The time's 9:30 A.M. Welcome, everyone. I hope you're all well. Thank you for joining Jason and me today for Tyman's Interim 2022 Results webcast. I'd also like to re-introduce you to Matt Jones, here on my left, who joined us recently as Head of Investor Relations and Corporate Communications. Matt was previously Head of IR at Spectris, Electrocomponents, and Interserve, and before that Xaar. I'm sure you'll enjoy getting to know Matt in due course. As usual, we'll start by taking you through the slides, after which there'll be some time for Q&A. If we turn to the highlights on slide 3. Overall, trading in the first half was robust against an exceptionally strong comparative period, and our performance was consistent with our direction. Like revenue was up 11%, driven by the further pricing actions we implemented to mitigate ongoing input cost inflation. Like profit declined 1%, reflecting the strength of the comparator and a lag in timing of our pricing mechanisms to recover input cost inflation. This pass-through of input cost inflation also has a dilution effect on like-for-like adjusted operating margin, and Jason will talk more about this later. Our performance was achieved despite the ongoing industry-wide supply chain challenges and labor constraints that have been a pressure on the business for over a year now, and which continued to constrain volumes in the first half. The scale and frequency of pricing actions has also required a huge effort, and I'm very proud of how our people have continued to show great resilience in responding to these challenges. We've made good progress with our strategic initiatives, further optimizing our business, taking market share, and launching new products. Sustainability is very much embedded into our strategy now, and I'll talk more about some of the things we are doing to progress our sustainability roadmap later. During H1, we issued a U.S. private placement, which is linked to three sustainability KPIs that align to our sustainability roadmap and demonstrate this commitment to our sustainability targets. Pleasingly, our sustainability progress is also being recognized by the rating agencies, with MSCI awarding us an AA rating, leader rating, and both S&P Global and Sustainalytics ranking us in the top 20% of building products peers globally during the first half. Finally, we have declared an interim dividend of GBP 0.042, representing an increase of 5% in line with our progressive dividend policy and reflecting our confidence in the group's growth prospects. I'll now pass over to Jason for the financial review, and then I'll come back later to talk more about progress on our strategy. Thanks, Jo, and good morning, everybody. Thank you for joining us this morning. Turning to slide five, you can see the KPIs for the year. Reported revenue for the first half of 2022 of GBP 360 million has increased by 15% against 2021, and 11% on a like-for-like basis. Adjusted operating profit of GBP 49.3 million has increased by 3% against H1 2021, but decreased by 1% on a like-for-like basis. I'll come on to talk about the drivers on the following two slides. Adjusted EPS of 17.6p for H1 2022 is 3% higher than H1 2021, reflecting the increase in adjusted profit after tax. Return on capital employed decreased by 150 basis points to 13.9%, largely as a result of the slightly lower adjusted operating profit, higher average working capital, and the impact of foreign exchange movements, offset by a reduction in the carrying value of intangible assets through amortization. Cash conversion was 34% compared to 58% in H1 2021, reflecting a more normalized seasonal working capital build and an increase in capital expenditure, which I'll come on to talk about. Leverage increased from 0.9 times in H1 2021 to 1.1 times, which is at the lower end of our target range of 1-1.5 times EBITDA. Turning to slide 6, we show here the revenue evolution for the first half. The increase in revenue is mainly driven by pricing actions we have taken through the second half of last year and the first half of this year to recover the significant cost inflation, with general price increases of GBP 23.1 million and tariffs and surcharges of GBP 12.8 million. This gives total pricing of GBP 35.9 million, representing an increase in revenue of 11%. Volume was broadly flat against a strong comparative period. While we've continued to see strong volume growth in core European markets, volumes in North America continue to be constrained by the industry-wide supply chain and labor availability issues, which began in mid-2021. We've also seen some softening in the U.K. over the last few months. On a reported basis, revenue benefited from GBP 12.1 million in 2022. Turning now to slide seven, where we show the adjusted operating profit bridge. You can see here that the pricing actions are getting closer to recovering the significant material and freight cost inflation of GBP 33.9 million, and wage and salary inflation of GBP 3.2 million. There remains some inevitable lag due to certain customer pricing mechanisms being based on look-back indexes, which resulted in a 2% reduction in adjusted operating profit. We expect the gap between pricing and cost inflation to close over the year, assuming the current levels of inflation. I also want to remind you here that the effect of passing through cost inflation is dilutive to operating margins, as we're effectively earning the same profit, but on an inflated revenue base. We achieved net productivity improvements of GBP 1 million, reflecting the benefits of our continuous improvement initiatives, partially offset by the effect of the ongoing operational inefficiencies arising from supply chain issues and labor shortages. On a reported basis, operating profit benefited from favorable foreign exchange movements of GBP 2 million. The net effect of these movements delivered an adjusted operating profit of GBP 49.3 million, which is 3% higher than H1 2021. On slide eight, I'll just give a bit more context to the scale of the input cost inflation that we've seen this year compared to the first half of last year. We've shown here the trending cost of our top four commodities, as well as container freight. You can see here across all of these categories how dramatic the increases have been. With our largest exposures to stainless steel, which on average was 43% higher, and polypropylene, which was up on average 24%, with the period end spot being up 25% and 9% respectively. We've seen a slight softening in the last month or two of the period, but we note that while market prices for some of the metals have begun to fall, costs of conversion remain high, largely due to the soaring price of energy. We remain vigilant on material and freight costs, and we'll be agile with pricing to react to changes appropriately. Turning next to the divisional summary on slide nine. The strong international division performance offset more challenging conditions in North America and the U.K. In North America, like-for-like revenue grew by 12% in H1 2022, which largely reflects the benefits of pricing actions implemented to recover cost inflation, with volume broadly flat compared to a very strong comparative period. Volumes continue to be constrained by the industry-wide supply chain and labor availability issues that began in mid-2021. Reported revenue growth of 20% reflects the benefit of foreign exchange movements. The supply chain and labor issues have also affected operating efficiency, offsetting the benefits of continuous improvement activities. There also continues to be a lag in the recovery of input cost inflation via pricing actions, although this time the lag is reducing. Each of these factors led to a decline in like-for-like adjusted operating profit of 10%. The pass-through of cost inflation had an impact on operating profit margins, leading to a like-for-like adjusted operating margin decrease of 350 basis points to 14.2%. Like-for-like revenue in the U.K. and Ireland division decreased by 1%, again, against a strong comparative period. Growth in revenue in the Commercial Access Solutions business, together with the benefit of pricing actions, was offset by a decline in hardware volumes, reflecting a softening in the residential RMI market. The impact of lower volumes and input cost inflation were largely offset by pricing actions, as well as a reduction in the use of costly expedited freight services, resulting in a reduction in operating profit of 1%. The international division delivered like-for-like revenue growth of 17%, again, against a very strong comparator period, driven by buoyant market conditions, which were boosted by fiscal stimulus measures together with gains and strong price realization. The pricing actions to recover cost inflation, combined with the strong volume growth and its beneficial effect on fixed cost absorption, resulted in like-for-like adjusted operating profit growth of 37%, and like-for-like adjusted operating margin expansion of 270 basis points to 18.3%. Turning to slide 10, which shows the cash flow performance for the period. Operational cash flow for the year is GBP 16.7 million, which is 39% lower than H1 2021 as a result of higher working capital outflow and an increase in CapEx. Just to remind everyone of our normal working capital cycle, which typically sees a significant seasonal build to the half year, which unwinds in the second half through the peak selling season. We haven't seen this in the previous two years due to the unprecedented trading conditions. This more normalized seasonal build was accentuated by higher than normal stock holdings to protect against supply chain disruption, as well as the effect of currency foreign exchange. Resulted in working capital outflow of GBP 32.3 million in H1 2022 compared to GBP 24.9 million in H1 2021. CapEx has also increased from GBP 6.3 million to GBP 11.1 million [inaudible] from 2021, an investment to support our critical initiatives. Moving further down the cash flow, it has increased GBP 10 million mainly due to the higher profit levels and timing of payments on account. Net interest paid was GBP 1.1 million lower than 2021, reflecting a lower weighted average interest rate due to the placement debt in November of last year, and a subsequent refinancing at more favourable interest rates in April this year. Partly offest by the unfavourable impact of foreign exchange. Operating cash conversion has decreased from 58% to 34% due to the high working capital build and CapEx. Just touching quickly on slide 11, which shows our net debt bridge. Overall, our reported net debt which includes [inaudible] has increased by GBP 36 million since December 2021. In addition to the movement in free cash flow discussed on the previous slide, the same point GBP 2 million. Following the restatement of our progressive dividend policy, we also took the opportunity to purchase shares to the Employee Benefit Trust at a cost of GBP 6.6 million. Combined with unfavourable foreign exchange movements of GBP 14.5 million, this took reporting net debt to GBP 182 million. On an adjusted basis, excluding lease liabilities and unallocated borrowing cost, net debt was GBP 126 million. Finally, turning to slide 12 shows indents for 2022. Overall, expect more challenging market conditions in the second half due to interest rate rises and cost of living pressures. We will dial with pricing though we expect this will continue to have a dilutive effect on margin. Customer wins combined with benefits from our continuous improvement and we'll provide taill wins as well to the translational foreign exchange movement. Consequently, we expect full year adjusted operating profit to be in line with market expectations. Exploiting this benefit of foreign exchange. The seasonal working capital build will unwind through the second half with minimal net cash flow impact across the full year. Capital expenditure is expected to be at the lower end of the previously guided range of GBP 25 to GBP 30 million. Capital expenditure is expected to be at the lower end of the previously guided range of GBP 25 to GBP 30 million. Operating cash conversion is expected to be between 80% to 90% with long term target remaining at 90% per annum. Leverage is expected to below the target range of 1 to 1 /12 time adjusted EBITDA, absent of any M&A activity. And hopefully, the adjusted effective tax rate is expected to be between 23% and 25%. I will now hand over to Jo for an update on our strategy execution. Thanks, Jason. I'll now spend a few minutes on our strategic progress. Turning to slide 14 then. We continue to make good progress in executing on our strategic plans. In terms of the focus pillar, which aims to drive margin expansion, we've several footprint optimization projects underway at the moment. Firstly, in the U.S., we've made good progress on our project to optimize the distribution footprint across the U.S. with conversion of the space in Sioux Falls facility to distribution largely now completed. We've also selected the location for our western U.S. distribution center and plan to start operations there at the end of 2022. In the U.K., consolidation of the three Access 360 sites, so that's Profab, Howe Green and Bilco UK, into a single highly automated facility is well underway and also due to be completed by the end of the year. The portfolio harmonization activities in the U.S. are progressing to plan with some great results already delivered. The sliding patio door project has resulted in a significant reduction in SKUs relating to single point locks, and that in turn reduces complexity for customers and improves working capital management. Work is currently underway with casement and hinged patio door hardware. We've made investments to expand our capacity-constrained seals businesses in the U.S. and the U.K. with a third new Q-Lon urethane line installed and commissioned in the U.K. in the first half. That's in addition to two lines done at the end of 2021, and a further line coming on stream in the U.S. later this year. The program to roll out global ERP template has commenced, with the first two North American sites successfully going live in March. When complete, this program will enable enhanced customer service levels, greater efficiencies, and improved decision-making. Within the defined strategic pillar. Work continued to embed the One Tyman culture and to expand the Tyman Excellence System for the development and deployment of best practice. The group held its first cross-divisional Kaizen week at the Budrio site, creating stronger awareness and engagement with lean excellence across the site representatives attending from around the world. On sustainability, a database has been developed to facilitate the sharing of best practice for how we reduce energy, water, and waste, how we design sustainable products, and how we transition to sustainable packaging. The activities to grow market share have continued to yield positive results, with further net customer wins of around $3 million of annualized revenue in North America in H1, reflecting our strong collaboration with customers in support of their growth plans. In our international division, we grew our sales to system houses by 40%, and that was also supported by our very strong service levels. New product development clearly remains a key enabler of our growth, notably our enhanced IP-protected Pinnacle Balance, which we showed at the Capital Markets Day last year, is gaining good traction across multiple customers in North America. We've also continued to prepare for a disciplined return to M&A by developing the pipeline of potential opportunities that meet our commercial and strategic objectives. Our strengthened operational platform and the Tyman Excellence System should facilitate greater synergy extraction from acquired businesses in the future. Moving now to slide 15. I'm very encouraged with the progress we're making toward our sustainability goals. Firstly, in terms of our operations. Our sustainable operations activities. We've continued to make good progress with our safety program, and it is particularly pleasing that our LTIFR, our lost time incident frequency rate, excluding COVID-19 cases, was 1.2 in H1, a 14% improvement on H1 2021, and reflecting good progress towards our target of an LTIFR of less than 1.0. In support of our science-based target work, an analysis of the carbon footprint across our full value chain is being completed. In other words, covering Scope 1, 2, and 3 emissions. Detailed plans are now being developed, and in particular, focused on reducing the carbon footprint of our purchased raw materials, where we believe opportunities exist to increase recycled content and optimize product designs. We've recently completed the installation of solar panels at our i54 site in Wolverhampton, which is the picture you can see here on the left, and we're assessing similar opportunities at sites in Mexico and Italy. Our One Tyman culture now provides the basis for our sustainable culture initiatives. During the period, we began to deploy an ethics leadership course to support our Code of Business Ethics work that we completed last year. We completed a group-wide employee engagement survey, which was the first time we've done a full, extensive, survey across the group. Our community engagement activities continue. For example, in June, 90 volunteers from our Budrio site worked with charity Rise Against Hunger to pack food kits for Ukrainian refugees, and that's the picture you see in the middle, there on the slide. In terms of sustainable solutions, various initiatives are underway across the group to improve the sustainability of packaging and reduce the use of hazardous substances in production. For example, in the UK hardware business, new packaging designs have been finalized to eliminate the use of polypropylene clamshell packs and replace them with cardboard packaging. You see that on the picture top right. We're also working on eliminating chromium-6 from the supply chain and reducing lead content in production. Turning to the summary and outlook on slide 17. Trading in the first half was robust against what was an exceptionally strong prior period in 2021. Pricing actions drove the like-for-like revenue growth of 11%, and the inevitable lag in the price recovery of further input cost inflation was also the main driver of the operating profit performance. Importantly, as Jason's explained, this lag is reducing. We expect a more challenging market outlook in H2. However, as we've demonstrated in the past, we have an agile business model and flexibility in our cost base, which will enable us to adapt to any potential changes in demand. Overall, we expect full-year adjusted operating profit to be in line with market expectations, excluding the benefit of foreign exchange. Longer term, the housing market continues to benefit from favorable structural drivers, including population growth, demographic shifts, housing stock shortfall, and the drive for enhanced energy efficiency, safety, and security. We will continue to build on our portfolio of differentiated products, market-leading brands, and deep customer relationships, and focus on taking market share through executing well with our customers, launching innovative products, and expanding our channels and markets. We will also continue activities to strengthen our platform, leading to improved productivity and working capital management. As such, we remain confident in our ability to deliver our medium-term targets in a more normalized market environment. With that, I'd like to thank you for your attention and open the floor to questions. I think we're gonna start with questions in the room. Harry? Thank you. Several, please. Just most of them just points of view. In terms of the sort of catch up in pricing through the second half, I mean, I appreciate there are many moving parts, but just in terms of the price increases you've implemented, but the amount that's still to come through in sort of dollar terms would just be helpful to get a scale of that. I'm afraid a tedious question around European energy costs and just your sort of exposure there, obviously given the news. I'll switch back on and then back down. CapEx, just why the bottom end of the range? Is it just simply a timing situation or a choice? Lastly, just as a point of detail, the share purchase, is that a one-off or is that an ongoing program going forward, please? Why don't you start? Yeah. Yeah. Hi, Harry. There's quite a few questions in there. That's okay. First one in the catch-up in pricing. I mean, first of all, as we've said in the prepared remarks, we are really happy with the way all divisions have responded with that cost inflation. And as you know, as we announced at the full year, we saw after the Ukraine invasion, there was an uptick in cost inflation, so there was another round of pricing that happened, particularly in the international and US division who put pricing of April and May. Particularly in the U.S., there is a lag, just with our route to market and, you know, it does take some time to fully implement that price increase. You don't get the price increase on the backlog of orders, so you have to clear those through. Plus the customer index, which looks back 12 months. That's a long story saying there's a nice carry forward of pricing into the second half, which underpins the revenue and profitability in the U.S. I would not necessarily give you dollar amounts, but the same, you know, the same percentages we've seen in the first half. The second question was on European energy. Yes, we've seen a significant impact in inflation. We're still, you know, to a certain extent, particularly in the U.K., got the benefit of fixed contracts which will roll off. Actually, you know, the cost base is a relatively small part of the overall cost, even though we see that big inflation. The major impact, actually, as we said, is even though you may see a moderation on the LME of metals, you know, we still have high conversion costs because of those energy costs, so we don't, at the moment, we don't see any beneficial impact of that softening of commodities. That's where the major impact is on the metals rather than pure energy pricing. CapEx is more around timing, you know, particularly around getting some of the programs away with the operational issues that we've had to deal with. There'll be some of that expenditure will be deferred into next year, which we're guiding at the lower end of the range. Last question was on the EBT. That was to satisfy the next couple of years in terms of the LTIP program, so it was a one-off. Did I get them all? Thank you. Christian Maher from Numis. Three for me, if that's okay. First of all, you reiterated the confidence in the medium term target, but sort of also pointed to the dilutive impact of price and cost. Just sort of trying to marry those two, and you know, whether that's a sort of just a timing thing as we look forward in the medium term, you should be able to get those margins and not have that dilutive impact. Second of all, just on the U.S. market share opportunity, $3 million of annualized wins, I think you said maybe some customers are starting to become a bit more receptive to conversations. How do you think about that opportunity going forward? Do you expect that business to continue to outperform against the market? The third one is just a little bit more color around, you know, recent trading, and order books, and in fact, what gives you the confidence to, you know, reiterate expectations on that sort of underlying, excluding FX basis. Thank you. Great. Thanks, Christian. I think Jason can take the first one, and I'll take the next two. On targets, as we put out in the capital markets event, 20% in the U.S. by 2023-2024. Now, a lot has changed, obviously, so there are a lot of moving parts. We feel very confident that we can still drive the U.S. to the 20%. But in order for us to do that, we have to have a much more normalized price and cost inflation environment. I mean, remind everybody again about the dilutive effect, but it is more pronounced in the U.S., obviously with the lag and it is much more of a pass-through in the U.S. You know, for us to hit 20%, we have to be in a normalized demand environment, as opposed to a potential recession. What is a more normalized demand outlook is around the demand level that we saw in 2019. You know, those initiatives that we've put in place, particularly on continuous improvement, we see the benefits of those, but unfortunately, they've been offset to a large extent in the P&L by the supply chain disruptions and the labor issues, which we are seeing a moderation. You know, going forward, the structural improvements that we've put in place will be more evident in the P&L. Great. Thank you. Then your question on the net customer wins in North America and our customers becoming more receptive. Yes, absolutely. I think, you know, going into COVID, we sorta said quite early on that we could see that customers were just focused on dealing with their internal issues. Initially COVID, then progressively supply chain disruption and so on. You know, we flagged that we could see this reduction coming because customers were just not open to changing their sources of supply, nor they, you know, and generally they were putting on hold their own NPD type programs and so on. That is definitely lifting now, and we are seeing more momentum. We're pleased with the $3 million there in H1, but we sort of continue to expect that there will be a bit further momentum there going forward in H2 and hopefully beyond. In terms of recent trading and order books, without this standing sort of any conflict to that statement, the first statement is around can we take share? Are customers open to conversations? Are they restarting their NPD programs? Yes, they are. But in the last six weeks, we've certainly seen a softening of order books as we said. You know, order intake levels as we said. We, you know, I think it's very notable. There was one of the U.S. house builders came out a couple of weeks ago, D.R. Horton with their results. They had originally said on June 7th, they'd have flat orders for Q2. They came out and said they were down 7%, so that indicates the quite significant shift that they've seen in that period. I think you know. You know, why have we nevertheless got confidence in H2? First of all, our order book, although our order intake levels have softened, our order book still remain relatively high by historic standards. And overall across the group up even versus you know this time last year. Secondly, you've actually got a build-up across the whole COVID supply chain challenges. You've got completions of lagged housing starts in the U.S. You're sitting at the moment on a buffer, want of a better word, of about 330,000 houses under construction in the U.S., which need to be completed. Now, some of those will have already got their windows planned in, some not. There's, you know, buffer coming through there. On top, we've talked about our NPD activities, the share gain activities as well. I think finally, you know, overall, we're talking about the confidence in the bottom line particularly, and that goes back to all the things that Jason's described in terms of pricing, in terms of, you know, as the disruption levels, this excessive demand, you know, exceptional demand levels we've seen, as that normalizes just a bit more, that reduces the level of disruption going on in facilities. You know, certainly our facilities are in a lot better shape now than they were nine months ago in terms of supply chain and labor disruption. In turn, that allows all of these structural activities that we've been doing to start to come through, because they're not being offset by other inefficiencies. Lots of moving parts, but I think, you know, overall, there's that definitely that momentum there for the H2, and hence our confidence. Hi, David Farrell from Jefferies. We've gone 43 questions, so I'll go for two. Just in terms of FX, could I just ask what rate you're assuming for the rest of the year? If we were to carry on at current FX rates, what the benefit would be to the revenue line and the adjusted operating line. I had a question in relation to the employee engagement survey. You mentioned it was undertaken. I was just wondering what came out of that for you. We've assumed the current rate continues for the rest of the year. You can see the benefit that we set in H1. I would probably direct you to the page in the presentation on slide seven, which gives the impact of one cent, you know, impact on revenue and profit. I guess it also depends on what rate you've used. Great. In terms of the engagement survey, thanks for asking about that. As I say, it was an all-employee survey. It was about 25 questions that were asked. We're using a platform that we'll be able to continue doing these surveys with and build up essentially a comparator ourselves. I think the, you know, the group wide theme that came out was one of, feedback and, manager time to give feedback and recognition. That was a sort of a fairly consistent theme across, you know, if you're gonna extract one theme out of it. I think it is reflective of just how busy managers have been. You know, we could also see one of the things it looked at was a burnout metric as well, and you could see in the middle management layers, the pressure that people have been under, you know, over the last couple of years. You know, there is something that we want to do around the talent excellence piece of the Tyman Excellence System around introducing a free, you know, a sort of a framework of competencies that makes it more accessible for managers to give that structured feedback in a disciplined way, as well as just encouraging people to create the space to give that in the moment recognition feedback. What we've done on the back of the survey is we trained a set of facilitators globally on how to facilitate a focus group. We followed a disciplined approach on this, and we've run focus groups across all of our facilities globally now, exploring with people. Okay, so to let you know, we can see obviously the results sliced and diced by local sites and so forth, and exploring with people their own local site results as well, and what they took away from those local site results and getting the employees, the people within the focus groups to really own the actions. This isn't something we wanna see float just upwards to managers and put even greater pressure on managers, but actually that we get that ownership. This all in turn, it's very much again reinforcing this culture that we want to put in, you know, that we're driving to put in place under the One Tyman umbrella. We're in, you know, those action plans. Those focus groups have happened. The action plans have been developed. We're just in the process of putting in place the tracking mechanisms around that. You know, we'll go forward from there. It's been a great initiative. It's been great that we've finally been able to get this in place and do it globally. Thanks. Anybody else in the room? Do we have anybody on the webcast with questions? Are there any questions from the conference call? If you wish to ask a question, please signal. We will take our first question. Ed, your line is open. All right, guys. Thanks for taking my questions. Two, please, if I could, and the second two probably related to each other. Firstly, pricing. Can you just give us a sense of a more challenging order intake or volume environment? How sensitive is the pricing backdrop? And as part of that dynamic, what proportion of the business is index linked to the raw materials? Just to get a sense of this. And that index linking, is that common across the industry? Is everybody like that, or can some of your competitors maybe price a little bit more aggressively if volumes are under pressure? Secondly, Jo, you talked about the flexible operating model, I guess in your outlook comments. In terms of understanding the sensitivity in the business to more challenging volumes, what do you guys think is the appropriate operating leverage we should apply to volumes in a declining situation? Linked to that and back to maybe to Christian's question, you know, you talked in the capital market today. I think it was about 200-300 basis points margin improvement on 2019. An awful lot has changed in the interim, but I guess half of that I think was footprint optimization and continuous improvement and, you know, that stuff clearly goes on. Can you give us a sense of how far you're through the journey of that continuous improvement of the footprint optimization? What's already been recognized in numbers or w hat should we all maybe think of as a potential buffer against a more challenging environment into 2023, which will deliver, you know, God knows what from a market perspective? You take the first and I'll take the second. Yeah, morning David. On pricing, we obviously haven't seen that sensitivity yet. The customer index programs is more around the U.S. because of the larger customer nature. You know, that's pretty open book costing, and no similar impact of any softening of commodities as yet. In terms of as demand gets more pressured and competitors, there's always the pressure if our competitors are reducing their pricing. We haven't seen that impact, but that's more likely to come as we see a genuine softening of commodity costs. We have to react accordingly to remain competitive. From a gross profit, we will also get that benefit from commodity reductions if that pressure exists. In terms of the second question, which was around the, I think it was around the target progression to 20%. You know, the continuous improvement activity continues. We haven't seen necessarily the fact of that in the P&L being offset by some of the operational issues. What all that activity does, it puts us in a stronger position to withstand a recession, both with what we've done with our network optimization distribution, and also the work that we did in international in terms of increasing the variability of costs. If you remember, we exited manufacturing from China. We moved to a distribution model in Singapore. All of that activity that we've done actually will reduce the impact of a decline in revenue. I think it's good to remind ourselves of how we responded during COVID. We were all really surprised with actually the low level of drop through that we saw in COVID. Now it is slightly different because we had the bounce, but I think it really shows the agility of our business model to flex up and down on cost structure to reduce any volume impact. In terms of- Thanks very much. Sorry, you're talking about the operational leverage. I mean, again, it depends on the scale of volume decline, but we've always tended to, in this business, to look at somewhere between 20% and 30%. Perfect. Okay. Cheers. Thanks a lot. Of course, we would always drive to the lower end because of the actions that we would take in a scenario. While balancing, you know, as Jo mentioned about the long-term favorable structural drivers, we, you know, we would not wanna do anything that compromises the medium and long-term future of the business. Yeah. I think you- As a reminder, please state. You've already covered. That's the one. A lot of the footprint comments there. You know, in terms of sort of, you know, as Jason said, a lot of stuff done early on with the international division and exiting the satellite sites. You'll recall, we closed another plant in North America, the Fremont facility. We've integrated distribution footprint in Dallas. We sold the Ventrolla business, which was a loss-making business. Now we're underway with the consolidation of the three Access 360 facilities in the U.K. into a single, highly automated facility. That footprint work, you know, a lot done. You know, there are still things that we can do. I think the bigger thing for us going forward is actually on the lean excellence, the CI side of things, where we continue to through CapEx investment drive a higher level of automation into the business. You know, we're really at the start of the lean excellence journey in terms of the maturity across the group. You know, driving that discipline into the group across all of our facilities globally and really embedding that is a key opportunity for us as well. Super. Thanks a lot. We'll take our next question from Ross Harvey of Davy. Hi. Morning. Thanks for taking the questions. I've got two. The first one, I just wonder if you can comment on the extent of visibility that you do have within the business, be it in terms of weeks or months. I'm just wondering in the context of the order book, which seems to be well up year on year, and obviously you've mentioned the lag that you have, in terms of the pricing actions taking effect. The second question is in relation to those contract wins in the U.S. What feedback you're getting in terms of how you've won that or those contracts? Is it in terms of reliability? Are people very focused on, you know, the pricing benefit they can get with you through the service levels? Any comments there would be helpful. Thanks. Yeah. In terms of the visibility, let me take both of those. In terms of the visibility, historically, it's been around six weeks visibility in the group. We've got slightly more at the moment because of the order book backlog, you know, the order book. That order book is, you know, although we've brought down the level of what we term past due significantly, we're still working on quite long lead times to customers and progressively bringing those lead times down. The whole industry is again. You know, that's giving us a slightly higher level of visibility than we would have normally. In terms of the feedback we're getting, you know, that ties nicely to your second question there. The feedback we're getting from customers in terms of, you know, where we're taking share. In terms of the net wins in the U.S, it is a blend of two things, really. One, it's our close collaboration with customers on their development programs. Some of these development programs were initiated back in pre-COVID and are only just, you know, sort of essentially rekindling now. The second thing is customer service. Certainly there are some clear examples where customers have moved away from competitors as a result of competitors having had a weaker service level through the last 18 months than we've been able to deliver. That applies to both those North American customer wins, but also to the significant share gains that we've taken within the international division, where again, we can see clearly where we've taken share from competitors as a result of customer service oriented issues. That's not transitory changes. You know, these are proper switches. But it's on the back of frustration with other competitors through that period. That's excellent. I might just ask one more, while we're on the topic. The distribution site in western U.S., just, you know, can you run us through the benefits of that when that goes live towards the end of this year? Is there any automatic, financial impact from that? In terms of the, I mean, it won't be immediate. What we've already got in the western part of the U.S., we have sales personnel coverage in the western part of the U.S. At the moment, our furthest west facility is Sioux Falls, which is really very Midwest in that respect. This is taking us, you know, giving us an actual distribution point right on the far west of the States. In doing so, it's interesting, two of our customers have also put down plants recently in that western part of the U.S. The market growth there is disproportionate to other regions in the U.S. From a share point of view, we're relatively, you know, underrepresented compared to our representation elsewhere in the States. This is why we're doing this. We believe having that footprint will, first of all, convey clearly a commitment to that side of that part of the market, as well as just making things easier in terms of lead times and customer pickups from that distribution center and so on. You know, the point is today, we can service the customers in the western U.S., and we do. But it will just make that easier, more efficient, and it should also allow us to actually grow our position in the western part of the U.S. Excellent. Thanks for the detail. We have not received any further telephone questions at this time. Great. Super. Thank you. Thank you as always for your questions and for joining us this morning. With that, I will close the session.