Good morning, and welcome, everyone. I hope you're all well. Thank you for joining Juliet and myself today for Tyman's half year 2023 results webcast. As usual, we'll take you through a short presentation, after which there'll be time for Q&A. If we turn to the highlights on slide 3, overall, trading in the first half was solid, despite the challenging market backdrop in all of our key markets and against a strong comparative. Like-for-like revenue declined, reflecting the significant reduction in volumes that we've experienced since the fourth quarter of 2022, due to both underlying demand softness and customer destocking, which more than offset the benefit from prior year pricing actions. Turning to operating profit, the carryover of prior year pricing, together with some easing in input cost inflation and the agility we showed to flex our cost base, was not enough to offset the impact from the significant reductions in volume at the group level, and adjusted operating profit and margin fell in the first half. However, in our largest division, North America, it has been pleasing to see that the anticipated reversal of the pricing lag that negatively impacted operating margins during 2021 and 2022 played out as expected, with the benefit of prior year pricing actions more than offsetting the input of input cost inflation, and along with agile costing management, driving an increase in the division's operating margin to 15% in the first half, despite a significant decline in volumes. It is also very pleasing to see adjusted operating cash conversion reach 100% in the first half, principally reflecting the hard work across the businesses in significantly reducing inventory since the year end. Juliet will talk more to this later, but we do remain on track to deliver our targeted working capital cash inflow in 2023. The divisions have maintained a strong focus not only on delivering on their financial targets, but on executing their strategic initiatives in the first half, and I'll talk more to these later. Lastly, as you all have seen with our recent announcement, we have just completed an acquisition in the U.S. of Lawrence Industries, a leader in composite window hardware. On a pro forma basis, this takes our proportion of operating profit generated in North America to over 70%. I'll talk more about this acquisition later, but for now, I'll pass you to Juliet to take you through the financial review. Thanks, Jason, and good morning, everyone. Before I begin, I'll just give you a bit of background on myself. I've been with Tyman for the last five years as Group Financial Controller, working very closely with Jason and the rest of the leadership team. During this time, I've gained a deep understanding of Tyman and its operations, and I'm excited to be part of the leadership team, driving forward the strategy. Prior to Tyman, I spent my career with PwC in a variety of roles, and I look forward to meeting those of you I haven't met in due course. If we turn to slide 5, which shows the financial highlights for the first half. Revenue of GBP 329.9 million was 8% lower than the first half of last year, and on a like-for-like basis, excluding foreign exchange, was 11% lower. Adjusted operating profit of GBP 38.7 million was 22% lower, and on a like-for-like basis, was down 24%. I'll come on to talk about the drivers of this. Adjusted EPS of GBP 0.133 is 24% below last year, reflecting a lower adjusted operating profit and a higher interest charge due to the significant rise in global interest rates. Return on capital employed decreased by 240 basis points to 11.5% due to the lower adjusted operating profit, higher average working capital, and the impact of foreign exchange, offset by a reduction in intangible assets through amortization. Cash conversion of 100% is significantly higher than last year and above what we would normally see in the first half of the year, largely reflecting the strong progress we've made in bringing inventory down, which I'll come on to talk about. Leverage increased slightly from 1.1 at this time last year to 1.2, reflecting the lower last 12 months EBITDA. Turning to Slide 6, we show the key elements of the reduction in revenue from GBP 360 million in the first half of last year to GBP 329.9 million this year. Starting from the left-hand side of the chart, you can see we received a benefit from foreign exchange of GBP 12.2 million. Volumes were down 20% against a very strong comparator, with the weaker market demand and customer destocking we saw towards the end of last year continuing into the first half of this year, impacting revenue by GBP 73.8 million. This was partially offset by the carryforward of prior price increases of GBP 22.7 million and surcharges of GBP 8.8 million, which were put in place to recover the significant cost inflation we experienced over the last two years. This gives a total pricing benefit of GBP thirty-one and a half million, or 9% of revenue. Moving on to slide 7, which bridges operating profit of GBP 49.3 million in H1 last year to the GBP 38.7 million generated this year. Again, operating profit benefited slightly from foreign exchange. You can see here the drop through of the lower sales volumes, which impacted operating profit by GBP 23.6 million. Our flexible cost base meant we were able to reduce costs significantly in response to the weaker demand. We continue to progress our self-help initiatives. However, with production volumes even lower than sales volumes to support the reduction in inventory, lower fixed cost absorption and operating efficiency impacted operating profit by GBP 6.9 million. You'll see here we've boxed around the drop through of pricing actions and the elements of inflation. Just to remind you, across the last two years, we had a significant lag between pricing and inflation due to the speed of cost increases in some of our customer pricing mechanisms, particularly in North America. Although commodity prices have moderated through the first half, because we are working through the higher priced inventory carried into the year, we're yet to see the benefit of this, meaning material costs were just over GBP 11 million higher than the first half of last year. Freight costs have continued to come down as supply is normalized. We continue to see higher than normal wage inflation. As we expected, with the benefit of prior pricing actions coming through, we're now seeing the reversal of the previous lag, which means pricing exceeded the in-period cost inflation by GBP 20 million. I'm pleased to say that from a group perspective, we've now recovered cost inflation in full. Turning next to the divisional summary on slide 8. In North America, like-for-like revenue fell 11% year-on-year, reflecting the challenging market backdrop and customer destocking, which more than offset the benefits from prior pricing actions and net customer wins. It was pleasing that we saw the rate of volume decline moderate towards the end of the period. What I want to draw out here is the margin expansion of 70 basis points to sit 15%, which reflects the reversal of the pricing lag and agile cost management, and was achieved despite the lower sales volumes and effect of even lower production volumes on cost absorption. The U.K. and Ireland performance was very resilient in a much softer residential RMI market, with share gains, meaning revenue was down just 5%. The deterioration in operating profit of 25% is primarily attributable to the Commercial Access Solutions business, where a supplier-related delay in receiving key machinery significantly impacted operational and financial performance. These challenges have now been worked through, and we expect an improved second half performance. In the International division, like-for-like revenue fell by 18% against an exceptionally strong comparator, as the challenging market conditions we saw in the second half of last year continued, with this being exacerbated by customer destocking. The high operating leverage of this business meant the lower sales and production volumes led to a decline in adjusted operating profit of 60%. Turning to slide 9, which shows the cash flow performance. Adjusted operating cash flow for the first half increased to GBP 38.6 million. This reflects a significantly lower working capital outflow of GBP 2.6 million, compared to just over GBP 32 million in H1 last year. This was driven by the actions taken to reduce inventory following a significant build last year due to the supply chain disruption. You can see the work, the components of working capital in the box to the right of the slide. Just to remind you here, our typical working capital cycle would see a seasonal build through the first half, which then unwinds through the second. This year, we see the build in receivables, but not in inventory and payables, given the high stock levels carried into the year. CapEx reduced to GBP 7.3 million, with the GBP 11.1 million last year, including some catch-up spend that had previously been deferred due to COVID. CapEx is now running broadly in line with depreciation. Moving further down the cash flow, income tax payments have decreased from GBP 10 million to GBP 7.3 million due to the lower profits and timing of payments on account. Net interest paid was GBP 1.3 million higher than the first half of 2022 due to the significant increase in global interest rates. Exceptional cash costs of GBP 4.6 million relate mainly to the cost of closure of the Hamburg facility, which were provided for at the end of last year, as well as cost of the UK Access Solutions site consolidation. As I said, operating cash conversion increased significantly to 100%, reflecting the inventory initiatives. Just touching quickly on slide 10, which shows our net debt bridge. Overall, our reported net debt, which includes lease liabilities, has decreased by GBP 7.7 million. The first half of the chart here shows the elements of free cash flow, which I've just covered. Towards the right-hand side, you'll see this was partially offset by dividends paid of GBP 18.5 million. With a slight foreign exchange benefit, this gives net debt at the end of H1 of just under GBP 168 million. We've also shown here the pro forma impact of the Lawrence acquisition, which increases net debt by GBP 47 million and takes leverage to 1.6 at acquisition. With the expected working capital inflow in the second half, we expect to be back in the middle of our target range by the year-end. Finally, turning to slide 12, which shows the guidance for the remainder of the year. I'm pleased to say we now expect full year adjusted operating profit at the top end of expectations. We've highlighted in bold here those items that have changed from our previous guidance. I'd like to be clear that we're not assuming an improvement in markets in the second half, but we do expect a return to normal seasonality and an absence of the customer destocking we saw in the first half. We also expect more normalized production levels will improve fixed cost absorption. Jason will give some further color to the outlook for each of the divisions. The Lawrence acquisition is expected to contribute GBP 2 million-3 million of adjusted operating profit. This will be partially offset by the effect of the recent strengthening of sterling. As a reminder, each 1 cent change in the U.S. dollar against sterling impacts profit by about half a million pounds on an annualized basis. Just picking up on the other things that have changed from the previous guidance, we now expect CapEx to be slightly lower than previously guided, at GBP 17 million-GBP 22 million. The net interest charge is expected to be between GBP 11 million and GBP 12 million, reflecting an increase of about GBP one and a half million due to the funding of the Lawrence acquisition, as well as higher base interest rates. I'll now hand over to Jason for an update on strategy. Thanks, Juliet. I'll now spend a few minutes on our strategic progress, including our recent acquisition of Lawrence. Turning to slide 13, the divisions have continued to make good progress in executing on our strategic initiatives. In terms of the focus element of the strategy, we began the multi-year project to consolidate two hardware manufacturing sites in Owatonna, our largest facility, onto one of the existing sites, which will yield not only financial benefits, but also play to our sustainable operation strategy and help alleviate some of the tight labor supply issues there. We have continued the program to roll out a global ERP template in North America, with another two sites successfully going live in the first half and preparations underway for the next two sites later this year. When complete, the new ERP template will enable more streamlined ordering and logistics processes for our customers, drive further back office efficiencies, and improve the business's overall decision support capabilities. We have also completed the transfer of seals manufacturing from Hamburg to the UK, and the consolidation of our three UK Access Solutions businesses into one new site in Wolverhampton. In terms of our sustainability roadmap, we reached an important milestone in the period with the validation of our 2030 carbon reduction targets by the Science Based Targets Initiative, and we are extending the use of 100% green electricity tariffs to two Mexican sites. Once in place, around 40% of the group's electricity consumption will be addressed by green tariffs. Within the defined element of the strategy, the divisional presidents met with Tyman's major Chinese suppliers in June. You can see a photo from this event on the slide. After several challenging COVID years, this event was warmly welcomed by our suppliers as a chance to meet with divisional presidents and allowed all three divisions to engage with suppliers on many topics, including quality, lead times, cost, and sustainability. Activities to grow share have also continued to yield positive results. We have achieved further incremental net customer wins in North America, while maintaining a disciplined approach to pricing, reflecting recent new product launches, our superior customer service levels, and leveraging the benefits of our distribution center in the western U.S. that commenced operation in 2022. After a lot of work over the past few years, improving its NPD process and pipeline, the UK and I division has good momentum with its recent product launches, which have been progressing ahead of plan and prior year levels and helping to deliver share gains. There has also been further momentum with system houses in the international division, which is a key part of this division's strategy. Systems deploying newly developed Giesse Hardware and Schlegel seal products are being delivered to system houses in Europe and the GCC in 2023. Sustainability remains a key enabler of growth, particularly in the UK and Europe. For example, two of our Giesse hinges received EPD certification in the period, which will help to expand our addressable market in Europe. We completed the acquisition of Lawrence Industries in the U.S., a few weeks ago. This is an important development for Tyman and is very much in the sweet spot for us in terms of its financial and strategic rationale. If you turn to the next slide, I'll now spend a few minutes expanding further on this acquisition. As per our announcement on twelfth of July, we have paid an initial $57 million to acquire 100% of Lawrence Industries, with a further consideration of up to $12.5 million payable should the business hit some stretching EBITDA targets over the next 18 months. As you can see, Lawrence is a highly profitable business, generating around $7.5 million of PBT in 2022 on revenues of around $20 million. Lawrence manufactures and sells high-performance composite window hardware for the North American market.... with low price points, which are typically not more than 10% of the overall installed window cost. The manufacturing operation is highly efficient and agile, that allows a dynamic response to customer needs. From a strategic perspective, it is a highly complementary addition to AmesburyTruth's product portfolio. The low-cost composite product category is a beneficiary of the growing demand for affordable housing in the U.S., we look forward to adding their product portfolio into our already market-leading range of hardware for window manufacturers across the U.S., and Canada. The deal is immediately earnings enhancing, adding around 4%-5% to EPS on a full year basis, Juliet talked previously about the impact on leverage. Finally, importantly, the current Lawrence leadership team is staying with us, and I know they are excited at the opportunities to drive the business forward as part of an enlarged group. Turning now to the summary and outlook. The first half performance was solid, given the tough comparators and the challenging market backdrop. This was achieved thanks to our prior year pricing actions, notably in North America, and strong cost control. We delivered a significant reduction in inventory and 100% operating cash conversion, and continue to gain market share in our key markets while enhancing our operational platform. We progressed on our sustainability roadmap, and we're pleased to receive approval of our carbon reduction targets from the Science Based Targets initiative in the period. As I've just mentioned, we are really excited to welcome Lawrence Industries to the group. Looking ahead to the second half, as Juliet said, market conditions are likely to remain challenging through the remainder of the year. Therefore, we are not assuming any pickup in underlying demand, only an absence of the negative impact from customer destocking that we experienced in the first half. In North America, we expect production to normalize in the second half. We expect to continue to get the benefits of prior year pricing actions and, of course, an initial contribution from Lawrence. In the UK and Ireland division, we expect the hardware business to be able to maintain its resilient performance in challenging market conditions. The division's performance in the second half will improve as the supply delays at Access 360 have now been resolved. The international division also is expected to continue to face a challenging demand environment. We do expect performance to improve as the benefits from the European sales manufacturing optimization program are realized. Putting all this together, at the group level, we now expect 2023 adjusted operating profit to be at the top end of market expectations. With that, I would like to thank you for your attention, and I would like to open the floor to questions. I think we take questions from the room first. Hi, morning, all. Thanks for the presentation. It's Robert Chantry at Berenberg. Just 3 questions. First, can you just give us some more color on the on-the-ground trading conditions in the U.S. market? We've all seen the U.S. indicators and the housing starts, et cetera. What are you seeing day to day at the moment? Secondly, international. Clearly, that had the most significant margin fall effectively in the first half. Could you just give us some more clarity on why that dropped through so material and expectations for a rebuild or recovery into second half of 2023 and into 2024? Then thirdly, I know we spoke about it at the full year, in terms of customer destocking, I know it's very hard to assess, could you just kind of recap some of the dynamics you've seen in the first half? Any kind of concrete evidence you think that's that started to trough and pick back up? Some more color there would be useful. Thanks. Great. Good morning. Good morning, Rob. Thanks for those three questions. If I take question one and three, and I'll let Juliet take question two. So the first question regarding trading in the U.S. I would point to, you know, recent order intake has been improving, which is in line with the seasonal uptick as we thought, and we were very clear when we said at the year-end that we did think the business was returning to more normalized seasonal patterns. I think, you know, customers are being more optimistic. That's, that's not really an underlying trend, but I think when you look at the single family permits, which are sequentially improving, and I think there is a sense, particularly in the tier one customers, that they are also taking share, which obviously benefits our business. I think, you know, no concrete trend, but, you know, there is more optimism on the single family housing starts. Slightly less optimism on R&R, which has remained reasonably resilient, but I think there is a little bit of a worry with, you know, the customer confidence. You know, order intake is improving, as I said. If I then take question three, which is on customer destocking, not steal Juliette's thunder, but I think customer destocking was most pronounced in International, clearly in Q1, particularly in North America. We have seen since the trading announcement, sequential improvement in that like-for-like revenue, which is in part a weaker comparator, but also is an indication of that customer destocking receding. I think the other evidence is anecdotal evidence with our customers who are, I think particularly in North America, maybe looking now that they have reached the bottom of their inventory levels. Just to pick up on International margin. I think the first thing to remember is H1 2022 was an exceptionally strong comparator. As Jason says, International Division was particularly badly affected by destocking. We saw that particularly in seals and extrusions product category, where our lead times were the longest last year, therefore, customers built the most stock. With the geographic spread of that business, it has the highest operating leverage of the group. We saw a nice benefit from that last year, we do see the reverse of that this year. You know, looking forward to H2, we think we've seen the end of that destocking, we expect to see an uptick from that. We have continued to look at how we improve the fixed cost base of that business. You remember we moved kind of Asia Pacific region from manufacturing to distribution. We closed the Hamburg facility, which took effect earlier this year, which we said should see the benefits of start to come through. Shortly after the period end, we also announced the closure of manufacturing in Brazil. All of those actions will help variabilize the cost base, and we continue to look at how we improve that fixed cost base. Thanks. 3, I think for me. Just firstly, on pricing in the U.S., is all of the price increase you saw kind of carry over from last year? Have you managed to put any price increase through? I guess, how sustainable is that into the second half? Because presumably, volume's down, still very competitive. Just interested to your thoughts about that. Secondly, on the U.K., just, you said the whole wear business has been quite resilient, given the interest rates have recently gone up quite a bit. Have you seen any kind of, you know, deteriorating trends in the U.K.? How much did the Access 360 cost you in terms of EBIT in the first half? Yeah, just on CEO, any kind of news on that would be interesting. Thanks. Thanks, Aynsley. I think the first two questions I can answer quite easily. The first one on pricing. As a reminder, in North America, we haven't taken any new pricing this year. It is simply the carry forward. I would say that there has been little competitive pressure, actually, on pricing. Now, you know, remember, all we are doing this half is reversing the significant gap that we crystallize in 2021, 2022. It is a catch up. That said, for the second half, as we, you know, as commodity costs are continue to moderate, and as Juliet said, we haven't really had the benefit of that in terms of buying new materials. One would expect surcharges to come off, and that's more likely to be in Q4 as people think about, you know, 2024 plans. The benefit of that, there is no obviously impact or little impact at gross profit level, but there is an impact, a beneficial impact on the margin. We're keen to remind everybody of the significant dilution over the last 2 years on that. The... In terms of the UK, we are pleased with that performance, and it, you know, we've, you know, it has been driven by, you know, significantly improving our efforts on NPD. You know, it is a weak market outlook. The decline is less than the CPA forecast, so we do therefore, you know, think we've been taking share. We've just been, you know, agile in terms of that. We have, you know, given some price support, but, you know, happy with the resilience and that, we'll see how that plays out in the second half. Access 360 did have a, you know, not a significant material impact on the group, but for the UK division, it did reduce profit significantly. Is that kind of GBP 1 million-GBP 2 million or? Yeah. In terms of the CEO search, it is ongoing, obviously, led by the board. I'm sure a very robust process. Nothing to report here, we will update the market as appropriate. You know, as we've, you know, as we've said, it is business as usual. The divisions continue to execute on their strategic initiatives. You know, we just announced the acquisition of Lawrence. You know, in the meantime, nothing really changes. It really is business as usual, supported by strong management teams in the divisions and strong divisional presidents. ... just to expand on pricing in the other regions as well, besides surcharges rolling off, is there any price down that you expect this year? What's the kind of net pricing benefit for the year that you expect across the group? In terms of the other regions, you know, clearly, North America was the biggest part of the lag we had last year. We are seeing some carry forward benefit in the other two, but nowhere near as pronounced as North America. There's, I guess, I'd say more competitive pressures in the other regions than what we're seeing in North America. What we are doing is, you know, where it makes sense to do so, giving kind of targeted promotional pricing support, but not any kind of blanket price reductions. On customer wins in the U.S., you didn't give a figure, I think, this year. We usually do. Could you give us a figure on that? There was some commentary around the exit of low profitability business. Could you expand on that a bit? Yeah, yeah. Net customer wins is a positive GBP 1 million. Within that, there's gross wins and gross losses. You know, within the gross losses. This is being part of our strategy to be very disciplined on pricing. You know, within the gross losses, we have lost some parts, you know, a business where we're not prepared to reduce price. You know, one of the reasons why that was on lower profitable parts of the portfolio that we were happy to see go. Just on M&A, obviously, very pleased to see you do something, and it's a bit of a surprise. Is there much else in the pipeline? Could you see yourself doing anything else in the U.S., or is it mostly kind of European focused, do you think? Yeah, I mean, it wasn't a surprise for us. Lawrence, we've been trailing, you know, for at least a year, and obviously, the accelerated the due diligence over the last few months. We have an active pipeline. We have somebody, who's commit, you know, at the, at the center, who's curating a pipeline, where nothing in the short term with a leverage target. You know, opportunities exist within all divisions, actually, so not just in North America. Excuse me. It's Harry Philips of Peel Hunt. Sorry, three again from me. Just looking at International, and I appreciate the operational gearing and what have you, but when you look at the profitability over the last few years, sort of 15%, 15%, 12%, and then the leap up to 19.5%, 21.3%, let's say it's 10%, 12% this year, that's quite an oscillation, and I appreciate operational gearing is a part of it. I suppose what I'm asking is basically, what's the sort of normal level, appreciating the drivers that have helped the last couple? The second is, Lawrence, in terms of the contribution for the second half of this year, $2 million-$3 million is pretty impressive, given it made $7.5 million last year. Is it just because it's a particularly second half-weighted business, or should we sort of read something into that 7.5 as a sort of carry forward into the out years? Just, you've been sort of obviously fine-tuning the operating base. Is there more restructuring charges to come through the second half of the year in a meaningful way, please? Okay. Thanks, Harry. If I take 1 and 2, we still stand by our, you know, the margin target of 15% over International. I guess if you take the last 3 years, it probably does average at that rate. As Juliet said, with a high operating leverage, you know, we were well above 15%, you know, last year and above in the previous year. There was, if you remember, International, there was a lot of government programs. We didn't have the supply constraints and the labor constraints that we had in North America, which meant that, you know, really we were, you know, we were, it wasn't demand. Supply constraints, that demand really fed through to the results. We see the opposite here, which is why we are reviewing the footprint. As Juliette mentioned, we've just taken the decision to cease manufacturing in Brazil. It really is about, you know, further variabilizing that cost base. We still stand by the 15% margin target there. Lawrence, I guess, is echoing our business 18 in North America in terms of that seasonality. Lawrence had a, as we did, a challenging Q1. There was a certain amount of destocking there and the return to normalized seasonality. We feel pretty confident in the second half. You know, the, the sort of recent order intake has been encouraging. Just restructuring. Oh, sorry, restructuring, Juliet. Yeah, if I take that one. We are complete with the Hamburg footprint move and the UK site consolidation. We don't expect any further restructuring costs to come through on those. As we mentioned, Brazil was announced just after the period end. There will be some further costs to come through in respect of Brazil, but not to the same extent that we've seen in the first half. You know, we're kind of looking at the cost base. Nothing to be announced yet, clearly, it will be dependent on any actions taken. Morning, Christian York from Numis. Two questions. First of all, just looking at the H1 bridge on page 7. Obviously, there's a lot of moving parts, H1 and H2, not least 'cause of comps and those other dynamics that you referred to. Just sort of thinking what the H2 bridge could look like, I assume what we should expect is a significantly lower volume decline coming through, significantly lower drop-through from that as well, because the inefficiencies don't repeat. In terms of price, I mean, and that net price impact, there was a GBP 20 million impact in the first half benefit. Should we be thinking around that sort of level for H2, or does it sort of...? Is there a bit of a wait and see there, in terms of what happens on the price side? The second one was just on Lawrence. Obviously, very attractive margins. Just sort of touch on, you know, the sustainability of those levels of margins and perhaps also maybe how it compares to some of the products within the AmesburyTruth North American product portfolio as well. Thank you. Thanks, Christian. Julie, you take question, first question? Yeah. Yeah, sure. In terms of H2, clearly, we had much weaker comps last year. We do expect that volume decline to be much less, kind of H2 on H2. We expect volumes to be down slightly on H2 last year. As you say, that drop-through, you know, we shouldn't have the same level of impact on fixed cost absorption we had in the first half, with bringing production back up to more normalized levels. The benefit of some of those restructuring and other self-help initiatives should come through. What's the price? In terms of pricing, we're lapping most of the price increases that we put in last year. We don't expect a significant amount of, kind of, incremental price to come through in H2. As Jason mentioned, as commodity costs come down, those surcharges will naturally start to come off, some of those being fairly mechanistic with those big customers in North America. We should see, you know, those start to incrementally step down, mainly impacting Q4. Yeah, we're It's more like mid-single digits in terms of price for the full year. Just moving on to the profitability of Lawrence. As I said, it's a composite window manufacturer. Their main product is sash locks, and now composite sash locks are 30% cheaper than zinc. That really plays out to being 5%-10%. I talked about AT being 10%-15%. Lawrence is typically 5%-10%. These are very low price points, so price is not the key driver. It's about quality and service. That's essentially the Lawrence operation. Very automated. It's a very focused range, so it's almost a niche within a niche. You know, a lower number of SKUs and different varieties. It's a made-to-order model, which means that, you know, with that automation, very agile, we respond dynamically to, you know, to customers' requirements and changing requirements that we can service very quickly. That really is the key driver of the profitability. Thank you. Okay. Good morning. Kate McCarthy from Goodbody. Just to follow on in terms of the Lawrence acquisition, would you be able to give a bit more color just on the earn-out, of Lawrence, for your Tyman? Thank you. Without giving specific details, apart from the, you know, its consideration of up to $12.5 million based on stretching targets for both this year and next year. Clearly, you know, we would be pleased if we paid out in full, given those targets. Thank you. Okay? Morning. Juliette Lours. As you say, on an inventory, unusual movement in the first half, following up these reductions in the second half of last year as well. Can you just give us a feel for what the full year might look like? I'm just trying to get my head around the inventory cycle at a group level, and maybe what you expect working capital to be doing for the full year, please? Yeah, sure. We expect some further reduction in inventory in the second half, although clearly, that depends on demand. We try and align inventory with changes in demand, but we would expect some more to come out, but nothing to the same extent as what we've seen in the first half. I guess, in terms of overall working capital, it's the receivables that we see build in the first half. December being a much lower month, we'd expect an unwind of that receivables balance. We're still holding to our guidance of GBP 20 million-GBP 30 million inflow from working capital for the full year. Okay, great. Thank you. On ERP, always quite difficult to track from an external basis as to, how far down the road you are, and I know you never get to the end of the road with these things, but when do you think it will be substantially done? The hardware and the seals part of the business will be complete by the first half of next year. We move on to the commercial access. We went through the 2 sites, the biggest, Owatonna, in this period, and then a further 2 sites in the second half of this year. You know, so far, so good, I would say. There's always the, you know, initial, you know, issues associated, which are manageable as we go into hypercare. The team has done an extremely good job to have very little customer disruption within that implementation. I may have missed it, from previous presentations, but have you given indicative sort of costs and benefits from the ERP implementation? We haven't given specifics, no. Okay. I haven't missed it. Good. Okay. Hi, it's Rob from Berenberg again. Just two quick follow-up questions. Firstly, on slide 6, on the kind of the revenue bridge on volume, have you given any clarity on of that volume that's lost, so about 20% year-over-year, how much was consciously deferred? How much you just said: "We're not doing that business at that price point. We're not doing it." It was it all effectively just market volume? Then the second question is, like, clearly, you are a kind of big operator in the markets that you operate in the U.S. Could you just give us some more clarity around the competitive structure, fragmentation? Is there any consolidation, any PE activity, any kind of interesting corporate activity outside the market share that you guys have in the U.S. markets? Thanks. If I just take the first one on, how much volume we've lost on price. You know, we haven't been actively, you know, aggressively competing on price. You know, equally, as we've seen, we haven't seen, you know, significant competitive pressures in North America. We don't believe we've lost significant volume on the basis of price. Yeah, on the second question, Rob, no, I don't think we've seen much of corporate activity other than share gains. As I said in an earlier question, what we are seeing in some of our tier one customers is that, you know, they are taking share in the market, which is obviously benefiting us because we are, you know, significant amount of our business is with tier one customers. Yeah, that's, I guess, that's one of the changes I could point to. Thank you. Okay.