Good morning, everyone, and thank you for joining us. I am Laurence Newman, Founder and Chief Executive of The Beauty Tech Group, and alongside me is Samuel Glynn, our CFO and COO. I am delighted to report our first interim results as a listed company. After my brief overview, Sam will then take you through our numbers. As a reminder, we design, make, and sell our own beauty technology devices under three specific brands, direct to consumers in every major market around the world. This timeline sets out how we got here. Founded in 2009 as an online retailer, our own devices from 2019, acquisition of ZIIP Beauty in 2022, Tria Laser in 2024, and main market listing in October. Each step has made the business significantly stronger. At-home beauty technology is the fastest growing part of beauty, and yet it is still only around 1% of it, despite being more effective than most topicals alone. The runway ahead of us is absolutely huge. We are very well positioned to take advantage of it, and the strategy is unchanged from IPO. Three brands across our four technologies, growing in every region on a well-invested supply chain. This half, like each of the last six years, has proved out both the opportunity itself and the strength of the business. Revenue up 44.3% and adjusted EBITDA up 53% in our first full half as a PLC. A reminder on the shape of the year. Our fourth quarter is historically the largest for revenue and for cash. This year, it also carries our biggest launch program. The first half is an insight to the year rather than the period that determines it. We go into the second half from a real position of strength, a healthy net cash and significant launch pipeline, and some really exciting innovations that are due to land. This is a highly profitable, cash generative business, and we believe very much in its value. Alongside these results, the board has also announced its intention to start a share buyback in the second half, and Sam will add some context to that. I want to take this opportunity to also thank my senior team and in fact all the staff at The Beauty Tech Group for their incredible hard work and commitment to the business. There are five key areas that we have worked on in the half that you perhaps won't see in the P&L. The first is our third generation LED range, which has finished development. This is two years of work since the last iteration. It launches in the second half and is a significant step up in performance, in functionality, and in the IP that sits behind it. With independent clinical work alongside, we believe this to be the best product we have ever made. The second is the all important clinical evidence that sit behind our products, and this has widened greatly. We have completed significant independent studies across our new wavelengths, and we have a collaboration in progress, which I have personally been involved with The University of Manchester using real-life biopsy analysis, which we believe is a first for at-home LED devices. It proves the results below the skin, not just at the surface, and it underlines our position as the absolute thought leaders in this category. The third is an initial investment in our own lab, which opens early next year to explore new uses of technologies in support of our product development. We've gone from relying on other people's studies, to doing our own studies, to owning our own laboratory. The fourth is that the manufacturing and cost work on ZIIP Beauty is now complete, and the full product pipeline launches in the second half. This will give us both the economics and the products to really step up our marketing efforts from 2027. Finally, the fifth is we've started to bring European warehousing in-house, being fully functional in the second half of the year. I will use this slide to steer to the key headlines. Revenue grew 44%, adjusted EBITDA grew 53%. EBITDA grew faster than revenue because the gross margin increased by 3.4 percentage points year-on-year. Cash conversion stayed strong, and we ended the half with GBP 52 million of net cash remaining debt-free. That margin improvement is why we are raising guidance today. Adjusted EBITDA goes to no less than GBP 48.5 million. Revenue guidance is unchanged at no less than GBP 170 million. Key context in the comparatives. Last year carried pre-IPO interest and a cost of preparing for the listing. This means statutory growth of 250% profit before tax is overly flattering, so the adjusted numbers are a better guide. Our one adjusted item in 2026 relates to a GBP 2.2 million tariff refund. We paid this last year in the U.S.A., and it was refunded in H1 2026, meaning the 2026 adjusted item takes profit down rather than up. Revenue of GBP 79.7 million has more than doubled over that period from GBP 35.9 million in 2024, and adjusted EBITDA has grown faster still because margin has improved. Two years ago, this half delivered GBP 7.5 million of adjusted EBITDA. This half in 2026 delivered GBP 21.3 million. For scale, this first half in 2026 earned almost as much as our adjusted EBITDA for the whole of 2024. This slide demonstrates the results of the focus the group has had on sustainable, profitable growth. Our international mix remains a significant strength for the group, providing both growth opportunity and continued risk mitigation. In this half, every region grew again. The U.S. and Canada are now 41% of the group and were up 37% year-on-year. It's been our largest market since 2024 and is still the biggest single opportunity. Europe was up 48% and Asia was up 57%, and both remain under-penetrated against the U.K., which while our most mature market still has significant headroom and grew at 30% year-on-year. Rest of the world is now GBP 5.4 million, up 136% on this prior year time, with Middle East and Australia the key call-outs driving the revenue growth. Direct-to-consumer sales excluding China, were 87% of our total revenue, up from 82% last year. H2 includes our peak season will have a material impact on both participation and growth of the business. The supply chain is the pivotal foundation that enables R&D, and therefore brand growth, particularly in a technology business. CurrentBody Skin is at 89% of the group's revenue, and this is still accelerating up 45% to GBP 71.1 million in the half. This has been driven by our LED anti-aging category and our hair health category. Both are significant products in the pipeline in what we believe is still a very immature and under-penetrated market. ZIIP Beauty grew 26% to GBP 7 million. After three years of work, the supply chain and cost improvements are now coming through. The new range go live in the second half of the year, and 2027 is when products and supply chain are both in place to allow investment in marketing and growth. Tria Laser went from GBP 0.6 million in 2025 to GBP 1.6 million in 2026. As a reminder, we acquired this brand in 2024 with an old range of products, and the first updated products went on sale in the first quarter of 2026. For a further two years, the job is to mature the supply chain so that it can carry a strong product pipeline and growth can then follow. Gross margin of 64.4% for the group, up 3.6 percentage points on prior year. Please note, we have revised how costs are attributed between the brands, more reflective of the commercial decisions the company makes, and this is reflected in both current year and comparatives. Product margin is consistent with last year's reporting, but the cost attribution between product margin and gross profit has been revised. CurrentBody Skin went from 61% margin to 66% margin. This was driven by the reduced U.S. tariffs on imports and a higher average order volume. For ZIIP, during this half, we've put through a GBP 1.5 million stock provision after deciding to bring the improved product launch forward rather than sell through the previous version first. This stock was designed before we'd bought the brand, and we still hope to sell through the provision stock via other channels over time, but not at the expense of the brand, so we've revised the value we expect to realize. Before the provision, the margin had improved 15 percentage points to 71.1%. Most of that is manufacturing cost reductions with tariffs to balance. With the provision, the reported ZIIP number was 49.8%. We keep stock provisions under constant review and take prudent positions. In H1, they increased by GBP 2.7 million in the half. The GBP 1.5 million on ZIIP is the part we would not ordinarily expect to see, and the rest is normal course provision against slower-moving and faulty stock. On this side, the left-hand side shows margins by half going back to 2024. Gross margin has stepped up in every first half, including this one, despite the provision. Adjusted EBITDA margin was 26.7%, and you can see from the pattern that the second half margins have historically run higher than the first half margins. That is a result of peak trading spreading the fixed cost over more sales. On the right-hand side of the slide is our growth rate for each of the last three halves. The second half of 2025 grew 49%, so the comparatives are stronger than the one we have just reported against. The launch of the Series 3 also provides significant risk and operational difficulties that need to be managed carefully over the short term as we transition from Series 2 - Series 3. The gap between gross margin improvement and the EBITDA margin improvement is just over two points and is predominantly marketing. Marketing accounts for 1.9 points of it, and that is mix rather than efficiency. Retail marketing spend is 1.1% of that and a deliberate investment to sell through older season products ahead of launches. In a product transition, we have to manage our retailer's stock position as well as our own. We expect to see the benefit of that investment in the second half and the marketing percentage to come back down. China is about another point. It grew so strongly in the first half and it carries a higher marketing cost, so the participation of it pulls the overall percentage up. Direct marketing, however, improved to 15.6% of that channel's revenue while the channel grew 53%. The remaining 0.3% gap between GP margin and EBITDA margin is driven by overhead, largely the movement from 258 people to 289 people in the PLC costs. Below EBITDA, there are four things worth a comment. Operating profit is up 80% and statutory profit before tax 250%, both flattered by last year's IPO fees and IPO finance costs. Adjusted profit before tax up 49% to GBP 15.3 million is the number I would use. Share-based payments are at GBP 3.4 million charge, sitting below adjusted EBITDA as in the annual report. Half of it is the pre-IPO awards satisfied from shares already held in an EBT trust, so no new shares are issued for that part, and the other half is the new plan put in place in January. Depreciation and amortization on the trading business is just under 3% of revenue and dilutes in the second half. The GBP 1.1 million of brand amortization is non-cash and comes from previous M&A. Tax at 28.4% looks high. It includes GBP 0.7 million of prior year charge in the U.S., and before VAT it is 24.4%. The full year rate will come down as the second half dilutes it, and along the term, we would expect it to be around 25%. We generated GBP 11.5 million of cash flow in the half. This year's stock bill for Peak comes later than last year, so working capital released cash in the period rather than absorbing it. To put that in context, July 2026, we paid a further GBP 11.6 million of supplier deposits for the launch of our new products. 12 month rolling free cash was GBP 42.8 million against adjusted EBITDA of GBP 44.8 million. If you take out the July deposits, underlying conversion is circa 70%, which is more indicative figure. Tax paid doubled to GBP 6.6 million year-on-year, reflecting the higher profits and payments in advance. Capital expenditure was 3.5% of revenue, down from 6% in the prior year, which carried the new office. The balance sheet continues to strengthen, and we carry no debt of any kind. We have GBP 52 million of cash in an undrawn facility of GBP 12.5 million. Our organic growth does not consume cash nor require heavy fixed asset investment, and working capital is not a burden on us as we scale. So the capital employed in the business stays low while revenue grows. On the capital actually employed, excluding cash, we earned 65.2%, and it is ahead of last year. So organic growth is funded out of operating cash flow, and it adds to the balance sheet rather than drawing on it. The capital reduction in July then put GBP 42 million of distributable reserves back on the balance sheet, which is what supports the buyback we announced today. The capital allocation framework remained unchanged from FY 2025 and in this order. Organic investment first, where the returns on the last slide are earned, but it currently takes little capital to do so. Inorganic second, earning enhancing opportunities, which may be acquisitions, but anything we do has to meet our return requirements. Next, return of capital through buyback or dividends. On that step, we announced separately this morning our intention to launch a share buyback program. Sam has covered the financial picture, let's have a look at the market and the products that we're selling into it. Across the two key categories that we operate in, we estimate there are 193 million premium skincare buyers and 189 million hair loss consumers that could buy one of our devices. But we estimate 3.6% of the first and only 1% of the second have ever bought a device from any brand. 10 times - 12 times as many have heard of this technology. So whilst awareness is low, it's well ahead of its penetration. This tells us that more and more people are being made aware of this technology, but most importantly, shows the size of the opportunity to market to them. That's why in these categories, we've already done much of the research and development, and this is not an engineering job, it's very much about the marketing that we do. This slide is how we look at the key opportunities to enable our future growth. The first is to stay ahead in LED anti-aging. It's the largest thing we do and what we know best. We rebuild the core technology roughly every two years, a little bit like continuation of an iPhone, so that each generation is materially better than the last. The next one launches in the second half, which we believe takes us to a whole new level within the market. The second is to build the hair health category using the same technology and the same approach that we know has been so successful. It's smaller than anti-aging today, but it's growing faster than anti-aging did at the same stage. It's potentially a very large market across men and women, and it's becoming a real focus for our product development. The third is to bring ZIIP Beauty and Tria Laser through on the same path that CurrentBody successfully took. Supply chain, product, and then develop its marketing. The lion's share of the investment is behind us now, and what comes next is marketing and the growth to be seen over the medium term. The fourth is to take the technology that we own into some new categories. We're always led by what customers ask us for. We already make these technologies, so a new category costs us far less than it costs someone starting from scratch. We have a really strong supply chain and product team, and we own and understand our market and our customer base. We are determined to keep evolving and take advantage of the opportunities as they arise. Let me show you how this works in practice using the technology we know best, LED. In 2019, there were more than 7,000 published studies showing LED light works, and almost nobody had brought it into the home at that clinical specification. We built the first mask, and we did just that, and we established that category. That exposed a problem, consistency at scale, producing large numbers without the output drifting. The second generation in 2024 solved that problem with a manufacturing standard and a guarantee that every single mask performed to the right specification. That drove us last year. That also exposed the next problem, and that is that power is often misunderstood. More is not better, and how light is absorbed varies from one person's skin to another. We are, without doubt, all different. The third generation launching in the second half gives a personalized safe dose every single time with a clear step-up in performance, functionality, and IP. There are still many unknowns about the optimum combination of time, power, wavelength, and that is what our new laboratory is for. The method is the same each time. Find a problem, like the last generation exposed, answer it, and protect that answer. We are now applying it across our portfolio. For those of you who have followed the story of The Beauty Tech Group and CurrentBody especially, you will have heard me talk about the strength of the brand and how the products are being price-inelastic. This particular slide demonstrates it very well. 85% of our revenue comes from people who search for our brand by name, which means the purchase is driven by the brand rather than a generic product search. Our marketing focus is to keep investing in these brands and in the performance of the products, not in short term or price-driven sales. That makes the revenue far more sustainable and far more defensible. Let me close where I started. We are on the fastest growing part of beauty, and it is still only around 1% of the market. We have three amazing brands covering every core technology, each funded on its own terms, growing in every region, with awareness outside the U.K. a long way behind where it will get to. Our infrastructure, manufacturing in four countries, R&D on three continents, and the clinical evidence behind it continues to underline the efficacy of our products. 85% of our revenue coming from people who set out to buy our genuine world-class beauty brands. That is why this business becomes stronger as it grows, and why I am so confident in the future. Thank you very much.
Loading workspace