Can we just start? There's technically 2 minutes to go. I think we'll get going, shall we? All right, good morning, everybody. I'd probably just like to start by saying that there isn't a secret Wincanton rebranding of colors, and that Tom and I are launching at the same time. They are from different places, but they are remarkably similar. I chose mine first. Good morning, and thanks for being here for the presentation of our full year results for the year ended 31st of March, 2023. Joined today by Tom Hinton, not Tom Hinton, as his badge said first thing this morning. By Paul Durkin, who's our Chief Customer and Innovation Officer, and at the end, Ian Keilty, who's our COO. Moving to slide two, the disclosure statement, which I'm pretty sure everybody in this room is familiar with. The agenda for this morning, in a minute, I'm gonna take you through an executive summary covering the main themes of Wincanton's performance for this year. Gonna hand over to Tom, who's gonna talk us through the details of our financials, including sector performance and how we're responding to the challenges presented by the current macroeconomic environment faced by all sectors of U.K. business. Gonna return to give an update on progress of some of the key elements of our strategy, particularly focusing on those priorities that will ensure we deliver for our customers in FY 2024 and beyond. These include the e-fulfillment and public sector markets, the strategic shift in our transport offer, and the importance of our foundation sectors. We'll then conduct a question and answer session. The executive summary. Against the background of revenue growth of 2.9%, our FY 2023 delivered record underlying profit for the group. Whilst understandably, the market perspective has shifted to the challenges that we face in FY 2024, I do want to highlight last year's achievement, which is testament to the progress we've made on our strategy and the benefits of our diversified portfolio of businesses, the quality of our customer service, and the advances we've made in both technology and innovation. Our full year underlying profit before tax increased by 6.9% versus last year. Public sector performance was a highlight with HMRC and Defra contracts enhancing the group's profitability. Despite continuing inflationary pressures and lower volumes, our foundation businesses performed consistently with open book contracts providing substantial protection. Closed book warehouse services in high volume e-fulfillment, as well as transport operations for two-person home delivery, consumer products, and construction materials, were all impacted by the broader market pressures experienced in the current economic environment. Revenue growth was more modest at 2.9%, reflecting those lower retail and construction volumes, particularly in the second half of the year. Nevertheless, we have continued to see growth in our e-fulfillment sector, driven by expanding business with both IKEA and Wickes, two of our longer-standing customers. Wincanton's balance sheet remains a strength, and I'm pleased to be able to propose a further increase in our dividend. Our long-term strategy to deliver profit growth through adding more value to our customers through technology is unchanged. We've made further progress in year with automation and robotics and have several exciting projects that will be delivered in the coming year. Our refreshed transport product is underpinned by the investments we have made in planning, optimization, and visibility software, and we're excited about the opportunities these technologies will enable us to pursue. Building on our strong client relationships is a key driver of our growth. It's been particularly pleasing to see renewals with the likes of Asda, Waitrose, and Halfords, as well as winning new contracts with Primark and New Look in our foundation sectors as we have this year. These customers help us to maintain our economies of scale and provide the best opportunities for technology deployment. Furthermore, wins in high volume e-fulfillment and our two-person home delivery network are essential for profitability in shared user operations. We've talked previously about the loss of the HMRC contract. Whilst disappointing, this in no way diminishes our desire to win in the public sector to ensure that Wincanton remains a diversified business. We still believe that Wincanton has an important part to play in government logistics, as evidenced by our role with Defra and in the healthcare and defense sectors. Looking forward, we remain mindful of the difficult headwinds facing ourselves and our customers and have a clear focus on short-term profitability in FY 2024. The transport market is particularly challenging. Our revised strategy in this area will both reduce our financial exposure and offer new opportunity. I'm now gonna hand over to Tom to take us through a more detailed financial review addressing these things. Thank you. Clicker's on that thing. Thank you, James. In this section, I'm gonna walk through the financial performance, outline how we're managing the economic headwinds and challenges we face as a business, and then I'm gonna finish on our balance sheet, our cash flow, and our dividend proposal. Let me start with the financial highlights. FY23 has delivered GBP 1.46 billion of revenue, our highest revenue since disposal of our European operations in 2011. This was a 2.9% growth on the prior year, which in itself was a particularly strong year with substantial post-Covid performance in the grocery and consumer. Revenue increased in all sectors in FY23, bar Grocery and Consumer, where we anticipate a return to growth in FY24, having recently secured a substantial contract with Sainsbury's. This progression in revenue has been delivered against a challenging labor market and external environment, the impact of which I'm going to outline later on in the presentation. I'm particularly pleased to show the increase in all underlying profit measures in FY 23: EBITDA, PBT, and PBT margin as well. So taken in turn, EBITDA growth of over 12% has been delivered through an excellent year in Public Industrial, alongside new business wins in e-fulfillment and our foundation sectors of general merchandise and grocery and consumer. The transport market has been challenging, providing a headwind to both revenue and profit in the year, which both James and I will expand upon in later slides. Underlying PBT of 6.9% lags the double-digit EBITDA growth as lease depreciation stepped up in FY 2023, representing our investments in shared use facilities, which are building their utilization rates through FY 2023 and FY 2024. Our public sector business had a particularly strong year, that high-margin reactive business delivered the incremental profits, which pushed the underlying PBT margin up from 4.1% to 4.2%. Wincanton maintained its excellent record of cash generation, which I think is a distinctive characteristic of the business. Free cash flow of GBP 48.6 million was slightly below FY 2022, reflecting higher tax cash payments and the impact of our sustained investment in our e-fulfillment facilities, increasing both CapEx and those lease payments. Post-dividend payments and pension contributions, the business had a net cash inflow of GBP 9.5 million, closing the period with a positive cash balance of GBP 13.2 million. Final dividend is proposed at 8.8 pence per share, a 10% growth on FY22. We remain confident of the long-term cash generation nature of this business. Returning to the top of the slide, revenue grew by 2.9% year-on-year. Traditionally, we show a four-sector views on how the revenue has increased and decreased year-on-year. I will still show that, but I wanted to highlight one of the core drivers of revenue movement that sits within those four sectors, which are our transport contracts. Just above Ian's head there, you will see a 9.7% number, and 3-year revenue growth has been 9.7%. Within that, the transport revenue has been consistent, with our open book contracts growing at 6.1% and our closed book contracts declining at 5.7%. Together, if you take together those open and closed book transport contracts, they've increased at around 1% per annum over the 3-year period. Our strategic growth focus markets, particularly e-fulfillment and public sector, have delivered a stellar 18.3% growth over the last 3 years. You'll see that moving from FY22 to FY23, our 2.9% growth in revenue has been delivered against a substantial fall, substantial drop in our closed book transport contracts, which has fallen by 1.7% or 45 Sorry, by 17% or GBP 45 million. This drop includes the loss of Heineken and Ibstock. This closed book transport market has been a challenging market for all three years, providing minimum economic return on capital and substantial risk for Wincanton. We've therefore made the strategic choice to exit the standalone closed book transport contractual structures and ensure Wincanton's business is focused solely on open book and 4PL management. We remain confident of our open book contractual structures and growth opportunities, typified by the GBP one and a half billion contract win with Sainsbury's I mentioned earlier. Our FY 2023 results subsequently show a non-underlying non-cash charge as we impair our closed book transport contracts, reflecting our desire to exit this market and enter different contractual relationships with our current and future customers. James will provide more detail on the development of our transport business model and the exciting growth opportunities we still see there. Moving away from this transport and non-transport split, and returning to our traditional four-sector split. Let me explain the FY 23 performance and its steady growth from our FY 20 base. I know it's a busy slide. I'll walk through it. Firstly, on the left-hand side, our foundation sectors of grocery and consumer and general merchandise. Grocery and consumer three-year growth of over 6% with FY 23 slowing down due to the reduction in large closed book transport contracts, offset by strong growth with customers like Asda and Suntory. We anticipate this growth to accelerate in FY 24 with the new expanded Sainsbury's open book transport contract. Moving down the slide to the left one, which is general merchandise. It's been a standout performer during the COVID years, accelerating at 11% per annum with strong volumes. FY 2023 growth of 3.5% has been driven by new business in Primark and MGA Entertainment, offsetting some lower trading in both DIY stores, and the exit of our Wilko transport contract. Moving to the right-hand side and the strategic growth sectors. Firstly, e-fulfillment, our focus for recent CapEx and investment. Three-year growth of 30% per annum have been seen in this sector as it's gone from GBP 115 million up to GBP 254 million, with Cygnia adding GBP 38 million of that. Excluding Cygnia, this sector's grown by 23%, reflecting the opportunity in the market and our excellent shared user proposition, despite more challenging conditions recently. FY 2023 growth has been at 13.8% or 7.6% excluding Cygnia. This non-Cygnia growth has come through onboarding The White Company and growth with Wickes, a core customer of ours. Within Cygnia, trading has been challenging, reflecting the post-Covid e-commerce downturn seen across the market. Some key customers of ours have reduced volumes. We've ended our relationship with both Moonpig and Revolution Beauty. Challenging trading has also been felt in two-person home delivery, where our network model is particularly sensitive to volume decreases in large discretionary spend items. We have responded to fluctuations in volumes through close management of our cost base, which has supported the profitability of this sector. Despite these difficult trading conditions, we have gained substantial new customers in FY 2023, including Nkuku, Neal's Yard, and Huda Beauty. We've also recently announced the expansion of our IKEA relationship, a business at the forefront of implementing sustainable supply chains into their operations and a flagship customer for Wincanton. We anticipate further growth into FY 2024 despite the challenging external conditions. Finally, at the bottom right, public industrial, our second strategic growth sector. Within P&I, we've had volume headwind in the construction market and moved away from several closed book transport contracts, including Ibstock and Forticrete. These transport contracts contribute GBP 20 million of year-on-year revenue reduction. Against this revenue reduction, we've seen excellent performance in our public sector, with DEFRA and HMRC adding a further GBP 21 million in the period. This shift in mix within P&I has also driven a shift in profitability, with closed book transport contracts on much lower margin and high risk than our public sector and industrial contracts, such as EDF or BAE Systems. Top line for P&I may appear to lag behind the other sectors, but it's had a strong profit year, helping to drive our group margin up by 10 basis points. This growth in underlying profit margin can be seen in the following year-over-year comparison. Underlying EBITDA has grown by 12.6%, with that growth across the sectors and particularly from public industrial. EBITDA margins have accelerated with strong trading margins delivered in our strategic growth markets. However, depreciation has also increased as a consequence of this recent investment in strategic growth. The 17% depreciation growth comes primarily from the right of use assets for sites such as Rockingham, Harlow, and Cygnia, alongside the investment in automation in those locations. As these facilities which enable Wincanton to deliver enhanced closed book profitability. Similarly, the external environment and the cost of using our RCF has increased substantially in FY 2023. We have limited external debt, though we do use the RCF within the month. It's been drawn by GBP 53 million on average. Average interest rates on our RCF have gone from 1.7% in FY 2022 to 4% in FY 2023. The increased interest rates in both our RCF and our IFRS 16 lease obligations have driven our financing costs from GBP 6.6 million to GBP 8.7 million. We have a very strong balance sheet, which I'll return to later. Finally, these in-investment and interest increases provide drag on the bottom-line profit growth with EBITDA growth at 12.6% at the top for its underlying PBT growth of 6.9% at the bottom there. Our effective tax rate was 15.6%, lower than the standard 19% corporate tax rate as we've taken advantage of super capital allowances in both our PPE spend and higher purchase of tractors, delivering nearly a GBP 2 million benefit to the business. We're pleased with this profit and margin increase in the face of a challenging external environment. It's testament to our twin strategy of investing in growth markets whilst maintaining a core customer base with the grocery and consumer and general merchandise markets. As discussed at the half year, this challenging external environment has generated headwinds for Wincanton. Let me unpick some of those specific headwinds and how we are mitigating them. Broadly speaking, those headwinds fall into three categories, which are, of course, all interrelated. Firstly is the labor market challenges, and throughout all of FY 23 in the U.K., the constrained labor market and pay negotiations have been front of mind, dominating headlines with both pay level rises and union strikes. Wincanton has navigated these negotiations well for both our colleagues and our customers. Secondly, it's inflation across multiple cost lines of our business, linked to both these labor market negotiations and the wider inflation environment we've experienced in the U.K. Thirdly, and a consequence of both higher inflation and less disposable income, a downturn in consumer spending. While inflation is at double digits, this reduction in consumer spending is not apparent in headline sales figures, but it does manifest itself in lower volumes, particularly for a contract logistics operator. Taking each of them in turn, let me expand on the challenge and the steps we're taking to manage these headwinds. Firstly, the labor market challenge, where both unionized labor and record low unemployment rates create a challenging environment for a people-intensive business like this. Wincanton has over 20,000 colleagues across 160 locations with around 100 customers. Of our 20,000+ colleagues, about 56%, so not the 59 there, but about 56% are in 1 of 5 unions. Those unions include Unite, Usdaw, GMB and URTU. Within our cost base, this number here, 59% of our costs are driven by labor, so it's very important for us. Importantly, we have good relationships with all five major unions, achieving optimal results for our colleagues and our customers. We operate open book contracts, and most labor costs are passed through to our customers once we've achieved the best deal possible. In this financial year, 93% of our wage negotiations have been successfully completed, with average pay rises secured of 8%. Of the remaining 7%, negotiations are nearing completion with the expectation they will conclude within Q1 or shortly thereafter. We've delivered a fair cost of living increases and also invested in our people, delivering 331 apprenticeships in the year and 221 new qualified drivers. Of course, those wage increases inflate our cost base and that of our customers. Our operational excellence teams, contractual structures, and management actions seek to mitigate this headwind, protecting both profit and cash for our open book customers and closed book contracts. As we explained in the half year results, 74% of our contracts by revenue are open book, which is the left-hand side. In an open book contract, the customer pays Wincanton the incurred costs, and Wincanton charges a management fee, often with a gain share for cost reduction performance. Within the open book, costs are passed on to our customers who bear the risk of cost inflation. Which is the left-hand side here. On average, costs have increased by 5%. As you'd expect, 67% of the cost in the open book relate to people, the pie chart on the bottom. We've seen the year-on-year increases as wage inflation is agreed with colleagues in all those markets, all those contracts. 8% of open book costs are subcontractors. Our market has actually loosened year on year, reflecting the resolution in driver availability that hampered FY 2022. Those costs have actually fallen by 5% as driver supplies increased. The greater impact of inflation is felt in our closed book contracts, which constitute 26% of revenue. Those closed book contracts have a greater weighting on location costs, such as Rockingham, Cygnia and Harlow, and closed book transport contracts. They therefore have lower people costs as a percentage of the cost base, which is the bottom pie chart. Inflation for closed book costs has been at 11%, with all cost categories increasing apart from subcontractors, as mentioned earlier. Far, looking at all exceptional and contractual rate increases, we've delivered an average price increase of 6% in our closed book contracts. There is therefore a headwind in the closed book, representing the time lag of passing these inflationary pressures onto our customers. This was clear at the half year, and this has been replicated at the full year. We worked tirelessly as a business to mitigate this closed book inflationary headwind, utilizing the mechanisms outlined in the right-hand side of the slide. Of particular note are the rate reviews, both contractual and exceptional, that allow us to pass RPI and CPI to our customers. We have a fuel escalator mechanism in all our transport contracts, ensuring all fuel exposure is passed to the customer. Rate reviews are always a negotiation, strong customer relationships, excellent service, and ongoing continuous improvements through fleet, process improvements, and people have been essential in FY 2023. Let's go to the final headwind impacting nearly all businesses announcing their full-year results, and that's of changing consumer spending habits. According to the Office for National Statistics, retail sales of volume, not sales, have fallen by 6% year on year, FY 2023 versus FY 2022, that's the top graph. Our customer base does not exactly mirror retail spending, as we're also in construction, public, defense, and industrial markets. However, the food, non-food, and online reductions that are apparent across the market are being felt in our business. Indeed, our experience of like-for-like customer volume reductions, so stripping out things like new business and changed contracts, show a year-on-year reduction of 7%, with the second half of the year marginally worse than the first half. Our open book contracts are well structured to be relatively agnostic to volume fluctuations, with costs passed to the customer and profit derived from a management fee and gain share mechanism. Our P&L exposure here is in declining revenue through lower labor costs and a reduced ability to charge customers for overhead recovery, which has a marginal profit impact. However, on closed book contracts, we are of course, volume exposed, with lower volumes driving lower revenues against a less flexible and asset-heavy cost base. This volume reduction impacts the profitability in our shared user facilities, particularly in the e-fulfillment sites and our two-person home delivery network. To combat these volume headwinds, our focus has been on operational excellence, delivering cost savings for both us and our customers. Furthermore, shared user spaces have been filled with incremental volumes from customers like Neal's Yard. Finally, this consumer downturn sharpens our focus on unprofitable closed book transport contracts, which are particularly exposed to volume reductions. As discussed earlier, we have made the decision to exit unprotected closed book transport contracts, guarding our future profitability against further volume declines. This exit of unprotected lane rate haulage contracts precipitates a one-off non-cash impairment in our non-underlying category. This is this page here. Equating to GBP 19.5 million, which is made up of the IFRS 16 asset balance against these contracts, plus a minimal restructuring charge. Other non-underlying costs arise from the implementation of our Oracle Cloud system, and this system is enabling harmonized payroll across Wincanton. It also enables all of finance to be integrated onto one platform, enhancing controls and streamlining back-office processes. Turning from our headwinds and non-underlying charges to our cash flow and balance sheet, which is one of Wincanton's real strengths. GBP 13.6 million of EBITDA growth in the year to GBP 121.9 million, at the top here, has been delivered alongside a net inflow of working capital, driven by tight credit control, accurate invoicing, and vigilance on all customer situations. Our excellent cash collection is due to the criticality of our service to our blue-tick customers, who pay on time every month. We've also taken very seriously our commitment to paying our suppliers and SMEs on time. 95% of our suppliers are paid within 60 days, and 84% of SMEs within terms. Cash tax payments have increased to GBP 8.8 million. That includes GBP 3.3 million tax payable from the prior year and the payments on account with HMRC. High interest costs reflect the high interest environment, both our facilities and our leases. Two large increases in cash outflow in the year have been in lease payments and in CapEx. The leases reflect our new leases at Harlow, a full year impact of Rockingham, core sites to deliver for our e-fulfillment growth ambitions. CapEx increase is a result of our strategy to really invest in automation, robotics, and IT. This CapEx reflects spend equipping those shared user facilities. Coming down the page, we've made GBP 20.1 million of pension contributions in the period and paid GBP 15.3 million of dividends. As you can see, we have over 3x dividend cover from our free cashflow. The net result was a cash inflow of GBP 9.5 million in the period, closing the cash for the end of the period at GBP 13.2 million. One of the strengths of Wincanton is our balance sheet, and this is particularly evident in this cash flow statement, where working capital is well managed, CapEx is light, and net debt is at a minimum. The area of the balance sheet that always receives particular attention is the final salary pension scheme. It's been quite a year for pensions in the U.K. in FY 2023. Never did I think I'd find pensions quite so interesting. The dramatic shift in interest rates and the focus on LDI exposure has fully stress-tested our pension scheme, which proves to be very well hedged and insulated from the leverage in LDIs that some schemes suffered. As mentioned in the half year, 20-year gilts would have to hit 11% before any rebalancing of the asset base would be required to provide additional collateral to our LDI portfolio. We are pleased with the resilience of this scheme. From the IAS 19 perspective, both assets and liabilities of the main scheme fell substantially under the high interest rate environment, respectively falling 26% and 29%. The defined benefit obligation to pensioners and deferred members stands at GBP 774 million now, down from GBP 1,091 million at the end of FY 2022. GBP 20 million was contributed to the scheme in FY 2023, and GBP 39 million of benefits were paid to pensioners throughout the year. The net result is an IAS 19 surplus of GBP 115 million, reflecting the contributions made in the year, benefits paid, and well-hedged movement in the scheme assets and liabilities. The next triennial is underway, which will provide a firmer view on the actuarial deficit. The current estimated technical deficit is GBP 12 million, which is a significant improvement from the last triennial evaluation of around GBP 200 million. Finally, the board approved an interim dividend of 4.5 pence, which was paid on the 30th of December. A final dividend of 8.8 pence is proposed for payment, taking full-year dividends to 13.2 pence per share. The final dividend we paid on the 11th of August represents a 10% growth from FY 2023. Having reviewed the financials, I'd like to hand back to James, who'll provide a strategic update and outlook for the next financial year. Thanks, Tom. As I said in my initial summary, as is also clear from Tom's review, we're highly focused on delivery in FY 2024. I'm going to cover the 4 most important areas in this section before giving an update on ESG. Beginning with e-fulfillment, as Tom's slide on revenue illustrated, we've delivered impressive growth in our e-fulfillment sector since its inception in FY 20. We've grown relationships with IKEA and Wickes, as well as onboarding major contracts with Waitrose and The White Company, delivering over 30% compounded annual growth. At the same time, we've also invested further in shared user e-fulfillment operations, where we see higher margin opportunities going forward. In doing that, we acquired Cygnia, and we made a breakthrough in productivity through our subsequent robotics deployment in one of their buildings. Our highly automated Rockingham facility is a market leader for shared user operations, and we've also invested in the expansion of our two-person home delivery network through our new facility at Harlow. Building on these investments is our focus for FY 24 because while we continue to believe that shared user solutions offer significant opportunity for the group, the market conditions are currently unfavorable for logistics providers. E-fulfillment customers have a higher propensity to outsource when volumes are booming, and they need new solutions to deliver reliably for their customers, and clearly, that's not the case at present. We've also seen some evidence of a reverse trend with customers insourcing into excess capacity within their own networks. This means that our business development team need to work doubly hard to identify and secure opportunities for these networks. It also means that we must challenge ourselves to review the capacity available to ensure that we don't carry unacceptable financial risk. We still remain confident in both our pipeline and our plans. Public and industrials is another important area for us. The group strategy to ensure our markets are diversified, delivered successfully in FY 2023. The loss of the HMRC contract was obviously disappointing, but we still believe that Wincanton has an important part to play in public sector logistics, as evidenced by our role with Defra and in healthcare. Our heritage in the U.K., our long track record of delivering value for businesses across the country, and our investments in future-facing technologies and innovations make us a strong partner for the public sector when seeking outsourced support, managing complex supply chain operations. As previously communicated, the upcoming NHS Supply Chain tender is an important target for the group in this regard. Defense logistics remains an important part of the group's activities. I'm pleased to say that our role with BAE Systems has also continued to expand. We've continued to develop our role in the industrial sector too, building on our relationship with Alstom, as well as securing a 10-year contract with Tata Chemicals Europe, British Salt, to provide U.K. warehousing and transport control tower services. This remains a really significant part of the Wincanton portfolio, and we're focused on making further progress here in FY 2024. Transport, one of the most important parts of what we're talking about today. The past few years have been particularly tumultuous in U.K. transport networks. The impact of volatile customer volumes driven by various pandemic effects, coupled with both under and oversupply issues due to firstly to the driver crisis and then to subsequent pay rate increases, have created conditions where closed book pricing is highly unpredictable. As evidenced by Tom's revenue chart earlier, the low value commoditized end of this market has often been a difficult place for Wincanton to compete, providing poor levels of return on capital employed. Recent conditions have exacerbated this further. Operating a closed book fleet either requires significantly more scale than we have or a much lower cost base, which is pretty difficult to achieve in a business built for long-term customer partnerships. As a result of these dynamics, we've taken the decision to accelerate our path to a transport product that is more aligned to the business's role as a true supply chain partner. We know we can win a customer's trust to run big, dedicated open book outsource fleets. Our recent win to do this for Sainsbury's is the largest contract in Wincanton's history. We are good at it and we know how to complete successful TUPE transfers and deliver continuous improvement for our customers. Our investment in planning and optimization technology will help us to win more of this business, and as we do so, we will use the software to look for opportunities for those networks to collaborate with each other. However, to be a serious player in the U.K. logistics market, we do also have to have a product that caters for those customers who do not have majority dedicated fleets. In the past, we've done this by deploying Wincanton assets at risk, doing a good proportion of this, only then further subcontracting part of the volume. In the future, our revised strategy uses technology at its core to provide efficient and reliable subcontracted services, linking those that want to deploy assets with those who need them. Our technology delivers execution of plans, seamless integration with subcontracted partners, and data reporting tools that enable better control of operations and inform longer term strategic choices. Our pitch to customers is that even where we procure transport at roughly the same price that they do, we can deliver it better with more visibility, more data, and more operational control. Many customers will want both products, management of a certain amount of dedicated fleet plus outsourced 4PL control of sub-subcontractors. This will give us an advantage against pure play technology entrants into the market who are focused only on asset-free propositions. However, us thinking in the way that they do about technology should also give us an advantage against our more traditional competitors. Based on open book principles, our refreshed transport offer presents a more equitable balance of risk and reward between Wincanton and its customer base across a broad range of market conditions. We're excited about opportunities in this area and are already in several interesting conversations with potential customers. As I highlighted in my executive summary, our foundation markets remain critical to the business. We've had a good year strengthening our existing relationships and developing new ones across both transport and warehousing operations. Wins with customers such as New Look, Primark, and City Electrical Factors reinforce that Wincanton is a major player in the U.K. contract logistics market, and we continue to have a healthy pipeline of new opportunities in these sectors. Foundation markets provide the best opportunities for us to deliver our new technology aspirations, either through automation in warehouses or technology-enabled transport operations. As we've discussed in previous presentations, open book contracts allow us to build out further our engineering expertise, as we've done this year with B&Q, with Britvic, and Suntory, working on major automation projects. They also bring scale opportunities to deploy Wincanton technology for the benefit of customers and the group, and we expect to deliver a number of these projects in FY 2024. ESG and the Wincanton Way remain a priority for the business. For the environment, our premium home delivery service has been carbon neutral since 2022, and we consider this to be our first major milestone delivery. We've built further milestones in our net zero roadmap that give us tangible goals for 2025, 2026, and 2030. We've continued to present carbon reduction programs to our customers throughout the year, notably to support, as Tom mentioned, our continued growth with IKEA. We're making a multi-million GBP investment in electric vehicle technology to enable IKEA's goal of reaching 100% zero emission last mile deliveries by 2025. The new fleet is expected to save 1,000 tons of carbon emissions each year across over 10,000 journeys per annum. We've also successfully trialed HVO, Hydrotreated Vegetable Oil, fuel for a major customer in our mission to create a sustainable supply chain future. In the social value space, we launched our Million Hours Mission and committed to delivery of this target by 2025. The target captures several initiatives under our broad banner of culture of care. We continue to undertake work in our local communities through engagement events, volunteer work, and charitable partnerships, as well as maintaining our commitment to training, apprenticeship, and graduate programs. We've set out a clear governance strategy to ensure our structures, systems, and controls remain business focused and agile. Our ESG committee, which I chair, is up and running and supported by an ESG champion who is one of our non-executive directors. The outlook. The group continues to execute our strategy and is committed to delivering sustainable supply chain value for our customers. FY 23 was a very successful year for Wincanton, and whilst there are headwinds ahead in FY 24, we are confident we have the right strategy in place to deliver long-term value. We anticipate the revenue and underlying profit before tax will be in line with market expectations for this year. We're focused on customer service excellence, continued vigilance on operational efficiencies and costs in a high inflation environment, and the delivery of our revised transport business model. Our focus on increasing technology within supply chains will also play a key role, supported by healthy cash generation and a strong balance sheet. Most critically of all, despite prevailing economic conditions, we see opportunities to drive future growth and maintain a strong sales pipeline. This is particularly important in our strategic growth markets of e-Fulfilment, shared user networks, and public and industrial. The team is very confident we will deliver, and we are excited about the group's prospects for the long-term strategy. Thank you. We'll now move to a short question and answer session. Yeah. Morning, everybody. Robin Byde, Zeus Capital. What percentage of your open book contracts are renegotiated each year? You know, can you give us some insights to as to what's happening there with fee negotiations and cost pass-through mechanisms at the moment? On the basis that most of our contracts are sort of 3-5 years, but more commonly 2 year, I'd say probably about a third turns every year. We have a lot of long-term relationships in, particularly in our open book contracts, so our success rate of maintaining and renewing, sometimes without even a tender process, is pretty good. I think we've disclosed in the past that the management fees that come with these contracts tend to be pretty low, so the opportunity for someone to come in and save a quarter percent on the management fee isn't generally worth the disruption. As long as you're providing excellent customer service, as long as you're delivering gain share, productivity, value and efficiency, we're pretty confident that we retain contracts. Ian, would you have anything to add? Yeah, absolutely right. The discussions tend to be more around the value than the sort of cost in management fee terms. You know, Tom Hinton mentioned operational excellence on one of his slides. That is the way in which we've retained customers, by driving their cost to serve down and, you know, earning a management fee as a result. It's, you know, our turnover would have gone up considerably more had we not been doing our job, which is to reduce headline supply chain costs and retaining our customers while we do that. Morning. I'm Alex Paterson from Peel Hunt. If I look at the chart on slide seven, where you were looking at the revenue from warehouses, open book transport, and closed book transport, is it possible to sort of map that through to what you would see at the profit level? I mean, I'm guessing that your depreciation is gonna be higher in the closed book side, and therefore as that drops down, you're gonna get a sort of a benefit from lower depreciation and so on. Secondly, I was just gonna ask about pensions. Obviously, discussions will be in an early stage, I'm sure, the triennial review underway. I just wonder if you can say what might be a timeframe for sort of resolution of that, when you might know what's gonna happen, and what is there any sort of indication of the sort of magnitude of savings you might be able to make on that that contribution? Let me start with the transport question. The transport question is, though, effectively saying, in this, what's the shadow P&L? What's the profitability of these transport contracts? Our experience over the last kind of three, four years of these closed book transport contracts. Simply aren't making any returns. When we impair these assets and we come out of these contracts, all that's gonna happen is they're actually your margin at the bottom is gonna increase 'cause the top line's gonna come down, but they're not providing any return on capital for us. As James said, it's a very, very difficult market, and we are structurally not set up to compete well enough in that closed book market. In the open book contracts, it's similar to what Ian was saying. These are slim margin contracts, but they are profitable. That's a similar measure to our open book kind of margin rates, which is, you know, in the low single digit number. If we talk about pensions, we're currently working with the trustee at the moment, we're going through the triennial value, to do the triennial process, we're kind of landing what is their actuarial deficit number, then we're trying to get to, well, what's gonna be the contribution that we will put in going forward for the next 7 years? That ranges, If you, if you step back and say, "How much is a buyout?" To deliver a buyout, you need about GBP 120 million, extra to go in. To deliver that over a 7-year period, you've gotta put some, you know, close to GBP 20 million per annum in to get to a buyout. However, if you just head towards a self-sustained situation, then you've only got to put a couple of GBP million per annum. That's the negotiation range from low single-digit up to GBP 20 million, and that's what we're working on with the trustees, because they obviously want a secure situation for all of the pensioners and the deferred members, and we want to kind of secure the situation, but also put in the appropriate amount for the business. That's the range. The bid ask is, you know, GBP 2 million-GBP 20 million and we're hoping to land somewhere in that space. We'll know that by the end of September. Thank you. Just on the sort of the transport side, it would seem obviously that has been a lower margin business, so if you take that away, your margins go up. That also being a high capital intensity business and therefore as that declines, your capital intensity would decline, so you'd have higher margins as well as lower capital employed, so therefore much higher capital, return on capital. Yeah. Thank you. Higher ROE and a higher margin will happen from it. I'll leave Tom to talk about capital employed measures. The only thing to watch out in terms of margin is that 4PL sub-contract piece. When we're successful in that will drive higher revenues at quite low PBT to revenue margin. It's more like the international freight forwarding model that you'll be familiar with, where revenue's not quite as important 'cause it's passed through. What matters is your GP to profit ratio. I think there are moving pictures on our margin really, 'cause we'd expect e-fulfillment shared user to drive higher bottom line margins on lower revenues. Whereas the transport product, particularly the 4PL, we'd expect higher revenues and seemingly quite low revenue to profit margin. It's a mixed picture. Good luck with the model, Steve. Morning. Steve Woolf from Numis. The balance sheet is clearly very good. It could get even stronger with the pension. Thoughts on the use of that cash, whether it is, you know, organic, what might be, you know, nice to invest in for, you know, future growth and returns, you know, CapEx, you know, linked to that, whether there's M&A opportunities that might be out there and of course, you know, beyond that if, you know, if there isn't just any thoughts? Thank you. Yeah, great question. Look, clearly, you know, we want to be able to invest the money in the business. We're a growth-focused management team, and that's our clear direction. We believe we can invest both organically and inorganically into technology. We've shown that our investments in our transport technology systems, we've shown in our automation and robotics in Cygnia that we're prepared to invest higher levels of CapEx into technologies that drive efficiencies and customer excellence in the market. We're also interested in inorganic, particularly around automation and robotics. But the more robotic end rather than the fixed automation end, it's a very dispersed marketplace. We'd be interested in bolt-on acquisitions that would help us to do that and to accelerate our plan. Gotta be honest, it's not particularly easy to find, you know, the right organizations at the right price to accelerate our plans without, you know, paying an unreasonable price to do it. All options are open. We do believe that regardless of the acquisition opportunities, there's, as I said in on the foundation slide, there's lots of opportunities with our foundation customers to organically invest in CapEx to drive technology step change in efficiency. We'd like to put that money to good use. And part of the pivot away from the sort of assets at risk in transport is about freeing up even more opportunities to invest for our customers to make a really big step change in efficiency. Don't know if you want to add anything. Nothing to add. No. Good. T hanks very much. Robin again. Sorry, just a quick follow-up. Just on the NHS Supply Chain contract, I believe the incumbent's DHL. Okay. Sorry. Can you give us a feel for the timelines and what you're actually bidding for? I'll let Paul answer that, but it's, it was DHL. It's now for the main bit we're interested in, it's Unipart. Yes. It's a question that we're asking ourselves quite frequently. The process is, we're expecting any time now a buy-in effectively to land and the process to commence. That's likely to be a sort of qualification first stage, followed by a full RFQ-type process. Broad timelines for that, we expect about 6 months from the landing of the initial buy-in to a decision and an outcome. Then subject to an outcome and a change then broadly a 6-month transitionary period. You know, if something was to land fairly soon, then we'd be looking at trading something like that in about 12 months. It would be FY 2025 at some point, hopefully earlier rather than later. That's the, yeah, that's the sort of timeframe. In terms of the scope, as James said, the scope that we're focused on and the RFQ scope will be a traditional logistics network in effect. You know, several warehouse operations, a national transport operation, which includes both sort of what we might call B2B deliveries to trusts as well as B2C, so deliveries to, you know, patients and homes. A couple of 1,000 people in that network. And as you'll know, a, you know, an organization that's going through huge change, and some of what, you know, James has just referred to there around our sort of product focus, we believe plays very well to that. You know, technology solutions, automation, robotics, control tower. Also, our scale as a very large, you know, established player in the U.K. sector. Presumably this could be pretty chunky and over many years. Indeed. Indeed. Indeed. Thank you. We won't know exactly how much until that tender comes out and the shape of it. Yeah, definitely. We expect it, unlike HMRC, we expect it to be our more traditional competitors as well. Yeah. Any more questions? Any final questions? No. Okay. Well, thank you very much for joining us this morning. Hope to see you all again shortly. I think there's still refreshments outside. We'll be around for chats if anybody would like one. Thank you very much. Cheers.