Good morning, ladies and gentlemen. Welcome to the Xpediator PLC investor presentation for the final results to the year-end of 31st December 2020. Throughout this presentation, investors will be in listen only mode. Questions are encouraged and can be submitted any time by the Q&A tab situated on the right-hand corner of your screen. Simply type in your question and press send. Company may not be in a position to answer every question it receives during the meeting itself. However, the company will review all questions submitted today and publish responses where it's appropriate to do so. These will be available via Investor Meet Company dashboard, and you'll be notified when they're ready for your review. I'd also like to remind you this presentation is being recorded. Before we begin, we'd like to submit the following poll, and I'd now like to hand you over to Robert Ross, CEO, and Mike Williamson, CFO of Xpediator PLC. Good morning. Good morning. Good morning. Thank you very much. Welcome, everybody. We are actually going to just turn our cameras off while we present, but then we'll turn them back on again for the Q&A session. We thought it's just easier rather than looking at us as we're presenting. Yeah, we'll make a start if everyone's ready to go. Okay. In terms of an agenda for the presentation today, so we'll do a quick overview of the business. Be relatively brief on that overview. I'm conscious that for many of you may know the business already. Mike will then touch on the financial results. We'll then have a review of each of the divisions, and we have three main divisions. A session on our strategy, a brief summary, and then an opportunity for the Q&A. Okay. In terms of the group, we have three dedicated service divisions within the group. That's freight forwarding, which is the largest, around 75% of our turnover. Warehousing logistics, which is most of the remainder, and then our transport support services, which is quite a small division in terms of actual turnover, but is reasonably profitable and is quite high margin given the size of the turnover. We'll go into more detail on each of those a bit later. In terms of the numbers, just very high level, GBP 220 million of revenue. We've got 1,100 employees and slightly more now. We have very diverse customer base and 35, 36 offices, or 38 it says there. 38 offices and warehouse facilities throughout the U.K. and Europe. Our largest centers are the U.K., Lithuania, Romania, and Bulgaria. We also have offices in Estonia, Moldova, Montenegro, Macedonia, and Serbia. Our key brands are Delamode International Logistics, Palletways, and Affinity, and we also have three other brands that we currently operate under, although these brands will largely be phased out by the end of this year, which are Nidd Transport, Regional Express, and Import Services. That's a summary of the group. In terms of the full-year results, just at quite a high level, and Mike will go into more detail on these in the financial section later. As I say, turnover up a small amount, 3.7%, and most of that, or all that growth came in the second half of the year because we were behind from a turnover perspective in the first half of the year. Reported profit before tax up 80%, adjusted profit before tax up nearly 40% to GBP 7.2 million, and that's from GBP 5.2 million last year. Adjusted earnings per share up nearly 40%. Oh, sorry, net cash slightly down at GBP 6.8 million, but we did make significant deferred consideration payments during 2020. We've got a slide on COVID and a slide on Brexit right at the top because I know that is a question that people will be wanting us to answer straight away, we thought best to sort of meet that head on. COVID had a net negative impact on the business. There were some good things that came out of COVID. Certainly allowed us to have a very good look at the business, as we stood on the sort of precipice at the start of April, we made the decision quickly to put in temporary pay cuts, which ranged from 5%- 50% for the executive board and cut out costs wherever possible and started to look at the business on a very granular level on a daily basis. In certain parts of the business, volumes were lower, and in certain parts of the businesses, additional costs had to be taken on to manage social distancing. That was particularly with Import Services, where they do a lot of pre-retail work, so that's a number of people working around a table, preparing primarily toys. That have come into China in one format, and they go out mainly to Amazon in another format. Obviously having to have two-meter gaps with everybody around those tables made it much less efficient. Our U.K.-based fashion business, which is a hanging garments business, and Affinity were the most affected business units. The fashion business is actually still being impacted although today, starting from today, we're hoping that business moves back to a much better position. Affinity volumes returned to pre-COVID levels by the fourth quarter. Their volumes were down 40% in April and really there was a gradual improvement as we went through to the fourth quarter of 2020. Most other business units, excluding the fashion business, were back to pre-COVID volumes during the third quarter. We established our Brexit team in 2017, but with the free trade agreements giving us one week's notice and that week being Christmas and New Year celebrations, it was challenging. Ultimately, the processes that we now operate under are significantly more complicated than we first anticipated. There are significant changes to the requirements for moving goods between the U.K. and mainland Europe, and we've recruited and have 50 additional people within the business, within Lithuania, Romania, and the U.K., to manage the additional paperwork that is required for moving goods between the U.K. and mainland Europe. Nevertheless, and despite that additional work, we still believe that Brexit will be a net positive impact for the business. January and February, there wasn't much impact from either positive or negative perspective. During March, we can now see the benefit. As we get more efficient and as we take on those staff and they get used to the processes and our IT is working properly, we see Brexit as a net positive for the group. We expect export volumes from the U.K. to probably go down. As the business develops and as our systems become more efficient, we see this as an opportunity to win business from competitors, and to increase our customer base from the U.K. Mike? Thank you, Rob. Good morning, everyone. In terms of the 2020 financial highlights relating to the dashboard on the right-hand side, as Rob's mentioned, revenue is slightly up 3.7% to GBP 221 million. That's primarily driven by freight forwarding, 7.1% up on 2019. As Rob mentioned, a good H2. Specifically Q4, we saw a good rebound in revenue coming through. Gross margin, nicely up to 21.5%, which is a margin that we are very comfortable with. That was aided with regards to good margins that we were able to obtain, specifically relating to COVID-impacted volumes. In terms of cost savings per year, we have saved GBP half a million pounds, primarily relating to restructuring. Cost saving will be a major focus of our attention during the course of 2020, and be an ongoing exercise throughout. Adjusted profit before tax, GBP 7.2 million, up from GBP 5.2 million, 38.5% increase. I will go into more detail on that on the following slides. Earnings per share, GBP 0.0384 up from GBP 0.0280. Dividends per share, you are looking at GBP 0.015 against GBP 0.0133, a 12.8% increase there. In GBP terms, in terms of dividend payouts, 2019, GBP 1.8 million. We're expected to be paying GBP 2.1 million in 2020 on the 2020 results. In terms of cash, slightly down, but a key item to point out on cash, if you haven't already seen the announcement that was made last week, we have already taken up a new Investec GBP 18 million facility that was effective on the 9th of April. Throughout this presentation, you'll be hearing a lot of key themes on simplification and consolidation, and this, in terms of our banking facilities, is one of those items. That gives us more headroom and on better terms than our previous existing facilities. More on cash when we talk to the balance sheet. In terms of adjusted profit before tax reconciliation, the key item that I'm looking to point out on this slide is the exceptional items of GBP 1.4 million. It is definitely not our intention to have exceptional items, and the more that we can decrease these from this year onwards, we will certainly be looking at that. One of the key things I want to point out is that we do not just use exceptional items for reporting expenses and profits relating to exceptional items are reported here as well. For example, this year, in the exceptional items, we have got closure costs relating to EshopWedrop and BuzzBrand, but also we have income profit relating to the sale of the NID property. Most of these exceptional items reported for this year are relating to redundancy and restructure costs. Looking at a waterfall graph to present the movement from GBP 5.2 million to GBP 7.2 million. You can see on the left-hand side, the full year 2019 adjusted profit before tax of GBP 5.2 million. The four items moving from left to right, showing positive growth. We have freight forwarding, excluding our e-commerce, which is primarily relating to Europe activities, up GBP 1.4 million. E-commerce relating to a good performance from Regional Express and the sale of EshopWedrop, and closure of the BuzzBrand, up GBP 0.6 million. Central overheads, as I have already mentioned, down by GBP half a million. Europe logistics, primarily our Romania operations, up by GBP half a million as well. The two items that are down year-on-year are Affinity and our U.K. logistics, and those are both directly related to COVID-19 effect. Affinity having lower volumes and U.K. logistics linked to our fashion business and high street closure, as well as additional costs taken in by Import Services linked to staff costs. Finally, we're just looking at the balance sheet. Two key items to look at is the increase in total assets up by GBP 9.3 million, an increase in total liabilities up by GBP 7.1 million. Both assets and liabilities have got a reciprocal effect of IFRS 16 on leases. On total assets as well, we have trade receivables up by GBP 4.4 million. Linked there, we'd had a very strong run in terms of revenue towards the end of the year, with November and December up approximately GBP 5 million on 2019 results, hence ending slightly higher on the year and the same link towards accounts payable or trade payables. Just looking at the extract at the bottom of the page in terms of working capital, our DSO is up by 7.7 days and our DPO up by 10.7 days, showing a net positive three days coming through. Working capital is a major focus and will be a major focus project throughout 2021 as we roll out new financial structures with a key focus on cash as well as profitability. Thank you, Rob. Thank you, Mike. Just going into a little bit more detail on the three divisions. Freight forwarding first up. As I say, our largest division with GBP 170 million of turnover. Turnover up 7% for the year and operating profit up 100%. A very strong performance, particularly in our Baltics business and particularly in Lithuania with revenues up GBP 8.9 million versus 2019. The one area that was impacted by COVID from a negative perspective was really our U.K. business. That U.K. business, our U.K. freight forwarding business, has exposure to China and also to Italy, two countries which were much more significantly impacted by COVID. In terms of our strategic process in the freight forwarding division, we've got the acquisition of NID, which we've got a slide on in due course. The continued rapid development of the Baltic region and that is not only the Lithuanian business, which has taken good customers from competitors, but also the development of our business in Estonia and also the maturing of our business in Serbia. Freight forwarding has benefited from the sale of EshopWedrop, as Mike touched on, and also the discontinuation of the BuzzBrand business. Personally, I just saw those as non-core businesses. EshopWedrop, the busier we got, the more money we lost, and BuzzBrand, to be frank, was not really going anywhere. We've stopped those two businesses. Regional Express, though, is trading nicely. Traded nicely during 2020. Our Amazon brokerage contract is working nicely now, and it has traded well during the first quarter of 2021. From a warehousing and logistics perspective, sort of two stories here. Firstly, our Romania business, Pall-Ex, in Romania has continued to perform very strongly. It had one negative month from a like-to-like perspective being April 2021, quickly came back and ended up actually ahead of our original budget. As did the Romanian logistics business which sort of supports the Pall-Ex business and also offers customers storage, picking, and packing. From a U.K. logistics perspective, as Mike mentioned, Import Services was negatively impacted due to COVID. Our Braintree warehouse, we've got an enhanced e-fulfillment capability there. We've got a number of new customers in that warehouse now, having had a large customer exit at the start of this year and looking to really develop that business. Our Beckton warehouse, which is exposed to the high street, a half million GBP negative year-on-year. We have, again, a very good pipeline of opportunities there and hopeful that over the next few weeks and months that that business will return back to profitability. Just in terms of our strategic progress, continued development of our offering in Romania. We have a new 200,000 sq ft warehouse coming online in Southampton. We've already closed one of our warehouses in Nursling in Southampton, and we're in the process of either subletting our Hedge End warehouse or if our new customers allow, actually keep that open. There will be some cost savings from consolidating from three sites to two sites, and further cost savings if we go from three sites to one site. My personal preference would be to retain the Hedge End building, which will give us a further 10,000 pallets, but we need customers to fill that. As I say, if we don't, we'll move Hedge End into the new docks building. From an Affinity perspective, so the transport solutions division, revenue down and also profit down. The main reason is COVID. Volumes were down 40% in April, around 30% in May, 20% in June, and then we kept on a sort of gradual improvement before volumes recovered to pre-COVID levels by the fourth quarter. The sort of double whammy for Affinity was that also the higher the fuel price, the more money we make. With fuel prices down almost 14% during 2020, that's also impacted the business. With both of those two headwinds, a GBP 200,000 negative from an operating profit perspective is sort of actually a very positive result. From a strategic development, the progress we're making in the Balkans region with Serbia and Bulgaria is very pleasing to see. Just moving on to our strategy. The top part of this slide is really what we're wanting to do, and then the bottom slide is how we plan to do that. We're wanting to maintain a good growth rate. We're wanting to grow a scalable and sustainable business. We want to strengthen and grow our core businesses and really focus on those core businesses, and we want to expand further in Central and Eastern Europe to fill in some gaps that we have, countries that we don't currently operate in. How are we going to do that? We had our inaugural senior leadership conference at the start of this year, and these are the three areas that we focused on during that conference. Continuing to simplify our business, so streamlining processes, investing in our IT, and driving out complexity from our business, and we'll touch on that simplicity on the following slide. To invest in the growth of our staff, so training and developing our staff, giving them a good career plan, and also looking to develop graduate schemes with the ultimate aspiration that we really only recruit at a graduate level. We may never achieve that, but really, if we can bring in good people at the bottom of the business and elevate our existing staff, that is a really positive thing, I think, for the group. Then to be the best that we can be. Really encouraging commitment over compliance and also living by our new group values. The first point there, commitment over compliance, is a really important one for me. I feel that if you have staff that are committed, they will do everything they can to satisfy your customers, whereas a compliance workforce will do the bare minimum, and as soon as it's home time, screens down, laptop lids down, and off they go. It's something I'm really trying to encourage our staff. In terms of the simplification, this looks quite a complicated slide, but it's actually very simple. From a freight forwarding perspective, we will end up ultimately with one brand, which is Delamode International Logistics. It'll take some time to do that, and we will hopefully have that done by the end of the year, although Nidd Transport will trade as Delamode Nidd for a time. We're conscious of when you acquire companies, removing the brand straightaway can have a negative impact on the customer base and also the staff. We're respectful for that. Within the warehousing logistics business, we will retain the Pall-Ex brand, obviously, and then in the U.K. we will go to Delamode International Logistics. Import Services will continue to trade as Import Services for the rest of this year. From an e-commerce perspective, the Regional Express business will be integrated into the group but we will retain that brand as well, given the relationship with Amazon. From a fashion retail business, probably no prizes for guessing what the brand is going to, but it's Delamode International Logistics. We will end up with three brands, basically, Delamode International Logistics, Affinity, and Pall-Ex, which will help with the aim to simplify the business both internally and also for our customer base. Over the last two years and looking forward to 2021, just want to sort of summarize those three years from a strategic perspective. 2019, some growing pains, so a challenging year following four acquisitions in 2018. The business, having grown quite quickly, needed investment in IT and also within the central functions. Those sort of acquisitions and then the requirement for investments in central functions coincided with a number of operational challenges. Benfleet volumes reduced significantly, for example, and then also with the Amazon contract, Regional Express had to really scale up its staffing. During 2020, there was then a rationalization of some of that cost base, reflective that some of the growth that we put in was perhaps too much, so brought some of that back down. Simplifying of processes to get ready for the integration of all the U.K. businesses, and we're well underway with that. The IT has taken a significant amount of time. We are running with numerous operating systems in the U.K. freight forwarding business, for example. We've disposed of and closed some non-core loss-making entities and then also restarted the M&A program with the acquisition of NID Transport. As we move into 2021, sort of getting back to growth, strategy launched, so focusing, as I mentioned, on simplification, growth, and being the best that we can be. Integration of our acquisitions will be completed largely by the end of the first half of this year. From the first of May, we've got the U.K. freight forwarding integration and the U.K. logistics integration with some further bits and pieces to tidy up by the end of the year. Renewed focus on M&A. We've got a strong pipeline both within the U.K. and Central and Eastern Europe. Development of our central sales function and actually getting greater interaction between the business units, something I saw towards the end of last year. There's certain business units that weren't really working together, and really encouraging them to do that, to try and keep as much profit within the business as possible. Also we've completed all the senior hires, so Mike joining as CFO on the first of March, and then our sort of final piece of the jigsaw was an estates director who joined from my previous company, and previous to that he was at Aldi, to manage our 38 locations around the U.K. and Europe. In terms of the disposals, just touching on these very quickly. Completed the disposal of EshopWedrop, which was for GBP 0.3 million, sold to the managing director, Mircea, and recorded a loss of GBP 500,000 in FY 2019 and around GBP 350,000 in 2020. There was a book value of GBP 0.7 million. In terms of BuzzBrand, just closed the business. There were some good opportunities there, but ultimately it didn't really come to much, and when the general manager of that business left, we took the decision just to close it down. In terms of the acquisitions during 2020, this is, from my perspective, just purely from a numbers perspective, a very positive acquisition. We paid GBP 4.6 million for NID Transport, based in North Yorkshire, and specializes in mainland Europe but predominantly markets that we don't currently have a service to in the U.K., which was France, Spain, and Portugal, with also some Italian business to add to our own and also Germany and the Low Countries. It's an GBP 11 million business with operating profits of half a million pounds. We also acquired a warehouse which was valued at GBP 2.1 million and cash reserves of GBP 2 million. We did a sale and leaseback on the property and generated GBP 2.8 million, with rent of GBP 200,000 a year. For a business we acquired at GBP 4.6 million, we received around GBP 2 million of cash and GBP 2.8 million from the sale and leaseback of the warehouse. Really ended up generating GBP 300,000 of cash for a business that makes GBP 300,000. A very good deal from a numbers perspective, and it is trading very nicely. Traded well after the acquisition in the final quarter and has traded strongly in the first quarter of 2021. Really to summarize our key messages. We have a resilient and adaptable business model, as we've shown during the COVID period, a strong performance in 2020 and also in Q1 2021, slightly ahead of where we were expecting to be but not getting too carried away with that, given that around 75% of our profit comes in the second half of the year. Clear and achievable strategy that we've communicated with the business, that allows the business to grow and really engage with our staff and an acquisitive approach to support our growth. We continue to focus on M&A as well as organic growth. That completes the presentation. I'm going to turn my camera back on for the Q&A. That's great. Robert, Mike, thank you very much indeed for the presentation. No problem. Ladies and gentlemen, do please continue to submit your questions using the Q&A tab situated on the right-hand corner of your screen. Just while the company take a few moments to review those investor questions submitted already, I'd like to remind you that a recording of the presentation, along with a copy of the slides and the published Q&A, can be accessed via your investor dashboard on the Investor Meet Company platform. I'd also like to remind you that your feedback is important to the company, immediately after the presentation has ended, you'll be redirected for the opportunity to provide feedback in order the company can better understand your views and expectations. Robert, Mike, perhaps before we move on to some of the live Q&A, we did receive a number of pre-submitted questions from investors. Yeah, sure. We can start the Q&A session with these. The first one reads as follows, "How significant is the impact of Brexit on future revenue and profitability?" I know you did touch on this in the presentation, but if there's anything further you can add to that. No, I think just to reiterate what I said, that we see it as a net positive for the business. We don't yet know the quantum. It's difficult to say at this early stage, but we definitely see it as a net positive. We expect volumes to be down a little bit at the moment, or export volumes just to be down just generally, as people determine whether they want to still manufacture in the U.K. or to move their manufacture to mainland Europe. Excuse me. We've added significant amounts of cost to the business, but we're getting significant additional revenue as well. As we go through the year, and to the extent that we need to, we will update the market. Certainly, we'll have an update on the net benefit, assuming there still is one, for the interims. Yeah, we see it as a net positive certainly for the group. Fantastic. That's great. Thank you very much indeed. The next one we've got here is, part of your strategy is to expand in Central and Eastern Europe. Which country would make the most geographical sense for your next acquisition? We're sort of looking at Latvia to fill in the third of the Baltic states. We're looking at Poland, a very large country with lots of forecast economic growth and also a large logistics market. Whilst it's competitive, we see there's definitely scope for us to work there. We already have quite a lot of business in there, keen to set something up more formally and also to look at possible acquisitions. Also Czech Republic and Slovakia. Those are ones that we see as well as sort of natural developments to really join up our Central and Eastern European businesses together. We're in the north, but also in the south and try and look at ones more in the middle to sort of join those businesses together. Thank you, Robert. Next one we've got here, actually COVID related. Online sales surged during COVID. What impact did this actually have on you? The main area where those online sales surged, I believe, were from an Import Services perspective, from our perspective, because it's got so many toys there. We saw the biggest volumes, both inbound and outbound, that we've ever seen at that business in its 25, 30-year history. There were significant volumes for a concerted amount of time. September, October, November, December, just really significant volumes. We've also seen changes in that, though, from where those volumes would normally go out to retail outlets, obviously they're now going more to Amazon and other sort of online business. It makes it slightly less efficient because you haven't got a long run of preparing goods all the same way to go to a shop. You're preparing different things for different retailers depending on what their requirements are. Particularly when it goes to Amazon, they're quite specific about what needs to be done. We certainly saw significant growth in our e-fulfillment business, and it's somewhere we're really wanting to develop. A lot of our customers on our pipeline are sort of e-fulfillment customers. We see it as a big growth area because I believe that consumer behavior has changed. A significant proportion of volumes will go back to the high street, but I think lots of people's behaviors have changed and people will look to continue to shop online because it's just easier and more convenient. Fantastic. Thank you very much indeed. Next one's got here is around warehousing. Warehouses are stated to be described as the new boom market due to rising storage demand from online retailers. What measures are you implementing in your warehouses to take advantage of this? Yeah, we're building a new 200,000 square foot warehouse. We're looking at other development Sorry, that's the one in Southampton. We're looking at other possibilities to develop as well. We do whatever we can to try and squeeze as much as possible. Our new warehouse in Southampton is going to have very narrow aisle racking, which allows us to get 30,000 pallet spaces or 30,500 pallet spaces into a 200,000 square foot warehouse. Also looking to build a mezzanine floor as well, which allows you to handle the e-fulfillment or the customer preparations there. Really looking to try and sweat our assets as much as possible. We have other plans to develop in our Romanian logistics and also further in the U.K. logistics. Really trying to do whatever we can. It's a market that's growing significantly at the moment, and we just need to make sure we're part of it as well. Thank you. One really following on from that is, would you consider reconfiguring the Beckton warehouse to accommodate for online fashion retailers as well as the high street? Yeah, we've already done some of that actually. We've got some space for e-commerce. We took some of the hanging garments area down, so we can process e-fulfillment. We've also got space in our Braintree warehouse as well that we can do it. Yeah, the Beckton warehouse is very much hanging garments, and that's the specialism of the team. That's an area that we're really looking to develop and focus on and getting in with the high-end brands. We see there's more margin to be made from high-end brands rather than working with manufacturers, because the margins are so tight. We've got a very positive pipeline there. We've already won some customers over the last few weeks and expecting to get more business as the high street opens and take advantage of those opportunities as they come. That's great. Thanks, Robert. The last one we've got here are the pre-submitted questions. There's been a lot of management changes over the last few years. Is this the team for the foreseeable future? I certainly hope so. Just looking at Mike there. No, I'm very pleased with the appointment of Mike. In six weeks, he's very quickly got to grips with the business from a larger company. Mike joined from a larger company at Röhlig, sort of EUR 800 million, EUR 900 million turnover, very focused on sort of financial controlling, which is an area that we needed to continue to develop with our business and a focus on working capital, on reporting. Very happy with the team otherwise. Got a very experienced team on the operating board from a COO perspective. We have an IT director who joined us in September, the estates director joined recently, and a very good people director. Personally very happy with the team. We're all aligned in what we're trying to achieve. Mike and I have shared our strategy with the executive board, and it's nice to be shared with the operating board at the next meeting this month. We're very clear, we're all working together, and yeah, personally very happy, and I hope we can sort of stay together as a team and really drive and grow the business. That's great. Thank you, Robert. That concludes the pre-submitted questions. Obviously, we've had a number of questions submitted during the presentation itself. If I could perhaps hand back to you, Robert, to. Yeah, sure. Click on that Q&A tab and respond where appropriate to do so. May I ask you just to read out the question? Thank you. Yeah, sure. Just for everyone's awareness, so I sort of agree with Mike. I'd answer the question six weeks in, I think it's a bit of fair thing to be answering lots of questions about the business at the moment. Peter D, "How long is the additional support to customers expected to last? Also, is this a significant cost which could affect results?" I wonder if that relates to Brexit. It doesn't say, but I expect that's probably down to Brexit. In terms of our additional support to customers, we continue to support our customers with whatever they need. In terms of significant cost, there is obviously additional cost associated with Brexit, but we're getting more revenue than the cost. We expect, as I said, we expect it to be a net positive result on the group as a result of Brexit. Do you have enough cash on hand to fund new acquisitions without going to the market for additional funding?" Well, as Mike mentioned, we have just signed a new financing deal with Investec, which is a GBP 15 million CID facility. Our previous deal was GBP 8.5 million with Barclays, so it's a larger fund, or a larger funding agreement. It's also on better terms, both in terms of early payment percentage, but also in terms of cost. The other GBP 3 million is relating to the duty and deferment, and also for some finance leases for the racking in our new Southampton warehouse. Do we have enough cash on hand to fund new acquisitions? Well, it depends what size the acquisition is, which I know is perhaps a slightly unhelpful answer. A smaller acquisition, and we're looking at one that's slightly smaller at the moment, we would not need to go back to the market for additional funding. To the extent we're looking at larger acquisitions, and I'd say probably anything over GBP 5 million in terms of a consideration, we would consider coming back to the market for additional funding. I think the share price is now at a level where we can do that. I think the previous fundraise, which was the Import Services acquisition, was at GBP 0.70. Ideally we'd be at that similar sort of level, if we can be, for coming back to the market. If we see it as a really good opportunity to develop the business and push it forward in the right markets and in the right way, then we would certainly come back to the market for additional funding. I think that was the basis that the company was listed in 2017, that we'd be a buy and build, look to consolidate a very fragmented market. We'll really just see what happens with the different acquisitions. What does graduate scheme mean? A graduate training scheme or degree level apprenticeship scheme, is this being externally designed and delivered or in-house and at what projected cost? At the moment, the graduate scheme is an in-house graduate training scheme that will be delivered in-house and the way we're envisaging it is that you effectively have a cohort of graduates that will be buddied up with more senior members of the team, and they would spend time in each area of the freight forwarding division, for example, learning about the different parts of the business and then would move to work specifically in one of those after a period. I joined a graduate scheme with PwC, this isn't a PwC type scheme, which a huge amount of money was invested in the graduates. This is a relatively low-level graduate scheme at the moment, that will develop over time. The thing I really want to do is to get bright, young, intelligent people into the business to push up from the bottom. That's really what we're trying to achieve by having graduate schemes. Mazin S.: What are your target net margins in each division and how do they compare to actual margins? How do you plan to achieve any improvements? From a freight forwarding perspective, I think we should be targeting 3%-4% in terms of net profit margin. In the warehousing, we should be looking high single digits. In the Affinity business, it's a bit different on the margins because our turnover is relatively low, but our gross billings are actually very high. We've sort of GBP 150 million of gross billings making GBP 2.3 million, GBP 2.4 million, whereas our turnover is more like GBP 6. I think we've got some way to go from a freight forwarding perspective. We can still improve our margins and certainly from a warehousing perspective, we've got the fashion business losing money at the moment, which is obviously depressing our margins and as we consolidate from three to one or two sites in Southampton, we will also improve our margins there. We've definitely got work still to do. A great performance. What do you see as the limiting factors to continue growing at the current rates? I don't know, really. We're in a lucky enough position that if there's a significant acquisition that we want to do, we can potentially come back to the market. We've got some cash reserves, we've got opportunities with our facilities. We've got an experienced senior management team that can take on additional work if it's required. We have the next level down I'm very pleased with as well and whilst we've not been able to meet those people face-to-face, have plenty of interaction with them through Teams and Zoom over the last six to nine months. I don't necessarily see limiting factors. If there's something like a COVID, Brexit, whilst it will be ultimately helpful for the business, first couple of months was pretty challenging, January and February. I would hope we continue growing at sort of current rates. Tim K: Given the broader European geographical exposure from the acquisition of NID, how important and what scale will acquisitions be to generate scale benefits and how will any deals be structured? Acquisitions are definitely, as I've said before, acquisitions are part of our MO. We're very keen to do deals. Where a deal like the NID acquisition can be structured just using their balance sheet, we will 100% look to do that. There is another that we're looking at from a freight forwarding perspective, which would be funded purely on their balance sheet, possibly with some deferred elements, but more deferred on gross profit rather than net profit so we can get on with the integration as soon as possible. As I said before, though, a larger deal potentially look to structure with a mixture of debt and equity, whether that's paper being issued or coming back to the market to actually raise funds. Melville D: You have dropped two leading edge type areas, online and startups as unprofitable. What plans to stay addressing the future in principle at least? Yeah, I think that's a very valid point. We did drop two things which were leading edge, I suppose, but I'm a strong believer in sticking to what you're good at. With the BuzzBrand, we were trying to be almost like a marketing business for startups and helping them with their warehousing and things. We have that anyway. We're still helping startups. We have one that we hope to be moving into our Braintree warehouse very soon. We're still looking to help people. From an EshopWedrop perspective, it's slightly different. It was more almost C2C, really, and sort of final mile delivery. From my perspective, we should focus on B2B and B2C, and make sure that we can keep our business nice and simple and straightforward. If you do go back to the market for additional funding for larger acquisitions, would you give retail investors and existing shareholders the opportunity to invest, for example, through PrimaryBid? I don't know what PrimaryBid is, and I'm not entirely sure how it would work giving retail investors the opportunity to invest. Subject to speaking to Cenkos, I see no reason why I wouldn't give retail investors an opportunity. That may be that some will say, "Rob, that's ridiculous. You can't do that. From my perspective, I think it is something that I'd like to give retail investors the opportunity to participate in those additional funding for larger acquisitions. I thought I'd got to the end there, another question being added. Mazin S: What levels of CapEx are you planning over the next couple of years, and what will this be spent on? We continue to invest in our IT, so we capitalize some of our IT development costs. We also have the sort of ongoing investment in our facilities. In 2021, we will have more significant CapEx with the new warehouse in Southampton. We've got the mezzanine floor, and we've got the racking. I think our CapEx in 2021 will be closer to GBP two and a half million, then it should return to a more normal level of around GBP one million-GBP one and a half million. Is those numbers right, Mike? Correct. Absolutely correct. Perfect. Thank you. Yeah. That pretty much wraps it up, Robert. Thank you very much indeed. Thank you. I think you've covered off every question we've had. No problem at all. very much appreciated. Anything further that does come through, the team will have the opportunity to review those. Just before we go and get you some feedback there, Robert, perhaps I could just ask you just for a final few words before we redirect investors to give you some feedback. Absolutely. Well, look, firstly, thank you for spending the time to join us today. From my perspective, I remain very excited and enthusiastic about the business. I think we have a very good business, we have lots of very, very good people, and we have opportunity to continue to grow and develop both organically and via acquisition. From my perspective, I'm very happy with how we're going. I continue to focus very strongly on driving the bottom line for the business and very much focused on delivering the expectations for this year. Thank you very much for joining. That's great. Robert, Mike, thank you very much indeed for updating investors today. Had a very good set of numbers. Could I please ask investors not to close this session, as you'll now be automatically redirected for the opportunity to provide your feedback. If you've accessed this meeting from our website, the feedback page will appear in front of you. If you've accessed it via the link sent to you in the email, you'll simply be asked just to log in. It takes just a couple of seconds to do so and it would be greatly appreciated. On behalf of the management team of Xpediator PLC, we'd like to thank you for attending today's presentation. That concludes today's session. Good morning. Thanks, everybody. Thank you