Good morning, everyone. Thank you for joining our webcast and call on the results of the Watches of Switzerland Group for the half year to October 2023. We have previously reported Q2 and H1 revenues to the market, and we've presented the status of the company and plans for our group with our LRP, and therefore, this presentation is reasonably concise, allowing more time for Q&A. Our agenda this morning, I'll present an overview of the group's performance. Anders Romberg, our CFO, will then present the financials. Then we will present a summary of our LRP headlines and numbers together, following which we'll open the lines for Q&A. We are very pleased with our strong first half performance in the U.K. and the U.S., despite a challenging economic environment. Group revenue growth of 2% at constant currency, flat at reported rates. Strong U.S. revenue growth of +11% at constant currency. Adjusted EBITDA of £94 million was 8% down at constant currency, 10% at reported rates. EBIT of £73 million, achieving a margin of 9.6%, which was down 170 basis points versus last year, due predominantly to a reduction in net margin from product mix and interest-free credit costs. Net cash of £60 million compares to £26 million borrowing at H1 last year, with cash conversion of 60%, 700 basis points higher than last year. We've now completed the acquisition of the luxury showrooms from Ernest Jones. These stores had a combined LTM sales of around £45 million. We have successfully launched Rolex Certified Pre-Owned in both the U.K. and the U.S. We communicated our LRP through to FY 2028 on the seventh of November. Our FY 28 goals in the LRP represent a more than doubling of our sales and profits. Looking here at the sales mix in more detail, the rapid growth of our U.S. business means that U.S. sales in the half are, are now 43% of the group total, compared to fiscal year 2019, total year of 24%. We see the U.S. market as underdeveloped, and we are very pleased with our growth and momentum in the U.S. Our group sales in the half were, were 95% to domestic clients, and this compares to 67% in fiscal year 2019. International sales have been hugely impacted by the removal of VAT-free shopping in the U.K. following Brexit. We have more than compensated for this market loss with a successful increased focus on the domestic client. I'm very pleased to confirm the completion of the asset purchase of a group of 15 showrooms from Ernest Jones in the U.K. This was previously reported at 19, however, four monobrand stores have been sold separately. Ernest Jones is part of the Signet Group, which is predominantly a U.S.-based group, focused on diamond jewelry. Ernest Jones ceased partnering with Rolex in 2012, but continued their relationship with most other luxury watch brands. The showrooms that we are acquiring include a total of 76 luxury watch brand agencies, including Omega, Cartier, Breitling, Tudor, and TAG Heuer. These showrooms are very much in our space with great potential for growth, all in good geographical locations, complementary to our current estate, with good teams, locations, and clients. The focus immediately is to rebrand the stores, leverage our group systems, implement our client service and merchandising, and of course, the training and support of our new colleagues. The pre-owned market is huge, particularly in the US, and represents a major opportunity for the Watches of Switzerland Group. We have now launched Rolex CPO in the U.S. and U.K. to add to our already successful Analog Shift business in the U.S. and U.K. pre-owned. We launched Rolex CPO in 7 showrooms in the U.S. in July. We're now in 14, and in 5 showrooms in the U.K. in September, and we're now in 10, with Metrocentre effectively launching this week. Half one has been our busiest on record, for developments with new showrooms in all markets, including the transformation of a number of large turnover showrooms in the U.K., which we have now reopened across November and early December to maximize trade in the holiday season. We have a healthy pipeline into fiscal year 25, including the opening of the flagship Rolex boutique on Old Bond Street in autumn 2024. We continue to invest in our Goldsmiths Luxury designs, with expanded and elevated showrooms, providing dedicated space for luxury watch brands, increased space for luxury jewelry brands, and new areas of hospitality and client service. In September, we completed the most significant and largest transformation for Goldsmiths in Liverpool city center, 6,500 sq ft across two floors of luxury watches, luxury jewelry, including a 1,200 sq ft Rolex room and a 500 sq ft Cartier room. We've also introduced many new jewelry brands, including Pomellato and Fred. Since the half year, we have opened a relocated Rolex boutique in Orlando, Florida, and completed Goldsmiths Luxury transformations in Birmingham Bullring, Manchester Trafford Centre, and Newcastle Metrocentre. We have also successfully developed a new design for Mappin & Webb, focused on a more modern, contemporary look, while respecting the great heritage of the brand. We have opened in New York, Guernsey, Glasgow, and Bluewater, you can see here, opens next week. We are delighted with the success of SoHo and Hudson Yards in our New York flagships. These showrooms continue to grow in sales, and we believe we can continue to grow in Manhattan and the Tri-State Area. American Dream, New Jersey, opened firstly in May, anchored by Rolex. One Vanderbilt will be our next Manhattan flagship, located next to Grand Central Terminal, at the base of arguably the premium office tower in New York City. This building is host to the first Amex Centurion Lounge, which spans a full floor of the building. The boutique is anchored by Cartier and Omega, and will open in Q4 of this fiscal year. Branded Jewelry is a market we have highlighted to apply our winning model. Mappin & Webb Manchester, a new store concept, will open in autumn 2024, with an impressive lineup of international luxury jewelry brands that will be regionally exclusive, and also designer brands, men's jewelry, and Mappin & Webb jewelry. The Mall of the Netherlands, near The Hague, will be our first multi-brand location in Europe, and the first entry to the market for the Watches of Switzerland brand. We have a great lineup of brands, including Cartier, Omega, Breitling, Tudor, and TAG Heuer, and the showroom is due to open by October 2024. E-commerce continues to be a key area of focus, not just in driving sales through this channel, but supporting client journeys ahead of visiting our showrooms. Sales were down 3% at constant currency for the half, reflecting tough comparatives and a higher mix of jewelry through this channel. We continue to invest in the customer journey, both online and through our virtual boutique, to ensure each client gets a journey that meets their needs. I'll join you again shortly, but now I'll pass over to our CFO, Anders Romberg. Thank you, Brian, and good morning, everyone. I'm Anders Romberg, CFO for the group, and I'll now take you through the financials. This is presented on a pre-IFRS 16 basis and exclude exceptional items. The reconciliation through the statutory numbers are included in the RNS. Revenue growth for the half was +2% on a constant currency basis and flat on a reported basis. Growth was driven primarily through luxury watches, with the jewelry market softer. The U.S. has continued strong growth, with sales of +11% on a constant currency basis. In the U.K. and Europe, sales declined by 4%, with Q1 impacted by timing of supply. We're confident that we're continuing to take market share in both regions. Net margin for the half was 80 basis points down versus last year, reflecting adverse product mix and impact of interest-free credit cost. Adjusted EBITDA declined by 8% on a constant currency basis, or 10% on a reported basis, to GBP 94 million. Adjusted EBIT declined by 15% to GBP 73 million, which I'll talk you through on a subsequent slide. Financing costs decreased by GBP 800,000, as higher market lending rates were offset by savings made as a result of the refinancing in May 2023, lower level of drawdowns, and increased interest income on cash balances. The effective tax rate was 29% for the half, exceeding the standard U.K. rate due to higher chargeable taxes on U.S. profits. For the full year, I expect the effective tax rate to be around 27%-28%. Adjusted EPS for the half was 21.5p, decline of 23%. The profit reduction for the half was primarily driven by reduction in margin rate from product mix and higher interest-free credit cost. Our cost base increased from opening of new showrooms, but was partially offset by management of our existing cost base. Depreciation increased by GBP 3 million, reflecting the increase in capital, and an adverse year-on-year exchange rate impacted EBIT by GBP 2 million. Moving to the balance sheet, the increase in PPE results from our ongoing showroom investment program and the increase in Right of Use Assets and lease liabilities due to expansion of our showroom network. Inventory increased to GBP 400 million, 5% higher than the first half of 2023, driven by an increase in number of showrooms and the increase in the unit value of our stock from pricing. This was mitigated by strong management of stockholding in other areas of our business. It is important to remember that there is really no obsolescence in our inventory. Net cash was in line with year-end at GBP 16 million and GBP 42 million ahead of prior year. On the cash flow, adjusted EBITDA was GBP 94 million. The working capital outflow of GBP 8 million represents the inventory build for new showrooms, less than associated offset in trade payables. The increase in tax payments reflects the higher rate of U.K. corporation tax versus last year. Free cash flow conversion of 60% was 700 basis points favorable to last year. We continue to invest in the showroom expansion and refurbishment program. With multiple new showrooms delivered across all regions, our expansion plan has been more front-end weighted, and we expect capital spend to be lower in the second half, reflecting full year guidance of GBP 80 million. Net cash was in line with year-end at GBP 16 million. 50 million of our lending facility was also paid down in the half as we managed cash and interest costs tightly. Post half year, we completed the Ernest Jones transaction at a consideration of GBP 44 million. Today, we are reiterating the guidance that we gave last month when we released our Q2 trading update. Guidance is based on visibility of supply of key brands, reflects confirmed showroom openings, it excludes M&A, and is based on a second half average rate of $1.25 to the pound. With that, I'll hand you back to Brian. Thanks, Anders. We were delighted to share our updated long-range plan on the seventh of November. Our performance tracks significantly ahead of our previous LRP, and we are confident of significant growth over the next five years. This plan has been built in granular detail, with key building blocks shown on the slide. All of our capital investments work, delivering strong ROIs and paybacks. Looking firstly at showroom investment, this is by no means just refurbishment. These projects, in most cases, involve showroom expansion, will always include additional brand distribution, and can often be a showroom relocation. Our cash payback, which we review ongoing, is between two and three years. Investing in our showrooms is a key driver of profitable growth, and we have the clearest visibility and most exciting investment program in our LRP. The pre-owned market represents a major opportunity for the Watches of Switzerland Group. We have now launched Rolex CPO in the U.S. and U.K. to add to our already successful Analog Shift in U.K. pre-owned businesses. We will progressively expand distribution of our CPO to all Rolex agencies, U.K. and U.S., and we will rebrand non-Rolex CPO to Analog Shift in the U.K. We will increase distribution of Analog Shift in both markets, and we will support the business with in-store presentation and marketing, and develop the online sector. Branded luxury jewelry is a significant opportunity for the group. We have success and credibility through our growth in luxury watches. We have learned a great deal about luxury branded jewelry from recent acquisitions of Betteridge and Mayors in the U.S., and we have decades of heritage in jewelry here in the U.K. We are now ready to focus on this category. We will open a new concept store dedicated to luxury branded jewelry in the center of Manchester. This showroom will include many brands available for the first time outside of London, including a De Beers boutique. We will introduce prestigious luxury jewelry brands to our multi-brand luxury showrooms in both the U.K. and U.S., and online. Our new store developments all include expanded space for luxury jewelry, and lounge and hospitality areas conducive to jewelry selling. We will support these plans with a full marketing program of advertising, PR, and events. Online is a major growth opportunity, and our size and scale is going to help us grow ahead of the market. We will continue to add luxury watch brands, along with developing the online success of Rolex Certified Pre-Owned, and our own Analog Shift pre-owned, as well as developing a strong luxury jewelry branded proposition. We've had great success in driving growth through acquisitions, such as Mayors, Betteridge, and Wynn, and identifying new projects and opportunities in underserved markets, such as Hudson Yards and Soho in New York. We believe there is significant opportunity for growth in these areas, and we have projected significant investment to deliver the growth potential. I will now pass over again to Anders to give you the financial summaries of our LRP. Thanks, Brian. Overall, we enter the next five years with better visibility of projects than when we did our last five-year plan back in 2021. The focus on luxury jewelry and pre-owned watches are both new versus what we included in our last plan. In the U.K., we expect a sales CAGR of between 8% and 10%, about 2%-3% ahead of the expected market growth. This is less than what we achieved between 2020 and 2023. During the past four years, the U.K. market had severe disruption through lockdowns and loss of tax-free to overseas clients. Sales to our domestic clients in the past four years has grown at a CAGR of 21%. We've gained market share through our capital programs and expansion of our monobrand concept, while driving our e-commerce channel. In addition, we will increase our focus on pre-owned watches. Rolex Certified Pre-Owned is off to a good start, and branded jewelry, which both are mostly additive to our existing business. We also have the benefit from the Ernest Jones showroom acquisition and E-commerce growth. The U.S. market growth is expected to outpace the U.K., as it still is, in our view, underdeveloped. We anticipate the market to grow at an average between 8% and 10%. We have planned a sales CAGR of between 20% and 25% in this market, so well ahead of the market growth. The market is fragmented and consolidation is an opportunity, so acquisitions form part of our growth strategy. In addition to this, there are quite a few locations that we define as underdeveloped, and should have distribution of luxury watches. So to gain distribution, you don't always have to acquire a business. We have identified quite a few such locations, and are discussing them with our brand partners. The pipeline of new projects is giving us good visibility over the years to come. We have seen the benefit of our capital programs in Mayors and at the Wynn Hotel in Las Vegas, and don't expect this to change as we complete the upgrade program over the next few years. The three Betteridge showrooms will be completed by FY 2026. Rolex Certified Pre-Owned is off to a good start, and we're expanding the number of points of sales. The U.S. is by far the biggest market for jewelry, and we will be more active in this segment over the next five years. Our e-commerce is still in the early stage. There is a huge market opportunity in the U.S. e-commerce space. We think the EU will contribute between 4%-6% of our sales at the end of the planning period. This will include acquisitions. Over the 5-year period, we plan to spend between GBP 300-350 million of showroom capital. Our historical return on capital investment has been very good. Our payback on capital programs has averaged out between 2-4 years, depending on format and location. We also plan to spend between GBP 350-500 million on acquisitions and new projects over the period. This could obviously go up if further opportunities were to materialize, but this is what we used in our plan. The plan calls for more than doubling of sales and EBIT over the 5 years. This chart illustrates the building blocks behind our model and indicates where we see the market opportunities. Vertically shows in which market we see the opportunity, and horizontally indicates the size of the opportunity. Capital investment into existing showrooms is a proven model with good returns. We plan to spend between GBP 300 million and GBP 350 million in this area, which includes space expansions and or relocations. E-commerce growth is expected to continue, and Certified Pre-Owned will further drive growth in this channel. Certified Pre-Owned is a segment we expect to add to our underlying growth. Luxury branded jewelry is an area where we see significant growth potential, and we will expand our distribution in this area. We just closed the acquisition of the Ernest Jones showrooms, and this will drive further growth in the UK. In addition to this, we have planned to spend between GBP 350 million and GBP 500 million on acquisitions and new showrooms. Our track record on acquisitions is very good, with a payback of 4-4.5 years. This will predominantly be in the U.S. and EU markets. We expect improved operational leverage by between 50 and 150 basis points. With this, I will now hand over to Brian for some closing remarks. Thank you. Thank you, Anders. We have confidence in our model, which has driven incremental sales in the half. We continue to operate at pace, investing in our showrooms, completing the acquisition of Ernest Jones luxury showrooms, and successfully launching Rolex Certified Pre-Owned. We look forward to a busy holiday trading period and continuing to execute on our Long-Range Plan objectives. With that, we will now hand over to questions. Thank you. Ladies and gentlemen, if you would like to ask a question, please press star one on your telephone keypad. Thank you. We'll now take our first question from Melania Grippo at BNP Paribas. Your line is open. Please go ahead. Good morning, everyone. This is Melania Grippo from BNP Paribas. I have I have two questions. The first one is on your wait list. I was wondering if anything has changed in terms of consumer behavior and customers signing on in light of the CPO, especially in the stores that offer this service. H ave you seen more customers delaying purchases lately? T hen the other question is on store refurbished. What is more or less the increased selling surface when you refurbish them? Thank you. Hi, Melania. Good morning. Thanks for your question. No big change on the waiting list. We're still on the registration of interest list. We continue to add names to it. Overall, your point in CPO, you know, we obviously, you know, contact customers on our CRM database and let them know the availability of CPO products, and some have taken advantage of them. A ctually, the big business that we're doing in CPO is from walk-in clients who are looking to buy Rolex and then get the news about the waiting times and then are interested to hear about the option of pre-owned. T hat's much more so than we expected. That's where the business is going, and it's predominantly through stores, and it's predominantly through our walk-in clients. T here's been no impact there. Anders, do you want to on increased footage overall? No, I mean, obviously, we've had a lot of stores under refurbishment in the first half, and that's impacted not just the second quarter but throughout the half, on which all of them are open. The last one actually opens today, which is a Metrocentre. We've expanded our Orlando Rolex store from 900 feet to 3,000 feet. The big Cartier box is now open in American Dream, so there is some space expansion going on. I n our category, as you know, a lot of our business is driven by supply. W hen we open these big stores, we tend to get an incremental shop-in from some of our key brands. Thank you. Thank you. We'll now move on to our next question from Jon Cox at Kepler. Your line is open. Please go ahead. Yeah. Good morning, guys. A couple of questions on my, my side. On the CPO, can you give any, any indication of the, the sort of revenue uplift you're getting, in those stores where you have the program, and, you know, subsequent impact on the group as a whole, that's the first question. On the Ernest Jones acquisition, you mentioned, I think they have revenue of GBP 45 million. You're obviously doing all the refurbishments. You know, how should we think about anything dropping into this year? Because obviously, you've got closures, and you're, you're doing various things. Should we get any benefit at all this financial year, or will it be all in, the, the next, financial year? Then just a bit of an add-on, you know, the long-range plan, and obviously, jewelry is gonna be pretty important. Just wondering, you know, how discussions are going with some of the branded players. Wonder if you had any, you know, interests post your, you know, the long-range plan, capital markets day. You know, people picking up the dog and bone, as it were, to give you a call, asking, you know, what your availability is, et cetera, et cetera. Thank you. Thanks, Jon. CPO, we haven't talked revenue by door, but it's very encouraging, actually, and as I said in answering Melania's question, too. It's kind of ahead of what we would have expected, and it's particularly coming from walk-in clients. We did say when we presented the LRP that we were tracking, when we combine Rolex CPO and then other CPO, Analog Shift in the U.S., CPO in the U.K. When we combine those businesses and look at last year, we're kinda tracking at double, more or less, in both markets. But it's obviously only in 14 stores, Rolex CPO in the U.S. now, and 10 in the U.K. With the Metro opening today, it will be in 10. We have a lot more distribution to go at. We're working on supply. The whole process is working reasonably well of product going to Rolex, being authenticated, whatever, getting back to us, and that's, you know, that's a scale-up of their resource and our resource as well. So I think it's all going pretty well. We don't yet have any, you know, proper marketing. We don't have in-store furniture. We don't have any window displays or anything like that. Literally, it's just product and cabinets. W e feel pretty bullish about Rolex CPO. We feel bullish about other brand CPO that we're clearly developing alongside the Rolex CPO in the stores, and the distribution of non-Rolex will be even greater. We're feeling good about it, and we'll look forward to reporting it, as you know, in the years ahead. EJ Stores, we are really delighted with how we have managed the integration, really, with both Anders and I, along with Craig Bolton and the rest of our senior team, spent time with our new colleagues up in Leicester over the last few weeks. They're a really great group, really know their category well, know their clients well, but obviously don't know our systems and our ways of doing things, and that's what we're concentrating on. We have rebadged the stores, rebranded them, and reopened to take advantage of, you know, the Christmas season. Our expectations of the stores during this transitional phase is not all that high. We think the real benefit we'll get will be, you know, into Q4, and our big focus is obviously in fiscal year 25. It wasn't an area of focus for the, you know, the Signet Group, but it obviously is a huge area of focus for us, the area of our luxury watches We think the stores have really big potential, but we've got to get the profile of stores right. You've got to get the training right. You've got to get the clients knowing that, you know, that there's very much different products on offer, and it all takes time. W e'll get something in this fiscal year, but well, we're not spiking it out. As you know, something that's incremental and significant. Jewelry, to your point, we continue to negotiate and present on jewelry. We're not finished there. I think we have a great lineup of brands coming into Manchester and also getting into other multi-brand distribution with us. But it's ongoing. We have some other targets that we'd love to develop a partnership with and we're working on, but it really is a big deal. It's been really well-received by the industry overall, and, you know, I think we've created some real excitement internally and in the industry overall. Much jewelry with the, you know, like the likes of Richemont brands or LVMH brands at all? Well, if you mean- Watch Group brands. Cartier- In the jewelry, yeah. Tiffany? Yeah. Well, not yet.I say not yet, but not at all at this point. And- Yeah It's not really in our plan that we would ever expect to get to Cartier jewelry, but it's not for the want of trying, as I think I've said before. But I think we've got a very strong case to say that we could represent those brands very well, but they have their own strategies, which are focused on retail in both cases. W e're good retailers, too, so we'll carry on chatting. But no, they are not in the plans. Great. Thank you. Thank you, and we'll now take our next question from Adrian Duberger at Goldman Sachs. Your line is open. Please go ahead. Hey, thank you very much for taking my question. T he first one, just so recently... We spoke a lot recently, you have confirmed your guidance for the full year 2024 this morning. I just wanted to know if we can confirm that there is no change for the Rolex allocation, both for your full year 2024, and also, like, how does this look for calendar 2024? My second question would be on the Christmas season. We know how, we all know how important it is, but can we ask if you have seen any change in consumer behavior, in appetite by price point, in traffic, in conversion rates? Really, any retail metrics that you can give us would be very interesting. The third one would just be about the performance of the American Dream store versus your expectations. Thank you very much. Okay. I'll go in reverse order. American Dream is doing great. We're really pleased with it, despite the fact that, you know, it's been a really challenging project for the developers. They had to get American Dream going. You probably know its history, but, you know, it goes on beyond ten years, but, and then COVID and everything else that happened, so they really had a lot of challenges. T hey've opened, you know, a wonderful shopping center with the theme park and everything around it. And the last area to fully open and be developed was the luxury sector. They've now got it very well leased in terms of agreements. You know, the last set of agreements was the Kering Group coming in. At this point, it's not all open. And despite that, we're really doing well. The store is great. Clients responding really well. Rolex, Cartier, Pre-Owned, Omega, we're really pleased with it, and think it's gonna be, you know, a... is already a great addition to our network. I think it, you know, can only get better as all the space get full and open. Carry on in reverse order. Christmas.T he U.S., first of all, very strong. You wouldn't know that there's any sort of concerns around economically in terms of what we are seeing in consumer behavior and momentum in the U.S. Great there, and nothing further to report on, you know, things carry on positively. We think we're outperforming the market. Great response to the new things we're doing. Anders mentioned earlier, but, you know, we opened this, you know, big Rolex boutique in Orlando, and it's off to a great start as well. A ll good. U.K., I mean, the U.K., for the last 12 months has, I think, been impacted by consumer sentiment. We've particularly seen it in jewelry. You comment on the importance of the season. I just remind everybody, for us, it's a little less important than the rest of retail. You know, a lot of our business is about allocation and supply and therefore has no seasonality to do with it at all. You know, December weeks are bigger weeks than the rest of the year, so there is some seasonality in it. Along with the rest of retail, we plan for and truly expect that, you know, Christmas will be a bit later this year. If you compare it to previous years, when there was lots of concerns about availability and whatever, people shopping early, that's not the case this year. The way the calendar falls, there'll be a full week of trading right up to Christmas Eve, with Christmas Eve on a Sunday. So it's, you know, pretty much as we expected, the traffic has clearly turned up a notch in the month of December. We're here in Oxford Street, and you can't walk on the pavement at this point, you know, by midday. T raffic's back up again, and obviously, we've considered fully the Christmas season and confirming our guidance overall. Regards to allocation, really not much to add. We don't have the allocations yet for calendar 2024, and we wouldn't have them until mid to late January from Rolex and similarly from Patek. W e really got nothing further to add on that. We get a bit of visibility, obviously, into January, since we tend to be a kind of rolling three months, and we'll get February reasonably soon. Thank you. As a reminder, ladies and gentlemen, if you would like to ask a question, please press star one on your telephone keypad. Thank you. We'll now take our next question from Piral Dadhania at RBC. Your line is open. Please go ahead. Okay, thank you. Morning. I just have one, actually. Could you perhaps talk a bit more about the inventory build? I think it's reached GBP 400 million at the half year, which is up 12% on, on, on the full year number. Could you just help us understand if this is, well, what the composition of that increase looks like? Is it related to, jewelry products or perhaps a build in inventories in, like, constrained, watch brands? Yeah, obviously, it's up 5% on the equal period of last year, and that includes opening of 19 new showrooms. T hat is obviously, you know, sort of means that the rest of the network is actually down as a result year on year. T he average selling average cost per unit in our stock has gone up as a result of pricing over the last couple of years. W e are building a little bit more working capital in pre-owned and Rolex Certified Pre-Owned because that obviously comes without a payable structure and needs some time for refurbishment. So those are the main components of the inventory chain. Not concerned about it. I think our stock composition is really good. We've actually worked down some of the jewelry stock over the year. We focused on that, seeing the slowdown, and obviously worked that level of inventory down, as you would expect. W e're coming into the holiday season well, well-stocked. Not overstocked, but well-stocked. I 'm very pleased with where we are. ... There are no further questions in queue for audio. Sending it back to Scott. Over to you. Thanks very much. We've had a question on the webcast from Reuben Pathmanathan from Peel Hunt. Morning, both. Just one from me. To what extent is CPO / Analog Shift revenue impacted by the falling secondary market prices? Good question, and we would say not really impacted at all. We've been, you know, trying to point out to the market that that secondary market is something that we were in no way directly involved in. Of course, buying or selling in it, and I think, pretty unaffected as well. If we look, you've had the change in secondary market pricing that's happened over the last 24 months, and, during that time, we've continued to maintain our margin, and grow our sales. W e're really in a different market to that secondary market that's out there, and we see nothing like that degree of, volatility. We didn't get involved at all in, the high-profile products that were creating all of the excitement and attention. We're really running a different business model, and I think consumers buying a pre-owned product guaranteed by Rolex in some cases, and in all cases, guaranteed by us from Watches of Switzerland Group, is a very different consideration than buying on that secondary market. Just as an addition to that, we've always been maintaining our margin profile throughout this whole journey. A ctually, margin profile is coming in line with what we expected. So, we haven't had any compression on that either. That's great. Thanks very much. We've got no further questions currently from the webcast, so Brian, I'll hand back to you for any closing remarks. Thanks, Scott. Thanks, Laura. I really don't have an awful lot to add. Obviously, we've, in giving our half-year numbers, we already had done a trading update that we did November seventh, and then we did the LRP since. W e don't have a hell of a lot to add. Profits were a bit better, as everybody would have seen, than what we indicated when we did the Q2 trading update, which is always good. We have obviously a, you know, a big second half to deliver. We, as we always do, have it built up in granular detail. We've got to do Christmas, we've got to get our allocations. We do have all of our stores reopened, which is great. We have some more incremental openings to come, like Vanderbilt and so on. W e feel good about it. Team's very energized. They work very, very hard, I think I've said that already, in December, but with great enthusiasm. They love it. A great job done by them, and thanks, everybody, for joining the call, and happy Christmas to everyone.