Oh, good morning, and hello everyone, and thank you very much for joining us today, be that in the room or on the webcast, as we present our results for 2024 and also our outlook for 2025. I'm very pleased today to be joined by Angela Noon, who became our CFO on the 1st of September and who has made a very quick impression, a very positive impact in the business. W hen I stood here a year ago, I have to say I expected 2024 to be another year of progress for Spectris. We had delivered three years of double-digit growth, and despite all the normalization through 2023, which was very much in line with the market, we expected demand to pick up in the second half of last year. Markets, though, in 2024 remained subdued. This prolonged weakness that we have seen is largely unprecedented in its alignment across multiple end markets, as customers right across the board held back investment in CapEx and in R&D in what was a challenging macroeconomic environment where an elevated cost of capital really bore down on our customers' CapEx and R&D expenditures. In the end, our like-for-like order intake was 3% lower, with demand, though, improving back to flat in the second half versus the prior year. While it's too early to say that we are seeing a sustained recovery, overall demand has stabilized, and like-for-like order growth of 6% in the final quarter is really encouraging. With a book-to-bill of nearly one, the order book finished the year broadly in line with the opening position, representing four to five months of cover. Sales for the full year were down 7% on a like-for-like basis, reflecting the weakness across end markets, and this impacted our financial performance, particularly in the first half. However, following the actions that we took through 2024, we finished the year strongly. We delivered our second half broadly in line with the second half of 2023, with orders in line and sales down 4%, and that's against quite a tough comp. We also delivered another good cash performance with cash conversion of 88%, and we have maintained our strong track record on the dividend, this being the 35th year of successive growth. Now, I'd just like to thank all of my Spectris colleagues for their hard work and delivering such a strong finish to the year, with our full-year profit slightly ahead of our revised guidance. Now, in a tougher market, we focused on strong strategic execution, and the decisions that we took last year will very much shape the future of Spectris, not just in 2025, but well beyond. Collectively, the big decisions that we took accelerate the delivery of our strategy, and they position us strongly to deliver sustainable, profitable growth and material shareholder value creation. That's firstly through the decisive action that we've taken on cost. We've got in place an accelerated value enhancement plan that we call our Profit Improvement Program, and that leverages the strategic operational actions that we have taken to drive profitability, and it positions us to further capitalize as markets recover. Secondly, on M&A, as you know, we acquired three high-quality businesses in 2024, and that significantly strengthens our two divisions, and the acquisitions are strongly aligned with our ambition to make both Spectris Scientific and Spectris Dynamics global leaders in their fields. Since completing these acquisitions, we are even more excited about the progress that we can make on both cost and on revenue synergies. Thirdly, we've continued to prioritize R&D, we've invested through the downturn. As we highlighted at our previous half-year results, 2024 was a record year for new product launches, with our Vitality Index rising from 22% to 29%, and we also have a strong pipeline with some really exciting digital innovations, which will not only compound sales, but also increase recurring revenue over time. Then fourthly, on ERP, we took a big step forward this year, and we can already see how transformative the new system will be. Importantly, we were able to work through the short-term disruption that impacted the first half. Our teams did an excellent job, and we took on some useful learnings that served us well with the second implementation last October. A s a reminder, the new ERP system will deliver 150 basis points of margin improvement, and as such, is an important building block towards our 20% plus adjusted operating margins for the group. F inally, the Spectris Business System again generated tangible cost savings, delivering over GBP 10 million in 2024, with at least the same amount expected for 2025. I'm really pleased to say we are making great progress on our Gold-for-Gold program, with 10 sites now at Bronze and one at Silver at the end of 2024, and we have the aim to get all our operational sites at Bronze by the end of this year. A s you can see, we have a strong grip on areas that are very much under our control, improving productivity and efficiency as we drive towards our margin goal. In 2024, we also further enhanced our credentials as a leading sustainable business. Employee engagement improved again, and we also continue to make strong progress towards our Net Zero goals, with a 22% reduction in our Scope 1 and 2 emissions last year. Overall, while I have to say 2024 was a test, we have emerged strongly on the other side, and I'm very encouraged by the response of my colleagues and the strength of our culture. The significant strategic and operational progress we've made positions us even more strongly in 2025 and beyond. In 2024, we continued the transformation journey that we've been on for the past five years. In 2018, Spectris was very much a disparate collection of businesses. Now, with the sale of Redline, concluding our portfolio rationalization, we have simplified and refocused the group, and through the divestment of eight businesses at attractive valuations, generating GBP 1.3 billion in proceeds. This program has underpinned return to shareholders. Since 2019, we have returned over GBP 1 billion, including GBP 600 million through share buybacks alone. It's also allowed us to reinvest in our future, both in R&D to drive organic growth and in high-quality M&A. We invested GBP 600 million in R&D and over GBP 1.1 billion in acquisitions over the same period. A s you can see, we have and continue to take a very disciplined and also a balanced approach to capital allocation. Last year, we took the decision to deploy our balance sheet on three highly synergistic and highly accretive businesses, they being Micromeritics, SciAps, and PiezoCryst. All three businesses have been at the top of our M&A target list for some time, and that's because we've always had high conviction on both the strategic fit and the synergistic opportunities. In Scientific, the combination of Micromeritics and SciAps, along with Malvern Panalytical, creates the world's leading material characterization business for advanced materials analysis, both in the lab and in the field. In dynamics, PiezoCryst builds on the successful acquisitions of Dytran and MicroStrain over the past two years and creates the leading premium pressure and vibration sensor offering in the market for the most advanced applications. The incremental contribution from these high-growth, high-margin acquisitions really underpins a significant increase in profit, but also earnings in 2025 and 2026. W e've always said that we would temporarily go beyond our target leverage range of between one to two times for the right deals, and we're a little above the top end of the range at the end of 2024. But our highly cash-generative model, plus the benefits from our Profit Improvement Program, give us a clear pathway to reducing leverage to back within the range this year. M oving on to the outlook, we entered 2025 in a strong position. After a year of strong strategic execution, I'm even more confident about our business. However, we will, of course, remain cautious on the macro environment until there is more certainty and evidence of a sustained recovery. But what is more certain in 2025, though, is the significant uplift in earnings, and underpinning our confidence is our Profit Improvement Program. This is significant and will deliver circa £50 million of benefits, of which £30 million is expected this year in 2025, with an additional £20 million in 2026. A ngela will cover more about this later on in the presentation. Our commitment to R&D is supporting our organic growth, and ERP and SBS are driving operational excellence as we focus on reducing overheads and in driving efficiency. In combination with the benefits of the Profit Improvement Program, we are on track to deliver strong progress with margins of at least 20% by 2027. Following the high-quality acquisitions that we have made, we really do have great businesses with leading market positions, two world-class divisions providing premium offerings in attractive niches with market-leading technologies and really strong IP. H aving got to know Micromeritics, SciAps, and PiezoCryst better since the acquisition, it is clearer than ever that the combination is compelling and the synergies are very real. Additionally, we are significantly better positioned today to benefit strongly from market recovery and deliver on the operating leverage opportunity as sales improve. W hile it's still early in the year, we are comfortable with the current market expectations for 2025. L ooking forward to 2026, it's hard for me to not feel even more confident in our prospects. This confidence is rooted in our focused portfolio of high-quality premium precision measurement businesses, along with a market that's rich with opportunity and with a clear value enhancement plan in place. Consequently, we have a fantastic opportunity to deliver outsized value creation at Spectris. W e have the people to do it. The resilience and determination that our teams showed in 2024 really demonstrates the depth of our healthy, high-performance culture, and we are well placed, therefore, to deliver on our ambitions. W ith that, I'll hand you over to Angela. Thank you, Andrew. G ood morning, colleagues, ladies and gentlemen. I'm delighted to be here for my first results presentation at Spectris. As you know, I joined last September, shortly before we announced our third acquisition in 2024. Since then, I've spent time learning about our businesses, meeting customers to understand their challenges, and getting to know our people. I've been impressed by what I've seen, especially the strength of technology and depth of talent within the group. Spectris is a great business with huge potential, and I believe we are now at an important point in our strategy. With three new acquisitions, I'm fully energized about the future. So let's jump into the numbers. I'd like to start with the key highlights of our profit performance. Orders for the full year were 3% lower on a like-for-like basis. As you heard from Andrew, demand in the second half was stable. We entered the year with robust order growth in the fourth quarter. Our book-to-bill ratio was just under one. Sales were down 7% on a like-for-like basis, given prolonged softness across a number of our end markets. You can see the impact of this on both profit and margin, where our direct costs are sensitive to volume changes. In order to mitigate this impact, we worked hard to reduce overheads, and I'd like to touch on that a little bit later. Adjusted operating profit was GBP 202.6 million, with operating margin of 15.6%. Moving on to cash, adjusted cash flow of GBP 177.6 million resulted in cash conversion of 88%, which is fully in line with our framework. On return on gross capital employed, it was 11.6% for the year, mainly as a result of assets from our acquisitions and, of course, the reduced profit. Net debt at the end of the year was GBP 549 million, with leverage of 2.3 times on a covenant basis. Staying with debt, one of my first responsibilities was to secure long-term financing to fund the acquisitions. We achieved this through a $400 million US private placement at favorable rates and at the right time, and I'm pleased to say the issuance was heavily oversubscribed and on investment-grade terms. To help you, this next table provides a bridge between adjusted and statutory operating profit and also PBT. In 2024, we incurred £18.3 million of restructuring costs in support of our Profit Improvement Program. Additionally, our M&A activity resulted in net transaction-related costs and fair value adjustments of £16.2 million. Software implementation costs were £45 million that relate primarily to our SAP for HANA project and Salesforce, which are seen as key enablers in our road to 20% operating margin. Further down the table, the other significant item I'd like to mention is the £210 million gain on the disposal of Redline that reflects the consideration received of £281 million net of tax. Net finance cost of £2.8 million compares with finance income last year. As a result, statutory profit before tax was £302.7 million. This next slide shows the main P&L movements during the year, including the impact of FX and M&A. You can clearly see the drop-through impact on operating profit from lower volume of almost £70 million, together with higher production costs of £23.5 million. You can also see that we were able to partially mitigate the impact of lower sales by restructuring in both divisions during the second half, reducing overheads by £43 million. Now turning to cash and net debt, we finished with a slightly higher net outflow in working capital, including higher receivables and inventories, which reflects the momentum that we saw in the last quarter. Higher capital expenditure was a result of investment in our new PMS facility in Colorado and our new strain gauge facility in Porto. As a result, adjusted cash flow was GBP 178 million. As previously mentioned, the restructuring costs incurred for our various initiatives resulted in a cash outflow of GBP 8 million. Tax payments were GBP 45 million. The larger bar is the cash outflow from our three acquisitions, which include transaction-related costs of GBP 34 million, and the proceeds from the disposal of Redline of GBP 226 million is net of capital gains tax of GBP 48 million. The foreign exchange translation of GBP 26 million mainly reflects the group's new debt facilities, which are U.S. dollar and euro denominated. Sterling has, of course, weakened against both currencies since the facilities were put in place. Taking all of these movements together, net debt at the end of the year was GBP 549 million. Let me now move to our divisional performance, and I'd like to start with Spectris Scientific. Orders for the year were 2% lower on a like-for-like basis. Book-to-bill for the scientific division was marginally below one. Again, scientific had a much more positive second half, where orders were actually up 6%. On the bottom right, I've shown the quarterly order growth for 2024 that highlights the momentum in the second half, especially in the last quarter. Moving to sales after a strong year in 2023, when like-for-like sales grew 13%, sales in 2024 were 6% lower at GBP 776.7 million. Scientific experienced decreases across all end markets and regions, in particular academia and Asia. Adjusted operating margin decreased to 17.7%, which was particularly hard hit in H1 due to the lower sales volumes. Looking now at Spectris Dynamics, after the strong performance in 2023, order intake in Spectris Dynamics was 4% lower on a like-for-like basis. The book-to-bill ratio in the division was one. Staying with orders, we saw double-digit growth in machine manufacturing and good growth in aerospace and defense, which was more than offset by lower demand in automotive and other end markets. Again, on the bottom right, you can see the order growth trajectory in 2024 by quarter, where Q3 was particularly impacted by softness in the automotive sector. Demand recovered, however, in quarter four with modest growth as we closed the year. In respect to sales, after a good year in 2023, where sales grew 6%, like-for-like sales were 7% lower at GBP 501.7 million. Finally, adjusted operating margin for the division was 14.4%. I'd like to talk about my four key priorities for the year ahead, which are primarily focused on value creation, efficiency, and deleverage. Firstly, delivering the benefits of our Profit Improvement Program. As you know, this identifies clear actions to drive margin expansion, including the delivery of substantial cost synergies, the new ERP system, and restructuring in both divisions. Second is the successful integration of our acquisitions. I am really satisfied with the progress we've made so far, and this is a topic that's very much on my personal radar. I have overseen the integration of several businesses during my career, and I know only too well how critical it is to have a firm grip of the integration process. Third is ERP. The implementation of SAP for HANA was indeed complex, but I'm pleased to say that the new system is working well. In 2025, we will focus on the delivery of the financial benefits, as well as harnessing the opportunities that come with greater efficiency, transparency, and control. Finally, working capital optimization is key for both deleveraging and for operational excellence throughout the group. We are targeting a GBP 20 million improvement in 2025, especially in inventory. Our new ERP system will play an important role in enhancing both collections and billing with a focus on reducing debtor days. I'd like to get into more detail on the Profit Improvement Program now and also share with you the building blocks to 20% operating margin. As we said in October, we expect to deliver GBP 50 million of benefits over the next two years from three main areas. First, savings derived from our focus on operational excellence, in particular from our new ERP system, which is expected to improve margins by 150 basis points. Second, significant cost synergies from integrating the three acquisitions. And third, restructuring and cost reduction savings across the entire group as a result of action taken in the second half of 2024. As Andrew said, GBP 30 million of savings will be made in 2025 and the remaining GBP 20 million to come in 2026. I expect to see GBP 10 million of savings in the first half of 2025 and then building to deliver GBP 20 million in the second half. Now, what does all this mean for our margin journey? We've announced 20% plus targets in 2022, and as you can see here, we made great strides in 2023, reaching 18.1% margin. This was then followed by the reduction we saw last year of 250 basis points as a result of the operational leverage impact from lower sales. L et me start with that lower base. The bridge to 20% plus comes from the three elements of our Profit Improvement Program that I've already explained. In addition, we will drive further margin expansion from operational leverage and organic growth as markets do recover, growth for our new acquisitions and business plans, importantly, continued savings from the Spectris Business System. As we have highlighted several times, our operational leverage means we bounce back very quickly as the volume returns. Now turning to capital allocation, Andrew has talked about our balanced and disciplined approach to capital allocation. Having reviewed the framework, I believe this is the right approach for the group. After a significant year for M&A and a sustained period of shareholder returns through share buybacks in 2025, our capital allocation focus will be on investing in the business and the ordinary dividend. We expect CapEx to be in the region of £40 million as we complete the move to our new PMS building. We will continue to allocate capital to innovation. On M&A, we will concentrate our efforts on integration and rebuilding our pipeline. And then finally, while buybacks remain a core part of our policy, we have decided not to proceed with the final £50 million tranche of the £150 million buyback program, which was announced in December 2023 alongside the sale of Redline. Moving on to leverage, where our aim is to bring it in within the target range of one to two times achieved through a combination of what I've just described, plus the following clearly unexpected recovery in EBITDA. Second comes significant reduction in working capital. You can see at the bottom of this slide the outflow in working capital between 2021 and 2024, which includes the years of COVID and the subsequent supply chain disruption. This chart highlights a real opportunity to improve our cash position. As I've already said, we will also drive cash through the tight management of our major programs. Investment in ERP peaked in 2024, so cash costs associated with this are expected to reduce. In addition, we expect tax payments and CapEx to return to more normal levels. To conclude, while it's still an early time in the year, we are encouraged by the momentum from the fourth quarter. In today's economic environment, building resilience is key. In that regards, we remain vigilant and will focus on those things we can control, namely delivering our Profit Improvement Program, driving it, integrating the acquisitions, realizing the full potential and benefits of our new ERP, continuous improvement in working capital. With that, thank you very much, and I will hand back to Andrew. Thank you, Angela. With the launch of the Strategy for Sustainable Growth, we took the decision to focus Spectris on great businesses in two focus divisions to provide each with the attention and resources that they require to scale and be global leaders in their fields. Both divisions benefit from the strengths of the group's cost of capital, the group's balance sheet, our ability to execute and integrate M&A, the deployment of SBS, and also from common systems and capability. We remain committed to deliver at least 6%-7% through cycle growth by 2027. Also, we're committed to delivery of our 20% plus operating margin target and mid-teens return on gross capital employed in the same time horizon. As I said earlier, our confidence is based very much on the increased strength and quality of both divisions. L et me start with Scientific, which, as you know, is focused on long-term high-growth end markets in life sciences, material sciences, semiconductors, and academia, with our exposure to clean tech also having increased following the addition of Micromeritics. We are strongly positioned in high-value, critical-to-quality areas where precision measurement, domain expertise, and analytics are highly valued by our customers throughout their workflow and where our customers won't and can't compromise. Our businesses are leaders in their field and are seen as being the benchmark in the markets which they operate. The addition of Micromeritics and SciAps, both of which are being fully integrated, as you know, into Malvern Panalytical, creates the leading materials characterization business for advanced materials analysis in the world. Let's hear from them now in this short video to really drive home what we are creating. The combination of Micromeritics, SciAps, and Malvern Panalytical will drive growth, with Micromeritics growing by 19%, Malvern Panalytical 10%, and SciAps 50% since 2021. We've now got the ability to provide more measurements, and the skills and the capabilities of our staff coming together, combined with the power of the Spectris support, makes us unbeatable in the market. Micromeritics, SciAps, and Malvern Panalytical, we will always win with performance. We have really intelligent customers, and they have demanding and challenging applications because customers and scientists and innovators will see the difference with Malvern Panalytical technology, and they will feel the difference when they deal with Malvern Panalytical people. The advantage that we have around customer access and offering a complete portfolio gives us an advantage against the competition that will inevitably translate into commercial outcomes. At the end of the day, we win with the best product. The ability to bring new products and new innovations to our existing customers and new customers gives us massive opportunities. We work closely with customers, and together with them, we try to find new solutions, new possibilities to help them create new materials, resulting in improved medicines or electronic technology or better cars. Looking at one example further, let's take batteries. We can now deliver a combination of over 20 different products: particle size analysis with our Mastersizer technology, surface area measurement with our TriStar instruments, and structural analysis via our Empyrean XRD, helping develop batteries with faster charging and longer life. T he combination with Micromeritics and SciAps gives our customers much more choice, and they trust our application scientists and our expertise as a one-stop shop for our customers. As a materials scientist working in the laboratory, you'll typically work with five, six, or more different technologies, and switching between them can be difficult. We have the opportunity to improve the workflow in two ways. One is by introducing commonality in that user experience. We'll make it easier to move from one technology to the other. Two, as we bring the data from our measurements together, we'll be able to deliver deeper insights than any individual data analysis or outcome could to give our customers a more clear understanding of the material. The complementary technology we have acquired will strengthen our innovative digital solutions. SciAps business benefited from being part of Malvern Panalytical because now not only can we offer you these great handheld analyzers, but we can patch you into a great network of benchtop analyzers, particle size, laboratory equipment, and I think this whole digital platform where you can start using cloud analytics and handhelds combined to do complex analysis in the field. It's a great match. We're really excited about it. I'm excited about the growth opportunities that we have across our markets, from food and pharma to primary and advanced materials, but I'm especially excited about the opportunity that's in front of us in the clean technology space. From advanced batteries to carbon capture and utilization, new chemistries are shaping the future of the world, and we've got an opportunity to be an important tool in that process. We're building right now a very efficient and scalable organization. The future means more customers, more industry-leading technologies, a larger global footprint, and profitable growth. Together, we're building a world-leading business, helping our customers solve their biggest challenges. It's a fantastic combination. Similarly, in Spectris Dynamics, we've built a global leader in advanced virtual and physical testing and also high-precision sensing solutions. Again, as one division of scale, it's uniquely placed, offering the broadest premium customer solution with the ability to integrate both the physical and virtual worlds of test and measurement. Its breadth of technical solutions really enables customers to innovate across the whole product lifecycle, from empowering engineers that want to design in the virtual world using our leading simulators and simulation software to validating in the physical world using data acquisition software and sensors. W e're very pleased with what we have built in Dynamics, where our buy-and-build approach has had great success. I have to say I'm delighted to welcome Piezocryst into the group, who have been a key partner of ours for some time. S a gain, to really illustrate what we are doing here, let's take a look at another video. We've acquired some really great assets over the last five years. This has accelerated our growth, but more importantly, has helped the customer to solve many of their biggest challenges. We have to push the boundaries of technology and products that are available today for our customers. We are in this transformation. We will be more sustainable. We can bring more productivity that will better the world. Our virtual testing tools help customers have their time to market and reduce the cost of innovation by as much as 20%. From a financial standpoint, it's allowed us to grow from GBP 15 million in 2020 to GBP 80 million in 2024. Combining the most comprehensive simulation experience with precision physics from desktop to full-scale immersion, we are at the cutting edge of our customers' innovation. We have also built the leading vibration and pressure sensor offering through the acquisitions of Dytran and PiezoCryst, in addition to our existing offering from Brüel & Kjær, providing customers with unrivaled precision in the most extreme operating environments. What is most exciting in the combination of HBK and PiezoCryst really is that we have the market access and we have the technology now in one hand. With HBK, we have the complete portfolio to support our customers in an ideal way and a very complete way. Dytran is in a way better position as far as capital investments and technology investments go. Taking full advantage of the group's brand strength, over the last two years, the business has grown by 33%. We are really excited for our future. From commercial space to industrial power, our technology is maximizing performance, whether delivering the latest communication satellites, for the safety and usage monitoring of rotary-wing aircraft, or optimizing the efficiency of gas turbines. This business is growing by 6%-8% and is expected to exceed EUR 100 million in sales in 2030. Robotics growth is also propelling our progress. The acquisition of MicroStrain in 2023 complemented our existing strain gauge-based OEM sensors with precision positioning sensing. As part of HBK, we can offer a myriad of different solutions to our customers, not only addressing stability and control, but also addressing cost-effective torque sensing solutions and also load sensing. This technology enables our customers to increase automation and enhance productivity, whether in agriculture for the latest autonomous farming equipment, in precision robotics, or to accurately position satellite receivers to connect passengers in flight. We expect to grow 6%-8% through the cycle, and key to our growth is our software, from the latest generation of our leading reliability and durability tools, through modeling and simulation, to incorporating AI tools to provide actionable insights our customers can trust at the point of measure and in real time. We are now rapidly approaching 20% of our revenue in software, and we're well on track with the innovations and the new products we're going to bring to the market to be at 25% in 2027. The future is so bright. All of these acquisitions, coupled with bringing industry-leading technologists together, have accelerated our growth. We have seen our overall revenue increase by 22% over the last five years. The value proposition for Spectris Dynamics has huge potential to continue to enable and empower the innovators for the future. Bringing this all together, you can see here on the left of this chart that as a result of the investment that we have made in three acquisitions, we have a group that would have generated just under £1.4 billion of sales and operating profit in 2024. W e had, if we'd owned the business, that is for the whole year. On the left-hand side of this chart, we've included the compound annual sales growth rates for the two divisions and the group since 2021, and excluded the impact from the three businesses. As you can see, we've delivered growth in line with our 6%-7% framework over this period. And as you have heard, we remain firmly on track and committed to delivering this along with our other targets through the rest of the cycle to 2027. In finishing, I thought it would be helpful to also provide you with some more color on our end markets. As I've already mentioned, in 2024, orders ended the year down 3% on a like-for-like basis, but with strong order growth in the final quarter across a number of end markets. It is encouraging to see orders recovering in pharmaceuticals and life sciences, where we continue to see strong demand in biologics and positive growth in aseptic manufacture, which offset some softness in small molecules. Within tech-led industrials, we saw continued demand growth in aerospace and defense, and we're reassured to finally see strong growth returning in machine manufacturing, notably in China and also in Europe. Order intake in semiconductors did end the year slightly down, but returned to growth in Q4. And in materials, we saw strong order growth in the second half, particularly in building materials. Academia returned to strong growth in Q4 with some stimulus support from China, and finally, during a more challenging period for the automotive industry, we experienced a decline in demand in the second half. This followed essentially a strong first half, and despite the strong year for our virtual test business, where sales grew actually in the high teens, but we did see a pullback in demand in Europe with continuing weakness in North America, particularly in physical test. On our regional basis, order intake was flat in Europe, down 6% in North America, which was driven primarily by Dynamics and automotive, and we were down 4% in Asia, primarily scientific in academia and battery materials. Asia was held back by China, and that's despite growth that we saw in both Japan and Korea. Now, one of the key indicators that I look at is the momentum in our quarterly growth, as well as on an annualized basis, and as you can see in the two graphs, the indicators suggest that we are entering a recovery phase with a positive trajectory of both orders and sales in the final quarter, and also a closing of the gap through 2024, albeit not yet back to accelerating growth on an annualized basis, so encouraging signs, yes, but as I said at the start, we will remain cautious on the macro environment until there is more evidence that the recovery is sustained. To reiterate, we are not relying on end markets to drive our earnings growth this year. In summary, 2024 was a strong year for strategic execution, a significant year for capital deployment, and another important step forward for the group. We have put in place a clear, executable value enhancement plan. We took decisive actions on costs, the benefits of which we will see come across in 2025 and in 2026. It was a record year for innovation as we look to maintain our leading market positions, helping customers solve their most complex challenges. W e may continue progress across our sites as we strive towards world-class operational performance. 2025 will be a year to consolidate the actions that we took in 2024, and also to deliver on the returns on the investments that we have made, with a particular focus on integrating the three acquisitions, setting them up for growth and long-term success, and realizing the value from our Profit Improvement Program. A fter a significant year of capital deployment, our focus, as we said, is very much on cash generation and deleveraging while continuing to execute on our strategy. Looking at the outlook and guidance for 2025, we expect to deliver significant profit growth, with adjusted operating profit to be in line with market expectations. As a result of the work we have done, we are well placed to return to delivering against our committed performance framework, with additional support as markets recover. H istorically, we have always outperformed when markets do return. F inally, to reiterate, I firmly believe we have a fantastic opportunity to deliver outsized value creation here at Spectris. I n ending, I'd just like to thank all of my colleagues for their dedication and for their support. And for you in the room, thank you for listening. Angela and I will now be very happy to take your questions. Thank you. Good to go. Andrew, can I start on Micromeritics? Obviously, the biggest of the acquisitions. How has trading gone there, particularly around the clean tech end of that? Because obviously, there have been some political changes in the US. How do you think that plays out? And I think we've heard from some people that Q1 has been a bit slower as people try and digest what's going on in the States. Have you seen some of that in terms of just decision-making being pushed out? Thank you for questions, Mark. F irstly, on Micromeritics, I mean, we're very pleased with the performance since we've been part of the group. They met their acquisition business plan for the first four months post-acquisition. China has softened, but we knew that when we were going through the acquisition. W e always expected China and some of that clean tech to come off. They've got a big exposure in clean tech. But at the same time, there are some quite positive signs still in terms of the R&D side around clean tech and battery materials. Whilst there's an oversupply in the actual delivery of batteries themselves, there's a lot of development going on in terms of looking at next-generation batteries, new materials, new ions to drive better battery performance, better range, better life, better durability, and the Micromeritics tools, alongside, as you saw in the video, alongside a lot of our more mechanical tools, we have over 20 different products now that's focused on that market. W e're still very excited about that and its long-term growth projections. Your second question just about sort of Q1. I mean, in terms of order intake, it's the order intake in January, and certainly the indications in February are very much in line with our expectations. I would say I'd just characterize it as we've said through the presentation, really, is that I think we are in a recovery phase, but it's going to be progressive. A s we said at the Q3 trading update, we're expecting some of that softness that we saw through last year pervades through the first half of this year. I think in terms of your specific question about North America and some of the uncertainties, inevitably, it is causing some customers to think about where they're going to place investments and what they're going to do. We're certainly seeing that in the academia side in North America because funding to a lot of institutions has been cut back as part of the DOGE initiative, and so it will cause some short-term issues, I'm sure, which again, just sort of I think comes back to us being sort of very cautious in terms of the market developments for this year, but as I said and reiterate, we aren't relying on the markets to deliver the progress that we're committed to this year. Yeah, Rich. Morning, it's Richard Page from Deutsche Numis. Just a couple from me as well. Firstly, how does the order improvement translate into the 2025 sort of first half, second half weighting, and how we should look at the year, given I think most of the consensus expectations assume quite light organic growth at present? And then secondly, that Dynamics like-for-like order profile, Q3 minus 16%, I know auto's been weak, it's been weak for quite a while. Was there any specific customer impact in there that you could describe? Sorry if I actually I said two, but I'm going to sneak in a third if possible. Just could you give us an update on where you are on the ERP system rollout? Because you said through peak, but any guidance on SaaS costs going forward as well, please. Yeah, yeah. Well, let me take the first turn, Angela. I've asked to talk about ERP because Angela's sort of now sponsoring all the ERP initiatives across the group. J ust on the orders, I mean, I think it's consistent with what I said to Mark, Rich. I mean, I think we see a progressive recovery in the order intake from here on in. The H1, whether we get back into sort of what I call accelerating growth phase, i.e., the annualized TM orders exceeding, potentially, I think that's where we could be. But I think it's going to be more sort of H2 weighted. But there is a lot of uncertainty out there. I think it's going to be quite a lumpy sort of recovery phase in reality, where we'll see certain markets move, others not, and then not everything's going to move in unison. S pecifically on your Dynamics question, Q3 was predominantly automotive and predominantly Europe. I think we all saw a lot of news flow come out of automotive OEMs in Europe in the third quarter. W e saw a big pullback, particularly, as I said, in the physical test side of the automotive industry that clearly impacted Dynamics. Good to see that they got back into positive order growth again in the fourth quarter. I think just on the automotive, clearly, Dynamics, about a third of its business is exposed to automotive. Increasingly, our virtual test is becoming a bigger and bigger part of that. As you saw in the video, it's sort of $80 million, EUR 80 million of sales at the end of last year. It grew high teens last year and certainly exceeded a number of its peers, competitors. W e absolutely feel we've got leading offerings and taking share and becoming really the number one offering in that sort of real immersive dynamic ride and handling side of simulation. Thank you for your question on ERP. We did give some color on this at the half year. As we got into H2, we managed to get through the stabilization phase. Of course, it cost slightly more than we expected at EUR 45 million. I think the good news is after that, we've now got a blueprint of how we want to roll this out throughout the company. We're still expecting to go ahead with the Cluster 2 in our Dynamics division in Q3. But we do see the cost of ERP coming down now. I think what I would also share with you is we've just actually taken part company-wide for the users of MP and Dynamics, a large survey for end users together with a lessons learned with a third party. T here's a lot of stuff came out of that that highlights this is good for the company. It's changing people's lives, and it's making the business more efficient. For sure, there's things we now need to push into the next phase. So yeah, it's going well, and it's on track. Yeah, Mark, we may have some questions online as well. The Mark and Rich show. We can pan them back and forth. Just a couple more for Angela, if I can. Firstly, coming in, I think one of the noticeable things about Spectris has always been the huge seasonality and profitability in that big Q4 dependency. Do you think there's anything that can be done to moderate that? Because it always sort of increases risk profile through the first half of the year. I'm certainly going to try. You're absolutely right. I think the drop-through that we and you saw, this on this chart that I put up. The drop-through is also because we've obviously got these larger direct fixed costs, so it's very difficult to navigate. We are looking again at the same split of 35% in H1, 65% in H2. But for sure, I am looking at, is there anything we can do to change the direct fixed cost to more variable in nature? T hat is something that we're looking at at the moment. What I would say about that drop-through, however, this year, especially in the second half, and it's interesting, is we also had a mixed effect, which our virtual test business grew double-digit. Maybe Andrew could speak to it as well. But it is at lower margin. But it's growing exactly as we expect, and we're very excited about it. But of course, it changes the blend as we come into the year. But yeah, there's a lot to do. My other slightly cheeky question is around the integration within Scientific, just in terms of who's running that process, because clearly you're heavily involved in that. That's a lot of Derek's role, and presumably it's a lot of Terry Kelly's role as well, coming in from the acquisition. H ow does that work in terms of lines of responsibility? Yeah, so Derek is responsible for it. I mean, that was one of the key reasons we asked Derek to move to run the scientific division. We could see what was coming or potentially coming from an M&A perspective in scientific. We wanted to increase sort of the strength of the leadership there. T hat was the reason we made the move for Derek and then bringing Angela in. Derek is leading that, and he has Terry directly on the ground responsible for the program, and he has a full team supporting him. But they're getting plenty of support from Angela, from myself, from our HR director, and other members of the team around the group. You look at it as a big program. It's a big priority, but there's huge value to be delivered. As I said, Mark, briefly in my comments, I mean, since we've acquired the business, they've been under our ownership. We're just even more excited about the potential there. The teams are, which is the really encouraging piece of this. Our people are very excited. They can see the combination. They can see bringing it together is super complementary, what it does for customers. The cost synergies are very real. We're very confident on that. On the revenue synergies, I think we're even more confident than we said in terms of when we announced the acquisition back in July last year. Yeah, do. Go on, Rich. Just keep playing there. You've got to come up with another one, Mark. Just on the point of clarification on that, the like-for-like orders that you've shown, how have you dealt with the acquisitions? Have you pro forma'd the performance? Our like-for-like is, as we've always reported, so we adjust for FX and we strip out any disposals and strip out any acquisitions out of that 12-month period. So they are true. It excludes Redline, for instance, that's gone. And then it excludes the acquisitions. The CAGRs I showed on the chart exclude both sides of that. We are growing. The natural question on that is then the acquisitions themselves. So you're seeing a very similar pattern in their order growth. Well, yeah, so yes. Yeah, so on their order growth, I mean, they've both done very well on orders through last year. I mean, they grew higher than the group through last year. Thanks. Are there any questions online on the webcast? There are. We have a question from Stephen Klepp from HSBC. Please go ahead. Yeah, hi. Good morning. I hope you can hear me. Apologies that I can't be there and apologies that I'm Stefan still and not Stephen. I wanted to ask a couple of things. So first of all, it's all add-ons to what has been asked before. ERP, I mean, I get it, €45 million this year. You did three acquisitions. So the entire program will be longer running because you want to move to one ERP, and there will be costs involved. Can you update us on the timeline? Are we now looking into finalization in 2027? H ow much will that cost in total per annum, please? Second question is deleveraging. I have a view. Can you please, from your perspective, talk through the deleveraging bridge from 2.3 times leverage to in your target corridor, one to two times? P articularly bearing in mind the earnouts next year as well, the ERP costs, which are still significant. And then coming back as well to the organic growth, funny that on slide 25, you showed 6.9% organic growth. Can you split that into volume and pricing, please? Because I think we have to bear in mind that 2021, 2022, we had significant years in terms of demand as well as in terms of pricing changes. So dissecting those two would be quite good. Yeah. Stefan, maybe starting with the ERP, I don't know when you've joined the call, but we have given gains of €25-€30 million in 2025. We're looking at another €20 million, €15-€20 million in 2026. You're quite right. There's a small delay, but it's certainly not into 2027. But yeah, so we are basically on track with the program. We've simply added Micromeritics and SciAps. The rest of the program is back as we presented at the half year. In terms of leverage, sitting today at 2.3 times, there's a number of factors that get us back into the corridor. Obviously, the working capital targets that I presented today, we are going to push and drive very, very hard the working capital. I see a clear line of sight to do that. The other thing I would mention is you talked about earnouts. I'm expecting to pay minimal cash for earnouts in 2025, not because we're far behind. We're actually buying on the business plan. If you look, we talked about €10 million profit for 2024, and we've hit exactly €10 million profit for 2024. It's more that the businesses we were acquiring had very stretchy targets. We stuck to our targets, and the business, the earnouts have been on the acquired company stretch. I will get an upside from that. I've also got my tax and returning back to normal levels, so we can give you more color on that through the IR team, and then I'm reducing CapEx as well by another sort of €15-€20 million. I think overall, that coupled with earnings momentum from our organic business and from the acquisitions, as much as we're looking at very modest growth in 2025, should get me back in under two times or even slightly lower. Thank you, Angela. Just your point, Stefan, on the 69% growth. I mean, yes, clearly we've come through quite a turbulent time with inflation, etc. But that is our aggregate number. When we stood up in October of 2022, we said it would be 6%-7% organic with all those factors in place, and we are bang in line with what we expected to deliver. Are there any other questions? So you can't split the number. Are there any other questions from the webcast? Yeah, one more. Yes, we have a question from Jonathan Hearn from Barclays. Please go ahead. Hey, guys, good morning. Likewise, very sorry that I'm not there. I just have a couple of questions. You may have already answered these. The first one was just in terms of that outlook for growth in FY25. I don't know if you made any comments about how much growth you think you may be able to get from pricing in 2025. Just some color there would be good. T he second one was just in terms of the order book and particularly the margin on the book as it stands right now. If we kind of look at Q4, obviously we've had a recovery in some of those sort of, I would say, higher margin segment stuff like life technology. A s we sort of look at that, I suppose, order book, is the margin on that pretty much expected to be higher than it has been for a while? That was the second one. Thank you. Okay. I think I got all that, Jonathan. So I think your first point on sort of 2025 and growth, I mean, I think in terms of what's sort of out there in terms of the market in general is a fair estimate. As we've talked earlier, we see through this year a progressive recovery through the year. But the rate at which that happens, obviously, is going to be determined by a number of market factors. I t's difficult early on in the year to call exactly how that's going to play out, certainly with all the uncertainty that's out there at the moment. But I think you asked specifically around pricing. I mean, pricing for us is sort of. I'd just say is back to sort of business as usual, pretty much there to sort of offset the rate of inflation through the year, plus with our sort of Spectris Business System helping to then defray input cost inflation as well. O n the order book, if you actually look at the order book as it stands today, it's broadly in line with where we were 12 months ago. Y ou saw the order profiling. Hopefully, the graphs that we included in the presentation have been quite helpful just to show what the shape and progression of the orders have been and sales have been. Y ou can see the orders are coming back, getting close back to sort of one on a book-to-bill basis for the end of the year. So the order book's pretty much back to where it was. T hat sort of, I think, supports this progressive recovery through the year. F rom a mix perspective, I think you said right at the end, I don't think there's anything from a mix point of view that you should have to worry about. I mean, the mix across the business, generally speaking, is pretty consistent from what we've seen. I think there's no more questions on the webcast. And then final questions, I know some of you got to go. So look, I'm very conscious that we're at the hour mark, so I want to be respectful of your time. T hank you, everyone, for attending and for joining online as well as in the room. Clearly, 2024 was impacted by what we've described in terms of the overall markets. But we took decisive actions through last year. Our performance in the second half, I think, just demonstrates and underlines just how those actions are coming to bear fruit inside the business. Our second half is quite a contrast to our first half from our financial performance. A s we enter 2025 with that order momentum we saw in Q4, that is encouraging. We expect to see some progressive growth through the year. W ith the actions we've taken on the Profit Improvement Program, with the tailwinds from the acquisitions, we are well placed to deliver significant improvement in earnings through the year. W ith that, thank you very much.