Thank you very much, and good morning and welcome to the Spectris Q1 trading update. I'm joined by Derek Harding, our CFO, to discuss our performance in the first quarter of the year. Thanks to the continued great work of the whole Spectris team, we've delivered a strong trading performance to start 2022, building on the momentum from last year. The recovery in our end markets has continued, leading to strong organic sales growth of 12% in the quarter. This was further supported by market share gains, as we focus on supporting our customers through the launch of new products and services. Our order book continues to strengthen with like-for-like orders growing 29% in the period, maintaining the strongly positive book-to-bill ratio we have seen for the past 20 months. Book-to-bill for the quarter was 1.35, up from 1.16 last year. The strong order book also provides confidence in continued sales momentum, supporting our outlook and positive prospects for 2022. Our aggregate order cover now extends beyond September. We continue to see the same level of supply disruption as we saw last year, as well as an impact from COVID-related lockdowns in China at the end of the quarter. Consequently, our overdue backlog remains at a similar level to December. To be clear, we are not seeing any customer cancellations beyond what we would ordinarily expect from a long-run historical average perspective, i.e., remains very low. We now expect to be managing supply issues through at least the end of the year, and the impact from the China lockdowns over the next few months. However, we have organized ourselves to better mitigate shortages and deal with surprises, as evidenced by our Q1 sales. Looking at the performance of our businesses now in more detail. Like-for-like sales were higher in the majority of our end markets in the quarter, especially in semiconductor and machine manufacturing. Most automotive and energy and utilities, which were essentially flat last year, were both firmly in growth territory in the quarter. Like-for-like sales increased in all regions, with the strongest performance in Asia, particularly in China and South Korea. In North America and Europe, like-for-like sales were 8% and 12% higher respectively, and orders also showed a similar trend with over 20% growth in Europe despite the war in Ukraine. We are seeing continued input cost inflation, but we are successfully offsetting these costs through deploying our pricing power and also our Spectris Business System to reduce waste, drive efficiency, and increase throughput. Turning now to each of the businesses. Malvern Panalytical recorded a 14% increase in like-for-like sales, with good growth across all regions. Our sales into pharma customers continue to be robust, supported by activity within small molecule development and manufacturing, and from the demand for vaccine and gene therapies, all underpinning investment. Equally, we continue to see good growth in metals and mining and for advanced materials in semicon and advanced manufacturing. At HBK, like-for-like sales increased 8% in the quarter. As I mentioned, the automotive sector grew well this quarter, supported by investment in electric vehicle R&D and production capacity. Machine manufacturing, which has been a standout performer since 2020, continued to see strong growth, and order intake was particularly strong in the quarter. Industrial Solutions posted a 15% like-for-like sales increase, and here we're seeing continued strong demand from pharmaceutical and semiconductor customers with long-term structural growth drivers boosted by the onshoring trend. Orders were significantly up on last year versus a tough comp, and after a slight decline in 2021, sales into energy and utilities continued to recover, posting strong growth in the quarter, very much underpinned by oil and gas prices. We're also delighted to receive the Queen's Award for Enterprise for International Trade for our Hummingbird range of sensors and Servomex. At Omega, I continue to be pleased with how our strategic initiatives have supported the progress and performance. As you are all well aware, we announced the divestment of Omega to Arcline earlier in the month. By combining their Dwyer Group of businesses with Omega, Arcline will bring further scale to enhance Omega's future opportunities. Moving on to the balance sheet and capital allocation, we are clearly delighted with the valuation we achieved on Omega. The multiple achieved demonstrates the inherent value of our remaining businesses, which are of even higher quality with higher growth characteristics. The proceeds from the Omega divestment, alongside our cash generation, helps further strengthen our already strong balance sheet, which at the end of the quarter had net cash of GBP 133 million. This enabled us to announce a GBP 300 million share buyback, the first tranche of which starts today. We have and will maintain a strong balance sheet given the current world events, but this still leaves significant capacity for further M&A, very much aligned to our strategy and purpose. We are very clear that in line with our stated policy, any acquisitions will demonstrate a clear path to returns in accordance with our stated capital allocation framework and financial criteria for acquisitions. During the quarter, we completed some small M&A transactions in addition to the acquisition of Creoptix that we did in January. Red Lion Controls acquired MB connect line in Germany. Their high-security hardware and software solutions will enhance Red Lion's industrial automation and networking technology portfolio, and also provide cross-selling opportunities. At HBK, signed an agreement with Dewesoft to establish a new jointly owned company called Blueberry to develop a next-generation data acquisition platform. The new platform provides a common hardware and software architecture that will enable faster time to market and accelerate the creation of an open ecosystem that other industry participants can use to the benefit of customers and also further enhancing HBK's software strength. We also continue to make progress on our sustainability strategy, and in the quarter, joined the United Nations Global Compact. We'll be reporting them annually on our progress as we undertake initiatives which support our stakeholders and the wider society. We mentioned in February the work we are conducting to assess our activities across a key range of sustainability trends. Our activity on this front continues and will be a foundational element in our strategy development this year. We have strong positions in many of these areas today, such as healthcare, the transformation of mobility, energy transition, environmental controls, product circularity, and material reuse. We see exciting opportunities to accelerate our growth aligned to these trends, both organically and in targeted M&A. We very much look forward to sharing more with you at Capital Markets Day event later this year. In summary, I am very pleased with how we started the year. We've delivered a strong trading performance. Our businesses are performing very well. Customer demand remains robust, and our order book has continued to expand. While supply chain issues are expected to persist, our strong order book provides confidence in continued sales momentum, supporting our outlook and positive prospects for 2022. I'm also extremely pleased with how the group has continued to execute on our strategy and the inherent value we are creating for shareholders. Following the divestment of Omega, we are now focused on premium precision measurement businesses with highly attractive financial profiles and growth prospects. The group has a portfolio of high-quality assets, and we are well positioned to continue to deliver on our strategic objectives, organic growth, margin expansion, and return on capital employed, very much supported by a strong balance sheet. With that, we're very happy to open up to questions. Ladies and gentlemen, if you would like to ask a question, please press Star followed by One on telephone keypad now. If you change your mind, please press Star followed by Two to withdraw the questions. When preparing to ask your questions, please ensure your phone is unmuted locally. We have our first questions, comes from George Featherstone from Bank of America. George, your line is now open. Hi. Morning, everyone, and thanks for taking my questions. I've got a few, so I'll just take them in turn. Maybe starting with Asia, clearly strong demand from a revenue perspective in Q1. I just wondered if you could talk through what the demand picture is like in China and the impact that you're having from the lockdowns. Morning, George. Yeah, so I mean, Asia was particularly strong, both in terms of revenue and orders through the first quarter. You know, we see continuous demand being very robust in pharma and life sciences in China. Also, you know, their investment in semiconductors, electronics, plus continued investments in, you know, a number of R&D themes, you know, that we're very much aligned to around electrification, energy transition. You know, automotive R&D was also strong. As it relates to the second part of your question in terms of the recent lockdown events, we started to see, you know, an impact in March. Certainly our Malvern Panalytical business, where we have a facility in Zhuhai, was impacted, and likewise, Omega saw sales restricted in the latter weeks of March as a consequence of lockdowns. Since then, you know, during April, Shanghai went into lockdown, which included our Suzhou facility for HBK, which has limited our ability to ship goods to customers within China, but also to export. I, you know, it's, you know, it's been pretty severe in terms of the impact in terms of society, and businesses, you know, completely closed. It's not as though, you know, businesses were treated as, you know, as essential like they were in North America or in Europe, were allowed to continue. You know, we've had employees, you know, basically shut up in their apartments or even those employees who volunteer to stay on working in our facilities to ship the final goods ended up getting effectively trapped in the facility. We've had to support them both at home and in the facilities. You know, I think really the key issue here is going to be how fast the capacity comes back into the ports and into shipping, because you know, there's clearly now quite a big backlog both on imports and exports into and out of China, and that's gonna take a number of weeks, if not a number of months, to unwind. You know, all our facilities are fully operational again as we speak today, but clearly there's an unwind effect that we are closely monitoring. Thank you very much for that. Maybe turning to the order backlog. Could you talk us through how this compares to this point last year? Which businesses have the strongest backlog today? How does the margin within the backlog compare to how you ended 2021 on a pro forma basis? Well, we can deal with the order backlog. I mean, clearly we go back really directly on trading rather than margin at the moment. You know, all the businesses have seen a significant growth in orders. You know, I quoted our sort of book-to-bill ratio, you know, 1.35, 1.36. That is 1.16, you know, quarter to quarter. You know, we have seen significant growth. Now within that 29% growth in orders in Q1, there's clearly an element of pricing within that, and there is equally an element of some pull forward in terms of, you know, given the supply chain challenges, we have had to increase lead times as many companies. There is also an element of pull forward. You know, about 29%, you know, you could say sort of 4%-5% of that may be price. You know, 8-ish%, you know, 6%-8% is sort of pull forward with the remaining sort of 15%-16% really being sort of volumetric order growth, you know, true volume growth. We're seeing absolute order growth coming in across all of our businesses. You know, and that's certainly ahead of revenue. you know, lots and lots of positives there. Thank you. Finally, just from me, how should we think about the decision to use basically the majority of the proceeds from Omega on the buyback rather than keep for M&A, given your comments about having an attractive acquisition pipeline? Yeah. George, I mean, you know, as we always do when we're looking at the balance sheet, and you know, capital allocation and we're certainly considering capital returns to shareholders, you know, we look at the you know, the forward M&A pipeline and the potential demands on the capital. Also, you know, our ability to you know, from our existing facilities. If you look at where we started at the end of March, GBP 130 million you know, on the balance sheet, GBP 400 million of proceeds to come from you know, pounds to come from the sale of Omega, you know. Clearly trading cash to come through on top of that. You know, as we look forward, you know, we are certainly not short of cash. Even returning GBP 300 million leaves us in a strong net cash position with a strong balance sheet, including with our, you know, existing facilities in place. You know, we feel that gives us sufficient firepower at the current moment versus the prospects we're looking at. Okay. That's great. Thank you very much. Pleasure. Thank you, George, for your questions. We have our next question comes from Andrew Wilson from J.P. Morgan. Andrew, your line is now open. Hi. Good morning, everyone. Thanks for taking my questions. I've got two. I'll start with, I guess it's probably a couple of questions actually on the supply chain. I'm just interested in terms of sort of how you see the backdrop in the Q1, and then I guess currently to the degree that you'll comment, versus where you were in the Q4 in terms of, you know, had it gone more difficult? And I guess probably linked to that is looking out on the balance of the year, your confidence around, I guess, price cost development. Just in terms of it sounds as in the Q1 as if price cost isn't necessarily an issue and there's obviously lots of work going on. Just given that costs have continued to go up, given that we've probably got more disruption as a result of Russia, Ukraine, and now in China, just your confidence in terms of I guess those price cost dynamics continuing to be positive? Yeah. All right. Good morning, Andy. I think in terms of, you know, the supply chain and the sort of Q1 backdrop versus Q4, you know, as we put in the statement, as I mentioned in my speech, I mean, you know, we are seeing continued levels of supply disruption pretty consistent with what we saw in Q4. Plus, you know, however, the addition of some new factors as well. The shortfall that we saw in Q4 effectively, you know, has helped our Q1 sales undoubtedly. You know, that's had to come in. We've also, you know, that's been sort of factored out by, you know, a number of other events, you know, that's happened, you know, both in terms of ongoing supply constraints, plus obviously lockdown in China, et cetera. You know, effectively, you know, we are just carrying a, you know, a consistent level of overdue orders in our backlog at the moment, what we saw at the end of the year. You know, the situation is, I would say, you know, is stabilized. You know, clearly lots of challenges, but the team are doing a really good job in trying to mitigate those on a daily basis. Your other point in terms of the confidence around sort of price and cost, you know, as we again put in the statement, you know, we have been able to offset, you know, input cost inflation through pricing and also our own efforts in terms of becoming more efficient through the deployment of our Spectris Business System. You know, taking out waste, driving efficiencies, and importantly, you know, also being used to help solve some of the supply issues, increasing capacity, increasing throughput, reducing lead times, to make sure we can serve our customers as best we can. You know, as I guess we coming into the year, you know, we were certainly anticipating inflation to be high through the first half and then decline down to about 3%-4% by the end of the year. You know, that was very much in line with all the economic forecasts back in January. Given that all the events that have happened since then, I'd still, you know, our current view is that inflation hasn't yet peaked. You know, we certainly anticipate inflationary pressures, you know, continuing over the coming months and remaining high really all the way through the rest of this year. As such, you know, we are already considering what we'll be doing on pricing at the half year. You know, the positive is, you know, the price increases that we put through in January have all been accepted by customers. You know, they are sticking. The challenge though here clearly for us is that, you know, we now have over five months order cover on an aggregate level. You know, price is pretty much baked into that, you know, order book from previous price increases. We're having to try and anticipate future cost inflation, input cost inflation through our pricing, you know, really looking out five to six months. You know, obviously there's a balance to be struck, you know, we use our judgment in terms of, you know, what's the level of price elasticity we can command versus that ongoing inflation. So far we've been able to, you know, offset, mitigate those input inflations. We are pretty confident as we stand here today. Great. If I can just follow up on... I mean, it's probably. Well, it's a nice question to ask, or it's a nice question to answer. Just when we kind of look through the statement and the end markets that you talk to, it's basically everything seems to be pretty positive. I guess the question is there anywhere in the Q1 where demand has disappointed, even, you know, even if it's sort of against expectations or whether it's just outright still weak? I'm just interested if there's any kind of pockets where you've seen weakness or, you know, perhaps been a little bit slower to recover than some of the markets that you mentioned in the release. No, I mean, we're in a fortunate position where all our end markets are in positive territory. You know, our growth in pharma and healthcare has remained robust, as I said. You know, aerospace and defense for us has typically, from an order perspective, held up really well. We've been very strong in Q1. Sales were a little bit softer, but that was against a bit of a tougher comp. Most of our exposure in aerospace and defense is really in terms of, you know, space defense rather than commercial aerospace, so that's definitely helped. You know, automotive is both from an orders perspective and revenue strongly back now in positive territory. Energy and utilities is up significantly against an easier comp. Semiconductors, from an order perspective, again, you know, we've you know, orders have been very high, higher than, you know, our aggregate 29%. Sales were slightly, you know, were softer than that. That again, against a very tough comp from, you know, Q1 of last year. you know, it's you know, it's sort of nuanced by all the end markets. you know, overall pleasing to see, you know, we're all in positive territory. I mean the two, I guess, additions, machine manufacturing which has been strong really since, you know, middle of 2020. It's been a standout there with our OEM sensors in particular for HBK. The new range of sensors has really landed well. You know, companies are looking at greater levels of precision and automation, we're finding, you know, very strong customer demand for our sensors. Equally in the academic markets, you know, that's up, you know, high single digits on sales in Q1 and double digits in terms of orders. Overall, we're seeing, you know, a robust outlook right across the, you know, our end markets. Great. Thanks, Andrew. Appreciate all the detail. Thank you, Andrew. Well, our next question comes from Jonathan Hurn from Barclays. Jonathan, your line is now open. Good morning, guys. Hi. Just a few questions from me, please. Firstly, can I just come back to pricing and just in terms of Q1 performance? If we look at that sort of 12% growth you saw in the quarter, how much of that is essentially volume and how much of that is coming through price, if anything? Yeah. The 12%, Jonathan, again, it depends business by business, but it's about 3%-4% is what's in there from a price point of view. You know, 8%-9% is sort of true volume, organic volume growth over and above that. You know, we have been putting our prices up progressively over the last 18 months. I mean, we did a price increase in Q1 of last year, then another price increase in Q3 of last year. We obviously put price up again in Q1 of this year. As a reply to Andy Wilson's question, you know, we're certainly contemplating another price increase in Q3 of this year around the sort of summer. It's, you know, we are, you know, we're having to, you know, continuously look at, as I said, you know, what we're seeing from an inflation perspective and making sure we're trying to get ahead of it. Inevitably, you know, we're seeing, you know, both price coming through in the revenue and a little bit more coming through, as I've talked about in the order book because, you know, orders are five months on aggregate ahead of what we're seeing from a revenue recognition point of view. That's very clear. Second one, can I just... Sorry, the topic. Can we just talk a little bit about expected sort of drop-through rates for 2023? Obviously, you talked about inflation coming back. You talked about obviously continuing for the full year. How should we think about the drop-through? Do you think you can get to the similar levels of drop-through as you did in 2021? Or do you think we're gonna see, you know, a fair markdown from those levels? Yeah. Jonathan, not to dodge the question directly, I mean, that's, you know, we are, you know, continuing to focus very much on, you know, delivering the quality out of our businesses in terms of strong organic growth this year and margin progression. That's, you know, that remains our focus. Yeah. I mean, I'd just add, we'll obviously give a little bit more color at the half year, Jonathan, as we sort of look forward, but at this stage it's early. I mean, there continues to be, you know, the lumpiness in supply chain that Andrew was talking about that we continue to see through the first half. But not any detail on the drop-through itself. Okay. Basically the organic rate that we were seeing last year, sort of mid-30s% is probably hard to achieve, would be a fair assumption? Okay. Yeah. Yeah. I mean, I think we gave a- Can I just- I mean, we gave a bridge to give you a rough idea of where we thought some of the sort of moving parts would be to the full year in February. I'll update that at the half year, which should be our first half profit numbers at 12:55. Okay. No, that's clear. Just lastly, final one, just sort of looking to Q2, Q3. Obviously the year-on-year comps are going to be tough there. Obviously, you know, there's issues coming through in China. How do we sort of see that sort of organic growth rate, would you feel in sort of Q2 coming through? Yeah, I think again, I sort of focus you on the full year, Jonathan. You know, I think it's gonna be, you know, there's always gonna be a danger or risk, as we look at sort of point reporting dates through the year, just in terms of, you know, human stresses and strains that exist in the supply chain, what's happening in China currently, that can impact, you know, sort of just month to month, performance. As I said, you know, certainly in China at the moment, you know, we've got a lot of goods trapped in, facilities and shipping at the moment that can't get to customers, so we can't recognize the revenue. So, you know, the timing of that can influence, you know, the sort of, you know, short-term results. If I, you know, as we look at the full year, and I encourage you to look at the full year, you know, given our order book cover, our ability that we demonstrated, you know, through Q1 to be able to execute on the order book despite the supply chain pressures, you know, on a full year basis, you know, we are confident in being able to, you know, deliver the levels of growth that we talked about back in February at the full year results, you know, consistent with what we saw last year. Okay. Just to clarify that level, that was high single digits, wasn't it? That was kind of sort of 8%-10%. Yeah. Correct. Range, do you think? Yeah. Correct. Yeah. That's great. That's very clear, guys. Thank you very much. Thank you, Jonathan, for your questions. We have our next question comes from Bill Turner from Goldman Sachs. Bill, your line is now open. Morning, everyone. All my questions are kind of just derivatives of questions that have already been asked. Apologies if I may have just missed the answer to the first one. Could you just clarify a bit more on how much of your business within China is held up at the moment? How much of your, like, total sourcing comes from that region? Right. I mean, I think in terms of revenue, I mean, we declared, you know, the other revenue, we're about 13%-14% of our overall group revenue sits in China. I mean, in terms of the impact as we stand today, you know, the primary areas are really sort of sit within Omega, Malvern Panalytical and HBK. We have, I think it's the last of what I saw, from Malvern Panalytical, you know, we've got sort of GBP 7 million-GBP 8 million of revenue that we just can't recognize in Malvern Panalytical. We can't ship, you know, Mastersizer, Zetasizer out of our own facility in Zhuhai to customers at the moment. There's a backlog there. A good chunk of the sensor manufacturing for HBK comes out of our facility in Suzhou. That's fully operational. It's not, you know, it's both the customers we ship to customers in China, but a good element of that actually gets exported out China. We then convert those components into our broader range of sensors in our Darmstadt facility in Germany. That's causing delays there. You know, the Omega warehouse was shut down for a number of weeks, and we're just currently coping with the backlog. You know, it is causing some issues at the moment. It's just as I said earlier, it's just how long it takes to unwind all that really with freight capacity and then, you know, import and export out of various ports in China, how long that takes. In terms of exposure from a supply perspective, I mean, it's sort of mid-teens on aggregate, in terms of overall exposure. That's sort of skewed a little bit by the fact that we have a sensor manufacturing plant in Suzhou for HBK. That actually, you know, increases that percentage quite considerably. You know, it's not as though we are, you know, a majority of our supply comes out of China at all. We certainly buy a good chunk of goods from there, but it's, you know, it's not the, you know, it doesn't dominate in terms of our supply chain. Great. I can imagine, so this will have an impact on some of the sales recognition in March and April. Can you just comment on the order development sequentially throughout the quarter? Did you see any changes in order activity in March or April post, you know, the kind of macro, like the geopolitical events that happened in February? That specifically as it relates to China? No, this is to the group as a whole, and more broadly. Well, yeah. Okay. I mean, I sort of covered, you know, some of this off, to Andy Wilson's point. You know, if we look at the end markets specifically on orders, you know, say pharma being very robust, aerospace and defense is up higher on aggregates than, you know, our global group order numbers. Automotive, likewise, energy utilities, likewise, and, you know, electronics, semiconductors and food manufacturing. You know, we are continuing to see very robust order intake, which continues to, you know, to build the order book. Okay. Great. The final question I have is on M&A and the buyback. I guess, like, should we take from the decision for the buyback to mean that would you ever consider. Because I know you obviously, you know, you've outlined the rationale for the Oxford Instruments acquisition. But should we take from the decision to do a buyback that potentially going back to Oxford Instruments is off the cards for now? Or has, and then in addition, has there been any in your decisions to terminate or like not pursue the Oxford Instruments acquisition, there, is there some restrictions meaning that you can't look at the business again? So just would love to hear a little bit of thoughts, yeah, particularly on Oxford. Yeah. How recent developments have changed things? Yeah. I mean, you know, we clearly said at the time when we sort of downed tools that, you know, we felt that it was very much the right transaction, just at the wrong time. You know, the world changed significantly as we were in the final throes of sort of negotiation and diligencing the deal. You know, my view is that Oxford remains a very sensible transaction for us, and the combination with Malvern Panalytical, you know, would create significant value for shareholders. You know, we were in the process of doing our diligence, and we were just looking at synergies. You know, I'm very confident that the auditors would come out with synergies of at least GBP 50 million. We had, you know, as ever, auditors always look at the synergies, and we discount those in terms of their deliverability to give confidence to the board and obviously to the market about deliverability of the value, but we certainly saw more opportunity than that. I think you can see in, you know, our growth rates around Malvern Panalytical and Oxford Instruments', you know, recent statement on trading, you know, the businesses and that sector very strongly, you know, which supported the value. However, as I said, you know, right deal, wrong time. You know, it would be, I think, inappropriate, you know, given we are shut down at the moment to sort of comment or speculate. You know, given that, you know, it is the wrong time. You know, it would be inappropriate to lever up the balance sheet at the moment. You know, we will be, you know, disciplined around how we approach our M&A and focus on shareholder value. You know, clearly at the moment, you know, the timing isn't right. Just to be for the avoidance of doubt, we'll continue to explore, you know, other opportunities. You know, clearly, you know, we match any M&A we do, you know, with an opportunity cost as we deploy capital against that, other opportunities. You know, we have a portfolio of quality assets, and our focus very much at the moment, you know, given the macro, is to make sure we focus on driving strong organic growth from those businesses and, you know, expanding margins and getting back to at least the previous highs of 18%+ that we talked about. That very much remains our focus. Great. Thanks, all. Pleasure. Thank you, Bill, for your questions. We have our next question. This comes from Mark Davies Jones from Stifel. Mark, your line is now open. Thank you. Morning. Firstly, just a clarification. It's obviously traditional for me to ask something about Omega. I'm running out of opportunities to do that. I just wanted to double-check. It doesn't actually close till Q3. There's nothing in there that would allow the buyer to have any adjustment if that is being affected by what's happening in China. That is fixed terms, is it now? Yes. Yes. It's fixed terms. I mean, as we talked about it, when we announced the sale, I mean, the closing conditions are pretty thin, in terms of, you know, antitrust, et cetera. It needs an HSR review. I think that's pretty much it. You know, we'll be hopeful of, you know, closing in early Q3. But, you know, congratulations, Mark, for at least taking the last opportunity. Thank you. Thank you very much. My real question was about automotive, because it's good to see that accelerating nicely. But obviously the end market is particularly affected by supply chain issues, and we're seeing automotive volume numbers being revised down pretty regularly at the moment. I know the R&D piece is separate, but it's also gonna be funded by the health of the underlying industry. Do you think what you're doing there is specific enough that you continue to see strong automotive demand growth, even in a slowing total auto market? It's a great question. I mean, the encouraging thing, I mean, despite sort of volumes being in decline, the auto manufacturers typically are reporting quite positive profit numbers and cash generation, despite, you know, this decrease in volume. You know, obviously they're passing on pricing, you know, in terms of the sale of new vehicles and trucks, et cetera. You know, we are certainly seeing at the moment continued strong demand for, you know, things like our electric powertrain testing, around electric vehicle development. You know, that remains very strong. Our Virtual Test Division within HBK has got a very strong pipeline for, you know, their pro... You know, all of their range of simulators all the way through from the desktops all the way up to the full scale, you know, 200-400 simulators. So, you know, at the moment, you know, we continue to see strong demand. However, you know, auto is always a bit later cycle. We saw that in 2020 with the pandemic. It held up, you know, quite well for the first few months of the pandemic, and it was only June, July when we saw it tail off. You know, we are keeping a very close eye on, you know, the market trends and indicators there and assessing, you know, certainly our order pipeline and pipeline of opportunities, to make sure that, you know, we, you know, we're again, keeping ahead of the game where we can. You know, I think it's, you know, eyes wide open and one to watch, but at least at the moment, as I said earlier, you know, our orders into automotive have been strong through the first quarter of the year. Great. Thanks very much. Thank you, Mark, for your questions. We currently have no further questions, so I will now hand back over to Andrew. Okay. Very good. Well, thank you very much for your questions. You know, I think, you know, in summary, as I said earlier, you know, I'm extremely pleased with how the group is executing on our strategy and the inherent value we are creating for shareholders. I'm also very pleased with our strong start to the year. Our robust order will provide momentum for the rest of this year, and we believe we are well positioned as we've discussed. Thank you very much for participating in the call today. Just, as a, as an advert, we are hosting an in-person teach-in on Malvern Panalytical at Malvern in the U.K., next month. You know, we'll make that presentation subsequently available on the website, but it is face-to-face, so you're all very welcome to come and join us in Malvern for that. Of course, we'll be publishing our H1 results in August. If I don't see you in Malvern, we'll speak in August. Thanks very much indeed. Take care. Bye.