer, OmniTrust, Lasair Pro, and IsoAir Pro+, have helped strengthen our customer proposition. The transformation of mobility and energy transition is driving significant investment in new battery materials and new greener technologies and fuels. Both Malvern Panalytical and HBK are very much benefiting from this trend. Sales from HBK's electric powertrain offering have more than doubled in the past three years, and Malvern Panalytical has seen GBP 11 million worth of new sales into battery and new energy technologies in the first half. We're also playing a key role in environmental protection. Our gas analysis solutions from Servomex are already helping better monitor and control emissions. More generally across our business, our products help customers become more productive in their processes, from saving time and cost in bringing new automotive models to market, to ensuring yield maximization in semicon manufacturing. We have seen rapidly growing demand for our products and services at HBK, Servomex, and PMS here. These themes are very much aligned with our purpose. We continue to invest more in R&D to better position us to take advantage of these trends and opportunities, accelerating growth as we move into the next phase of our strategy. We said in February we would be increasing our R&D spend this year. In the first half of the year, our R&D spend totaled GBP 47.6 million, up 18% on a like-for-like basis, and GBP 3 million of this increase is due to the acquisition of Creoptix and CCRT. The increase in organic investment includes product extensions across all our businesses, as detailed on this slide, including Malvern Panalytical expanding its range of X-ray spectrometers and particle analyzers, including robot-driven sample automation for the Mastersizer, as well as next generation calorimeters and analytical software. HBK are developing its new data acquisition hardware and software platform, Advantage and Fusion, and the release of seven new products at PMS, including several that use novel IP, as well as product refreshes at Red Lion and Servomex. We've also incurred extra capital expenditure, with GBP 31.6 million spent in the first half, up from GBP 18.3 million last year. The key project is a new facility for PMS in Colorado, more than doubling its capacity to support its rapidly expanding order book and long-term growth. We're also investing in new ERP systems at both Malvern Panalytical and HBK over the next three years. This will simplify and automate processes, enabling us to become leaner and more agile, and also more scalable and flexible for growth. They will drive long-term structural improvements to our operating model, supporting both our growth and margin expansion ambitions, while also driving efficiency and working capital improvements. M&A remains a key aspect of our strategy, and we've announced around GBP 100 million worth of acquisitions in the first half. We acquired Creoptix in January to further strengthen our position and expand Malvern Panalytical's offering in the affinity area within drug development. Creoptix provide industry-leading instruments and software for measuring real-time, biological and molecular interactions. For HBK, we announced the acquisition of Dytran Instruments in May. They're based in California. Dytran is a leading designer and manufacturer of piezoelectric and MEMS-based accelerometers and sensors for measuring dynamic force, pressure, and vibration, with its largest market in North America. The acquisition will enhance HBK's customer offering and solutions to enable accelerated product development in the space, aerospace, and automotive industries. We expect the transition to complete in the second half. HBK has also established a joint venture with Dewesoft, a leading manufacturer of data acquisition hardware. The JV, to be known as Bluebury, has employees from both companies working together to create a new open industry standard for data acquisition products. The JV will also help accelerate the development of HBK's new Fusion data acquisition platform. To expand its industrial IoT portfolio, Red Lion acquired MB connect line. It adds a full complement of products in industrial cybersecurity and provides customers with a portal for remote monitoring and configuration, providing customers with secure remote access solutions. As is usual, I've selected a customer case study to show how we are bringing our purpose to life, and in this case, equipping our customer to be more productive and competitive. HBK's virtual test division has grown materially over the past three years, with GBP 60 million of incremental revenue over this period. We've been working closely with Ford for a while, who earlier this year installed a turnkey VI-grade Dim250 simulator solution at its facility in Michigan. Automotive OEMs are continually looking at ways to speed up and reduce the cost of their development process. Our simulation offering helps Ford reduce the number of physical prototypes needed in its development program, allowing test scenarios to be run, which would be too expensive or too radical to be built. The presence of a driver in the loop also brings the essential human element to the testing, allowing the development team to quickly try out different configurations and fix elements in situ. Ford will be investigating vehicle dynamics as well as ride and comfort on the same simulator, saving time, cost, risk, and environmental impact, all real and quantifiable benefits for Ford. In summary, we have made good progress in the first half with continued strong demand for our products and services. We have confidence in delivering high single-digit organic growth and margin expansion for the full year. By executing our strategy for profitable growth, we have delivered a Spectris that today is purpose-led, more focused, more profitable, higher quality, and more resilient with sustainability at the heart. We are in a position of strength with a robust balance sheet, well-positioned in attractive end markets with strong fundamentals, supported by key sustainability themes, with the ability to compound growth at a higher rate through the cycle. This gives us confidence in our ability to return the group to its previous margin highs and ultimately exceed them over the longer term. We have a very strong platform to meet our ambition as a leading sustainable business, investing in our businesses to take advantage of new growth opportunities, strongly aligned to our purpose and to our focus on sustainability. Thank you everyone for joining us this morning. You will have seen our release that went out first thing this morning, as well as our webcast presentation, which I hope you've had a chance to read. Before we just get into the questions and the Q&A session, maybe I'll just make a few opening remarks. I mean, firstly, I'd like to say that I'm very pleased with the execution of our strategy for profitable growth. It is working strongly for us. Over the past three years, we have transformed the group into a more focused, more profitable, and more resilient business with the ability to compound growth at a higher rate through the cycle. Today, Spectris is in a position of strength with a robust balance sheet. We're well-positioned in attractive end markets with strong fundamentals, and we're also supported by key sustainability themes to deliver structural growth. During the first half, we continued to make good progress, achieving strong growth, really through our focus on premium precision measurements as well as our focus on growth markets, with all our priority markets growing well for us at the moment. We're also delivering on a consistent basis, even in the face of continued supply chain challenges. I have to say, I'm very proud of the team for all the work they've done over the last six months in delivering the results we posted this morning. I think our results also demonstrate the value of our customer focus and connectivity, where we're solving customers' challenges, whether that be in pharma, semiconductors, automotive, advanced materials, or in a variety of technology-led industrial markets, particularly in smart manufacturing. With increased investment in R&D, as you've seen, and the improvements we've made to our internal R&D processes, as well as our focus on driving our strategic initiatives against the key drivers we see in our end markets, over the last three years is really coming through in strength and demand and market share gains. We've increased investment, as I said this year, and that's very much based on our confidence and the outlook we see for our business through the cycle. You'll also see we continue to apply self-help driving operational excellence through the deployment of the Spectris Business System, reducing waste, improving throughput, and improving our competitiveness. Clearly, we look to accelerate and compound that growth to attractive M&A, and we've made or announced GBP 100 million worth of acquisitions year-to-date. We're now moving into the next phase of our strategy, delivering on our ambition to be a leading sustainable business, and I look forward to updating you later in the year on that in more detail. Thank you again for joining. Very happy to take your questions. Thank you. If you would like to ask a question, please press star followed by one on your telephone keypad. If you change your mind, please press star followed by two. When preparing to ask your question, please ensure that your phone is unmuted locally. Our first question comes from George Featherstone from Bank of America. George, please go ahead. Morning, Andrew and, Derek, and morning everyone else. A few questions for me. I'll go one at a time. Firstly I'd like to start on the quite a big step-up in R&D year-over-year. I just wanted to know if you structurally expect now to be above 8% of revenues in terms of R&D spend, going forward. If there are any parts of the portfolio where you feel there's been underinvestment, hence the increase, or conversely, are there any particular areas where you see an opportunity to gain further market share through new product launch innovation? Okay. I assume you'll ask a couple more questions, George. Sorry. Yes, I mean, we've stepped up investment in R&D, as I said, sort of in my brief opening remarks. I mean, that's really as a consequence of the strategic initiatives that we've been running over the last three years, focusing on sort of core parts of our end markets where we see we have the biggest opportunity for structural growth, you know, whether that be in sort of drug development, life science applications, whether that be in, you know, really helping to support the capacity build out in semicon, all the way through to smart manufacturing using our sensors, high precision sensors, to enable, you know, our customers to make smarter devices. Going forward, to your point, you know, we certainly anticipate sort of increasing our range. I mean, historically, we've sort of been a sort of 6%-7% guidance in terms of R&D. We've clearly gone through that, but I think that's consistent with what we have been saying, is we've been looking forward to increase progressively our R&D spend. As we look forward now with, you know, the sale of Omega, which had relatively small amounts of R&D in it, the mix there has helped a bit, and that's pushed us over the 8% threshold. But we are incrementally investing as well as. Your question about, you know, is there any underinvestment areas? No. You know, we are spending a bit more of our engineering time on supporting all the supply chain challenges at the moment than we'd have liked to have done. In part, that's also increased the R&D bill a little bit, because inevitably our engineers are having to support operations in terms of finding alternative suppliers or redesigning, you know, printed circuit boards, et cetera, to make sure we can deliver for our customers. We are having to spend a little bit more there. You know, that's, you know, how I would hope to unwind progressively from sort of here on in. In terms of market share gains, you know, absolutely we're confident that we are seeing gains in market share as consequence of the initiatives that we've launched over the past two to three years. You'll have seen in our various press releases that we've made in that period, you know, progressively increasing commentary in terms of new product launches, you know, and the impact they're having in the market and, you know, the problems they're solving for customers. That gives us the confidence to continue to sort of progressively increase our spending and invest in R&D. Okay. Thanks very much, Andrew. Turning to the next question. In the first half, revenues, you've mentioned that there's been some extended lead times in delivering from the order book. I just wondered what portion of your order book that you delivered in that period had price increases that reflected the new pricing that you'd have liked to have put through, given the current cost inflation environment? Yes, you know, if you sort of break down sort of you know the orders versus revenue, we certainly you know looking at the visibility we have and we've you know that visibility has increased progressively over the last 12-18 months. We've now got sort of five and half to six months of sort of aggregate order cover or you know baked into the order book. Within that, there's sort of 4%-5% of sort of price increase. It just depends a little bit on mix you know by business and product. The phasing that we talked about in the press release, you know, we put our prices up in the first quarter of last year, then the middle of last year again, put prices up again in Q1 of this year. We're just in the process of putting prices up again, given, you know, inflation has been running at a much more elevated level and for longer than we anticipated. Effectively, you know, the prices that were in the order book coming into the beginning of the year were set at the middle of last year. That's really been, you know, that's really dictated the price going into the revenue through the first half. There's been an incremental uplift on price that's in the order books to say to the tune of 4%-5%, which will then start, you know, has started to progressively come through from really sort of late May into June, but will build as we go forward now into the second half. We certainly anticipate, you know, a 4%-5% pricing benefit in the second half. Thank you. Maybe one for Derek on cash flow. Clearly cash conversion below your normal typical levels, which is understandable given what you said on working capital requirements for some of the investments you've made. Should we expect the cash conversion to return to normal levels by the end of the year? That's certainly the plan, George. There are a couple of specifics in the first half, which were in the statement, but just kind of bringing them out again. We did buy a new building, which pretty much doubled the capacity of our PMS operation, with $20 million spent in the first half on that. The remainder is supporting working capital to facilitate deliveries. It is our expectation that we'll get it back to our normal range of kind of 80%-90% conversion for the full year. Okay. Thank you very much. Thank you, George. Our next question comes from Andrew Wilson from J.P. Morgan. Andrew, please go ahead. Hi. Good morning, everyone. Thanks for taking my question. It's two, I think, somewhat clarification, I guess. Just talking about the price cost dynamics, and appreciate the detail you've given, Andrew, in terms of the backlog pricing and how it's obviously set to improve second half. Should we think about price cost being positive for the full year? I'm just trying to sort of understand how much catching up you need to do in the second half, and if we look on a full year basis, yeah, quite where that's gonna come out. Well, I mean, as we said before, I mean, we're not looking for prices to get ahead of inflation. You know, we're certainly looking for our pricing to, you know, maintain our gross margins. And that's certainly our expectation for the full year. You know, if you consider our usual sort of first half, second half weighting in terms of revenue growth, plus the 4%-5% of pricing that's coming through, that's already in the order book and we can see it, you know, the operating leverage therefore in the second half will be, you know, very strong. That's helpful. Thank you. Second, it's slightly, I guess, linked to one of George's questions earlier. Just on the market shares, and clearly some of the growth in some of the markets has been super strong, even in supportive markets. I guess, just interested if there's any particular market where you would single out where you think you're sort of definitively taking share. I mean, if you just look at our key target markets, I'll start with pharma. I mean, we were up 12% in the first half in pharma and life sciences. That's been, you know, with a strong performance in both Malvern Panalytical and PMS. We have seen a sort of reduction clearly in sort of vaccine development work. That's been replaced by continued investment in both conventional drug development as well as large molecules, you know, protein-based drugs and RNA treatments, mRNA treatments, sorry, that's driving demand for Malvern Panalytical products. Our sort of aseptic monitoring solution out of PMS is doing particularly well, also. You know, we're you know seeing strong growth there. In automotive, I mean, we're up 15% in the first half, very strong growth, particularly in North America, but also in Europe. I mean, Asia was a little bit softer. China was softer, really because of Q2, with the lockdowns, which meant, you know, we weren't able to recover all of our sales, within HBK into China in the second quarter. But I think, you know, the fact that we are very much at the you know helping to drive the electrification trends in automotive, our electrical powertrain testing, our battery testing solutions are selling particularly well. If you look at, you know, our simulation virtual test offering, I think we put the numbers in the press release and in the webcast, but, you know, if you look over the last three years, sales have grown incrementally there by GBP 60 million. You know, we are seeing very strong growth there. It is, you know, still a sort of relatively new market, but growing, one that's growing very strongly, and we have a very strong offering. You know, there's never been a better time certainly to help, you know, our automotive customers with customers at large to drive their own productivity in the face of all this inflation. That, you know, that is certainly helping to accelerate time to market for our auto OEM customers, reducing risk, reducing costs as well. Within semi, I mean, we have some very strong offerings in semi that you know are certainly you know benefiting from the very large CapEx cycle that's going on at the moment. While you know there is talk that some you know production volumes may start to come down or given some of you know some of the commentary from some of the larger semi producers in terms of inventory levels you know but we certainly see you know that CapEx cycle continuing. As they need to continue to both build out capacity the onshoring trend continues as well as the investment in the next generation nodes. Again our offerings across Malvern Panalytical and PMS in particular around Servomex are doing very well there. Sorry, just one clarification as well, I meant to ask on the pricing. Apologies if I've missed this. Did you split out the organic growth in the first half in sales between price and volume? Of the 11% revenue growth in the first half, 4% of that had been due to price, 7% due to volume. That's very helpful. Thank you. Our next question comes from Andrew Douglas from Jefferies. Andrew, please go ahead. Morning, guys. I've got three quick questions, please. Just going back to R&D. I understand the increase to 8%. Are we happy that we're getting bang for buck on that 8%? I think when you joined, Andrew, one of the issues that you faced was that actually you weren't getting necessarily full bang for buck from that kinda 6%-7%. That was a key bit. Going up to eight, are we confident that that is now still coming through? Secondly, on going back to the kind of cost and price increases, are we still confident or how confident are you that the price rises that you're putting through now will stick, particularly if we get into a slightly more challenging macro backdrop? It seems that most raw material prices are now kinda rolling over a bit. Just understanding the confidence there. If you can give us, please, an update on the M&A pipeline, size of deals, things you're looking at, and whether you think that pricing is at an appropriate level? Thanks. Okay. Thank you. Nice to hear from you, Andy. Firstly, just in terms of R&D, I mean, you have to try to characterize it. When I came into the business three and a half years ago, I was concerned at the amount of, I would say, local sustaining maintenance engineering effort that was going in at the time. I mean, sort of over half of our R&D spend was going in to sort of just maintain and sustaining older products. As a consequence of both tidying up the portfolio at a group level and really concentrating on the core businesses we want to retain and investing in the engineering capabilities and the processes there, you know, that has certainly helped in terms of giving us better bang for the buck, to use your expression. Within the retained businesses, you know, we have worked through the portfolio of products and services within each of those businesses as well, and either discontinued or end of life, a number of products. We've sold a number of products as well over the last three years. You know, some of these older products that were taking a lot more maintenance burden. That has all helped to improve the vitality. You know, as I said, you know, we have tightened our processes and we've also replaced the engineering leadership within those businesses as well over that period. I have a lot more confidence in our capability. Equally, you know, the strategic initiatives I've spoken about, market share gains, you know, we are seeing the products we're launching are getting good traction with customers and solving problems for them that, you know, have been driving greater sales. In terms of sort of our vitality index, you know, that is now starting to, you know, progressively improve. You know, all pleased on that front, and we'll talk more about this when we get to the capital markets day, later in the year. In terms of cost versus price, yes, still very confident that we have pricing power. All of the pricing increases that I talked about on the previous question are sticking. We are getting good realization of those price increases. You know, in some instances, we have also gone back retrospectively with customers and have had to increase some prices, and that's worked. I mean, that's, you know, I don't think that, you know, I wouldn't make too much of that, but it just demonstrates that, you know, even when we have to go back retrospectively, we've been able to. We've also, within our contracts, built in terms such that we can charge for surcharges around sort of, you know, excess freight costs, excess energy costs as well as needed. You know, to be sure, you know, get to the nub of your question. Have I got confidence in pricing power? The answer, the simple answer to that is yes. In terms of the M&A pipeline, clearly, you know, we've done a number of acquisitions over the last 12, 18 months. I think four acquisitions and one announced. You know, we've been executing a number of those bolt-ons. You know, in terms of the pipeline, I think it's fair to say we're now in a little bit of a refresh state as well, and we've got a number of opportunities that we are currently considering, as we always do. Given the sheer number of transactions that we have completed, you know, we are in a slight refresh phase. I think it was the other part of the question around pricing or valuation as well. Well, yeah, pricing and valuation of assets and kinda where that sits now, given the slightly more dark clouds on the horizon. Yeah. I mean, we've not seen, I would say, any sort of evidence of pricing and valuation shifting at the moment, albeit clearly debt markets are a lot tighter, and that's putting some downward pressure on prices. I think it's a bit too early to say, but you know, you would expect, you know, hopefully that some of that valuation expectation, price expectation is starting to come off. Okay. Thank you. No, thank you for the question. Our next question comes from Andre Kukhnin, from Credit Suisse. Andre, please go ahead. Good morning, everyone. Thank you very much for taking my questions. I'll go one at a time. Firstly, just wanted to look a bit more into the H1, H2 margin cadence, and really think kind of of the reasons behind the implied margin improvement in second half and the guidance. So firstly on the acquisition related expenses, and I think fair value adjustments of GBP 6.8 million, am I right to think that most of that is of one-off nature and in absence of another large deal in the second half, not assuming that then that 6.8 should not reoccur? Yeah. Andre, Yeah. It's Derek. That is, I mean, it's one-off in the sense that it relates to acquisition activity that we've undertaken in the first half. It's also an amount that we exclude from our adjusted operating profit. In that sense, it's below our typical APM, so it doesn't impact the reported operating profit or adjusted operating profit. It's more for statutory measures. Clearly, if we have some M&A activity, it can be big or small. There could be other costs going through there, but you're right, it's one-off in nature. I've got it. Thank you. On the China lockdowns impact, given that you've got 16% of sales there, could you help us quantify an impact in the first half? I mean, our team has actually, as I think I said at the beginning, did an excellent job in terms of recovery in China, sort of towards the back end of May and through June. It hasn't, you know, that's the backlog hasn't fully unwound. In particular within HBK, as I spoke about some of their automotive. You know, that will give us a little bit of an extra coming into the second half. Should we think about GBP 2 million or so, or is that? Yeah, I mean, it's not. I wouldn't say it's, you know, it's hugely material. Okay, great. Thank you. I have a couple of broader questions. One is on Industrial Solutions, given the change in the management structure there, and noting some differentiation in terms of level of investment, across a couple of businesses versus others. Should that signal more openness to maybe further portfolio changes there and is there a kind of timescale on that? Look, in terms of Industrial Solutions, back in December we talked about you know looking at how we could integrate the three businesses, PMS, Servomex, Red Lion into a more integrated division. That was very much the you know coming into the year, that was the work that we undertook. As we went through that work, you know, the thesis didn't really prove itself out to the extent that we anticipated. You know, as we look at sort of the frictional costs from the sale of Omega and just looking at management costs overall, we took the decision to effectively you know not continue to go down that path within Industrial Solutions and instead keep the three businesses as three sort of independent operating companies. You know, they report into myself and, you know, that allows us to effectively take out the matrix-managed structure that, you know, we've had in place over the last two, three years or so to manage ISD when it was a portfolio of the right businesses going through a disposal program. You know, that's really the logic, and it also gives us, you know, a bit more flexibility going forward. Great. Thank you. If I may, just very last one, to take this opportunity. If we go back to the Oxford Instruments deal and just think about the fundamental attractions that you saw in that deal at the time and kind of set everything aside and kind of think of a hypothetical scenario, have those attractions fundamentally changed for you in the current world with the events that have happened since, or not? I mean, I think, Andre, I'd just say I repeat back what we said at the time, really. I mean, you know, it was a very sensible transaction for us to consider. The combination with Malvern Panalytical would have been very powerful and would have created significant value for shareholders, in our opinion. That said, you know, it was the right transaction, but at the wrong time. You know, the world changed just at the point we were looking to try and consummate a deal with Russia invading Ukraine and all the macro uncertainty. You know, it was right for us to put our pens down. In terms of, you know, the logic for the transaction, that logic still remains. Clearly, there's a number of things that need to come together, you know, to make that sort of, you know, a financially attractive proposition. You know, we remain disciplined in our approach to M&A and our focus on how we create shareholder value. You know, for the avoidance of doubt, you know, we continue to explore, you know, other acquisition opportunities. Very clear. Thank you very much for your time. I appreciate it. Our next question comes from Mark Davies Jones from Stifel. Mark, please go ahead. Thank you very much. Hi, Andrew. I was also gonna just follow up on the Industrial Solutions thing, 'cause it looks as though that is quite a big change of mind. It was only back in December that we had Mary Beth setting out the sort of strategy there, and that seems to have gone to reverse. I'm assuming firstly that she's left the group, is that right? She has. Yes, that's correct. Yes. Okay. In thinking about what happens to those three businesses, I mean, they're three quite attractive but sort of unrelated businesses. Is there any scope for sort of further group reorganization? PMS, for instance, seems to have a fair amount of overlap with parts of Malvern Panalytical. Is that something we can think about, or do you think these are to be seen as three standalone units that may in time get built out to platforms, but we'll have to wait and see? What's the outlook there? If I look, Mark, thanks for your question. I mean, as I said, it sort of provides flexibility in going forward. You rightly say there are overlaps within Industrial Solutions between them, particularly between Servomex, PMS equally. You know, PMS serves the same end markets as Malvern Panalytical. You know, as we look forward and we come to the capital markets day, you know, we'll give you more color and insight into our thinking around all of that. Clearly, as I said, part of the rationale for the decision, you know, was not just cost, but also about providing some sort of flexibility on how we proceed with the group. Okay, understood. At the risk of flogging a dead horse on the price costs thing, I just wanted to ask, it sounds as though input costs rose more than you were anticipating or more than you budgeted for in the first half, hence the lack of margin leverage that you delivered. Is there any particular area where those costs have come through higher? Is it labor costs beginning to rise on you, or is it just the same sort of materials and logistics things we've been dealing with for some time? Well, yeah. I mean, it's the. You know, when we put the budget together sort of November last year, we were certainly anticipating inflation to be peaking around sort of 6%-7% through the first half and then declining down to sort of 3%-4% in line with, I think, how everyone else saw the situation back in November. Clearly, as I said earlier, inflation's been running much hotter, higher and more, you know, prolonged than was anticipated then. When we put our prices up, certainly sort of in the middle of last year, you know, given our stronger order book and increased visibility, the flip side of that clearly is that it takes longer for, you know, pricing changes to come into effect, you know, as the order book unwinds itself. Yes, you know, we did see higher input costs than we anticipated when we put the budget together. Key areas, electronics, semiconductors, you know, are the standout areas. You know, I would say it's not getting any worse, and there are some signs that it may be starting to ease, but I think it's gonna take some time still to fully unwind. On the labor side, yes, you know, we have, you know, had to increase some of our own labor costs, you know, as a consequence of both, you know, inflation, tight labor markets in some areas of the world, and just, you know, the cost of living squeeze, and we're taking an appropriate and responsible approach to, you know, making sure our employees are suitably remunerated. Okay. Thank you. As a reminder, to ask any further questions, please press star followed by one on your telephone keypad. Our next question comes from Jonathan Hurn from Barclays. Jonathan, please go ahead. Good morning, guys. Just a few questions from me, please. Can I just come back firstly to the supply chain and obviously looking forward into the second half? I wonder if you could just give us a little bit of detail about where the biggest supply chain issues are by division, please. Thank you. Good morning, Jonathan. From a supply chain perspective, as I just said, really it comes down primarily to you know, electronics. Semiconductor availability has been the biggest issue that we've had to face over the last six months. Equally, as I said, I mean, we are starting to see maybe some signs that things are easing. Chip availability is getting a bit better. You know, whereas in, you know, go back two or three months, at times on sort of critical shortages, you know, we were having to scour the market and, you know, struggle to get commitments. It is easier to get commitments from the manufacturers now, than it was. Now, whether that's the start of a trend, you know, it's maybe too early to say, but I'm hopeful that we are starting to see the signs of things easing up. Also at the beginning, you know, our teams have done a really good job in terms of being able to deal with the situation, being more flexible in terms of how we schedule, how we prioritize, how we resequence the manufacturing lines, how we build modules, you know, part inventory, waiting for shortages, such that when the parts do arrive, we can quickly assemble them and get them shipped to customers. Yeah, we have been much more agile in how we manage all of that. Clearly, you know, that comes, you know, there is a cost associated with it, and that's, in part, has also impacted our gross margins in the first half. As all this unwinds with the pricing that we've got in the order book, plus, you know, you know, the extra volume, the higher level of production efficiency we'll get from that, but also as supply pressures start to unwind, you know, that should certainly, you know, help, and that gives us confidence in terms of our outlook, as we've said. I think, you know, but it, you know, I think you can't rule out the fact that there'll be some, you know, surprises. There's the known unknowns. You know, we know that there'll be some things that our supply chain, you know, isn't aware of that may hit us and put us on stop ship on certain product lines. But as it stands at the moment, we're managing it, you know, reasonably well. Okay. Just in terms of the risk by divisions, does one division stand out as potentially having more risk in H2 than others, or would it be sort of quite equal among the three? No. I mean, I think the bigger area comes back to the electronics and semi supply chains. The two businesses that are most exposed to that are HBK and Red Lion. They have, you know, the biggest content, I would say, in terms of electronics going into their products. You know, and equally, you know, that's where we've also seen, you know, us putting up the prices most significantly to address that. Great. Same question just on PMS. Obviously, great business. You've spent GBP 15 million or GBP 50 million on a new facility. Can you just talk us through sort of the timeline here? When that capacity comes online, how ultimately fast it ramps? From this, obviously, this extra facility, what do you think is the potential sort of revenue opportunity for PMS, please? Well, I wouldn't. You know, I'm not gonna give a revenue guidance for PMS directly, but I will say that. I mean, PMS has been growing double digits for the last three to four years. You know, clearly, half its revenue comes from semiconductor manufacturing, where we provide class-leading particle counters to measure the impurities in air and liquids that go into the manufacturing process for semi. You know, we have the highest accuracy sensors on the market, which makes it very attractive for the semi guys who are developing smaller and smaller nodes in terms of the semiconductors. As such, they need higher and higher levels of quality. You know, that is a major driver for PMS's success on that front. But equally, their aseptic monitoring solution, where we provide, again, particle counters for clean rooms to make sure, you know, our customers can measure the effectiveness of their clean rooms. We also provide a full sort of software monitoring suite, whereby customers not only can, you know, ensure that, you know, the quality of the air going into the clean rooms, but equally, you know, when the regulator comes in, they have all of the monitoring in place such that they can meet the specification requirements to say they've been operating at the right levels of cleanliness. That, again, has been hugely successful. That's very clear. Just maybe last one, very quick one. Just in terms of order book, obviously good growth in the first half, but have there been any cancellations of orders within the order book during the period? Any signs of. Uh- Possible cancellations? No, I mean, in terms of sort of customer behavior, we're not seeing any signs at all that, you know, customers are starting to get anxious about what's in the order book. We've repeatedly said on these calls over the last 18 months, it's something that we track routinely on a month-to-month basis, and we've seen no change in behavior from our customers in relation to sort of cancellations or delays. That's very clear. Thank you, guys. Our next question comes from Bruno Gjani from BNP Paribas. Bruno, please go ahead. Hi. Morning, all. Thank you for taking the question. Just on orders, if I could just follow up. Could you provide some color on how orders trended sequentially if we exclude that pre-buy impact in Q1? Would you expect the current run rate of orders to be sustained if we look out to Q3? Or do you expect things to slow? I guess, can we take anything away from July trading so far? Yeah. Bruno, thanks for your question. I wanna be quite sure about the pre-order point you made. I just remember from the Q1 IMS call, you talked of certain divisions benefiting from a pre-buy effect in terms of the strong order growth that you saw in Q1. Some orders had been pulled forward. If we just strip away that from the Q1 base sequentially, what did you see in your orders? Well, okay. Yes, I mean, yeah. I wouldn't characterize it as pre-order. Maybe that's just language. I mean, we certainly- Mm-hmm. If you came to the beginning of the year, we had extended lead times or, you know, or coming out of last year with the supply chain pressures. We did get some benefits in terms of that in Q1. If you look at, you know, you know, order growth and you compare it to, you know, last year, I mean, in Q1 last year, orders were up 5%. We did 31% this year. Last year, orders were up 28%, and we did 11% this year. In Q2. You know, we are still seeing very strong order intakes despite some real, you know, much tougher comps. You know, we've had, you know, the flash results for July, and we're still seeing strong order flow in July. You know, as I said, you know, we have no evidence as yet to suggest that, you know, customers are pulling back on placing orders. Got it. Just in terms of the lead times on current orders that you're booking, are the lead times European customers coming down somewhat, or is there no change really? No, it's really stabilized. Okay. With the consequence of the demand that we're seeing, you know. Sure. Again, you know, supply chain ability to satisfy, we're keeping our lead times broadly, you know, where they were. Having said that, I mean, we are using the Spectris Business System extensively to look at how, you know, we can reduce not only our throughput inside our own facilities. I mean, those of you who came to the Malvern Panalytical site earlier in the year when we did the Malvern Panalytical Investor Day, and we showcased the Mastersizer line. Malvern Panalytical have done a similar exercise with the Zetasizer. So if you add the Mastersizer and Zetasizer, that's about a quarter of Malvern Panalytical revenue. There we have, you know, we've doubled the throughput in a smaller footprint with less, you know, effectively needing less people. You know, the operations and supply chain personnel have worked with suppliers as we put in the press release. I mean, we've actually, you know, almost halved our order lead time there. In that case, you know, we've actually reduced our order lead time, and that's allowing us to, you know, gain incremental demand from customers because we can meet their needs faster than the competition. Mm. We're very much using Spectris Business System as a self-help to reduce cost waste, but also, you know, make us more competitive as well. If I could just touch upon guidance. It's a high single digit like sales growth, to my mind implies 8% growth for the full year, which is what consensus models. Now, given that pricing is expected to be 5%, this implies, you know, H2 volume growth is closer to 1%, which in the context of, you know, stellar order growth seems a bit cautious in my view. I guess, would it be fair to characterize the like-for-like sales guide for this year as being a tad cautious, with it reflecting, you know, uncertainties in relation to supply chain. Yeah, any color on that? Well, I'll let Derek get into some of the details, but I think as you know, as we look forward, you know, we have confidence in our outlook in maintaining the guidance that we've talked about back at the beginning of the year. I mean, there are still some uncertainties in the supply chain, I suppose there are. We've clearly increased working capital to provide more inventory to protect our deliveries to customers, which is exactly the right thing we should be doing. It's more, I would say, you know, it's more about the sort of known unknowns. It's the things that we know are gonna happen, we don't yet know where they're gonna come from. Therefore, you know, we, you know, we've got to be pragmatic in the face of that. Relative to the visibility that we now have in the order book, you know, that gives us very, you know, high degrees of confidence to deliver that high single-digit growth. I'll let Derek get into some of the details. Yeah. I mean, I would add, if you look at the math, then there is opportunity potentially on the volume side that Andrew just pointed out, the reasons we listed, we're being cautious. I mean, as we just talk about guidance, it's just worth looking at, I wanna make sure everybody has picked up on Page 48 of our statement. This is where we set out the impact of Omega. I know there's a little bit of confusion and noise this morning around the first half profit number. I don't think that everyone quite captured the announcement we put out at the beginning of July that set out the impact of the disposal of Omega. There's a number of sort of range of ideas to where the profit number should be, but I just wanna make sure everyone spots that. With Omega removed, the prior year profit number was GBP 68 million for the first half, and our growth was 6% on that. I think there was a consensus number about 17.5% growth, which I don't think anybody actually would've believed. The growth in the first half was the 6% and 68. We point out for the full year, last year, it was GBP 189 million of profit excluding Omega. I just wanna make sure as you guys update your numbers, you capture that. In terms of our broad guidance, we're not expecting expectations for the full year to change off the back of the statement this morning. Got it. Got it. That's all I had on my side. Thank you, guys. Thank you. Our next question comes from Mark Henderson. Mark, please go ahead. Thank you. I'm a private shareholder, not often seen at these meetings, but I'm a little bit concerned about the, not your company, but many companies, of the impact of inflation, and to the extent to which we're seeing growth in profits being illusory profit growth, rather than real profit growth. That's manifest in your figures by the amount that's going into increased inventories. I think over half year to half year they're 30% up and the reduction or the lack of cash flow conversion. This is typically what we see in inflationary times, and I wonder to what extent you would envisage a reduction in those inventories, in other words, an unwinding of this inflationary pressure. Mark, good morning. It's Derek Harding here, Finance Director at Spectris. You're absolutely right that if the increase in inventories simply down to price, as opposed to volume, that risk of inflation coming through would be a sort of warning sign certainly against the cash flow. I think in our case, the predominant reason for the increase in inventory is to combat the supply chain issues that have been well documented. Throughout the first half of this year where we have had opportunities to obtain input materials, we have taken those opportunities, and in certain cases that's involved us buying more inventory than we would normally hold, with the purpose of making sure we can hit customer demand. That also results in us as well having a number of parts and products that are part-built sitting on the balance sheet at the half year, particularly if they're awaiting a final component in order to get them. Completely built and then shipped. There are a couple of sort of specific volume related issues that mean the industry is higher than we would normally have. Notwithstanding that, our working capital sits within the range that we typically guide towards to 11%-15% of sales. We're broadly comfortable with the position, and it's entirely intentional for customer service. To move on to your next question, you know, will that unwind? Our expectation is that it will. We have significant orders coming through in the second half. As Andrew talked about, we expect to see that volume pick up in the second half. And as a result of that factor, and hopefully, reductions in supply chain issues over time, we ought to see that inventory unwind. As I said earlier on the call, we expect our cash conversion for the full year to be back in our normal range of 80%-90%. There's also a cash impact in our conversion in the first half through the purchase of a building for PMS in Colorado, which again is a one-off in some ways, when you look at our typical cash conversion. The net effect is that we anticipate strong cash generation this year back in line with our normal range. Thank you very much indeed. Our final question comes from Michael Tyndall from HSBC. Michael, please go ahead. Morning, gents. Just a quick couple from me. The first one, just in relation to post the immediate disposal, we had reallocation of overheads to the other divisions. To what degree can you bring them down? I mean, effectively, you're a smaller sized business now. I wonder to what degree there's a variability in some of those overheads that we can expect you to kind of try and drive that down. The second one is really a clarification. I'm not sure if I heard you correctly, but was there an element of the R&D uptick that related to redesign because of the supply chain issues? If so, can you give us some sort of quantification of how much that was? Thanks. Well, let me address your second part of your question first, Mike, and I'll pass it to Derek. I mean, I wouldn't get carried away in terms of the, you know, the amount of engineering time that we're having to spend on supply chain. I mean, it's, you know, it's an irritant, but it's not that material. In, you know, in the scheme of things, you know, the growth to 8.4% of revenue in R&D spend, you know, the vast majority of that is a, you know, real and meaningful increase in our investments for future growth. On the overhead cost, Mike, it's a fair point. If you actually look at the H1, we spent in the prior year, you'll see that there was GBP 2.2 million cost left over, if you like, if you deleted the overhead profit, it was GBP 4.8 million for the full year last year. You've got to be slightly careful where if you categorize that all as kind of head office costs, if you like, because a lot of it relates to shared services and shared capability. If you think about sort of IT, cyber security, some of those sorts of skill sets where we hold a stronger skill set at the center, and then allocate it to the platforms for other businesses, so we don't end up duplicating the cost. Nevertheless, there is opportunity to reduce that central cost. We would aim to do it. But what you'd, as I say, what you need to do is look at the cost base across the entire group, and it's a question of where it fits best. Through the Spectris Business System, through some of the investments that we're making in terms of our ERP improvements and some of our sort of process improvements over time, you'll see that come down. It'll all get captured in the overall margin of the group, which of course we still believe we can improve year on year, and that remains the case for the remainder of this year. Brilliant. Thank you. We have no further questions. I'll now hand back over to Andrew Heath for closing remarks. Right. Thank you very much. Again, thank you everyone for joining the call and for your questions. By way of closing, I just meant to make a few points. As I said, you know, I'm very pleased that we delivered, you know, good financial performance in the first half of this year. We absolutely have confidence in delivering high single digit organic growth and margin expansion for the full year. I'm looking forward to talking to you at our Capital Markets Day in October and talk about really the next phase of our development. You know, we're a business that has a clear purpose with sustainability at its core. As I said earlier, we're a more focused, higher quality, more profitable, less cyclical, more resilient business as a consequence of all the work we've done through executing our strategy for profitable growth. We're now very much positioned in diverse, attractive markets with structural and sustainable growth drivers. We've got an excellent balance sheet that supports both our ambitions to invest organically, improving our internal efficiency, as well as investing in growth through accelerating our spend in R&D, as well as alongside that being able to compound growth through disciplined M&A. As such, I think we're in a strong position to drive our ambition to be a leading sustainable business. With that, thank you very much again for joining, and look forward to catching up with you all soon. Thank you very much.