Hello, everyone, and welcome to the Vistry Trading Update. My name is Harry, and I'll be your operator today. During Q&A, you can ask a question by pressing star one on your telephone keypad. I'd now like to turn the call over to Greg Fitzgerald, Chief Executive. Greg, please go ahead. Thank you. Thank you, Harry. Good morning, everyone, and thank you for joining us. With me today, I've got Tim Lawlor and Susan Bell, and there's certainly a lot to go through, so I'll get cracking. So it's been another milestone year for Vistry Group with the integration of Countryside and the update to our strategy announced in September last year. I'm pleased to say that the integration has gone very well, and the transition to our new strategy is also making very good progress. We start 2024 fully focused on our high return asset-light partnerships model, with Vistry firmly established as the leading provider of affordable homes in the country. Looking at the year, the group's financial performance is expected to be ahead of guidance, with adjusted profit before tax in line with the prior year reported number of GBP 418.4 million. Total completions were down only 5.4% to 16,124 units, with revenue expected to be down circa 10% at around GBP 4 billion. The former partnerships business actually grew completions and grew by about 3.3%. So this is, we feel, a relatively strong performance and reflects the resilience of our unique partnerships model, with the group significantly outperforming a number of our peers, as can be seen in trading updates during the course of this week, and I'm sure more to come next week. Of course, when we talk about the resilience of our trading model, with regards to that, you need a difficult market to explain that. I think these results, 'cause last year was undoubtedly a difficult market, these results probably demonstrate that. In the presale market, working with our partners, we have seen good levels of demand from RPs and local authorities throughout the year, with demand from PRS providers notably increasing in quarter four. We are currently working with 93 RPs and 37 local authorities. Looking ahead, we see good opportunity to increase our delivery to existing partners, as has been the case this year, as well as increasing the number of people that we are working with in new partnerships. The open market remains suppressed throughout the year, reflecting high mortgage rates, cost inflation pressures, and general uncertainty. Half one, open market prices held firm, with sales supported by incentives of around 3%-5%. In the second half, we saw a small price reduction of around 2% with an ongoing use of incentives. Pressure on prices, I have to say, and I'm pleased to say, seems to be easing in the run-up to Christmas and in the first week of this year. On costs, the group has continued to take a very proactive approach to managing costs, working closely with our valued supply chain partners. In half one, we are set build cost increases of around 5%, with the benefits of synergies from the combination of Vistry and Countryside. In the second half, we were appreciative of the productive engagement we had with our supply chain, agreeing cost reduction for all existing and future contracts. So, just to be clear, we have seen build deflation during the year because of our model. Subcontractors, like no doubt, you guys completely get where we are with, our model, and, if there is a road and, the subcontractors are driving down it and they're looking for work, as they always are, and on the right-hand side of the road, there's a Vistry scheme, and on the left-hand side, there is a scheme of, a similar number of units, but by a private developer, they are gonna be turning right, because what they're looking for all the time is certainty. So when we're out there looking for, savings, we can say, "We will be building 100, 500, or 1,000 units." The question comes back with, "Well, what about market conditions?" It doesn't matter about market conditions. We'll be building them. We're under contract, and we'll be building them as quick as possible. That has enabled us to get some favorable and sizable discounts. Overall, cost savings and synergies have gone a long way to mitigate price reductions and cost increases, and we expect our operating margin for the full year to be at a similar level to that of the combined group in 2022. Vistry Works, our timber frame operation, has made significant progress this year. We reopened our factory in the East Midlands and have driven standardization through the production process. In the year, we delivered around 2,500 units, which was our planned output, and expect output to double in this year, heading towards our capacity of around 7,000 units. The restructuring was complete last year, and we were operating as one business with six divisions and 26 regions. Within this structure, we have the capacity to significantly step up our output to 20,000 units per annum and beyond. The transitioning of our housebuilding land bank to our partnerships model is also well underway, and we were pleased to announce our agreement with Leaf Living and Sage in November for the presale of over 2,800 units, which is, if not the largest deal ever done in that area, definitely one of the largest. As expected, we saw a significant reduction in net debt from the half-year position, with year-end debt at around GBP 90 million, but average net debt was in line with guidance at through the year at about GBP 450 million. Turning now to the outlook. There is still a lot of uncertainty out there, and there is a lot for us to do, but we are definitely seeing some encouraging signs, both at the back end of 2023 and at the start of this year. The group has a very strong forward sales position, up 12% on the prior year at GBP 4.5 billion, positioning us, positioning us, sorry, well, to deliver a step up in total completions in this year. In the pre-sold market, we continue to see good demand from RPs and local authorities, and are securing new partnerships that meet our target hurdle rates. As said, the PRS market continues to pick up. In all my 43 years of experience in the housebuilding sector, there are two things for sure. As interest rates go up, it's harder to sell houses. As interest rates come down, it's easier to sell houses. Not easy, but easier. And it, it's early days, but this is what we are starting to see, and we expect to see this trend to continue through 2024. Importantly, there is really positive momentum in the political arena about the need to solve Britain's embarrassing housing crisis. Commentary about the shortage of housing and levels of homelessness, and the costs to local authorities of this, is everywhere, and I'm confident that the stimulation of housebuilding will be one of the biggest, if not the biggest, elements of debate in the general election. Affordable and PRS will be- housing, will be right at the top of the agenda. In my view, the government will have to put more money into housing, and Vistry is by far and away the best place to work with the government to deliver on their aims. We increased our level of Homes England grant funding in the second half, and are spending it faster than we thought. This is all a positive for increasing affordable housing supply and addressing the country's desperate housing crisis, and I'll reiterate again, we're the only private developer that gets grant from Homes England. We had a one-off adjustment to our margins, arising in 2023 as a result of our changing strategy, which we announced in September. This gave rise to a GBP 40 million reduction in adjusted profit before tax, as disclosed in October. We are comfortable that consensus estimates going forward reflect the revised margins for the business, and there are no further adjustments of this nature required going forward. We will give fuller guidance with our full year results announcement in March. We also announced a number of board changes this morning, and I would like to take a moment to discuss these. The last 12 months have seen an unprecedented change within the organization, including a major acquisition, and that's off the back of a previous major acquisition two years earlier, its subsequent integration, and the announcement of an ambitious new strategy. The board, too, has seen a large number of changes in this time. So firstly, I would like to thank Ralph Findlay on behalf of the board for his significant contribution to Vistry over the last nine years. Regarding my appointment as Executive Chairman and Chief Executive Officer, the board acknowledges, of course, this is not a conventional move and does not align with the corporate governance code. It believes, however, it is in the best interest of all stakeholders and is aimed at providing continuity and maintaining momentum in the execution of the group's strategy and the delivery of its medium-term targets. Furthermore, the board has started a search for an experienced senior independent director alongside a number of other board appointments, and we hope to have everyone in place by the time of our AGM in May. So, to conclude, I am very excited about Vistry's future and fully committed to executing our focused partnership strategy. Working alongside my excellent management team, I'm looking forward to ensuring we achieve our medium-term targets and deliver outstanding returns for our shareholders. That's me done. Harry, we will now take questions. Thank you. If you would like to ask a question, please dial star followed by one on your telephone keypad now. If you'd like to withdraw your question for any reason, please dial star two, and when preparing to ask your question, please ensure your phone is unmuted locally. Our first question of the day is from the line of Chris Sherwin of Numis. Chris, your line is now open. Please go ahead. Thanks, Harry. Morning, Greg, Tim, and Susie. Morning, Chris. Morning. A few of them. Firstly, can I ask about land? You've obviously been a bit more active than the others, and I appreciate that you obviously approach this differently, but how have you found land pricing and the ability to kind of hit your hurdle rate? And perhaps just an additional one on that is just how you're set for planning for 2024. The other ones are a bit more straightforward, so just expectations on that- I can take that. Oh, sorry, let's go one at a time then. No, no problem. Yeah, I'll do that one first then. So, we've got 90%, which is a very strong position of all the land we require for this year, and 80% of everything we require with regards to planning. So planning undoubtedly remains incredibly difficult. But that said, we're not really that affected by the nutrient issues around the country. That's luck and judgment. So we're in a very good place, starting the year with 80% everything we need for planning and 90% of all the land. The land market is soft, and we've taken advantage of that with our new model through the year to buy 13,000 or so plots, and we're getting them very much on our terms, which includes very favorable deferred payment terms. And we don't see that changing for the first half of this year, at the very least, Chris. That's helpful. Thank you, Greg. Next one's a little bit more straightforward. So just curious about the scale of the build cost savings you think you'll achieve towards the back end of the year, Greg. You mentioned some material moves there. ... Yeah, I'd rather not, Chris, other than to say that they're large. But I think that's commercially sensitive. If you look at the number of units that we've just done, 16,000, I suspect if you're a subcontractor or you're a supplier who don't really worry about whether you're selling a house to Mr. or Mrs. Smith or passing it on to a PRS, local authority or a housing association, I suspect we will be the largest house builder in the country, and we have certainly taken advantage of that. When you can say to a supplier, and/or a subcontractor, you know, whether they're a bricklayer or a groundworker, "Here you go, we're definitely gonna do this, and not only that, we want to do it as quickly as we absolutely can," we are getting some eye-watering savings coming through. Yeah, that's as much as I wanna say on that, Chris. Understood. Understood. Last one then from me, guys, please, is just how you see the average net debt trending through 2024? You've obviously got this target to delever over the next few years. I mean, are we gonna see much progress in 2024 on average? Hi, Chris, it's Tim. Yeah, we expect to see average net debt start to trend down during 2024. We said already as you know, that we're targeting getting to a net cash position at the end of 2024, and confident that we're slightly ahead of expectations at the end of 2023, so a better position to go into 2024. Thank you very much, guys. Thanks, Chris. Our next question today is from the line of Ainsley Sherwin of Investec. Ainsley, your line is now open. Hi, morning, everybody. Thanks very much. Hi. Just two from me. Obviously seeing good demand still from kind of RPs, LAs, and the PRS side. Just wondered if you could provide a bit more color what's driving that, particularly on the PRS. Is that, you know, still at good margins, good pricing? So a bit more color on what's driving that good demand. And then secondly, just wondered if you had the land creditor balance as at end of the year. Thanks. Okay. Do you wanna take the land creditor one first, Tim? Yeah, hi, Ainsley. We don't have a land creditor number yet, and I wouldn't wanna just balance sheet details, it's still too early in the close process on land creditors, so we'll have to defer to the results in March for that. Okay, and, thanks for that answer, Tim. And then with regards to PRS, yeah, I mean, the appetite for PRS has grown through the year. We're finding that the PRS providers are looking at the market as I am at the present moment in time, which I think is encouraging. I'm sure the housing market will, you know, not go flying off the handle, but I think it will gradually improve as interest rates come down and certainty over inflation comes down during the course of this year. So we are achieving, we achieved the hurdle rates we required on the deal we announced in October with Leaf and Sage. And we fully expect that to continue, but we have done an enormous amount of deals through the year, and we will continue to do that as we go through 2024. If it's helpful to you, I'm gonna be tougher on approvals with regards to discount levels today than I would have been a month ago. Whether that's right or wrong, we'll see, but that's where I am with my confidence in the market. Great. Thank you very much. Thank you. Our next question is from the line of Gregor Kuglitsch of UBS. Gregor, your line is now open. Hi there. Good morning. So I've got a question- Hi ... on the margins. Just working backwards from what you said, I think we're kind of implying a 12% operating margin, if I'm not mistaken. You said GBP 4 billion of revenues, and I guess, I don't know, if you had GBP 65 million of interest expense or something like that, it's maybe GBP 480 million of EBIT. So that's question one, whether that's correct. And then maybe your comment on that you're comfortable consensus factors in the sort of the new margin level. Is that what you're talking about, 12%, and that you think you can kind of hold that? And then maybe related to that, I know you're not formally guiding, but are you basically suggesting you're kinda comfortable with people at GBP 440 million? So a bit of a step up for 2024 versus 2023. I guess it's early days. And then maybe a third question on, so you couldn't answer the land credit or bit, but in terms of the provisions on fire safety, how much is expected cashed out? And I guess what's your expectation for that going forward? Thank you. Okay. Okay, well, I'll take the build safety one, but Tim will take the rest. Yes, we're very comfortable with the provision for build safety and have been for some time. We never included in our build safety provision for getting or recuperating any of the money back from contractors, subcontractors, warranty providers, et cetera, et cetera, and we're starting to see that come back. So yes, we are comfortable and have been for some time with the provision and are making, I would say, very good progress in line with the pledge that we gave to the government with regards to remediating the 300 or so buildings that we have to look at. On the other points, Tim, do you wanna take those? ... Yeah. So, so more specifically on the build safety in terms of numbers, we, we talked about sort of GBP 30 million-ish of cash going out in the second half of the year, and we're expecting somewhere around high 50-60 million GBP of cash out next year. In terms of the margin- This year, Tim. Oh, sorry. Yeah. So I'm still in 2023 world. Yeah, so- I know. '24. That's the problem with you, that's the problem with you accountants. We need, we need to come up with where we're at. Yeah, thanks, thanks very much. Appreciate it. Yeah, just, just to be clear, FY 2024, high 50s-60, FY 2023, second half, around GBP 30 million of cash went out. In terms of the margins, you're right, Greg, all of that, we're talking around 12% for FY 2023, holding up at that sort of level in 2024. There may be a slight reduction in margin as the mix develops towards, you know, the more partnerships business. So, you know, maybe, maybe we're talking about between 11% and 12% in 2024-- we'll come back with more specifics on that when we get to March. In terms of the consensus piece, consensus is quite difficult at the moment, because there's a big range of numbers, and I think quite a few, perhaps not the ones in the core, have, haven't updated their numbers recently. But the sort of range that we're looking at is from anywhere from Bloomberg that's saying GBP 423 for this year, to others saying, low GBP 430. So I think sort of high 420s is sort of the consensus number, and we're not looking to move people from that, today. Thank you. That's helpful. Thank you very much. Thank you. Our next question today is from the line of Clyde Lewis of Peel Hunt. Clyde, your line will be open now, if you'd like to proceed. Well, Greg- Hi, Clyde. Good morning, everybody. I think I've got three, so I'll do them one at a time, I think. Yeah. Greg, you talked about your sort of view that you're gonna be a bit firmer around sort of discount levels on the bulk sales. Are you at the point where also on private sales, that maybe you're starting to think about cutting incentive levels as well? Yeah. We're already seeing that in the, I'd say from the beginning of December, particularly during the course of last week and what we're expecting this week. I think, headline prices, I'm very confident of saying, are currently stable. And, yeah, we will be looking at the incentive levels that we are giving away. Still very early days, but, interest levels, reservation levels over Christmas and during the course of this first week are not too bad at all. And yeah, we're looking at interest rates helping that situation, Clyde. Okay, thank you. Second- I mean, we've seen some, you have definitely seen some substantial falls in the two-year and five-year interest rate terms. Yeah. Yeah, yeah. The, the second one I had was on land, and not about how much you've been buying, but more about where have you been buying it from in terms of the sources? Again, given, given the focus now on partnership housing and, and the deals you're doing with, with some, you know, the LAs and, and the housing associations in particular. How, how is that source of land changing? It's not really, I mean, 'cause we've been doing this for a while, so it's through land agents, promoters, which is from private landowners. But we also it's Homes England, where we are and we're not the only one, of course, but where we are in a framework over a five-year period, and you have to be on that framework to actually bid for the land. So we've got an excellent team that now, you know, and it's not just price with regards to Homes England, there are other factors to take into consideration as well, which plays to our strengths. So the makeup of the land is Homes England, and then the same as other house buyers. House builders, sorry. What I would say, Clyde, if you look at, particularly since the, acquisition of Countryside, the average size of site that we are looking at has, has moved, dramatically now. So, you know, whereas a scheme of 1,000 or 2,000 units would have been seen as, unusually high for us as we were in 2022, that's becoming, far more of the norm now. So the average size of site that we are buying is, is, is absolutely, going up. What I would say to that, though, is that if you're a pure house builder, would mean you would be, your land portfolio would be, would be quite high. Because, as you know, Clyde, no matter how big the site is, you can—you're only gonna go through it as quickly as you can sell. But with our model, of course, and the way we're looking at pre-sale, if we were buying a 1,000-unit site now, we would be absolutely at least 500, hopefully 650 of those would be pre-sold. And we would be looking at numerous phases, and we'd be looking at driving through that site at a far greater rate than a pure house builder, which would have included us prior to the change in strategy. Okay. So the only change I would say for us on land is basically the average size of site we're buying is larger. Okay, perfect. And that, that sort of brings me on to the third question around sort of big contracts. I mean, obviously the Sage, Leaf Living one, you announced, yeah, was that November, I think, wasn't it? But have you got any more big deals like that, that are due to come through in the next six months? We're always, that's again, commercial. So again, Clyde, we're looking at that. That's as much as I'll say on that. But we are definitely seeing good levels of public sector land releases. And of course, the other thing they like, and again, we're not alone, is they like our ability to incorporate MMC and placemaking within our bids. If I can have one last one on sort of the Timber Frame, the plan to double output, 2.5-5,000 this year. Yeah. What, what are the big, big challenges behind that? I mean, you've got the third factory up and running now, I think, haven't you? Yeah, we have. I mean, and on top of that, we'll be looking at floor cassettes and roof trusses, which are a hard, high margin thing. So the barriers to that would be basically weak management. And we don't have that here, so we've mandated the use of timber frame, and we'll continue to do that. So, you know, we are now a standard house builder, and we're driving that culture through the organization. So when we say, "This is what we want you to do," this business unit in wherever it might be, that is what that business unit are doing. Probably up until the acquisition of Countryside, we weren't so forceful in driving through our wishes on that. But with the capital employed within the Timber Frame three factories that we've now got, and the people that we've got there, we really need to drive that through, and we are. So, I don't think there's... I mean, there's risks with everything, of course, but, that wouldn't be anywhere near the top of my list of driving that through to 5,000. And, we're looking at shift patterns, et cetera, et cetera, now to move that on as quick as we can to 7,000 and beyond. Okay. Perfect. Thank you, Greg. Thanks, Frank. Our next question today is from the line of Will Jones of Redburn Atlantic. Will, your line is now open. Thanks, I'll try three as well, please, if I can. Yeah. The first is just whether you can help us understand that, the 217 open market sales outlets that, and the 350 of build, just the gap between the two and whether that's normal, and linked to that, I suppose, how you expect the 217 to fare? Do you wanna take that, Tim? Yeah, I can try and reconcile the two. So within the 350, a part of this is around the presale model. So obviously, with 100% presale contracts, we don't need to have sales outlets. So that's probably close to half of the reconciliation between the two. And then the other bit is start building before where it's too early to open the sales outlets. So that sort of gap, I would expect, will continue. That's reasonable. And in terms of the sales outlets, we may see some growth this year, but it's probably too early to give a sales outlet expectation for the year. Thank you. And the second was just with the pickup in interest in PRS later in the year, did you see any change on discounts to bulk sales? Where are we, if you'd be willing to give raw percentages on that? What I would say, Will, is that the interest was there. The discount levels that the PRS providers were looking for were at the same sort of level as they were at the start of the year. As we went into the last quarter, we just became a little bit more robust with what we were prepared to accept, and have been, yeah, and are still doing deals. Let's put it that way. Okay, thank you. The last one was sort of probably too early for this, but by targeting a net cash at the end of the year, presumably there's an input in there for the shareholder distributions. Any context on what, what that, that number or range might be? I'm gonna pass-- Tim's making terrible faces at me, so I'll look to you, Tim, on that. I don't want you to over commit too soon, Greg. In terms of the buyback, so obviously, we've got the commitment from our capital allocation policy, which is that 50% of our net earnings would be distributed, so absolutely no deviation from that. So we'll announce the next set based on the year-end results we announced in March, you can expect we'll announce the next tranche of buybacks. We're continuing with the buyback program of the GBP 55 million we announced in back in September last year. It's going a bit slower than we expected, partly due to the volatility of the market prices and share prices, which constrain the speed of buyback processes. But that will continue. Then, the question will be: Is there any discretionary additional buyback on top of that, on top of the standard distribution? And that one, it is too early to say, as you suggested it might be. We want to just do a little bit more analysis of our alternative investments per our capital allocation policy. So we want to make sure that we are investing adequately in lands and in the business first. So we need to conclude that process before determining any discretionary buyback over and above what we're, what we'll distribute through our formal policy. Thank you. And it's base case at the moment that it's all distributions are buyback with no dividend, or is that still up for grabs? So we haven't, we haven't formally declared that, and, you know, share price has obviously moved quite a lot in the last couple of months. But I think, you know, the sense we gave in September, we've continued to give, that buybacks at the moment look compelling at, at our current share price. Thank you. Thanks, Will. Our next question today is from the line of Ami Galla of Citigroup. Amy, your line is now open. Yeah, thank you. Two questions from me, please. One was on forward sales. If you could give us some color in terms of the mix between open market and contracted within that. And do you have a sense, by the year-end, how would that mix shift? ... between the two elements? And my second question was just on your sales to RPs and LA, the local authorities. Is there any behavioral shift that you would expect from them ahead of the election, or is it really business as usual into this sort of election season? I think it's gonna be pretty much business as usual into the election season, and, having been caught many times before, the only thing we're absolutely prepared for is a thing called Purdah, which is a period where local authorities and housing associations can't enter into contracts with you. I think it's a month, well, basically from the announcement of the actual election date. So, you know, whether it's May, that would basically mean April and May will be difficult to enter into deals, or whether it's more likely October, November, it's a similar thing, so we've built that into our programs. With regards to the first part of your question, Amy, are you taking that, Tim? It sounds like I am, yes. So in terms of the mix between pre-sold and open market, you know, we are—we're not disclosing that on a basis that it, it's very heavily, heavily into pre-sold, and we tend not to think about the forward order booking quite that way in our model now. But to give you a sense, as you asked the question, I think clearly the vast majority of our forward order book is within pre-sold and was boosted by a significant amount of pre-sold, including the Sage deal in the fourth quarter. Open market, down slightly from where we were last year, which is partly due to the change in the business model and the focus of the business, but also because, as we know, the conditions were a bit tougher in 2024, sorry, in 2023 than they were in 2022 as a whole. Thank you. Our next question today is from the line of Harry Goad, of Berenberg. Harry, your line's now open. Please go ahead. Yeah. Hi, good morning. Thanks for taking my question. Hi. I guess I'm just thinking a little bit more midterm, and you've obviously talked about the ambitions for the volume growth in the business. How does... or how do you think about sort of overhead investment, staffing levels? I mean, I'm thinking, you know, site managers, sales execs, you know, commercial teams, things like that. You know, how much can the business grow? How much capacity do you have for growth in the business before you need to be reinvesting in those sort of overhead, sort of, head office type roles? Thanks. Yeah. So what we would say is the 26 business units that we've currently got are more than capable of doing in excess of 20,000, you know, 22,000-23,000 units. So that's the most important point. So, there's no new geography, no new offices to be opened. But yes, within those business units, they will require, without any shadow of a doubt, site managers, surveyors, buyers, and the like. So we are confident that with our business model, similar to where subcontractors are coming, with the certainties of work for people, and what we're finding, particularly with younger people as well, being a responsible developer and doing the right thing, helping solve the housing crisis in this country, we're finding, yes, you know, pay and rations is very important in attracting people to the business. But we're also seeing, as I say, particularly with younger people, people like what we are doing within the housing market sector, and we are attracting people accordingly. I would have more concerns if our growth targets included new offices and new geographies, and I'm delighted to say they don't, but they do include, obviously, for taking on further people within those business units, but we're confident we can do that. Great. Very clear. Thanks. Thank you. As a reminder, for any further questions, please dial star one on your telephone keypad now. The next question is from the line of Glynis Johnson, of Jefferies. Glynis, your line is open. Morning. Hi, Glynis. Actually, it's, it's sort of a strategic one more than anything else. You talked about that increased size of site, that 1,000 and 2,000 unit site being sort of more of the average. How do we think about your land bank size in terms of years, in terms of years you've secured land? Does it need to be the six to seven years that we've seen previously in new partnership businesses? I mean, historically, it could be nearer four to five. What, what is the right- Yeah. Land bank years for your model now? I think 3.5-4, because we will be driving through that land bank so much quicker. So, you know, I can still remember joining Bovis, who had a huge land bank, at the time in 2017. But, you know, the majority of the land bank was on two sites, one in Bristol and one in Wellingborough. The one in Wellingborough is still going very, very strong today. The difference is we can go through those schemes using other people's money, our local authorities and housing associations, that much quicker. So, if you just take where we were, we've got a 1,000-unit scheme. We're gonna do somewhere between, you know, 70-150 a year. That's the affordable Section 106 and private sales. It's as simple as that. Whereas today, you know, there's nothing to stop us from divvying that up into five phases of 200 units, putting five compounds, five different site management teams, except management teams, I should say, sorry, and actually drilling through that within a couple of years, which will be our intention, and that will be massively helped by the ability we've got with our Timber Frame factories. So yeah, I would still say, Glynis, 3.5-four years is more than adequate because, you know, all of our larger sites, you know, they won't be tied or lazy assets. We will be able to drive through and build those very quickly, which again is incredibly appealing to our supply chain, as I mentioned earlier. Thank you. Okay. Thanks, Glynis. Okay, Harry, I think that's all the questions, is it? That's right. We have no further questions in the queue at this time. Okay. Thanks very much for taking the time to go on to the call, everyone. And, you know, as normal, we've answered those questions as openly and as honestly as we can. But, thanks very much for your time, and no doubt we'll see you soon. Thank you. Ladies and gentlemen, this concludes today's call. Thank you all for joining. You may now disconnect your lines.