Welcome, everyone. I hope you're all well today. Thank you for joining us today, both in person here in Atlanta, as well as virtually via the video webcast. Today's capital markets event is focused solely on the U.S. residential housing market. The aim of this event is to give you greater insight into this market, in particular, the window and door subset, and learn how Tyman is serving the market and well-positioned for future growth. There will be no new financial information or targets discussed, and I would like to stress that we will not be talking about current trading. We will be publishing a trading update in just over two weeks' time, on the 16th of November. I'm delighted to be joined today by two industry experts with substantial experience working in this market, Chris Beard and Bob Burns. Chris Beard is the Head of Building Products Research at John Burns Research and Consulting, one of the leading independent market research firms covering the U.S. housing market. Prior to his current position, Chris worked for over 10 years at Pella, which is one of the leading window and door manufacturers and a key customer of Tyman in the U.S. Bob Burns is the President of Tyman North America, having assumed this role in 2019, shortly after Tyman acquired Ashland, a window and door hardware manufacturer, which Bob was heading up at the time of acquisition. Bob has also spent most of his career in the U.S. window and door market, and detailed bios of both Chris and Bob are at the back of this presentation. So, turning to the agenda on slide four, I will begin the formal part of the presentation with a brief introduction before handing over to Chris, who will give us an overview of the U.S. residential housing market, including both the new build and RMI segments, and discuss some of the key trends impacting the industry. He will also touch on some trends impacting the window and door market before handing over to Bob to talk about Tyman's value proposition and growth strategy in the U.S. I'll then come back with a wrap-up before opening the floor to questions. Juliette Lowes, Tyman's Interim CFO, will join Chris, Bob, and myself for the questions. Just before we start, I need to touch on a few housekeeping points here on slide five. For those of you in the room today, we aren't expecting any fire drills, so if the fire alarm does go, we will need to leave the room. The nearest exits are to the right as you come out of this room. Could I also ask you to put your phones on silent for the duration of this event? As mentioned, we are planning to allow around 20-30 minutes for questions at the end of the presentations. Those of you on the webcast, you can submit your questions during the presentation for us to answer at the end, and we will also be taking questions live from the floor here. I would particularly encourage you today to ask both Chris and Bob any further questions on what you will have heard here today. Lastly, as ever, we would appreciate your feedback on today's event to help us improve our investor relations program going forward. Please send any feedback direct to our Head of Investor Relations, Matt Jones, and if you don't have his contact details, please use investor.relations@tyman.com. Let's get started with the main event and turn to slide seven. The diagram here shows the full Tyman offer of products and solutions, which includes access solutions, commercial and residential window and door hardware and seals. Today's focus will be solely on residential window and door hardware and seals. As shown on this slide, the residential market comprises 86% of our revenue in North America, with a 60/40 split between RMI and new build. Over 85% of our sales in the U.S. residential space are to the window and door manufacturers. Slide eight then highlights why we have chosen to focus on the U.S. residential market today. The pie chart shows the group's adjusted operating profit breakdown for the first half of 2023 on a pro forma basis, assuming that Lawrence was part of the group for the entire period. You can see here that North America represents around three-quarters of group profit, and within that, the U.S. residential sector generates most of the division's profit and represents around 60% of overall group profit. It is clearly by far the most significant influence on Tyman's prospects going forward, which is why we are taking the time today to give you more insight into the market and our growth prospects. You can also see here the main brands that we sell in the U.S., AmesburyTruth and Lawrence, which have market-leading shares of between 40% and 45% across the product categories in which they participate. Just a reminder that we acquired Lawrence back in July of this year, and we are really pleased with how that integration of the business is progressing so far. With that, I would like to hand over to Chris now to take you through the U.S. residential housing market. Thank you. Good morning, it is a pleasure to be with you all. So if we think about the size of the U.S. market, we think it's just kind of good to level set on how big the market is. There's about 145 million housing units in the United States right now. So these are residential structures, single-family and multifamily. These are dwelling units that are in place right now, and that's about 35 million with no mortgage, but we think it's important to say that it's up from 121 million just 20 years ago. So as the U.S. population continues to grow, obviously, so does the housing stock. I'd also like to call attention to the roughly 35 million homes with no mortgage. Those are homes that are free and clear. They have no liabilities. They're not susceptible to interest rates, it means nothing to them. That's a huge number of homes with no mortgage, and also the 1.1 million with negative equity. This is a significant difference to the 2008, 2009 great financial crisis, when we saw a lot of homes with negative equity. So the 1.1 million is, we're still in good shape despite mortgage rates, as we go through here today. So we're seeing a big growth in population anticipated through the 2030s. We believe that there's going to be 12.7 million new households formed between 2020 and 2030. We're obviously three years into this, going on four years into this, and these projections still hold, are showing to be true. Compared with the prior generation, the population growth by age is really double what we were seeing in the prior generation. So what does that really mean? We think that in the 2020s, before 2030, we need 17.1 million new homes. We think as we're sitting here today, there's a housing deficit in the U.S., and again, we're talking single-family and multifamily, of about 1.7 homes. Those 12.7 new household formations that I showed on the previous slide are gonna go into play. We think just because of aging housing stock, and there are about 2.3 million homes that are not able to be repaired, that are gonna end up being torn down. And then, of course, there's still the availability of second homes, so people are still buying beach homes, second homes somewhere else. So we think that equates to about 17 million new homes that we need by the 2030s. If we look at where interest rates are right now, it's important context. There's a lot of talk about how interest rates are double, some going on triple, what they were just a couple of years ago, just the beginning of 2022. Important context is to realize that nearly 80% of mortgage holders are locked in at rates below 5%. So everybody saw this wave coming. With the inflationary aspects that we had, everybody knew that the Fed was going to have to increase rates at some point, and so, so they, they refinanced their mortgage, and so 80% of the population is still sitting well ahead of, of these rates. Because of that, just 1% of owner-occupied homes are for sale in the U.S. right now. This is a historic low. It's never been lower. This is. You can see the historical average is around 3.4%, and because people are locked in, if you will, at these low mortgage rates, there's a huge disincentive to list their homes for sale, so they're staying put. Regardless, over the past several decades, this is something that's often overlooked. Mobility in the U.S. has been in decline, really, for the past several decades. We see here on the left-hand chart, you see the breakdown of mobility by age cohort, and you can see it's a pretty significant downward trend. Obviously, as technology has improved, enabled people to better communicate, they've been able to move away from their families, move to more desirable locations and stay there. So mobility has been on the decline, except for obviously, when we did see the bump in 2020, 2021 from COVID, and I'll talk about that in a second. But when we look at the homeownership rate by distribution, you can see over half of them are age 55 and older. Those are people that have, that have good equity in their homes, and then 45% are households younger than 55. So why does that matter? It matters because homeowners have an all-time high equity of about $365,000 on average in their homes. This is near a record high. The record was when we saw peak home price appreciation in the second quarter of 2022. But this equity level, we are not seeing broad home price depreciation, which we think is actually a driver for repair and remodel. I'll touch on that in a second. But homeowner equity is, is very high, and it does disproportionately affect those, those aged 55 and older. And so when we look at the housing stock too, it's important to understand that more than half is over 42 years old. And so you look at the breakdown of the, of the nation's housing stock, 76% of all homes in the U.S. are really ripe for that RMI, for that prime remodeling. And so that's gonna have a disproportionate impact on repair and remodeling once we get through this interest rate cycle. And so we've done some analysis on when homes undergo their remodeling trends. So obviously, a home was built, everything's new, you don't need to do anything. A number of years go past, and then the repairs start to kick in. The roof begins to leak, the windows begin to get drafty, need to be replaced, the furnace and air conditioning unit goes out, et cetera. So we did some analysis, and here's just an analysis of, you know, how the age of home in a typical life cycle of when projects kick in. And you can see what's interesting for this group is the green line, which is window and door replacement. You see around that 20-year mark is when we start to see that initial bump of replacement windows. And then, you know, obviously, that's good for a while, and then another 20 years goes through, and then we see another bump. So it's important to think about the age of home, but it's also important to think about when do these projects really kick in? And what's good news is, before 2020—by 2027, we think that the number of homes in these prime remodeling years is gonna significantly increase. So you may remember before the great financial crisis, we had a significant run-up in new home construction in the early 2000s. Well, it doesn't seem like that long ago, at least for me, it doesn't, but it's been 20 years. It's been more than 20 years. So these homes that were built in the low mortgage interest rate environment in the early 2000s, are now coming up into these prime remodeling years. So we think that once interest rates start to stabilize and actually come down a little bit, that's gonna really unlock some significant remodeling potential for homeowners. So let's talk a little bit about the housing market trends. To start the year, we really said it's a tale of two markets. And those of you that follow the U.S. housing market, you may have picked up on this from the builders. Coming into 2023, 100% of the analysts, 100% of the forecasters miscalculated the new home starts forecast in the U.S. Everybody thought they were gonna be down double digits or more. As we've moved through 2023, we've seen significant more optimism from the builders on the new home construction site. Reason is, and I'll go into some of the details here, but at the end of last year, builders were saying, "Oh, starts are gonna be down 15%-20%. We think that high mortgage rates are gonna keep people on the sidelines. We don't think there's gonna be a lot of activity. New home sales are gonna be pretty anemic." As we've moved through the year, beginning in the spring, we really started to see some builder optimism. One of the reasons are, a couple of the reasons are low resale completion. So again, thinking back to mortgage rates, homeowners being locked in those low mortgage rates, they're not listing their existing homes for sale. So for home buyers, new home construction is the only game in town. Those builders are really filling that supply void. Public builders, the ones that you hear about, the Lennars, the D.R. Hortons, they have really built up their market share to over 40%. So we're gonna talk a little bit about builders here, but there's a tale of two markets between new home sales and existing home sales. There's also a tale of two builders, too. Public builders are able to offer these incentives to really get people off the sidelines. And they've really started picking up lot and land buying. At the end of last year, they said, "You know what? We're not gonna touch land. Land prices are still high. We need to get through the supply that we have." But a leading indicator for new home construction is when they really start to buy land, and we see that come up. They're starting to bridge these affordability gaps by some different practices and new construction. And then there's—but they're still making a lot of money. Margins, builder margins versus 2019 and historical levels are up about 5-10 points. Builders are doing very, very well. But it's still incredibly expensive on a historical basis for homeownership in the United States, even with the buydowns that we'll talk about in a second, the builders are doing. It is now more expensive than ever to own a home in the U.S. And I know internationally speaking, with international comparisons, there really isn't—there isn't much of a competition, but it's still intrinsically, significantly above the new, what the norm was, with about 32.7%, 33%, so roughly 1/3 of the housing cost to income ratio. Now, that's up to pushing 50%. We think because of the supply void and the deficit of homes, we're not going to see significant home price depreciation. We also do not expect price declines in building materials. We do not expect price declines in labor. We do not expect price declines in everything that goes into housing, outside of potentially the commodities that we saw this year with lumber prices. So we think that this actually may be a new norm, and that's something that, that consumers are gonna have to take a, get a grip with on, on reality. But builders are starting to solve for these affordability issues. They're able to, to do things like rate buydowns. So we have a builder survey. We talk to around 20% of the new home sales in the U.S. every single month. These builders talk to us, and like I said, it's about 20% of the total market. We don't ask them: What are you doing to keep your sales going? We say: What is your competition doing? So that's a way that they can, t hey'll, they'll disclose, "Well, my competition's doing this, I'm doing it too." But you can see roughly 1/3 of them have really been doing rate locks or buydowns. So what that looks like is you've got a prevailing interest rate of, let's just call it 8%. It was 7.5%, we'll just say 8%. They say, "For the 30-year term of that loan, I'm gonna buy down a 1.5, 2 points, and my net selling price is the same. So it's a $400,000 home. I'm not reducing the price, I'm just reducing your monthly payment because I'm buying that rate down." They can do that because they own the land, they own the labor, the building, they own the house, and they own the financing arm, and in many instances, they own the insurance companies, too, so they're profiting there. So because they own that financing arm, they can say, "I can keep that sale." And instead of the potential home buyer going to their own lending institution, going to a different bank and saying, "You're financing it through that way", they say, "I'm still making money on the financing of it." I'm just gonna buy it down. So that has really accelerated people off the sidelines who say: "You know, I really want a new home. I really don't like where I'm at. I need to move out." And the household formation number we looked at, that's real. People are coming together and forming households, but they don't wanna pay the interest rate, so they go to a builder, and this, "Okay, well, that's 2 points lower. Sure, I'll do that." So we're really seeing that, that 40% that the public builders are doing, they're able to do that, and they're able to keep, keep the engine humming, if you will, because of these rate buydowns. We get asked a lot, a lot of questions about, when will builders stop doing that? My answer is probably not, because it's working. It is incredibly working, and, and we expect the builders, what we've heard them say is they're gonna continue to do it for as long as possible. They're also decreasing the size of homes. So this is a trend that we've been seeing for really quite a long time. We saw during COVID the size of home, as interest rates were really next to zero, mortgage interest rates were below 3%, below 4%. Builders did start to increase slightly the size of home, but this has been a long-term downward trend, and we expect this to continue. In fact, when we talk to residential builders, we talk to production builders, custom builders, a little bit, but not so much, but the production builders and even the design architects are designing the floor plans. They say they are reducing the size of home, really, to solve for affordability. They're also saying, it's not on this slide, but they're also saying they're installing less costly materials. They're simplifying floor plans. They're getting rid of things like molding around the ceiling. So they're doing everything they can to solve for affordability and size of home, as well as in the features that they're including. Another long-term trend is we continue to see this flight to the suburbs, if you will. So there's been a lot of talk with the work from home in the United States about when will employers make employees come back into the work office space. And what we're seeing is really there's not a big trend of that. That seems to be pretty stagnant. So roughly the same amount of people are working from home today that did in 2021. So that's good news. We're also seeing a significant migration out to the suburbs. Just saying it's okay for me to live a little bit further from the office because I don't either I don't have to go into the office, or I can take a drive, a little bit longer of a drive, 'cause I'm only going in two to three days a week. And we're seeing a significant push out to the suburbs, which is disproportionately going to affect single-family housing. So that move out of the city, out of multifamily, is continuing. We're seeing those household formations are increasingly going to the suburbs again to get into single family. Another long-term tailwind, and we say long-term because we've never had a tailwind this long, federally subsidized, is the Inflation Reduction Act of 2022. And so what this does is between 2023 or 2032, it incentivizes, through tax credits, homeowners to make energy efficiency upgrades. And this is like, you can see previous years. So 2005, the first, the first one was passed, then we had a bump in 2009, 2010, interim years, it came back down. In 2023 to 2032, is the, the tax credit. You can see the magnitude of that. This disproportionately will affect windows and doors because of energy efficiency upgrades. It will affect things like HVAC, so furnace, air conditioning and insulation. But windows and doors is really the big thing, and it's, it's raised to 30% of the total cost and capped at $1,200 annually. In the past, 2009, 2010, it was $1,500 max. It was just, you know, a one-time thing. The fact that this can be renewed every single year is huge. We don't think that the manufacturers, and we don't think the contractors have really gotten the word out yet to homeowners, but the fact that this is reoccurring and is going to continue to impact the industry, we think is a big deal. I will say that in my history at Pella Corporation, we saw a noticeable jump in the industry on the RMI side in 2009, 2010. So when this tax credit hit, there was a noticeable lift in the number of units produced, the number of units shipped from a RMI perspective. Nevertheless, because of interest rates, we think repair and remodeling in the near term is going to be disproportionately towards repair and not remodel. So as a proxy, we use Google Search Trends, and you can see that on the left is discretionary projects. So these are things that consumers would like to do but don't have to do. And this is indexed off of the highest rate possible, off of 100. You can see in the footnotes there. And you can see the discretionary things like kitchen remodel, bathroom remodel, new patio, new flooring, a significant drop-off. But those replacement projects, the things that absolutely have to be done, like a roof replacement, replacing your furnace, replacing siding. So you have storm damage. We had significant storm activity in the United States last year. That's gonna continue to drive. We think that there's gonna be near-term strength in these replacement type projects versus the discretionary, nice-to-have projects, until interest rates do come down. And so we like to think about the market and from a couple of different standpoints. We talk about things like cyclical, so those short term, the next 12, 18 months, cyclical, and then structural drivers. Cyclical are the near-term things that's just gonna affect immediate future right now, and then what does it look like beyond? And so when we come up with our forecast, which I'll show in a second, we kinda think about it in, in near term and, and longer term. From a short-term cyclical, we see new construction is really a mixed bag. Builders are being more optimistic. They're doing these rate buydowns. It's stronger than initially expected to start the year. We expect that to continue. But that is being offset from a building product standpoint. The reason you all are in this room is because of t he building products aspect of it, and so builders are offsetting for affordability, smaller homes, less costly materials, and so they're really trying to solve for that short-term affordability. On the RMI, repair and remodeling side, high interest rates are really weighing on those big-ticket discretionary items. So consumers are holding on to their money. They're not refinancing, they're not getting home equity lines of credit to undertake these big projects, just because of interest rates being really double or triple what they were a year ago. And they're becoming more cost-conscious and price-sensitive. We're seeing them defer these large-ticket remodeling projects, breaking them up into smaller chunks, also using less costly materials. So these are the short-term cyclical over the next 12 months. When we think about housing starts, this is our starts forecast, we have revised this nearly monthly as the data's come in. As you can imagine, like I said, 100% of the analysts got the housing starts for the, for the U.S. wrong at the end of last year, including ourselves. And so we're saying that for the, for the U.S., we're gonna be down about 4%. Where the numbers sit today, it's lower than that, and so what we think about is year to date and then year to go. So the permits activity that we've seen going through the summer, into the, into the fall, we think that those starts are gonna really begin to creep back up, and so we think we're gonna end the year around 4%. For next year, we're anticipating flat single-family housing starts before returning to growth in 2025. You can see the average over the forecast period, so from 1981 through 2026, the average has been about 1.05 million. So even with that uptick into 2025 and 2026, we're still going to be below that average. So thinking about that housing deficit that I showed earlier, this is important because our forecast is saying that we're still not going to get to those levels. And so, longer term, these are kind of the structural drivers that we think about. We believe that there's longer-term tailwinds. From the repair and remodel RMI perspective, the combination of older homes, higher home equity levels, and higher disposable income is really gonna drive that remodeling activity. Talked about the lock-in effect with mortgages, roughly 80% locked in below 5%, with some regionality in there as well. The average homeowner has $365,000 equity. We are not anticipating strong home price depreciation. We think those equity levels are going to hold, and those are more closely correlated with remodeling than existing home sales, based on our analysis. From new construction, the population drivers, we think there's 17 million new homes needed this decade, and that's gonna be a longer-term structural driver for new construction. So when we look at our total building products forecast, so this is not specific to windows, this is not specific to windows hardware, this is the entire universe of building products. We are anticipating declines in 2023 as we end this year. Obviously, we're three-quarters of the way through already. We think there's gonna be low, low to mid-single-digit declines, but we do believe there's gonna be growth in the next year. We think from a units perspective, from a volume perspective, relatively flat volume growth for 2024, with a little bit of price in there, and the new construction is gonna stay positive. But we do see, we do see a stronger, as we move forward past this high interest rate environment, we do anticipate the Fed lowering rates mid, mid to late next year. That's gonna have a positive effect. But that underlying demand for RMI and new construction is still going to be there. While rates are still gonna be higher for longer, certainly higher than they were in 2021, 2022, the demand is still gonna be there to drive that. So now we can talk a little bit about specific window and door market trends. This is something that Principia Consulting, another consulting firm in the industry, has done, and they did a survey of manufacturers, and what are the leading factors? You can see from new construction, new build, and the RMI perspective, really no surprise, availability is the number one. The supply chain snarls that the industry was plagued with, not just the industry, really, the world. I mean, it affected every industry when you think about the shortages that we had across many industries in the U.S., that's still fresh in people's minds. When I talk to manufacturers, when I talk to dealers and installers, contractors, builders, the number one concern is still availability. "I need the product. I need it when you say you're gonna deliver it to me, and it has to be reliable." We've seen instances of really manufacturers trying to get ahead of their supplier base and really say: "You know, I need to have the product," because windows are a complicated process to build. It takes a lot of different products, a lot of process, a lot of people to do it. And when I think back to what our dealers were saying, distribution network, windows were continually the number one product that caused project delays. So for the 73% and 67% on RMI, manufacturers say availability is number one concern. That's no surprise. What's interesting is, you see the importance of price is lower down the list. So availability and performance are the key things. Ease of installation, obviously, is important too, but I think it's really important, especially on a new build, when you think about how builders are trying to solve for affordability, when builders are saying: "I need to make it cheaper to get homeowners in there." The fact that price is pretty far down that list is very, very telling to me. And then when we think about the growth in materials, volume growth, seeing roughly, you know, low- to mid-single digits volume growth, that's actually good. That's kinda normal. When I think about the windows and doors industry, when I first got into the windows and doors industry, I thought, you know, "It's one of the most boring industries in the world, 'cause it's just chugging along at 2%-5% growth." No offense, but it is, and I'm a windows guy, so I can say that. But it's constant. It's steady eddy as you go, and you're gonna have price in there, you're gonna have price in all of this every single year, but it's still relatively stable growth. So low to mid-single digits, and you can see the difference. Composite fiberglass, that's gonna be the strongest material growth category. Really, no surprise there. Wood is declining in importance, although I think with the way lumber prices are going with hardwoods and softwoods, we may see a little bit stronger growth, not as, not as bad as what's portrayed here. But again, steady growth anticipated through 2027. So this is a quarterly survey that we did with, in partnership with Window + Door Magazine. I will be presenting the findings for this tomorrow at the main conference. And we asked, this is a composition of the leading manufacturers, suppliers, installers, glass shops, glaziers in the industry. And I can't disclose who took the survey because we promised anonymity and confidentiality. But you can see the window and door shipments, 45% of them said that their shipments were up year-over-year in the third quarter, and when we think about revenue change, it's the same. So we see, we see growing, apologies for the, the error on the key there. I see that both two are red, just noticed that now. But 45% said their volume and their revenue grew in the, in the third quarter. And on average, the manufacturers and installers said that their revenue percent change was up 7.2% year-over-year. So you think about the strong price increases that we had last year, it took a while for them to kick back in for the manufacturers and the suppliers, but these, these price increases that were implemented are finally starting to kick back in, and they had top line growth of an average 7.2%. We also asked leading architects in new home construction, "You know, are you installing more units, fewer units, bigger, smaller?" We can say about the same. As we think about why this is important, as we think about what I said earlier, the builders' home sizes are coming down. They're having to reduce the overall size of home. We're not seeing them install fewer windows, which is great news. In fact, 38% are saying that they're installing more windows than they did last year. Then when they think about the individual window units, 62% saying that they're about the same size, but 35% saying that they're either slightly or significantly larger. Why that's important is because of the hardware that goes into it. You think about the securing mechanisms, that they're harder to operate because they are larger. So that's good news for you all. And so we asked them: What consideration are you giving to features? So this is architects saying, "I'm doing less, same, greater, or not really sure." And you can see, no surprise, the number one consideration they're paying more attention to this year for homes they're designing into next year and beyond is around energy efficiency. So 78% say they're gonna do more energy-efficient homes. They need to, they need to take that into account. Noise and sound protection. But still, safety, privacy, climate, weather resilience, those are ticking up. We're starting to see pretty, pretty significant upticks in those. We think that's important for overall design trends of how designers are thinking about the products that they're installing. With that, I'm gonna turn it over to Bob, who's gonna give you an update on Tyman's North American value proposition. Thank you, Chris. Great information. Good morning, everyone. I'm excited to be joining to give you some further insight into Tyman North America, our market position and our growth strategy. So let's start by turning to slide 40, which summarizes some key messages I want you to take away. First, our two brands serving the U.S. residential market are both leaders in categories in which we participate, with market share position in the 40%-45% range. Second, we have the broadest product offering in the market, which is a key differentiator for us, as it allows us to uniquely position ourselves as a one-stop shop for our customers. And last, our scale and footprint give us the national coverage, resiliency, and manufacturing capacity that enables us to serve the leading customers. Our growth strategy is focused on building upon and enhancing the strong platform and market position we already have in order to further grow share, earnings, and margin over the coming years. Turning to slide 41, we show here an overview of the addressable market, focusing on the main product subcategories we participate in. In total, the addressed market is nearly $1 billion in size, and Tyman share of these categories, again, is 40%-45%. The chart gives a good sense of how that market share and structure varies across major product categories, as well as how concentrated or not the landscape is, with the dark blue representing Tyman share and the other colors representing various competitors. We've shown how, here, how the recent Lawrence acquisition fits. Crucially, Tyman is the only competitor that can be viewed as a full solution provider, with most of the competitors o nly playing in one or two of the product categories. This is a key differentiator for us that allows us to position ourselves as the clear leader and one-stop shop for the market. This leads us to slide 42, which shows how our sales are split across the key routes to market. Given our market position, our sales split closely reflects the overall market structure, with manufacturers and fabricators of windows and doors representing about 85%, and the remaining 15% being comprised of distributors. As highlighted on the slide, there's a large amount of concentration in the market, with the top five manufacturers representing approximately 40% of the market by value and approximately 50% of our revenue. Turning next to slide 43, I'd like to touch on some of the key trends we're seeing in the window and door markets. First, as you've heard from Chris, housing affordability is a trend we can't ignore. This was a major factor during our acquisition of Lawrence earlier this year, as Lawrence's composite products are at the lower price point comparative to our existing portfolio, which in this category is historically metal materials. Lawrence is nicely positioned to benefit from the affordable housing trend. Another trend that's been growing in importance in recent times is the desire of homeowners to have larger windows than with increased lines of sight and slimmer frame profiles, giving a more contemporary look. This requires the hardware used in these windows to be slimmer, as they need to operate heavier windows, given the larger glass. This requires highly engineered solutions and plays into our strength from an R&D standpoint. We're also seeing increasing interest in products and solutions that will improve the energy efficiency of windows and doors. This will likely accelerate due to the introduction of tax incentives for building energy efficiency measures as part of the IRA that Chris mentioned earlier. We're definitely having more conversations with customers about energy efficiency solutions currently. The next generation of Energy Star 7.0 begins very soon. This will elevate thermal performance requirements for windows and doors to qualify for the Energy Star distinction. This is an important factor in the RMI space, in particular, while it is challenging for our customers in many regards, enforcing changes in design and factory layout and so forth, it's actually a positive factor for us. Compliance with regulation is also becoming increasingly important in areas such as hurricane and flood resistance, as natural hazards put pressure on the insurance industry in the U.S. We see code changes as our friend, and another way for us to differentiate ourselves from smaller competitors in our ability to work cooperatively with customers to find creative solutions to the code changes. Finally, while currently a nascent market in our space, we do expect a steady increase in demand for smart home applications in the coming years and are integrating smart technology into our NPD roadmap. Turning to slide 44. This shows our customer value proposition. As you can see, we call out four elements to the value proposition: innovation, broad offering, scale, and customer relationship. This value proposition's been tried and tested over many years, not least in the last few years during COVID and the ensuing supply chain period. It was certainly tested all through the duration there. Over the next few slides, I'd like to give you more insight into how we compete in these dimensions and the protective moats afforded to us by our strength in these areas. Starting with the strength and breadth of our offer to customers on slide 45. The diagram here illustrates the various product categories we supply to customers. Note the inclusion of the Lawrence logo to show you how this recent acquisition added to the portfolio by enabling us to offer composite window locks to customers alongside our traditional zinc-based hardware. In other, n o other competitor has this breadth of portfolio, although there do remain product categories unaddressed by us, so there is scope to strengthen the portfolio going forward. Slide 46 takes a closer look at our portfolio and how we developed it. The first point to note is that our products are highly engineered with considerable technical expertise and know-how required to achieve the consistent levels of quality demanded by the market. Our technical knowledge is protected where possible, with around 20% of revenue being patent-protected. An example of such product is shown on the top left of the slide. Our Pinnacle Balance contains cutting-edge technology that features a patented pawl lock function that grips the cord in place when a sash is lifted, giving our customers more design flexibility and reliability of performance. The innovative design allows the pivot bar to directly connect into the Balance, providing a stronger interface and aiding increased window load ratings. Also, know that around half of our revenues are from products that are bespoke to a particular customer. We work extremely closely with customers to develop new products and solutions for them, working on around 10-15 new projects with customers each year. This enables us to build strong, long-term customer relations and aids customer retention. The other half of our revenues are from products sold into the broad market. There's often a regulatory aspect to these products, with the example shown here being the industry-leading SafeGard 2 child fall prevention product, which includes a patented mechanism as part of the assembly. I'd like to play you a short video that demonstrates the benefits of this solution and how it is operated. When it comes to home safety, AmesburyTruth offers the most innovative technology available. The SafeGard 2R is a new and improved residential window safety accessory. AmesburyTruth is also introducing SafeGard 2C for commercial applications. Both devices are designed to meet and exceed the requirements of ASTM F2090-17. It protects against potential falls through an open window by limiting the opening to 4 inches or less. To open the window completely, the SafeGard 2R or 2C operate by a dual-action release system, requiring two distinct motions to release the latch, and upon closing, the device automatically relatches into place. The SafeGard 2R and 2C are also adjustable from within the house after installation, and is quality assured with the latest patented technology. Product. Turning to slide 48, we've been actively strengthening the product offering as the industry emerges from COVID and the supply chain disruption. This slide gives a few examples of how we've done this, both via internal development as well as acquisition. I'll now spend just a few minutes going into a bit more detail on a few of these. The Lawrence product range, which includes composite in the form of glass-filled nylon, sash locks, tilt latches, and vent stops for hung windows, is an exciting extension for us that's a perfect match to current trends in the industry. First, the materials are all recyclable within the process. Second, the performance, in the form of strength or holding power, is equal or in some cases better than metal, which was the historical material of choice for this category of products. Finally, the appearance and feel are great and all significantly lower in both cost and selling price to the customer, playing to the affordability trend. So you can get a little bit of a sense here of the similarity, or to even recognize from just a bit of a distance between the metal product and the composite product, that essentially feels and sounds and looks just like a metal product. In activating the product, it, you know, it feels substantial. Another exciting recent development from our seals engineering team is the around-the-corner seal illustrated on the slide. Corners where gaps in materials exist, whether in a window frame, a sash, or a seal, creates a potential for functional weakness and/or air/water penetration. Also, using four seals within a factory and assembly process is additional complexity and work for the window fabricator, who, as Chris talked about, labor is an issue, not just for us, not just for customers, and not just for suppliers. This product neatly addresses both the avoidance of a gap, you have a better structural performance to the window, as well as the labor issue. I'd now like to play you another video, this one demonstrating the benefits of our new Attraction, magnetic casement handle solution that you can see here. This magnet feature's never been offered in the window hardware space before, and very interesting for our customers as an opportunity for an upsell product, complementary. Maybe a customer has a good, better, best series, and this will fit very well to pull the average price point up for the customers. Moving to slide 50, I'd like to give a couple of examples of how we build and develop long-term customer relationships through providing additional services beyond product and closely collaborating with our customers. First is an example of a service we provide to a few of our largest customers, which involves us being closely integrated into their manufacturing planning process with tightly linked supply chains. Balance sequencing involves us making balances to order and then placing them in a crate in the exact sequence to match the customer's production schedule. They take them out of the returnable crates and insert them into the windows on their production line without passing through an inventory location. This all happens in a one-day lead time to the customer. The customers return the crates to us, all of which means we can save our customers lots of time and improve the efficiency of their operations, while also reducing waste, space, and inventory for them. Then we have a very recent example of us working closely together with one of our leading customers on energy efficiency and sustainability to help both of us meet our net zero journeys. We hosted an energy and waste Kaizen event, which produced almost 90 separate observations, where we identified opportunities to save electricity, water, or landfill. The estimated combined savings of these 90 observations is about $400,000 annual. And the feedback on this was positive to the point that the next project is going to be planned at the customer site. So it's a collaborative effort between the two businesses and kind of step one of a series. Those of you who know Tyman well will know that we've made significant investments in our North American manufacturing and distribution footprint over the last few years. And here on slide 51, we illustrate what this footprint looks like now. These investments give us the scale, network capacity, and manufacturing redundancy to be able to offer our customers improved service levels and shorter inbound transportation distances, together with greater protection against future supply chain disruption. Everybody's familiar with the challenges across the industry during the COVID and ensuing period. You note the location we have in Juárez, Mexico, and a key competitor of ours also has a location there, was shut down for five weeks by kind of a statewide edict for manufacturers in the state of Chihuahua, Mexico. We were able to divert manufacturing to Sioux Falls, South Dakota, to supplement the on-hand finished goods that was available going into the situation, to really keep our customer set very well serviced through the five-week period of shutdown in Juárez. So this example really lends itself to the story that we tell about our scale and our capacity and capability and ability within the network to back ourselves up. From a manufacturing perspective, we produce around 90% of what we sell in North America, and this high level of nearshoring has been a competitive advantage for us in recent years. As some competitors have struggled with their supply chains that extend to China and the Far East, we do still face these struggles, but to a lesser degree, and we feel we're more quickly addressing the situation than our competition. And the Lawrence acquisition, in particular, adds to this narrative. Customers receive that aspect of the Lawrence deal very, very well. We also highlight on this slide the recent addition to our distribution network, which is the facility we opened last December in Phoenix, Arizona, to help us serve the Western U.S. market better. I'm delighted with how this facility is performing, and we're winning new business as a direct result of having this facility closer to our customers' factories. 17 active customers being serviced out of this facility since starting up in December, with more gains for the year ahead. Since COVID, we've continued to invest in our facilities, with examples being new die-cast equipment, new paint lines. We talk extensively about these investments with our customers, and have frequent reviews with the customers to discuss progress as we partner with them in the evolution of their supply chains and their factory networks, to make sure that our strategies support each other, and the relationship stays very strong at a strategic level. Slide 52 summarizes how our value proposition to customers has over time created high barriers to help successfully defend and grow our market position. We have a broad portfolio of highly engineered products, which deliver a high value to cost ratio for our customers and the end users. We work hard to ensure we have the right portfolio for the markets we operate in. We protect our innovation via patents, with around 145 active patents and nearly 50 pending. We're very proud of the long-standing nature of our customer relationships, and work hard to retain and grow these relationships by working closely with customers on new products and providing additional services, to ensure we remain strategic to their go-forward plans. Looking forward, our medium-term organic growth strategy, as outlined on slide 53, is about growing share, earnings, and margin in a predictable and sustainable way. We have three main pillars to our medium-term strategy. First, the One Owatonna project is the final stage of our footprint optimization work. We're consolidating two local sites into one in Owatonna, Minnesota, to deliver cost savings and improve operational throughput, efficiency, and safety benefits. This project is well underway, on track, and is targeted to complete in 2025. The second pillar is protecting and growing our strong market position. Examples of how we plan to achieve this include: improving our penetration in the Western U.S. market, where our share is some 15 percentage points lower than the East, as well as expanding our share in the hung window hardware market via our recent acquisition of Lawrence. Prior to the acquisition of Lawrence, they did not have any representation from a sales standpoint in either Canada or the Western U.S. So we have addressed that issue and opportunity immediately upon close of the deal. We also recognize we need to move faster and do more innovative and new product development, and are investing in both innovation and sustainability capabilities to help drive this forward across the organization. We need this, and the industry really needs this, as the customers, through the COVID and ensuing time period, really kinda went on product development lockdown, just to try to hold their business together and deal with the fast volume swings. There's some pent-up need for this development work in the marketplace. Third, we're planning further enhancements to the customer experience to make it easier to do business with us and improve our customer service levels, such as reducing quote turnaround times, and via technical support tools, such as our newly updated website, which is designed specifically to aid the customer's engineers, who are the decision makers in many cases for us. The investments we're making in our systems will be a key enabler of this customer experience as well, allowing us to act much more as a single supplier, as opposed to a network of suppliers with an aligned commercial team. Slide 54 touches on our margin expansion opportunities. On the left-hand side of this slide, you can see the historical operating margin performance of Tyman in North America, which includes our commercial hardware and access solution businesses, as well as the residential hardware, and seals, and extrusion businesses that we've talked about today. Note that the division's margin was on an upward trajectory until the COVID pandemic hit. Since then it has been impacted by the resulting supply chain disruption, inflation, and demand swings. We highlight here that over the last few years, inflation alone has, from a purely mathematical perspective, led to a 250 basis point decline in operating margin. We've begun to see this impact reverse in 2023, with the H1 margin showing improvement. As you can see on the right-hand side, we continue to believe that the division can deliver a sustainable 20% margin, going forward, assuming reasonable market conditions and moderation of the inflationary period that we've seen. All the drivers listed on the right side are going to be important to deliver this margin target. One Owatonna project, which will be fully complete in 2025, addresses labor efficiency in our most labor-constrained location, drives significant cost savings, modernizes some outdated manufacturing process areas, and has numerous sustainability benefits. CI and lean work across the network, and in some cases, with customers and other Tyman divisions, helps us offset inflation, control working capital, and helps drive a competitive cost structure. Market share growth. Our current share is lower in the West versus the rest of the U.S., and also slightly lower in Canada. Through acquisition, innovation, and sales and marketing elements, we're addressing this. The Phoenix distribution center is just one element of this. New products, many patented, both market-based and bespoke, are accretive to margins and enhance the current strong share position with fresh, innovative concepts and products to ensure our leadership position going forward. I'd like to finish up by reminding you on slide 55 of the key messages on Tyman North America today. First, our two brands serving the U.S. residential market are both leaders in categories they participate in, and we enjoy market share between 40%-45% in served categories. Second, we have the broadest product offering in the market, which is a key differentiator for us, as it allows us to uniquely position ourselves as a one-stop shop for our customers. Last, our scale and footprint give us the national coverage, resiliency, and manufacturing capacity that enables us to serve the leading customers in North America. As our customers continue to consolidate, this becomes increasingly, increasingly more important. We have clear strategy for growth, focused on building upon and enhancing the strong platform and market position we already have, in order to further grow share, earnings, and margin over the coming years in a predictable and sustainable way. With that, I'd like to hand it back to Jason for some concluding comments. Thank you. Thank you, Bob, and many thanks to both Chris and Bob for their very informative and insightful presentations. I'm very conscious to allow enough time for questions, so I'll just quickly summarize the key messages from what you've heard, today. The U.S. residential housing market offers very attractive growth prospects despite the well-known near-term headwinds. There is a significant undersupply of housing, which is expected to require 17 million new homes to be built in the rest of the 2020s, and 24 million homes are projected to reach their prime remodeling age over the next four years. In addition, demographic trends, government stimulus from the IRA, together with working from home trends, are all tailwinds for the industry. Tyman is therefore very well placed to benefit from these positive structural growth drivers, with a market-leading share and through continued enhancements to our already compelling customer value proposition that creates those high barriers to entry. As Bob outlined, we have a clear strategy to grow both the top and bottom line. So in short, we believe that Tyman offers a compelling way to benefit from the very attractive U.S. residential housing market, which, to remind you, is already contributing nearly 60% of group profits today. And with that, I would like to thank you for your attention and open the floor to questions. And again, I would like to encourage you to take the opportunity, while we have these two gentlemen here, to ask Chris and Bob any further questions on what you have heard today. So I think we'll start with questions from the floor. Vanessa? You said that your forecast for next year for single-family starts from zero, about flat, you know. Can you give, like, a first, second half weighting at all? And if you look at the last couple of months, it seems like single-family permits have been a bit higher. Do you think there's any upside potential to your forecast there? We're, we think that the forecast were. Like I said, we've changed it, and I guarantee you, by December, we will have changed it again for next year. Right now, we're thinking relatively evenly balanced for new construction. We think new construction is gonna be relatively even, but balanced. We think the effect of the rate buydowns is gonna continue. We are in the camp right now that the Fed's gonna continue to pause rates. We think that that's gonna be positive for the 10-year treasury, and we're anticipating mortgage rates to kind of hold where they're at, before then coming down mid to late next year. We think kinda even, even steady right now in the first half, with potentially upside, upside risk at the second half of the year for new construction. Into, like, the tax credits. I think you said in 2009 that it was pretty strong already for Pella. But then you said that right now, the house builders maybe aren't getting the word out. Why, why do you think that is? And do you see this as being, like, second half-weighted to the. We think this is This is second half-weighted to 2024, but then also beyond. So what we've been hearing from the window and door manufacturers themselves, so the actual fabricators, Tyman's customers, are, there was significant uncertainty around Energy Star 7.0. Bob mentioned it's just now coming into effect. There was a considerable period of inputs. The manufacturer inputs was overwhelmingly like, "Hey, this goes too far. We shouldn't be doing this. Bring the requirements down." The Environmental Protection Agency has brought down some of the requirements in some parts of the country, but we think there was kind of a little bit of, like, the dust settling and realizing this goes through 2032, so we don't necessarily need to, yo u know, let's wait for the dust to settle for a year, and then, or, you know, a few months, and then move forward. But, homeowner awareness is very, very low. But we think that there's a significant opportunity for the manufacturers and for the contractors to increase that homeowner awareness. And then, Bob, just wondering, on, you know, Lawrence seemed like a particularly strong acquisition. Is there many businesses like that out there, do you think? And is there much more opportunity to address composites, or is it more other areas that you haven't got high sharing? It's a pretty unique business, and we—I think we did a good job locating it and getting the deal done. There is opportunity to take the composite materials that they specialize in, into some other product categories. But there are limitations, too. You know, and the fact that it's very unique. If Lawrence is all in on a particular window for a customer with every single thing they're capable of doing, the price for those three or four items to the customer is less than $1. For a casement window, a suite of casement hardware, for a point of comparison, is maybe $25-$28, depending on the exact configuration and size of the customer, so forth. So, they're playing in a bit smaller world, and there are some other niches available in the current categories served, but they're generally gonna be smaller from an EBITDA standpoint than what Lawrence was. And there is opportunity outside the current categories served for us from an acquisition standpoint. I think that's the bigger and more potentially impactful play. Thank you. Thank you. We've got a number of people who have submitted questions online, so thank you for those, and keep them coming in. The first question is from Christen Hjorth from Numis: Is the forecast for flat new build activity in 2024 based on mortgage rates remaining around the current levels? I'll pass it on to Chris. Yeah, so, we think, as I said previously, mortgage rate assumption is based on what we've seen in recent terms of ticking up towards the 8% or slightly above 8%. We do think that there is opportunity later in 2024 for mortgage rates to begin to decline. That's certainly something that we're watching very closely, but the assumption today is at the prevailing rate. Thank you for that. Next question is from Milly Dewar from Numis: Given your already strong market share across categories, is there room, still room for further acquisitions in North American market? Bob? Yeah, so I would say there's some limited opportunity in existing subcategories. I have a higher confidence level that there are significant plays and extensions into immediately adjacent spaces. Maybe, interior doors would be an example, or a front door would be an example, or potentially a channel play, where we're primarily an OEM player, and there is, in particular, in our seals and extrusion side of the business, there is an aftermarket channel that we don't participate in. So the acquisitions could go a number of ways. Thank you for that, Bob. Now, Darren Ager from Charles Stanley: You mentioned 80% of mortgage holders are locked in at below 5%. Are these generally 30-year mortgages, or what is the average duration? Yep. So the average typical mortgage in the United States is 30-year fixed. And leading up to the great financial crisis in 2000, before 2008, there was a higher percentage of adjustable-rate mortgages, meaning that the rate would adjust every so often, depending on the terms of the loan. It would adjust to the higher rate. Since then, the regulatory controls coming out of the great financial crisis have really limited the number of adjustable-rate mortgages in market. So the prevailing, the overwhelming majority, I believe it's north of 90% of those mortgages that are locked in, are at 30-year terms. There is, you know, if rates stay above 8% or go even higher, there's very limited risk for those mortgages being reset at higher rates. Thank you. Now, Kate McCarthy from Goodbody, her question is: With 20% of revenue being patent-protected, is there a premium associated with these products, and does this premium roll off as patents expire? Thanks, Kate, for the question. I'll hand over to Bob to answer that one. So in terms of the expiration aspect of the question, what we would do and what we have done recently, we have the example during the presentation of the Pinnacle Balance system. That is now patent protected for 19 more years. It replaced a product that just expired. So we look to replace generations with new generations. And the general category that a patent resides in will help us operate from a margin standpoint at the higher end of the range for that category. But each of the subcategories kind of has its own natural resting point from a margin standpoint. It doesn't, you know, it doesn't give 100% free rein from a pricing and margin standpoint to have the patent protected. Thank you for that. Next question is from Charlie Campbell, from Liberum. Thank you for your very helpful presentation. Two, please, if I can. What do you need to happen to deliver 20% margin? I suppose it needs a one tonner to complete, and maybe more volume in the market. So is 2026 a reasonable timeframe for delivery? And have you seen home builders buying small stroke, cheaper components already, or is this a threat to 2024? Thank you, Charlie, for those two questions. I'll take the first one. As we've said previously and in the presentation today, getting to 20% margin target does assume a more normalized inflation environment and demand environment. But more importantly, we listed, if you remember that chart on the right-hand side, a number of levers, both operational efficiency such as One Owatonna, but also commercial initiatives to drive to that 20%, and we remain very confident that we can get this business to 20% in the medium term. I think the second question was for Chris. Around trade-downs with builders. As I showed in the presentation, talked through it a little bit, we are seeing builders opt for less costly materials. You know, as you think about, so one of the things that we're seeing is, for example, fiber cement siding being replaced with vinyl siding. We're seeing instances of kitchen islands being removed completely, or dining rooms removed, smaller home sizes. Yes, less costly materials, generally speaking, across building products, that means probably, you know, more basic, maybe single-hung vinyl windows versus double-hung. How far that plays down the value chain into Tyman's customers remains to be seen, but that, but builders are generally solving for that affordability by using less costly materials. Thank you. Question from Scott McKenzie from Amati Global. It's a question for Chris: Why are there 13 million vacant homes in the U.S., and what do you expect to happen to this number? Will this impact the delivery of 17 million new homes you expect over the next decade? So the vacancy rate is actually, when you think about the number, it's relatively low to historical terms. So, that's being said. Also, we've noticed, I didn't have time to touch on this in my presentation, but we've also noticed migration trends too. So not only migration to the suburbs, which we touched on, but also migration to the southeast, to kind of the smile regions, the south, away from some of the more expensive city regions into these regions. So vacancy rates seem to be relatively concentrated in areas that are not really desirable to living in, so that's hence that number. But we do see in the growth areas, very, very low vacancy rates. Thank you. Ross Harvey from Davy: What impact will more and more extreme weather events in the U.S. have on Tyman? And secondly, does having five customers represent 50% of your revenue in North America present issues with customer concentration? Thank you, Ross. I think the first question I'll hand over to Chris, and then the second to Bob. So, extreme weather events, we are seeing. You saw the slide that I had at the end for how architects are designing, and one of the leading categories they're giving more focus to is due to extreme weather events. One of the slides that I have in another presentation I'll be doing tomorrow at the broader show talks about focus areas for manufacturers, and certainly security and weather resilience is one of them. You think about Hurricane Ian last year, the impact that it's had, but significant storm hail damage in many parts of the country and flooding in many parts of the country earlier this year. That is certainly impacting the repair and remodeling market, but also how manufacturers are thinking about resiliency, so for climate weather events. It absolutely is having an impact on product development. It absolutely is having an impact on how consumers are thinking about which products go into their homes, from impact resistance to climate resiliency, energy efficiency, et cetera. All those are certainly playing into the psyche. Thank you. Kate McCarthy from Goodbody has a further question. Industry data points to RMI declining in 2024. How does this compare to your forecast, given the chart is showing it as up? So, this is where there's a difference of opinions in the market. Harvard came out last week, the Joint Center for Housing Studies, with a declining number for RMI in the United States as well. Our current thinking is that we will see interest rates begin to fall, and the economists tend to think that the Fed funds rate will start to decline mid to late next year. We think that there is still pent-up demand, from, again, people being locked in their homes, still pent-up demand. Consumers are still investing in their homes. What we've seen is a stronger correlation to home price appreciation, home values, for RMI activity versus existing home sales. Previously, everybody thought, you know, existing home sales, you're gonna invest in your home either before you sell it, before you list it just for sale, or after you've bought it and moved into it. We're seeing a stronger correlation in home values, and we are not anticipating strong home price depreciation. We think home values, by and large, with certain regional differences, but nationally speaking, home values will stay relatively steady, and that's a stronger indicator for homeowners investing in their homes. So that's why we're saying flat to slightly up, RMI next year. Thank you for that. Aynsley Lammin from Investec: With housing affordability expected to remain stretched, will you see increasing pressure on pricing from your customers as home builders and end customers continue to drive down their costs? Thank you, Aynsley, for the question. I'll pass that on to Bob for his perspective. Yeah, I think pricing's always a factor, and tougher economic conditions may bring out more frequent conversations. The key for us is the total solutions and increasing the partnership, the supply chain sort of benefits that come with doing business with us, getting our distribution points closer to the customers, helping reduce inbound freight. Those sorts of things can steer the conversation away from the piece price type topic. Thank you. Keith Cruz, who's a private investor, his question is: How much extra volume can be manufactured with the current fixed cost base? Repeat the question, please. How much extra volume can be manufactured within the current fixed cost base? There's always individual pinch points within the network, but I think a good general number is the, we can absorb with some visibility to it, which was a challenge this year, with the first half being so slow and then kind of unexpectedly picking up steam through the summer. But with proper visibility to it, we can absorb another 25%-35% from a demand standpoint. Wonderful. Thank you. Thank you for the questions that have been submitted so far. Very good, and we're trying to get through as many as we can. I've got a number of people have asked: How is the integration of Lawrence progressing? As it, is it performing in line with the expectations when you acquired it? Certainly from a corporate point of view, we are very happy with how it's progressing and aligned to the model before, you know, that we devised before we closed the transaction. Maybe Bob would give a little bit more color on what's happening on the ground and the commercial integration. It's a very dialed-in business from an operations standpoint. They're narrowly focused, and they do what they do very well. So, there's been really no, you know, there was no fixing in the formula. The opportunity for us, at the margin the business operates in, is to expand the commercial effort, right? And that is getting traction, and we've had some gains year to date. We'll have nice carryovers into next year, and we expect some more gains at an increasing rate, really, over the next three to 12 months. It doesn't with all customers, you know, it doesn't go equally, you know, equally fast in these discussions. But, we're very pleased with the commercial side progress. Wonderful. Thanks for that, Bob. Robert Chantry from Berenberg: Against the market backdrop, are there any specific planning constraints/debates/labor availability that could limit the ability of the U.S. construction industry to return to a higher level of new starts per year? I'll take that. So labor is a structural concern in the U.S., in many industries, in service industry as well, but also in construction. So there's been considerable discussion around foreign-born population coming in here. Labor certainly does seem to be the bottleneck, and we've had a number of discussions with other manufacturers, builders, et cetera, on, you know, what's gonna allow that ceiling to increase. One of the things that we've been seeing is, from the builder standpoint is use of components, prefab construction components, so roof trusses, but also increasing uses of floor trusses, wall panels, anything that can really help shore up that on-site, job site labor situation by improving efficiencies on the front end. But that is a major concern, and frankly, that's an answer that nobody has the answer to. It's a question nobody has the answer to right now. But I do know the industry is thinking about this, how to get more people involved in the trades, in both, you know, skilled and unskilled labor to really accelerate that. But it is absolutely a bottleneck. Thank you, Chris. Question from Mark Landecker. "Could you," from FPA, "Could you give some general examples of adjacent categories that would fit well with Tyman NA, but which you currently do not serve? Well, yeah, I think I mentioned earlier, interior door hardware, front door hardware is a very large space. If on the Mekko chart that we had, the front door hardware category would've been by far bigger than any individual category that we participate in. So those would be examples. And again, I did mention that there is an aftermarket channel that we're paying attention to. Thank you. Next question is from Sam Cullen, from Peel Hunt. The first one is for Chris. "You didn't touch on rental prices at all. Where do they sit versus the cost of ownership in a higher rates environment? So, one of the things that we've been watching really closely is multifamily, and I didn't have time to touch on it too much today. Rent prices are still elevated, but there are also a large number of multifamily units coming online at the end of this year and the beginning of next year, and we expect multifamily, that, I think what I said earlier this year, is the number of multifamily units under construction this year was higher than it's been since the 1970s. So these multifamily units are going to be coming online with more supply. Obviously, the natural consequence of that is lower rates. Right now, rentership and homeownership are roughly in balance. With the supply of multifamily coming online, we do anticipate, we do anticipate rents coming down. That certainly also implies impacts cost of capital, so in the higher interest rate environment, cost of capital, to fund multifamily projects. We've seen equity level requirements get pushed up this year. It's been more difficult for multifamily developers to pencil it in, to make it work. So with the number of units coming online, we still think that, you know, the strength that we're going to see is going to be in single family. Wonderful. Thanks for that, Chris. And for Bob, from Sam: "Can you talk about the spread of historic annual price inflation between those customers' developed products and the more market-driven products? And if you drive more customer-developed products, can you push price more aggressively? Generally speaking, yes. And the bespoke products and, you know, the collaborative-type projects, where they're, in a fuller sense, kind of tailored from a solutions standpoint, yield a higher price and better margin. It's not drastically different. We have some market-based products, like the SafeGard 2 example, is fabulous and priced very well across the full spectrum of customers. Wonderful, thank you. I appreciate we're sort of running close to time, so I'll try and squeeze in one more question, if that's all right, with the management team. Kate McCarthy from Goodbody: "How does Tyman outperform and grow share in a challenging market, and how do you prepare yourself to capitalize on the growth opportunities within the U.S. residential when the market does turn? We wanna have the right partnerships. We wanna be locked in with the people that are going to take share, that have proven that they will take share. There was a question earlier about the concern about customer concentration. When I came into the window and door business in 2000, the top 10 customers had 29% share. Now, the top five customers have between 40% and 50% share. So we feel very confident in our strong relationships and positions with those very biggest customers, but also the next tier down. We really excel with them as well, and we expect them to have that top 10, 15 players, to have some consolidation within it, but also as a total, for them to outperform the market, and for us to be the solutions provider that the best understands how to help make them successful. Thank you for that. We don't have any further time for more questions, and Matt will come back to people whose, questions have not been answered, but thank you very much for submitting them today. I'd like to pass back to Jason for any closing remarks. Great. Well, thank you all very much for your questions, as always, and for joining Chris, Bob, and Juliette, and myself, on the session today. I hope you've really enjoyed this event. With that, I will now close the session. Thank you.