Hello. Welcome to our presentation. Thank you for joining us. My name is Brian Duffy. I'm the CEO of the Watches of Switzerland Group. We've been a public company on the London Stock Exchange now for over two years, and I've had the pleasure of meeting many of our investors and potential investors and presenting our story. We're very pleased with the progress of our business and the engagement of our investors. Our investor community have become more and more interested in our growth story beyond the current year guidance. Our presentation is to address this investor interest and talk to our expectation of market developments and the Watches of Switzerland Group goals and ambitions through to fiscal year 2026. Of course, the further out the timeframe, the less precise and reliable are the projections. Additionally, whereas we would not include speculative or uncommitted projects in our market guidance, the goals that we present here will include speculative incremental investments of both new projects and acquisitions. This is our first in-depth look at a five-year period. Our team have done a fantastic job in pulling all of this together. I hope you enjoy the presentation and look forward to your questions. Looking at the agenda, I will present the development of our model, market information, and the overall strategy and plans for future growth. We will present key areas of expertise and group resource. Ruth Benford, Group Marketing Director, and Katie Reed, Vice President Marketing U.S., will present our marketing plans and strategies. Mark Isitt, Group IT Director, will present our systems technology. Ian Warwick, Group E-commerce Director, will present U.K. and U.S. online strategies. Craig Bolton, Executive Director U.K., and David Hurley, Executive Vice President U.S., will each present their divisions in more detail. Craig will also present our plans for the E.U. market. Anders Romberg, our CFO, will present our market projections and goals. I will then return for a summary and conclusion and Q&A session. The summary of our growth story is that our business is in strong growing markets. The luxury watch market is significantly supply-driven, with demand overall continuing to exceed supply. We have a fantastic portfolio of brand partners. Our business has great heritage and great expertise through the wonderful team of colleagues. Over the past seven years, we've elevated and modernized our business through investment in contemporary welcoming stores, multi-channel retail in response to changing consumer preferences, best-in-class systems technology, best-in-class marketing, and through investing in our people. Our strategy is a proven success, driving both market growth and market share gain for our group. We've enjoyed multifaceted growth through organic growth, new projects, international and acquisitions. Acquisitions, in fact, are the core of our U.S. success. Our multifaceted growth model works and today we plan growth in expanded geographical markets. We see further growth in the U.K., accelerated growth in the U.S., and incremental growth from entering the E.U. market. The opportunities are there. However, the constraint on the pace of our growth will be product supply as it has been in the past. Taking all factors into account, we feel that today is an important point in our group's history, an inflection point, and more than ever, we think it's time to grow. The Watches of Switzerland Group comprises of four major retail fascia of Watches of Switzerland, U.K. and U.S., Goldsmiths and Mappin & Webb in the U.K., and Mayors in Florida and Georgia, U.S. Four great retail brands with high consumer awareness and loyalty and tremendous heritage. These retail brands have been around for many years. Following the acquisition of the group by Apollo in 2014, a new management approach led by myself as CEO and Anders as CFO, set off on a transformation of our group. A transformation with a management focus on strategic planning, analytics, and results accountability, investing in upgrading and expanding the use of our SAP IT systems, investing in and elevating our U.K. under-invested stores network, beginning with our London flagships. Working progressively more in partnership with our key branded suppliers. Developing new, modern, multi-channel formats of multi-brand online travel and mono-brand stores. Increasing our impactful marketing activity, especially digital, particularly in recent years. Successfully entering the U.S. market in 2018. The result is a unique platform in the world of luxury watch retail. As I've said to many of you before, I know, to understand our business, firstly understand what we sell. These world-leading eight brands represented 82% of our sales in fiscal year 2021. Understand the uniqueness of how we sell and our competitive advantages of scale, technology, marketing, and excellent customer service provided by our great teams. Our results show the success of our strategy. 16.2% sales growth CAGR over seven years, including our fiscal year 2022 guidance. Adjusted EBIT CAGR of 40.2% over the same period as we leverage our sales growth on our cost base. Our cash generation has been very good, reducing our debt to GBP 43.9 million at end April this year with further reduction guided. Consequently, our return on capital employed has significantly improved to 19.7% in FY 2021. I have a great team, a big part of our success has been the integration of talent with long service in our group and expertise in the specialist category, with new talent as our group has expanded in size and profile. On this chart, those shown with green frames have been with the group for an average of 17 years, whereas those with brown frames joined our group at some time during our transformation period. Similarly, Craig's team in the U.K. is a mixture of experienced and new talent. In addition to direct reports, group functions of marketing, finance, merchandising, IT, and HR are all part of Craig's team supporting the U.K. business. Whereas David's team in the U.S., based in Florida, New York, and Nevada, are all new to the group. Those in green frames came from the Mayors and Wynn acquisitions and have long industry experience. We have grown our people resource in anticipation of business growth. We have bench strength and succession plans in place. Looking at the global market for luxury watches, we estimate the global market size in 2019 at retail value of $47 billion. Over many years, market growth has been through predominantly average selling price increases from both pricing and mix. The Watches of Switzerland Group strategies and plans that you'll hear about today are for the Western markets of U.K., U.S., and E.U., which is an addressable total market in 2019 of $21 billion. We view the U.S. and E.U. markets as under-invested and underdeveloped. On a per capita basis, the U.K. domestic market is the number one in the world. The luxury jewelry market is strong and well developed in both the U.S. and U.K. markets. Turning back now to the global luxury watch market, we know that it is firstly 94% Swiss, and very concentrated with the major independent brands of Rolex, Tudor, Patek Philippe, Audemars Piguet, Richard Mille, and Breitling. Three major luxury groups of the Swatch Group with the leading brand of Omega, Richemont Group with the leading brand of Cartier, and the LVMH Group with the leading watch brand of TAG Heuer. Here we show the top brands by ranking of global sales with Rolex as the very clear market leader, followed by Omega and Cartier. We celebrated our 100-year anniversary with Rolex in the U.K. in 2019, and we have represented Omega, Cartier, and most of the brands listed for many decades. Luxury watches just keep getting better in the core functionalities of time accuracy, durability, and power reserve, in the use of new materials both internally in the watch and externally, and in response to consumer taste on bracelets, straps, and dials. At the Watches of Switzerland Group, we have tracked product attributes on all luxury watches for the past seven years, which shows, for example, a concentration of men's case sizes in the 40 mm-43 mm range with a clear men's preference for dark dials, shades of black, gray, blue, and now green. For women's watches cases, size preference is 28 mm-31 mm and a preference for light dials, white, silver, and mother of pearl, particularly with gold. We track a total of 35 attributes. New products represent around 20% of brand sales annually and are a constant stimulant of consumer interest. How the watch brands responded to the challenges of the pandemic with exciting new programs presented remotely was very impressive. Our strategy for growth through FY 2026 is focused on Western markets, U.K., U.S., and E.U., shown in the pie chart. For the luxury watch market as shown, this represents an addressable market of $ 21 billion, with the E.U. being the largest, representing $14 billion. In this slide, we look at the development of global luxury watch market by major countries and show that whereas the fastest-growing markets in 2000- 2010 decade were Hong Kong and France, both resulting from high Chinese tourist spend. If we now look at the period 2010- 2019, we can see the fastest-growing market has been the U.K. at a CAGR of 8.9%. Indeed, if we look at the total 19-year period, the U.K. market showed a CAGR of 5.6%, clearly the number 1. We believe that a significant contribution to this market growth has been the level of investment in retail from the Watches of Switzerland Group and others in the U.K. market. In this chart, we compare the U.K. to other Western markets on a per capita basis, looking at 2018, 2019, and 2020, clearly showing the U.K. as the number one in all years. We focus on 2019 and compare other markets to the U.K., we see Italy indexing at 78, France 69, Germany 59, Benelux 57, Spain 39, Nordics combined at 37, and the U.S. at 27. Our conviction is that the differential is down to retail investment, not consumer behavior, taste, or affluence. This analysis underpins our Western markets' international growth plans. We must never overlook or forget our jewelry business. In FY 2021, luxury jewelry represented 7% of our sales. Jewelry is sold in our stores in Mappin & Webb, Goldsmiths, and Mayors. The above chart shows that both the U.K. and U.S. markets on a per capita basis are leading global markets in precious jewelry, significantly greater than the E.U., with particular strong growth notable in the U.S. in 2020. Jewelry is the perfect complement to luxury watches. Our plan assumes continuing investment and growth for the jewelry category. Acquisitions are part of our growth plans. We have opportunities to grow our group through acquisition in both U.S. and E.U. This chart is to describe our approach. Firstly, we would point out the success of acquiring and integrating Mayors and Wynn in the U.S. and the four Fraser Hart stores last year in the U.K. Through these acquisitions, we gain great businesses and great people. To determine an offer price, we assess the existing business based on watch agencies, store awareness and reputation, client database and business assets of stores and stocks. We will determine an EBITDA multiple and propose ideally asset acquisition free of financing. The financial justification of the deal to the Watches of Switzerland Group will be based on the acquired business, plus the added Watches of Switzerland Group benefits of scale, brand relations, and investment in store design and development, marketing and systems technology. We look at project payback, return on capital employed. We look to maintain management and teams and integrate within our structures. Our priorities post-acquisition are communicating with and getting to know our new colleagues and implementing our systems. We have a very important new program across our group of a major step up in customer experience. We've named this program Xenia, which is an ancient Greek concept of hospitality. Our Xenia program will include the latest and best learnings from luxury retail, but importantly, will also include and take learnings from the world of luxury hospitality. We are using external consultants for Xenia and kick off the implementation in September of this year. As I have said, we will focus our growth plans in the U.K., U.S., and E.U. markets. In the U.K. and U.S., we see continued growth from store investment, marketing, and the Xenia program. In the U.K., further gains from eCom travel and incremental business from monobrand expansion, some market opportunities and new developments. In the U.S., we see significant incremental growth potential from market opportunities, acquisitions, eCom, new developments, and monobrands. In the E.U., we will target growth through acquisitions, monobrands, new developments, market opportunities, travel, and eCom. Anders will put some numbers behind our growth ambitions in these geographies. We believe that we've come to an important point in the pathway of our group, an inflection point. Our model is refined and supported by all stakeholders, and our ability to execute internationally is proven. It's time to grow. With confidence in an investment-led advantage model, we will continue to grow in the U.K. We will enjoy accelerated growth in the U.S., and we will add incremental markets from entering the E.U. Financially, we'll continue with strong cash conversion, positive investment returns. We have the support of our brand partners. We have the resources and the ambition to deliver on our plans. It's time to grow. I look forward to your questions and comments, and in the meantime, I'll hand over to Ruth Benford, Executive Director of Marketing. Okay, thank you, Brian. Over the next few minutes, I'm going to be taking you through the marketing strategy and plans for the U.K., and Katie will do the same for the U.S. Strong marketing is a real key differentiator in this category, our goal is to drive awareness of our brands and to ultimately drive sales. Across our group, we do have different priorities. Our U.K. brands and Mayors have been around for many years and are well established. The priority is ensuring we keep the brands visible, vibrant, and relevant for today's consumer. Watches of Switzerland only arrived in the U.S. less than three years ago, and being the new kids on the block, it's about generating new brand awareness, more of which Katie will come onto later. Within the luxury watch category, consumers are influenced by several different factors: by the brands themselves, by the products, by the co-op activity they see aligning the brand and the retail partner, and they're also influenced by our own marketing activity. To engage with the consumer and deliver our goal of brand awareness, we have several tools we apply, whether that's digital, content, traditional media, client experiences, or in-store. Our marketing mix has changed significantly over the years of transformation. Overall, we have doubled our marketing spend as a percentage of sales from FY 2015 to FY 2021. In FY 2015, digital marketing represented 32% of our overall investment. Now, in FY 2021, our investment in digital has grown to 78% of our overall spend. It is still important to invest in traditional co-op marketing with our key brand partners alongside client events. However, with performance marketing being our key focus, we can dynamically measure a large proportion of our marketing spend more effectively. Let's take a look at performance marketing. Our performance marketing campaigns are executed across a combination of digital channels, including search and shopping, YouTube, display, and paid social media, with our strategy focused on reaching high-intent luxury consumers, underpinned with bold, impactful creative. Our approach to performance marketing allows us to target relevant customers using our own online and store data, combined with Google AI-driven machine learning technology. This gives us highly accurate data-driven metrics and a true understanding of our multi-channel return on investment. We analyze this information each week to make insightful decisions around additional investment to drive sales both online and in stores. Based on the success of the performance marketing campaigns to date, we plan this to continue in the future. We want to continue to invest in AI-driven marketing across all digital channels to maintain and grow our market share. We will continue to test and evaluate new and emerging digital channels. What's the next YouTube? We will ensure we remain leading edge as new digital marketing strategies emerge, and we will continue to optimize our multi-channel return on investment strategy to maximize our return. Ian will present the technology behind performance marketing in his e-commerce section. To complement our performance marketing campaigns, we also focus on social media to drive brand awareness and maximize reach among key target audiences. We currently have a U.K. community of 625,000 and a monthly reach of 46 million. Our key social media channels are Facebook and Instagram, which resonate well in the luxury watch market. We continually measure our social media performance underpinned by consistent A/B testing. We are able to learn, adapt, and refine our approach. We are also mindful that we benefit from the brand's own social media followers. Our top eight watch brands alone having over 50 million followers globally across Facebook and Instagram. Over the next few years, we will also continue to increase our content output. Our editorial, Calibre, has grown from a single magazine into a multimedia platform. Due to the great relationships we have with our luxury brand partners, we can share exclusive watch news, product launches, interviews with leading figures in the industry, and in-depth articles through a printed and digital annual magazine, Calibre content on our websites, monthly newsletters, and regular podcasts. The content creation also extends to client telling guides, which provide our retail colleagues with information on brand launches, curated collections, and exclusives to enable for them to reach out one-to-one to their clients and make appointments. We will also continue to collaborate with our brand partners with co-op marketing on a 50/50 investment basis. This activity generates a strong awareness and positive image association for the Watches of Switzerland Group with the world's leading luxury watch brands. It also has the tactical benefit of telling the audience where to shop. Let's take a quick look at what we do with Rolex. A good deal here for a special weekend for those celebrating 100 years of ladies' watches celebrating Rolex. For any partnership to last 100 years is incredible. Throughout the pandemic, we have had to be nimble and adaptable. We successfully launched by personal appointment, virtual client events, and a virtual luxury boutique. Given the success to date of these programs, we will continue them into the future. I'm now going to hand you over to Katie to take you through the marketing focus for the U.S. As Ruth mentioned, our U.S. marketing strategy takes on a unique two-pronged approach. Mayors, based in Florida and Georgia, has a long-established history. Reinvigorating the Mayors core and introducing the brand to a wider contemporary audience through digital, social, and experiential activations is pivotal for development. Brand awareness for the relatively new-to-market Watches of Switzerland includes emphasized PR and cultural collaborations to maximize marketing reach. Watches of Switzerland has invested in building a New York-based marketing team with extensive luxury hospitality and tech experience. We have leveraged brand co-op partnerships and launched initiatives to co-promote with brands like luxury sneaker purveyor Stadium Goods and media outlet Hypebeast. The Sneaker Time exhibition drew crowds across industries and interests. Watches of Switzerland SoHo hosted rapper-performer Nas for a private clienteling evening, garnering over 30 million media impressions. The SoHo location again served as host for a private event with rapper-performer Curtis "50 Cent" Jackson. Press and media from the evening delivered 108 million impressions. Our team has aligned with key cultural events to maximize brand exposure across industries, including dressing Oscar winners Trevante Rhodes and Martin Desmond Roe, as their appearance reached a broadcast audience of 5.1 million viewers, and the following press coverage reached over one billion media impressions for Watches of Switzerland. Introducing Mayors to a contemporary new audience by dressing Taraji P. Henson, host of the American Music Awards, in Mayors exclusive jewelry collections and reaching an audience of over 6.7 million viewers. Mayors launched the first of its kind multi-branded jewelry campaign designed to reflect the modern consumer and styled in a way reflective of the contemporary purchaser. The campaign was featured across the media landscape. The Mayors jewelry campaign came to life through outdoor advertising, visual merchandising, and in-store across social media channels. Private client events for brands Rolex and Patek Philippe remain hallmarks of the Watches of Switzerland marketing strategy. This year, we hosted a series of client appointments at a private residence in Miami. This was the first for Rolex and the Mayors team in conducting events outside of the boutique. The Grand Seiko brand success story continues from a pop-up location in SoHo to a now permanent mono-brand space in the neighborhood. We are launching our second exclusive timepiece with Grand Seiko through the Anytime. Anywhere. campaign. We are the benefactors of the key learnings and the digital intelligence coming from the U.K.'s group campaign performance marketing. Our team is now reverse engineering content to reflect the highest-performing units and maximizing analytics on the audience engagement across search, social, display, and YouTube. This summer, we will launch the Anytime. Anywhere. multi-branded timepiece campaign. The campaign is designed to create brand awareness, and the watches featured will be underpinned by a sales conversion campaign run simultaneously. Anytime. Anywhere. by Watches of Switzerland is a cinematic love letter to the modern collector. The first of its kind lifestyle and brand awareness campaign for the U.S. market. Eight luxury timepiece brands, eight change-makers at the pinnacle of their craft, captured in eight different locations across the great American landscape to form the most extensive multi-branded timepiece campaign the industry has ever seen. The production was partly financed by our brand partners, and we believe that this is the first multi-brand co-op campaign in our industry. I am now going to hand you back to Ruth to summarize. Thanks, Katie. To summarize the key takeaways for marketing. We will continue with data-driven performance marketing in the U.K. and U.S. to drive sales both online and in-store. There will be continued focus on PR collaboration and high-profile activity in the U.S., increased co-op activity with Rolex, Patek Philippe, and other luxury watch brand partners, and we will execute the E.U. strategy with full marketing support, more of which you will hear from Craig later. Thank you very much. I will now pass you over to Mark, our IT Director. Thanks, Ruth. Hello, everyone. Today, I will present a short overview of our systems technology. Here we see an outline of the principal IT systems helping run our business. We have been using SAP for over 20 years, and as such, have both the stable and experienced internal support team and proven support from an external SAP platinum partner. All our core business solutions are built around a single SAP instance. As you can see, our use of data spans master data management through eCom, retail, analytics, finance, and management reporting. Where appropriate, we also use Microsoft development tools, providing us great agility in areas like CRM and our own specialist point-of-sale system. Regarding omnichannel, with both stores and eCom underpinned by our SAP technology stack, we have the ideal platform to deliver a progressive and stable omnichannel retail model. Many of you will recognize some of our omnichannel capabilities. These include in-store endless aisle with web-enabled and shared store and e-commerce inventory. Our store sales team has access to digital content and copy from our websites within their CRM system, alongside the tailored guides Ruth outlined earlier, giving that team fantastic clienteling autonomy. Further, we believe our client visit by appointment solution, together with customer-to-store video conferencing, will be beneficial far into the future. A quick summary of our international capabilities. Our strategy is to have a single global template supporting group-wide IT requirements, something we have achieved consistently. This approach certainly helped us migrate all Mayors locations across to our systems in just 24 hours. Our POS, eCom, and SAP is running on a single code base across the group with our e-commerce stack robustly hosted on Google Cloud. Supporting our U.S. acquisitions, we significantly enhanced our U.K. systems template to support multiple currency, tax, time zone, and distribution centers, and many other features besides. We have built a very scalable international platform that can easily support significant growth, and we have made great progress with delivering multilingual system support in preparation for our European expansion. Supporting client experience, a few years ago, we started the transition away from fixed till points in retail. This whole initiative has been tremendously successful, providing quick and efficient transaction processing. Visit the store during a quiet time, you will see our sales colleagues clienteling using those same point of sale tablets, keeping clients informed and engaged. We are significantly increasing the use of this technology with our project Xenia, extending the rollout of this very successful retail transformation. Regarding past investments and next steps, the pandemic restrictions have made some really good use of some of our great IT investments over the last years. We have upgraded cybersecurity and CRM, both critical to home working, and our extended use of cloud-based telephony keeps our contact centers speaking to shoppers. We have also considerably grown our broadband speeds, both across stores and offices, something that has been transformative in terms of distance selling and video communications. Looking forward, aside from the continual development of our e-commerce and store systems, we will be reviewing the refactoring of key operational processes within the group to tune efficiencies and lay groundwork for the future upgrade to SAP S/4HANA and Sales Cloud. The S/4HANA project costs are included within our five-year plans. Again, to summarize, we're an SAP shop with tailored state-of-the-art technologies across both stores and offices. We met the challenges presented by the pandemic with mature CRM tools, distance selling payment by link, web bookable store appointments, a luxury concierge team, and secure and established work from home technologies. We have had tremendous success at quickly integrating our U.S. acquisitions, and our IT systems are being fully prepared for further U.S. acquisitions and European expansion. Thank you for your interest. I will now pass you to Ian, our Group E-commerce Director. Thanks, Mark. I am now going to take you through the focus for E-Commerce. E-commerce sales grew 115% in FY 2021, with a six-year CAGR of 33.6%, driven by an increase in digital marketing investment, improved on-site user and customer experience, new luxury brand introductions, and the transfer of sales online due to COVID store closure period. Prior to FY 2021, sales were increasing at a CAGR of 21.5%. During this period, we have transformed the online business from a greater mix of fashion watches and jewelry in FY 2015 through to a market-leading mix, a relatively small percentage of the overall luxury watch market. In FY 2021, we implemented our first large-scale investment into multi-channel digital marketing. Despite the differences in the U.K. and U.S. market, we take the same multi-channel marketing approach in both regions to leverage our digital presence, optimizing for both online and store sales. This ensures we capture people in market at the right time while reducing our digital waste. We do this by measuring mROAS, or multi-channel return on advertising spend. To understand how we measure mROAS, we need to understand the technologies we use. There have been two advancements in Google's technology, which is shaping up the industry, and we have been part of this journey from the very start. The first being Smart Bidding, which uses Google's machine learning technology to automate search bidding. The second being Store Sales Direct, or SSD for short, which is a solution that links actual store sales data to online campaign activity. Let's look at how these two technologies work. The first advancement in Google's technology is called Smart Bidding. A while ago, bidding was simple. Pick up keywords in Google Search and specify a bid on the likelihood for that keyword to convert into a sale. Since that time, more signals have been added so marketers could account for things like device type, time, weekday, or location. Today's growing breadth of data creates even more complexity for advertisers, so we use automated bidding, which is the best solution to efficiently account for all available signals and improve performance, allowing us to adjust our bidding strategy in real time based on the consumer's contextual relevance for every unique search. The second advancement in Google's technology is called Store Sales Direct, which allows us to directly track in-store purchases made as a result of our online marketing activity. When a logged-in Google user clicks on a search ad and visits a store, through geolocation services and other sources, we can track that customer's visit. Once the customer has provided their details following a purchase, we are able to upload this encrypted data into Google Ads to match their purchase data back to our online marketing campaigns. This allows us to accurately measure the effectiveness of our online advertising through to in-store conversion, giving us a true multi-channel return on our advertising spend. To summarize, we are leveraging the group's online advantages in both the U.K. and U.S. to drive customers both online and into our stores through the use of cutting-edge marketing technologies to optimize our return on investment. Our large-scale marketing drives significant volume of transactions, which allows us to meet Google thresholds, giving us access to in-depth analysis and accurate reporting. Our accurate measurement of multi-channel ROAS provides us with the information we need to confidently invest more across our group by leveraging machine learning to optimize our sales potential. Thanks very much for your time. I'm now going to hand you over to Craig Bolton. Thank you, Ian, and hello, everyone. My objective in the next few minutes is to update you on the key initiatives we have here in the U.K. to deliver our five-year plan. We have transformed our business in the U.K. in the past seven years and now have a very strong market position in which to leverage our future growth. Our model is built on investment and is working, giving us a leading position in the U.K. We plan to repeat and accelerate our model in the future and are very well-positioned for long-term growth. The U.K. luxury watch market is very well invested with consistent high-quality luxury environments with balanced complementary distribution. Market share is held largely between Watches of Switzerland Group, independents, and the national groups, with smaller shares held by luxury department stores and brand-owned boutiques. We have established a clear market-leading position in the U.K. in luxury watches. All of our fascias contribute to the success, but it is the strength of Watches of Switzerland Group working as one that has allowed us to gain and strengthen this position. Whilst much has been achieved, we are now at an inflection point, looking ahead and ready for the next step change in our growth plan. Our plan overall is to continue to leverage areas of the business with proven track record of success, largely based around same-store elevation with network expansion mainly through the growth of our monobrand boutique division. E-commerce has seen amazing growth in recent years and will continue. Further development in our omnichannel capabilities will be a priority. Travel retail, while impacted heavily by Brexit and the pandemic in the last 12 months, is still a good channel for the future. We also have additional leverage areas such as luxury jewelry and aftersales and services, which we intend to grow. All of our key drivers will be underpinned by investment in our people, including our key strategic customer experience initiative, Xenia, plus marketing and technology. Investment in our estate remains an ongoing priority for us. One of the most exciting projects is the launch and elevation of the Goldsmiths business, and it is time to fully elevate the brand to a leading position in luxury. Focus will be on customer experience, hospitality, events, and after-sale servicing, all in a truly luxurious environment. We will continue to grow and elevate our luxury jewelry offering via strong product development, training, and enhanced visual merchandising. We have taken the best of what we see in our U.K. brands in Watches of Switzerland and Mappin & Webb, but also our learnings from the rebranding of our Mayors stores in the U.S. Our first remodeled stores will reopen in Q2 FY 2022 and will continue to roll out over the next four years. Whilst we execute on the elevation of Goldsmiths luxury, we will continue to focus on elevating our estate within Watches of Switzerland and Mappin & Webb. We have recently completed the major refurbishments of two of the [experience heart stores with the reopen of Mappin & Webb Kingston and Watches of Switzerland Stratford. Watches of Switzerland Brent Cross will complete in Q2, and we are currently looking for the relocation and expansion for Mappin & Webb York. Further developments will continue throughout these two divisions, focusing on brands and designs to enhance our appeal to the domestic client base, building our business for continued long-term stability. Monobrand store network expansion remains a key strategic objective. At the end of FY 2021, our store numbers were 26, with a plan to further develop this category during the life of the plan. We will continue to grow market share via boutiques and enhance our partnerships overall with the key brands. The plan for future expansion is shaping up very well with a number of key locations identified and targeted. We do not foresee many new retail developments in the U.K. in the five-year plan period, but there will be activity, and we will review each one. We have recently opened our flagship Watches of Switzerland store in Broadgate, and in June 2021, opened in the new development at Edinburgh St. James. In this location, we positioned with three stores, a Goldsmiths luxury, two monobrand boutiques, one Omega and one Breitling. We are currently working on a further significant new project in the Battersea Power Station development due to open in spring 2022. Here, we will open with a Watches of Switzerland store led by Rolex and Cartier and other luxury brands to complement. We are also reviewing opportunities for monobrand boutiques in this location. Our relationships with landlords and status within the market continue to put us at the forefront of all new developments coming to market. Our online sites are our best market asset with over 34 million visitors per year. We've enjoyed significant online success in recent years, not least in the recent COVID year. While the platform is successful as a singular channel, our focus remains on full omnichannel maturity. We will continue to focus on the key levers that have proven to be most successful. For example, brand positioning and our bold, impactful multi-channel marketing using all the benefits we enjoy from partners such as Google. We will also be focusing on new areas of attention, such as achieving a tone of voice consistent with our brand culture, as well as enhancing the user experience via 360 CRM visibility, resulting in greater conversion to sales. We also believe there's an opportunity to develop and build strong luxury jewelry position online through the period of the plan. Travel retail has been impacted significantly by COVID, resulting in a large drop in traffic, which will take time to recover. Added to the removal of duty-free following Brexit, making buying at the airport less advantageous than previously. It is our expectation that travel will gradually return to 2019 levels by the end of 2023. Whilst we're not assuming a return to duty-free shopping within our plan, the airport remains a strong shopping environment with a good customer demographic with time to shop. On this basis, we are confident of a return to reasonable levels of revenue in the medium term. We will continue to achieve growth and market share gains with luxury jewelry. Product development within our Goldsmiths and Mappin & Webb ranges is a key focus area alongside building even stronger partnerships with the major luxury global brands. It is our intention to build this business in our luxury stores, as well as developing our online house of brands, where the very best jewelry brands can be represented and retailed. All our developments will be supported by a multi-channel marketing program covering both digital and traditional coverage. Alongside our very strong retail credentials, we believe there is an attractive opportunity to grow, enhance, and build market share in the after-sales category. There's no question, considering the number of watches retailed in the U.K., that the need for better after-sales facility in the future exists. It is not only a good retail channel but adds real credibility to our group. We have already opened our national watch center in Manchester and most recently expanded that space to allow for more capacity. It is our intention in the period of this plan to open further capacity in the south and also review opportunities in the Midlands. In summary, we have a highly motivated, committed and energized team. Our same-store sales will continue to grow ahead of the market and as a result of the elevation and brand enhancements planned alongside the excellent network opportunities we have with new stores, particularly monobrand boutiques. Our brand partnerships are stronger than ever. We will continue to nurture these relationships by delivering excellent retail environments, expert training for our teams, and strong multi-channel marketing plans. Finally, we will continue to enhance our client relationships, delivering world-class customer experience via Xenia, supported by technical advancements and clienteling capabilities. Thank you. I'm now going to hand over to David. Hello, everybody. I'm going to quickly bring you through the makeup of luxury watch distribution today in the U.S., the initial success we've had, what we've left to do of what we've acquired, and some of the opportunities as we see them for the next few years. The U.S. is a very different market to the U.K. with no clear market leader. Market data is limited. We've used a number of Rolex agencies to show the market makeup. It's easy to forget that we've only been operating here for less than four years. In October of 2017, we acquired Mayors and followed it up one month later, taking over the retail of luxury watches in the Wynn Resort in Las Vegas. We retained all of the management teams and store staff in both Mayors and Wynn and have expanded acquired facilities in Fort Lauderdale as our U.S. corporate offices, providing support to all U.S. operations of finance, IT, HR, L&D, watch services and repairs, marketing, and retail operations. We then opened up our first standalone store in November of 2018 here in Greene Street in SoHo in what is one of the most competitive retail cities in the world for luxury goods. With a stunning store design tastefully incorporating the industrial heritage of the SoHo area. We followed it up with a second flagship at Hudson Yards in the west of Manhattan in March of 2019, in a city where we started with zero presence and customer base. We have the most prominent location in the Hudson Yards development. Both New York flagship stores are anchored by Rolex and Patek Philippe, and we applied everything we did in the U.K. to our U.S. business. Leveraging our retail expertise and best-in-class systems, which we quickly integrated into our acquired businesses, investing in store design and remodels, investing in our people and training, while creating innovative marketing and one-of-a-kind experiences for our customers. Our new design for the Mayors stores is luxurious, contemporary, open and inviting. We changed the store in Merrick Park, Miami, from this to this, resulting in a large immediate increase in traffic. In Lenox in Atlanta, we relocated the store within the mall and moved from this to this. In the process, opening our first Audemars Piguet monobrand boutique. In the Wynn Las Vegas, we again relocated the store to this location and again gained a significant increase in traffic. Our Wynn Resort flagship is anchored by Patek Philippe. Our U.S. business has grown to just under $400 million in FY 2021. Our U.S. business in our last reported quarter was up 95% versus FY 2019. A lot done, a lot more to do. We've had huge success investing in remodels or relocations of the stores we've acquired. We still have over 60% of our store network to complete over the next few years. All stores are planned to be done by the end of FY 2024. This year, we will open up fully redesigned flagship boutiques in Aventura, Miami. We have taken on an additional 2,000 sq ft, and we'll also include our first BVLGARI boutique. The complete renovation of our 3,000 sq ft Rolex boutique in the Wynn Resort in Las Vegas is now underway and is scheduled to reopen in October. We will also relocate our Mayors store to a new position in Boca Raton, Florida, this year. Working with our property consultants, we've reviewed all of the current distribution in the U.S., as well as working with key developers such as Simon, Related, and Forbes that we've already built strong relationships with. We're also responding to our brand partners where they communicate gaps and opportunities in their network. We believe there are still many opportunities within the existing market in the U.S. This year, we will be opening up Watches of Switzerland multi-brand stores in two new markets, the American Dream project in New Jersey and a new store in Cincinnati in Kenwood Towne Centre. Our first eight monobrand stores opened up last year and have performed very well. We're also delighted with our team's ability to execute the design, build-out, recruitment, and training in new states in what was a challenging time to expand and travel. We have a further program of monobrand stores that we will open up this fiscal year. We are pleased with our relaunch of online this September. Our investment in digital marketing is helping to support the growth of our e-commerce business, driving brand awareness and driving new guests to our boutiques. We have continued growth planned in the growing U.S. online market. The U.S. pre-owned market is estimated to be about $2 billion. It is well-established and financially attractive. We acquired Analog:Shift in October of 2020. They have a great market reputation. We have almost completed a full rebranding of Analog:Shift and a new design for a website will follow, and we will roll out Analog:Shift to selected stores in our network. In summary, we've had strong success in the U.S. through acquisitions and new stores. We will continue to invest in the store estate. We have a strong scalable U.S. team with new developments identified, and we've also identified potential opportunities to acquire. Now I'll pass you back to Craig. Thanks, David, and hello again. Our plans for development in the E.U. are at an early stage, but we believe the opportunity to be very exciting and one where we can take our proven model and apply it to the markets with success. My intention at this point is to simply demonstrate our thinking and potential size of the opportunity. We plan to further update on this initiative in the future. We've completed various studies on the E.U., looking at comparisons to other markets we know, as well as reviewing quality and quantity of retail in the various markets. As you can see in the chart, the E.U. spend per capita was ahead of the U.K. in the year 2000. Whilst the E.U. has remained largely stable, the U.K. has hugely outperformed. The E.U. has similar characteristics to the U.S., and as we are now starting to prove, we can really impact the market with our model. Alongside the study on spend per capita, we have studied all major countries within the E.U., looking at strength and variety of luxury watch retailers. Our findings show good markets, but largely underserved for luxury watches, and in many cases, underinvested in by retailers. We believe this presents us with a very exciting opportunity to replicate our U.K. strategy in these markets. We have laid out a plan for the next five years, looking primarily at new opportunities with focus initially on monobrand boutiques. This model of store is very transferable across the markets. Brands would be very supportive, and our skills in areas such as store development, marketing, and merchandising would really excel. Acquisitions will equally be a focus for us. Similar to acquisition of Mayors in the U.S., this would not only give us strong going concern we can apply our model to, but also give us a base within the E.U., allowing for a quicker and more sustainable growth in the markets across other channels. Overall, our plans are to commence our entry into the market in FY 2022, with a sales contribution to the group expected from FY 2023. We will run two parallel streams, one looking at new project opportunities, and the other reviewing acquisition opportunities. In time, we'll also look to develop other channels such as e-commerce, travel retail, and new developments. With the indicative plan we have laid out, we estimate that the E.U. Revenue will represent 5%- 8% of the total group revenue by FY 2026. Having only commenced this exciting project, we will have more detailed plans to update on in future presentations, but feel very optimistic about this opportunity. Thank you. I'm now going to hand over to Anders. Thank you, Craig. As you will have heard from the previous presenters, we are operating in a very strong category in which demand outstrips supply for some parts of our market. Over the past seven years, we have seen pricing and mix being the main drivers of our growth, not necessarily volume. We have planned no change in our gross margin. The translation rate that we've used for the US dollar is $140. We have a very limited transactional exposure since most of our purchases are made in local currency within the markets we trade. That is to say, we buy in pounds in the U.K. and dollars in the U.S. We have not assumed any change to our borrowing rates in our plan. Our current facilities will expire in 2024 when we will assess our capital structure. Our priority for capital allocation is to reinvest for growth in the business. We're comfortable to operate at a leverage of about 1.5x- 2x. U.K. is a very strong market for luxury watches with well-invested retail stores. The total market value is approximately GBP 1.3 billion. Over the past seven years, the market has grown by an average of about 10% annually. Most of this growth has come from an increase in average selling price, a combination of price increases, and mix within the segment. Our view is that the historical trend of the market will continue. Calendar 2020 was adversely impacted by the supply disruptions due to the shutdowns in Switzerland, as well as the lockdowns here in the U.K. Through the planning period, we have assumed that the market will grow at a CAGR of about 8%- 10%. The reality is that this growth will not be linear, but will have some annual variations with a recovery taking place in 2021. We expect to outperform the market by around 2% per year based on the strategy and plans that we have presented. The total U.S. market, luxury watch market size is around $4.5 billion with a historical CAGR of about 2% over the period 2012 through 2019. Recent years have seen a significant pickup in growth, we believe that the U.S. market will outpace the global luxury watch market through the plan period. We have enjoyed very positive growth in the U.S. and plan for a growth of about 25%-30% per year throughout the plan period. Our initial refurbishment relocation have performed beyond our expectations. To date, we have refurbished or relocated four major stores and our multi-brand flagship in the Wynn Resort in Las Vegas. Payback on the capital programs have been very good, better than what we had planned. The consumer response has also been very positive. We plan to complete the refurbishment program by end of FY 2024. We have, as you heard from Craig, completed an analysis of the European market, E.U. market. In some of the markets, we have seen similar characteristics as we saw when we first analyzed the U.S. market, with retail being under-invested and underdeveloped. We have identified a number of cities where we see opportunities. The most likely entry to these markets would be through either monobrand or through acquisitions. We think the E.U. will contribute between 5% and 8% of our sales at the end of the planning period. The luxury jewelry market is larger than the luxury watch market. Both the U.K. and the U.S. are very strong markets. Today, the category represents around 7% of our sales. We aim to grow our sales by between 3% and 5% per annum over the next five years, supported by our investments into our Goldsmiths luxury concept and continued elevation of our major stores. In addition, we also plan to invest behind mainly digital marketing to support the sales growth in store and online. Our business will be more geographically diversified at the end of the five-year period. While we expect continued growth in the U.K., the business is expected to go from 67% in FY 2021 to 46% in FY 2026, and our international business will go from 33%- 54%, with the U.S. penetration increasing from 33%- 47%, and the E.U. representing the balance. In terms of category growth, we plan for luxury watches to play an even bigger role since our organic growth is planned to come from predominantly luxury watch formats. At the end of the planning period, we expect this segment to represent around 90% of our business. We do not anticipate any significant recovery from international tourism spend here in the U.K., and we are focused on the domestic market. At the end of the period, 92% of our sales is expected to come from domestic customers, and this is compared to FY 2019, pre-pandemic and tax-free tourist shopping in the U.K., when domestic represented around 68% of the group's business. Over the five-year period, we plan to spend between GBP 300 million and GBP 340 million of capital. Our historical return on capital invested has been very good. We expect this to slow to around three years as the U.K. is more mature and part of our growth in the U.S. will come from entering into new locations where we don't have an established customer base and need to establish our brand. In addition to this, we also plan to spend between GBP 150 million and GBP 200 million on acquisitions over the period. This could obviously go up if other opportunities were to materialize. This is what we have used in our plan. We do expect to further improve our operational leverage over the planning period. As we enter new markets and build our presence, we expect the profitability to be slightly below what we've seen in established locations. In the U.S., we see improved leverage as we invest behind our stores and drive productivity. We do expect this to continue. The productivity gains comes from better traffic, improved mix with higher average selling price, and higher conversion on traffic. Our U.K. business will benefit from channel mix with eCom after normalization in this fiscal year, outperforming and the expansion of our mono-brand format. In addition to this, we will continue to refine our store network closing underperforming stores. The geographical mix is another factor impacting our overall profitability. We do expect that our ROCE will improve over the plan. Expanded EBITDA, coupled with good capital management, is expected to deliver this. In summary, we have a proven model of success, which is clearly scalable. We are the market leader in the U.K., one of the best markets in the world, and we're gaining momentum in the U.S. Our plan is to further diversify by entering the E.U., and we do expect complementary growth from jewelry and services. We expect further operational leverage over the plan and improved return on capital employed as we expand EBITDA with good asset management. We have a strong capital program with planned acquisitions that underpins our growth. Thank you. I will now hand off to Brian for some closing remarks. Thank you, Anders. We have an exciting business plan for the future. We also plan to further develop the support of our communities in the U.K. and U.S. through the Watches of Switzerland Group Foundation. We've assumed funding of our foundation through the plan period through fiscal year 2026. As our group expands and develops, we're very conscious of our broader responsibilities in the areas of ESG. We've announced the introduction of a permanent board committee chaired by Rosa Monckton MBE to review and supervise our ESG programs, and we've assigned executive responsibilities. We have details of our ESG programs and targets in the annual report, and we plan to build on our commitment in these areas for the future. We believe in our markets, and we believe we've created a unique business model. We are proud of what we've achieved so far and we are poised for growth, both in our home market in the U.K. and internationally. Restricted availability of product supply will drive the pace of our growth. We take nothing for granted. We know that execution and hard work from our dedicated teams will be the key to success. What gets planned gets done, and we found this process stimulating and very helpful in reviewing our priorities and resources. We do have the best teams in the business, and I'd like to thank all involved in the preparation and presentation of this plan. With that, we'll open to Q&A. Thank you. If you would like to ask a question, please signal by pressing star one on your telephone keypad. If you're using a speakerphone, please make sure your mute function is turned off to allow your signal to reach our equipment. Again, press star one to ask a question. We'll take our first question from Karina Shooter, Goldman Sachs. Hi there, thank you to the whole team for presenting. It's been really interesting. There's three questions from me, if you don't mind. The first one is that you very helpfully provided the breakdown of CapEx and acquisition spending in your guidance. I was just wondering, where do you see the biggest opportunity for consolidating current market players? Is that in the E.U. or the U.S.? Following on from that question, when you think about acquisitions in the E.U., are you prioritizing the Watches of Switzerland brand, or do you think there's an opportunity to acquire a regional player and keep their branding like you did with Mayors in the U.S.? A final question, in terms of geographic exposure in the E.U., I know that you said during the presentation that you've done analysis of key markets. Are you really thinking there's the opportunity across Europe, or are there a few key markets that you want to focus on? Thank you. Thanks, Karina. We're not specifically anticipating market consolidation. That's for the brands to do, and it's been an ongoing process, as bigger urban stores have opened, which is very much more in our favor than there has been naturally some consolidations evident in the U.S. I would say that I see that would continue overall. Our CapEx and acquisition is about adding incremental business to our model overall. We do actually think that a lot of our investments and plans of how we do things really does add to the market overall. I think it's been our experience in the U.S. rather than necessarily come at the expense of the existing distribution. That's a good question. Would we look at branding everything Watches of Switzerland or might we keep some brands up in the same way that we've done with Mayors in Florida? It really would depend again on the circumstances. We're okay managing kind of multi-fascia business. We have it here in the U.K. with Goldsmiths, Mappin & Webb, and then Watches of Switzerland, and we have it in the U.S. Would depend on the strategy for the particular acquisition. If we saw the opportunity of just emphasizing watches only, we would look to change to what we think is the best name in the business, Watches of Switzerland. If on the other hand, there was a really strong long-term franchise and in particular an interesting jewelry business, then the chances are we would look to maintain the name and like I say, manage it within a portfolio overall. It just depends on the opportunity. We've been anticipating people saying to us what's the priority and the focus and all that in Europe. The answer is that we don't really have a geographic priority. We've kind of laid out how we see the relative underdevelopment of the markets which we presented. We really we're interested in markets by which we would say major conurbations, cities. One meaningful store can be financially viable to us and with the right kind of opportunity. It's all a matter of where the opportunities come from. We honestly see opportunity pretty much throughout the EU market, and we haven't defined a kind of geographic preference or priority. Okay, thank you. Okay, thanks. Thank you. Our next question comes from Guido Lucarelli from Exane BNP Paribas. Yes, good evening. Thanks for the presentation and for taking my question. I have a couple, please. The first one regarding profitability, because you mentioned operating leverage and a lot of moving parts. Also the dilution from when you acquire new stores. I was wondering if you could help us to model forward the evolution of the adjusted EBITDA margin compared to the positive expansion that you had in the last few years. I don't know if overall can be realistic to assume an adjusted EBITDA margin of 15% in FY 2026. Any color more on the impact of the acquisition, because from one side I can understand the dilution of entering a new market, but also the model seems quite scalable. I don't know what is the greater impact there. The second one related to margins as well on the marketing spend. If I'm not wrong, I understood that on marketing, the percentage on sales increased like doubled from FY 2015. I was wondering if you could share at which level are we now and if there you can expect then some leverage or if we should continue to model this at this level going forward. The final one on the U.S. market compared to the 25%-30% sales category that you see there, what is your assumption of the underlying market growth and how do you see yourself in terms of market share at the end of the plan of FY 2026? I mean, do you expect to get to have a dominant position as in the U.K. or given that there are other players also evolving there if it can be a more balanced mix between maybe a few big players going forward? Thank you. Guido, thank you for your question. We haven't specifically guided on operational leverage. We can point to our history where we obviously gained about a point per year historically, including this last year. Even though we clearly state that we've lost about GBP 100 million of sales, albeit we benefited from the 53rd week of about GBP 20 million, so GBP 18 million net. Part of that operational leverage that we saw come through in last fiscal year was the benefit of the rates. When we look at our guidance for this coming year, obviously we guided flat to + 0.5 points. Essentially, if you take the rates benefit in 2021 out, it's actually a leverage of 1%-1.5% when you do the math on it. We do expect this year to be a good year in that sense from a performance point of view. Whether or not that is something that we feel comfortable commenting on going in the out years, we are entering into more new territories where it takes a bit longer to build up the business. Both in the U.S., where we're geographically expanding outside established markets like Florida and now New York and Vegas. That we do expect to have a little bit longer payback on our capital programs, as we stated. Whether or not we will enjoy 1% going forward, I wouldn't necessarily use that for a modeling purpose, I think, but I obviously would leave that up to you. Acquisitions, as you know, we've specified what we plan to spend on our acquisitions. It's in the public domain, so you all know what multiple we used when we acquired Mayors as a business. Maybe that multiple has gone up somewhat with improved market conditions that are out there. If you use 10 as a multiple, then you can derive what that translates to in sales very easily. If you want to use the acquisition capital to derive sales, I think it's a good way to do it. As I said, we don't specifically want to guide on operational leverage for obvious reasons. You had a question on product margin as well, right? U.S. margin. Yeah. U.S. margin, obviously, if you looked at the details of our disclosure in the RNS, you will see that we had a significant improvement in our U.S. profitability this year. Obviously, our sales grew by 38.5% local currency, which demonstrates what we said all along. If we can get the productivity going in the U.S., there should be some operational gearing coming out of that market, because intake margin is slightly ahead of the U.K. As long as we can drive that productivity going forward, and the mix within the portfolio goes in the U.S. direction, then you would expect that to be beneficial. I think the last question was about our market share, and we've deliberately or specifically not included market share data because it's not reliable honestly, particularly in the U.S. Our estimate of the market we included at the $4.5 billion. You know the size of our sales there at the moment, so you can pretty accurately estimate our market share. At the end, even although our 25%-30% will clearly outperform the market quite significantly, it doesn't get us anywhere close to the kind of market share we've got in the U.K. Again, I think you could model that. We do think the U.S. as a market will outperform what it's doing that currently. I think there's now more of a consensus around our conviction that the market's got real significant growth potential in it and has been repressed in many ways because of a lack of investment in retail historically. All of this is dependent upon getting brand support, brand supply, and everything else that has to come. Clearly, we'll gain market share if we achieve the plan that we're looking at here, but still significantly below the sort of share that we have in the U.K. Sorry, on the margins, if you could comment on the marketing spend as well. I don't know if I got it right, understood that it's double as a% of sales compared to FY 2015. Yes. I was wondering if you could disclose at which level is that and, going forward, if it should be stable or increase or if there is some leverage there. I think going forward, it will be stable. We have invested in marketing, it's given us great returns, and we can measure clearly our awareness. In the case of digital marketing, as we presented in the presentation, we can test it and get evidence of the value of our spend all the way through to traffic generation and conversion. The level we're at, I would say, is likely to be sort of stable through the plan. We have definitely, as we've said, increased. We haven't disclosed the percentage, but we've doubled the percentage from FY 2015. We are retailers, though. We're not managing brand awareness and brand introduction in the way that supplier brands that we have would be doing so. The percentages are accordingly much smaller if you make that comparison. We obviously believe in what we're doing in marketing, and we can measure the benefit of it. Where we're at at the moment, we've assumed would pretty much be the level that we maintain throughout the plan period. Thanks for that. Sure. Thank you. We'll now take our next question from Erwan Rambourg with HSBC. Thanks a lot for the great presentation. Two questions. One may be a bit naive, but I think Brian and Anders, you've been repeating that your business is essentially driven by supply. What's the visibility on the plan horizon over the next five years that you could get supply going a bit higher? Is there any visibility on that? Secondly, quite pragmatically, second-hand seems to be getting bigger. I've seen a few studies pointing to second-hand essentially representing half of the market of new watches being sold. I'm wondering how you can get more skin in that game, how much it can represent for you, and aside from Analog: Shift, would you be willing to make other investments to increase your presence in that market? Thank you. On supply, we don't have visibility specifically beyond the current year. What we've tried to be clear in pointing out in the RNS and the presentation is that. We're using our best judgment. You look at our history, look at the support that we've been given for the investments that we've made and the growth that's resulted in, which of course has come from supply. We've no reason to believe that same formula and experience won't continue through the plan, and that effectively is our assumption. You would never get anything in the form of any kind of commitment or even indication on supply from a major supply partner. We don't think it will be necessarily any better. We think the rules and experience that we've had over the last several years are likely to continue throughout the plan period that we're looking at. On the certified pre-owned business, one health warning I would say on it is it tends to be continually overstated in our view, because you have the same product appearing in a variety of different places, but it's all getting added together. It is definitely a growing market, and the lack of supply in terms of meeting demand on new products clearly puts another emphasis on the attraction of pre-owned. We are interested in the market and Analog:Shift was a move in that direction. We're also making some resource investment here in the U.K., but it's historically not been a priority for us at all. It's only around 1% of our business, so anything we do on it is going to be upside, obviously. We haven't at this stage assumed anything significant in the plan period that we're looking at. If we get something going, it will be upside. That's good to hear. Thank you. Sure. Thanks a lot. Thank you. We'll take our next question from Kate Calvert with Investec. Good afternoon, everyone. Three questions from me. The first question is, why have you chosen to enter the E.U. market next rather than an Asian market? The second question is very much that there's been some chat in the trade press about the fact that the major luxury brands have become too focused on China and Asia pre-COVID, to the detriment of big markets like the U.S. Do you think the major brands are changing their view on allocation and will look to diversify away from Asia? My final question is, which market do you think is more underdeveloped, the E.U. or the U.S.? What was that last part, Kate Calvert? Which market. U.S. versus E.U.? Which market is the more underdeveloped? Okay. The EU or the U.S.? Okay. We don't have in our plan any intention to get into the Asian market at all. We find it's very volatile. We honestly don't need it. We don't have the experience of the market. We think it's pretty crowded overall. Like I say, all the volatility in luxury watches, if you look over the decades, has tended all to be kind of boom and bust of what's happened in Asia. It really isn't on our horizon at any point to go to Asia. We saw the opportunity in the U.S. and I think we're very pleased that we've executed and I think demonstrated that our analysis was correct, and we obviously see significant more opportunity there. We see similar conditions in the E.U. We see the market as being fragmented, and of not being the kind of presence that we have here of a beautiful flagship store supported by really proactive digital marketing and great systems and everything else that we do. We see a lot of the same conditions. Having said that, the E.U. is somewhere between the U.K. and U.S. Your question about what's the most underdeveloped then, we had it in the chart when we look at it per capita sales, the U.S. is undoubtedly the most underdeveloped, with the E.U. markets being at various points between U.K. and U.S., but still in the absolute underdeveloped. Listen, we think the U.K. market's underdeveloped, so the more that we do and get out there and reach out to that potential demand, the more success we have. We honestly And I think about your question about our brands looking to maybe go back and put a bit bigger emphasis on Europe. I think it's fair to say that luxury brands are more made in Europe than the East for sure. In the case of luxury watches, I think this market, as we've proven, huge interest in the domestic market. I think that's the case for luxury watches. There's a lot of potential within the Western markets that we're looking at. Great. Thanks very much. Thank you. We will take our next question from Richard Taylor with Barclays. Afternoon. Just a question on the CAGRs you set out, please. They obviously look very encouraging for the U.K. and the U.S. I appreciate you say that the growth will be based on the continuation of the strategy that you've employed so far. In the absence of guarantee on supply, what would you say the key upside and downside risks are to the CAGRs that you set out in the plan? Just thinking back to the IPO, I think the targets here are sort of more bullish than at the time of the IPO. If that's the case, what's changed since then to make you sort of more encouraged in terms of growth versus a few years back when you first came to the market? Thank you. When we did the IPO, first of all, we never looked out this far. Secondly, we only included, if you recall, projects that we knew were committed. What we actually presented at an IPO was a pretty significantly declining CapEx plan overall because we only put in there the projects that we had committed. We've taken a different approach here. We've looked out five years and we're speculative about opportunities of adding stores, of acquiring companies. It's really done on a different basis, to be honest. We always thought the market had much more opportunity than we were calculating because of how we were effectively doing our guidance overall. In terms of supply, yes, as you know, it's the biggest question around everything that we do. We can't and we don't have commitment effectively, but we have our experience, and we have the relationships, and we have reviewed our plans with all the big partner partners, as you would expect. That's our best judgment about what we think we can deliver, which obviously includes our perspective on supply. Things that could go wrong. We haven't assumed any kind of cataclysmic economic event of any kind. A massive meltdown in finances. We haven't planned that at all. We're planning for stable conditions, if you like, overall, from an economic standpoint. Nor have we assumed boom anywhere either. I don't know, Anders, what do you think? No, I think that's fair to say. Obviously, the economy is a factor that really we can't do too much about, and we're not planning for any material change in existing conditions with a bit of, obviously, cool down after the lockdown. In terms of risks, obviously, if there was another pandemic or anything like that's off, I guess. If we had to go through another one and a half year of lockdowns across the territories, that would definitely throw our projections off, I think. Obviously, we haven't included in our plan that any of our major suppliers would stop distributing to us as a multi-brand distributor at all. They will continue to operate with third parties of good quality, which we think we fall into that category. Those are obviously the risks. In terms of opportunities, we haven't built in any change in capacity, as Brian pointed out. If there was an increase in global availability of brands that are hard to get our hands on, obviously that would put the plan in a different perspective. Obviously, if that were to materialize, either way, we'd obviously come back and communicate and update the market as such. Very helpful. Thank you. Thank you. As a reminder, you can submit your questions through the webcast or please press star one on your telephone keypad. We will take the next question from Kathryn Parker with Jefferies. Good afternoon. Thank you for taking my questions. My first question is on the GBP 300 million-GBP 340 million CapEx spend. I wondered if you could give any granularity on the split between new stores versus refurbishment of existing stores within the guidance and also any thoughts on the timing of the CapEx within the five years. Should we assume pretty much equal each year? My second question is on the entry into the E.U. market and the acquisitions you're looking to make. Would you say you have any limits on the minimum number of agencies or stores a retailer would have for you to consider it to be meaningful enough to make the acquisition? To follow up on Karina's question, does this mean that you wouldn't open any Watches of Switzerland branded stores directly? You would only consider rebranding a chain of retailers that you buy? My final question is just on your guidance. I don't know if you're going to answer, but if you could give us some thoughts on the number of monobrand openings that you're assuming when you calculated the sales growth assumptions and what visibility you might have on the monobrand openings. Thank you. Thank you. In terms of the capital split, obviously we geographically indicated what the split is going to be in our presentation. That's there for you to read. In terms of the split between new and refurbishment, we have a lot of refurbishment programs in our existing portfolio that we need to address. We have the Mayors with an additional 10 stores to do in the U.S. We have our Wynn store that we're doing this year in Vegas. Here in the U.K. over the next three years, we're going to touch 24 of our Goldsmiths luxury formats, where we're putting more emphasis on hospitality and that kind of things. Essentially using the concept that has been very successful for us in the Mayors stores in the U.S. We haven't really been specific on where we're going to spend this in terms of refurbs versus new. If you think about it, the acquisitions that we've made so far has obviously been into franchises that have been under-invested and underdeveloped. They will require capital in terms of fixing the network that you bought, as we've done with Mayors and with the Vegas stores, as you've seen. We've seen really good return on that. It'll be a combination of new and refurbishment. I'm not going to be more specific than that. What I will say is that we do expect, on average, the payback of our capital to be around three years. In terms of timing and phasing of this, obviously we have really great visibility into the next 12-18 months of projects and so forth. We know, and we've guided between GBP 40 million and GBP 45 million for this year, which then obviously is going to need to come with a step-up as we go through the plan in order to achieve that investment level. We think it's going to be new spaces. We have Cincinnati coming online, as you see. We have American Dream and so forth. These are big flagship statements that come with a fair amount of investment. Well, obviously with good returns as well. Then when the pace of acquisitions come, which is harder to predict actually, that will dictate some of that capital increase spend that we're going to see come through. On the question about choice of fascia again. If you look at what we've done in the U.S., we acquired Mayors and we've kept it as Mayors. It's got a great name, it's got a great jewelry business that seemed very obvious to us then and it still does today. All of the new activity we did, our two stores in New York, the stores we took over in Vegas and store we opened in Boston, they are all under the Watches of Switzerland. There's other new developments in the U.S. that we're looking at and if there are new developments, Cincinnati and American Dream, both of them will be Watches of Switzerland and any other new development we look at will be Watches of Switzerland. I think we don't see the same kind of new development opportunity in Europe. We don't think there's going to be that kind of spend in shopping malls in Europe overall. In the event there were and in the event we were to get support from a key brand partners, we'd do it as Watches of Switzerland. I think the most likely development of the market there that we are assuming would be through acquisition and as I answered earlier, we'd look at the nature of what we'd acquired and most likely we'd keep the name, we'd keep the people, we'd want to keep the reputation and the database and everything else. Our whole approach on acquisitions is to do everything we can to retain the strength of what we're buying and make sure that what we are doing is additive from systems and technology and marketing and scale. The logic of that would be that you'd most likely keep the name and the franchise. Your last question regarding the number of mono brands. We haven't specifically mentioned that in our plan. It'll be a combination of multi-brands and mono brands. We don't want to put a number behind that, if you're okay with that, because we actually haven't discussed it. Again, it's always going to be subject to discussions with the brand and the pace and so forth. Okay, thank you. It appears there are no questions.... We now have no more questions from the conference call. We're going to move to questions from the webcast. We have a question from Flavio Cereda from Jefferies. Do you think that EU customers are less driven by the investment or collection aspect of the purchase versus the U.K.? Flavio Cereda, obviously we don't know that. We don't have any E.U. customers yet to try and sort of understand. I think it's fair to say when we see that a market is underdeveloped, the likelihood is that there is less of an appreciation of all that's wonderful about luxury watches and their heritage and value and that would include an appreciation of luxury watches as an investment class. I think it's a reasonable assumption to say that an underdeveloped market would have that lack of understanding. I think it's a good observation, but we obviously don't have evidence of that yet. We'd probably agree in the suggestion. We have no further questions from the webcast at the present time. I'll pass back to you, Brian, for closing remarks. Everybody, thanks for joining us. We think we put a lot of work into this plan. We looked at all the potential that we saw out there, and then we adjusted everything for what we thought was the likelihood of success. As I've said on the final slide, we take nothing for granted. We don't take our support of our branded partners for granted at all. We've got to go project by project as we've been doing. Our plan reflects our best projections of what we will be able to deliver. Our team has done a really great job pulling it all together. We've got a lot out of it in terms of seeing the opportunities and thinking about the resources and authorities that we have and we hope our investment community have a greater understanding of where we're all headed now, which was the whole point of the exercise. Thanks so many of you for joining us and for all your questions, and no doubt look forward to seeing many of you in the days and weeks ahead. Thank you.