Good morning, ladies and gentlemen, and welcome to the Xpediator Plc investor presentation relating to the interim results for the six months ending the 30th of June. Throughout this presentation, investors will be in listen only mode. Questions are encouraged and can be submitted any time via the Q&A tab situated on the right-hand corner of your screen. Simply click Q&A, type your question and press send. The company may not be in a position to answer every question received during the meeting itself. However, the company 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 once 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. I'd now like to hand you over to Robert Ross, CEO, Mike Williamson, CFO of Xpediator Plc. Good morning. Good morning. Good morning, everybody, and thank you very much for joining us for our half-year results presentation. We'll get cracking straight away. I think this is the first thing, was just to have our sort of strapline, I suppose, that Xpediator Plc, for those that don't know, is the leading provider of freight management services across the UK and Central and Eastern Europe. Just to introduce ourselves. I'm Robert. I'm the CEO. I joined Xpediator in January 2020, initially as group CFO, was then appointed as group CEO in October 2020. Just very briefly, my sort of career history. I was finance director at another logistics company, Europa Worldwide Group, for four years. That was ultimately a GBP 200 million, GBP 6 million pre-tax profit business. Prior to that, I worked for PwC for around 10 years, mainly performing financial due diligence in the transaction services department. Mike? Thank you, Robert. Good morning, everyone. Mike Williamson. I joined Xpediator on the 1st of March, so six months in the position now. Previous to Xpediator, I was with Röhlig Logistics, holding up a group director financing controlling position and CFO roles. Previous to that, I was with 18 years with Grindrod Limited in South Africa. A career spanning logistics, shipping, transportation. Thank you. Thanks, Mike. In terms of an agenda, a business overview and update on a couple of key areas. Mike will touch on the financial results. We'll go in a bit more detail in each of the divisions and particularly touch on our sort of restructuring reorganization in Southampton from our logistics perspective. Quickly touch on the strategy summary, obviously we'll have the Q&A session at the end. For those that don't know the Xpediator Group, we have three dedicated service divisions. The freight forwarding division, which is the largest, our warehousing and logistics division, and our transport support services division. Just touching on each of those very briefly. Freight forwarding is mainly road freight, but also air and sea, and within road freight, it is predominantly groupage, part load and full load business. The main centers for freight forwarding are in the U.K., Lithuania, Romania and Bulgaria. From a warehousing and logistics perspective, this is just in the U.K. and Romania, and we have our Pall-Ex business in Romania where we're the franchisee. We also have our various businesses in, various warehouses, sorry, in Romania and also the U.K. The transport support services is under the Affinity brand, and this is providing mainly small Eastern European hauliers with DKV fuel cards for their trucks. We also do various other services for those hauliers as well. In terms of numbers, the financials are for the year ended at 2020, GBP 221 million of turnover and adjusted pre-tax profit of GBP 7.2. We've got over 1,250 employees now, a very diverse customer base and a smaller number of offices than we had at the year-end, so 34. That's we're just consolidating our offices and warehouses, mainly within Southampton, but also elsewhere as well. In terms of the half year results, revenue was up 27% year-on-year, nearly GBP 127 million. Profit before tax at GBP 2.3 million. Adjusted profit before tax at GBP 3.6 million, and that's up nearly 75%. EPS up 50% as well. We've got a net debt position of GBP 1.6 million. Strong growth in revenue and profitability, against the same period last year, and we'll go into a bit more detail on why that is on the following slides. Just to note as well, we've moved into a net debt position, which Mike will cover within the financial section. We thought it was important just to cover two aspects that were impacting the business last year and then also from January this year, so COVID and Brexit. I think the main headline from a COVID perspective is we're really back to where we were before COVID. There's really no impact from COVID on the business anymore. Those business units that were impacted negatively, so mainly the Affinity business and the fashion business are now trading ahead of their pre-COVID volumes. The fashion business in particular has really had to realign itself from being a business focused on the clothing manufacturers for companies like Arcadia to being much more focused on the luxury fashion brands, and is break-even and moving towards a profit in the second half of this year already. From a Brexit perspective, obviously since the 1st of January, processes are much more complex than we first anticipated and anyone really anticipated, frankly, within the industry. Significant changes to what you need to do to move goods between the U.K. and mainland Europe. We've got a specific customs clearance team based in Romania, in Lithuania, and in the U.K. Romania and Lithuania to help with the back office. We've expanded that team quite significantly. We've got another 30 people working on customs clearance throughout the group. As anticipated, Brexit has increased our revenue and also our profitability due to the additional support that we need to give to our customers. Net-net, Brexit has been positive. Volumes have been down. Trade with the U.K. is down as a result of Brexit and the more additional sort of complexity associated with it. We've added more people, so added more cost to the business. Overall, the profitability has benefited from Brexit. Okay, Mike, handing over to you. Thank you, Robert. Over the next four slides, we'll briefly go into the financial results for the half year. Slide one. If you have attended any of our presentations, especially the one on our full year from 2020, you'll recognize this format. That's deliberately so that we ensure transparency in our reporting and also our commentary. Looking on the right-hand side of the page, you will see that revenue posted at GBP 126.6 million. That's up 27% from 2020 half year of GBP 99.6 million. Key drivers there are all three divisions. Pardon me. Our three divisions of Freight Forwarding up 29%, Logistics up 22%, and Transport Solutions up 20% as well. Gross profit margin, reporting at 22.9%, slightly down from half year last year, but within acceptable levels for our business. Adjusted profit before tax, GBP 3.6 million reported, which is up 74%. I'll go into detail on the next slide, which shows the waterfall analysis on that adjusted PBT. Adjusted EPS, GBP 0.0158. Dividend per share up 11% to GBP 0.0050 for half year. As Robert pointed out on our summary slide, we have moved from a net cash position to a net debt position. The year-end at 2020, we report net cash of GBP 6.8 million. We are now reporting a net debt position of GBP 1.6 million. Three key reasons for this. First of all, we have experienced significant advance supplier payments in the first half of the year in line with market requirements and ensuring key quality suppliers have been maintained. Secondly, we have had delays in client payments linked to the acceptance of Brexit-related charges and some delays with regards to collecting the UK freight forwarding receivables on that note. Also linked to that, the second item, the UK freight forwarding, we have also implemented in a new operational system, which went live on the 1st of May, which we had some key issues with in terms of implementation, which have since been dealt with. Thirdly, personnel and structure changes within the UK forwarding finance team and shared service team. Originally, we had finance reporting through to operations. We have since restructured that over into a shared service center with new structures and new personnel involved. This net debt position is expected to largely normalize by year end. It is certainly receiving top priority and top key focus at present. Moving into the waterfall graph to explain the adjusted profit before tax movement. On the right-hand side, first column, you will see our position at half year 2020, adjusted profit before tax of GBP 2.1 million. Moving left to right, our first division, Freight Forwarding, adding GBP 1.5 million in adjusted PBT. GBP 800,000 from Freight Forwarding, excluding e-commerce, which is a good result, especially coming on the back of good results from Lithuania and Bulgaria. GBP 700,000 up from Regional Express, our e-commerce business, which reported, again, good results and positive like for like results from the sale of EshopWedrop and the closure of BuzzBrand. GBP 400,000 up from Transport Services, Affinity. Solid results, well-established team, well-established business in Romania. Moving again from left to right, Logistics down by GBP 200,000. That can be broken up into two sections. First of all, our Romania business, Pall-Ex Romania. Good results, reporting GBP 200,000 up. GBP 400,000 linked to UK logistics down and breaking that down further into Fashion, Braintree, and Southampton. Our Fashion business, as we reported last time, suffered significantly on the back of COVID. First half of this year saw Fashion get back on its feet with the opening of the High Street. We can confirm that as of June onwards, Fashion is profitable. Our Braintree operation is still in a turnaround phase. We are now adding on good new customers on the back of restructuring and the exit of an unprofitable customer. Finally, central overheads down GBP 200,000 year-on-year. That really is linked to new staff at our senior executive level. New staff that we are bringing in that was required in terms of a new, better structure going forward. Briefly, for references, the next two slides on our income statement and balance sheet. First of all, the income statement. The key area pointing out here is the exceptional items. Down from GBP 700,000 last year at this stage last year to GBP 400,000 this year. That is predominantly exceptional costs linking to our new build in Southampton, our new 200,000 sq ft warehouse that we will talk more on, and those exceptionals coming through there, which are largely complete as we speak now. The balance sheet, again, in summarized format. Primary items there is the increase in accounts payable and increase in accounts receivable, again, linked to the working capital and net debt position that I had spoken about already. Thank you. Thank you, Mike. Just going into the different divisions in a bit more detail. Starting with the Freight Forwarding division. As stated there, it's a division that specializes in moving freight and primarily internationally by road, rail, air, and sea. This is our largest of our core businesses. Had very positive performance in the first half of 2021. Revenue up 28% and operating profit up over 50%. Just from a margin perspective, I know people have asked questions previously about the margins of our different divisions. From a gross margin perspective, our gross margin has gone down slightly year-on-year, just slightly because of a change in mix. Freight forwarding is low-margin business. From a gross margin perspective, you'd expect high teens, low 20s from a gross margin perspective, and then from an operating profit perspective, between 3%-5% would be roughly a sort of market expectation for that. Our sort of 4% in operating profit level, particularly in the first half of the year, with the stronger periods in the back half of the year to come, September, October, November being the best three months for freight forwarding. We're very happy with that level of margin, and we feel it is in line with the market as well. From a strategic perspective, the growth in the first half of the year has been driven by Lithuania and Bulgaria, as Mike commented on. Other parts of the freight forwarding business have also performed well. Our franchise in the southwest of England has performed strongly. Serbia and Estonia continue to mature, and the U.K. and Romania, now under new management, are expected to get back to a growth perspective. We have also got customs clearance in the U.K., which has certainly benefited our profitability and would also benefit our net margins as well as its higher margin business than the sort of core freight forwarding. The Regional Express business, whose main customer is Amazon and doing customs clearances for Amazon for sellers importing from China, that has performed slightly ahead of our expectations in 2021, and it is well ahead of where it was last year. We also, as Mike mentioned, had the benefit of not having the loss-making Eshopwedrop and BuzzBrand in the first half of this year, which we had last year. From a warehousing logistics division perspective, again, just quickly touching on the margins and worth noting here that, again, the second half of the year, particularly in Southampton, is the stronger part of the year. We'd expect to make the vast majority of our profit in the second half of the year within the UK logistics business. In Romania, much more stable throughout the year, particularly driven by Pall-Ex. From a gross profit perspective, I'd expect mid to high 20s from a gross margin perspective. From a net profit perspective, looking high single digits or possibly up to 10%, just to give a sort of view on what sort of margins we're expecting. As I talked about earlier, warehousing logistics is focused in the U.K. and Romania. Pall-Ex, which is the franchise in Romania, had an extremely strong first half of the year. Continues to hit new records in many months in terms of volumes handled, and just performing extremely well. Mike and I were out there about three weeks ago to see the operation and extremely well-run and well-managed business. In terms of the UK business, Delamode International Logistics, results were in line with our expectation, though we have been impacted by additional costs associated with the new warehouse in Southampton, and we'll touch on that in more detail on the following slide. We've got a strong pipeline of potential customers for Braintree. We've moved in four customers over the last month anyway to replace a large loss-making customer in the first quarter. The warehouse also supported other parts of the business in the second quarter, and whilst that was negative for that site, it helped the business more broadly. The fashion business, as we've touched on, is showing a profit since June. That warehouse is pretty much full in Beckton in East London. We also signed a strategic partnership with an e-fulfillment provider, Synergy Retail Support Limited. Some of their customers have transferred from their Northampton site to Braintree, and they're also assisting us from a pipeline perspective. We see that as a very positive move to have made as we increasingly do more and more e-fulfillment. Just touching on the Southampton warehouse update, and it's quite a busy slide, so my apologies for that, but there's quite a lot of information to get over. Firstly, just starting with the map in the center. The two red crosses near the left-hand side of the map, they represent the Nursling site, which was Import Services and the Regional Express site. They were very close to each other. We have moved Nursling into the new Docks extension, the 200,000 Docks extension, which if you look at the picture on the right-hand side is the building nearer to you and the previous building, the existing one was the one that's slightly further away. We've moved the Nursling site into the new Docks building, and we're moving Regional Express at the moment. It's being moved as we speak, between that Nursling site and into the Southampton Dock. We'll end up with two sites in Southampton, being the extended Dock site, so over 400,000 sq ft and over 60,000 pallet spaces. We'll have Hedge End, which we're using at the moment for excess customer storage, which we expect to sublet if we don't have a requirement for it in the first quarter of next year. Starting the year with four facilities, ending the year with two and with a view to exiting the last one to lead just as with one main operational site, enlarged operational site in Southampton from October 2021. The benefits of having a single site, more efficient, fewer number of staff required, and we've got sufficient space that we don't now need to be moving product between different sites, which in its own way creates operational inefficiencies. Feeling that it's the right thing to have done. It's caused some disruption. It's added extra cost. It's added exceptional costs. The right thing to do and will be in a position from October 2021 to really push through cost savings and operational efficiencies in Southampton. The last one division, the Transport Support Services division based in Romania and also the Balkans. Revenue is up 20%, operating profits up over 40%. Operates under the Affinity brand, providing fuel and toll cards to small Eastern European hauliers as well as financial and support services, so ferry crossings, VAT and excise duty reclaims and various other back-office functions. This is relatively high-margin business compared to the revenue, but actually, the gross billings are much more significant. We don't report the gross billings because we only report effectively the gross profit margin, which is the GBP 3 million as our revenue. Gross billings in the first half of the year are close to GBP 70 million. Relatively low-margin business if you look at the gross billings, but high-margin business if you look at effectively our gross profit, which shows our revenue. Very much helps us with the shortage of drivers in Europe, helps underpin our supply function for the freight forwarding business and a very solid platform. Affinity is a very good, well-run business and very happy with how that business is developing and progressing. We're looking to add other back-office functions as well, such as financial services and potential legal services. That is being investigated further at the moment. Okay. Just moving on, from a strategy perspective, this is a slide for those that have seen our presentation previously, that they will have seen before. Just to reiterate, the top is the external and the bottom is the internal really. From an external perspective, we want to maintain a good growth rate. We're looking at double-digit organic growth, and as Mike has shown, we've done over 20% organic growth in the first half of the year. We want to grow a scalable and sustainable business, and scalable in terms of something that we can build and build and build over time, but also sustainable and very conscious of our environmental and social responsibilities and something we are increasingly discussing at an operating board level. We want to strengthen and grow our core businesses, so focusing on road, air, sea, and warehousing, and really just focus on those areas. Also looking to expand further in Central and Eastern Europe. We have opportunities in Latvia, in Poland, and also Slovakia at the moment that we continue to explore. We see it as a natural fit to extend our corridor in Central and Eastern Europe, and it's definitely getting plenty of focus at the moment. From an internal perspective, so really three key areas to focus on. Continue to simplify the business. We've shown that with the scaling back of the number of brands that we've got. UK logistics business under Delamode International Logistics now. The UK freight forwarding business predominantly under Delamode Anglia. Nidd Transport is Delamode Nidd at the moment. Just really wanting to focus on simplifying and streamlining our business. We've reduced the number of IT systems within the U.K., and this is all following the acquisitions. There's more work to do, but we continue to drive out complexity and continue to focus on digitalization, which is something that I'll cover on the following slide, but definitely a focus for us over the coming months and years. We want to invest and grow our staff, really looking at training and development, career planning, and also looking at leadership. Again, I'll touch that on the following slide. Then also being the best that we can be. I think this is a really important thing to focus on, to encourage a commitment over compliance culture and really just work with our people to develop them and, as I say, be as good as we can be and live by our group values. Those are the sort of key strategy points both from an internal and an external perspective. Just to touch on the last two years and also looking forward to 2022. Again, this is a slide that you may have seen previously, the first three blocks. The fourth block we've added for this presentation. 2019, lots of acquisitions in 2017 and 2018. Slightly lost our way as a business there. Operational challenges, some additional investment in lots of people really scaling the business back up. 2020, sort of rebuilding the foundations, rationalize some central costs, simplify the processes, start that process of fully integrating businesses. We disposed of or closed some non-core loss-making entities and restarted an M&A program with the acquisition of Nidd. Moving into the current year, sort of relaunching that strategy, focusing on simplification, the growth, and being the best that we can be. Integrating the acquisitions, which is completed now. We're done and in a good position. The only one remaining is with Regional Express moving to Southampton, that sort of last major step that we've got. We've completed our senior hires, Estates Director, we've recruited a Digitalization Director, which I'll touch on the following block. We're in good shape from that central perspective. A renewed focus on M&A. We've not done any M&A yet this year, but we have looked at lots of opportunities, and we have a really strong pipeline of opportunities. Just turning around those poorer-performing business units and focusing on our working capital as well before the end of this year. Our logistics in Braintree is improving. Our fashion business is back to a profit, and really getting through the challenges that we have from a building perspective in Southampton. 2022, around delivering the strategy, this IT system standardization and brand simplification c ontinue to work on that. Full-year effect to come of the turnaround of the underperforming business units and further organic developments in all of those areas, and we continue to push organic development. It's not just about M&A, it's also about organic development and really pushing that forward. Hopefully, if we can do some acquisitions this year, if not into next year, acquisitions in the U.K. and also Central and Eastern Europe, and we continue to look at those, and that's a big focus. Focus on digitalization to enhance our customer engagement and loyalty. This is a key thing really. Now that we've got to a position where business units are in a better shape, we can really focus on that. A month ago, we recruited a digitalization director to really lead that project, given that it falls between the operation and IT. We want someone to have a foot in both camps and really push that project forward with the aim to have a single touch point, or a single platform for customers and suppliers, so they can get a quote, they can book their jobs in, they can track their jobs. Suppliers can upload their invoices. We can have a POD system. A real focus that we're looking to move forward on. We have some of those blocks already. It's a case of really pushing that forward now and getting it launched and developed more and pushed more to the front. We have a good quote product already. We just really need to enhance it further and push it into the market. In terms of our staff, a rollout of a training plan for all of our staff in a senior position. We're looking to do a leadership program for the top 200 staff over a 12- 24-month period. For me, this is really important. We want leaders throughout the business, not just managers. We want leaders to really push the business forward and to give us the future leadership of the business. That's pretty much it from a presentation perspective. In terms of the key messages, and before we move on to the Q&A, just want to reiterate that we've got a resilient and adaptable business model. We've shown that during the COVID period. We've shown that during the sort of challenges that came with Brexit. We've had a strong performance in the first half of the year, driven by our sort of core business units in Lithuania and Bulgaria, from a freight forwarding perspective. The customs clearance as well in the U.K. and our Affinity and our Romanian logistics businesses all performed very well in the first half of the year. Stuff to do in other business units, but we're well on top with that plan and delivering that at the moment. A clear and achievable strategy to grow the business, so organic growth and focusing on sales growth, but also looking to make acquisitions to really drive the business further forward. Thank you all very much. That's fantastic. Robert, thank you indeed for the presentation. Ladies and gentlemen, do please continue to submit your questions using the Q&A tab situated in the right-hand corner of your screen. Just while the team take a few moments to review those investor questions submitted already, I'd like to remind you a recording of the presentation, along with a copy of the slides and the published Q&A, can be accessed via investor dashboard on the Investor Meet Company platform. I'd also like to remind that your feedback is important to the team, and immediately after the presentation has ended, you'll be redirected for the opportunity to provide your feedback in order that the company can better understand your views and expectations. Robert Ross, as you can see, our investors submitted a number of questions during the presentation today, and if I may just hand back to you and where appropriate to do so, if you could just read out the question and give your response, that would be fantastic. Thank you. No problem at all. Yeah, so the first question from Alex B. "You have a progressive dividend policy. How is that impacted by the changes from the government's recent tax changes?" To be honest, we have a progressive dividend policy, and that is our aim to continue with that. We listed, say, four years ago with that progressive policy, and we've continued it every year so far. We had the scrip dividend this time last year. Other than that, we have a progressive dividend policy, and that's what we plan to stick with. The next one, Andy M. "You've highlighted a push to digital. What are your goals here, and what margin expansion return are you looking to achieve?" It's a little difficult to say in terms of what sort of additional margin we expect to get from that. Something I would expect is that as we grow, we don't need to add the same level of staff, so the same number of people should be able to handle more work, because what will end up happening is that some of the work that we do will be covered by the digital platform. People will be there really to handle the exceptions rather than the norm as they are at the moment. For me, it's really important. We've seen the acceleration to digital platforms anyway over the COVID period. We see it in our warehousing business as people are more focused on that e-commerce, that e-fulfillment rather than store replenishments. For me, it's just a really important thing we need to focus on, and we would expect an improvement in margin. I don't know from a numbers perspective, I just know that we'll be able to handle more transactions, more items with the same number of people that we currently have. Okay. Given the current net debt position, will this mean you'll have to go back to the market for additional funding if you plan any new acquisitions this year? Yes, but also we have further capacity for debt financing. We don't have any term debt within the business, that's something we would look at. One of the alternatives is that we also use the acquisition to fund itself. For example, the Nidd Transport acquisition, we actually, from a business perspective, there was no net outlay. The business had cash within it. We did a sale and leaseback on the property, and that covered the amounts that we paid to the consideration. Sorry, I just couldn't find the word there. That covers the consideration for the acquisition. It really depends. If it's a larger acquisition where there's a large amount of goodwill, then yes, potentially come back to the market. We still have capacity for term debt, though, and something we continue to explore as we look at acquisition opportunities. Tom O, "What actions are being taken to actively manage debtors given the delays in payments? Could you indicate levels of incurred and expected credit losses?" In terms of the actions that we're taking, we've got additional staff. We have a new director of shared services who's really managing that process. We are just really committed on it. It's getting a lot of focus, and very much focused on making sure that we get back to a normal level by the end of the year. We're not expecting significant credit losses. We're not seeing that. It's a backlog administration that we're working through, and we're not expecting to see credit losses as a result or anything material. This is Jan V., "Does the outlook of more than GBP 8.5 million adjusted profit for tax imply that you don't expect any profit growth in the second half of the year?" Our current expectations are in excess of GBP 8.5 million. If you add what we did in the second half of last year to what we've done in the first half of the year, we get to in excess of GBP 8.5 million. The key challenge is that September, October, and November are significant profit months as you can guess, as a result of the difference between the first half and the second half of the year, that we remain positive that will be in excess of GBP eight and a half million. It really depends how September and October goes and to the extent that we need to update the market further, we will do. That's where we are at the moment on that. Ryan N., "What areas would you look to acquire in and what size would you be comfortable to take on the basis of the challenges experienced previously?" Okay, that's a good question. Looking to acquire in all of our divisions. Realistically, it'll just be in freight forwarding and warehousing logistics. From a size perspective, I guess from a turnover perspective, I'd look ideally for more than GBP 5 million, probably more than GBP 10 million really, and a profitability perspective, looking in excess of GBP 0.5 million, really. The concerns are that if it's too small in terms of profitability, it may well be that there isn't much profit by the time you get in there and really understand everything. Yeah, we're looking at the U.K., we're looking at Central and Eastern Europe, where the markets that we're in at the moment, or markets that we're not in at the moment. I mentioned Latvia that we're not in at the moment, and Poland and in Slovakia, not in any of those markets. We'd also look at acquisitions in Lithuania, Estonia and Bulgaria, Romania, where we do have a presence. We have a particular criteria. We often get regular, probably once a week, I guess, an acquisition opportunity. We look at it, quickly assess whether it's something we want to take forward or not. If we do want to take it forward, we'll get more involved. Otherwise, we'll just sort of reject it. Yeah, from my perspective, very keen to do acquisitions, just in a measured way as well, to make sure that we don't have any sort of challenges with multiple acquisitions, particularly in the same division. We could do one in freight forwarding and one in logistics at the same time because it's a different management team looking after those. It's when we've got multiple acquisitions in the same division that it can be quite challenging, I think. Andy S., "With the shortage of HGV drivers, does that impact your volumes and profitability?" From our perspective, we don't have a huge number of our own drivers, only really in Nidd Transport. We've seen some inflation in terms of their wages, as we've also seen inflation in our warehouses as well, for warehouse operatives and also forklift drivers. The key challenge we've seen in Central and Eastern Europe is securing traction, so that's trucks and trailers. There is, as we experience in the U.K., a shortage of drivers. In Central and Eastern Europe, a shortage of trucks. There's more access to drivers in Central and Eastern Europe, though there still is a shortage, but it's trucks that is more of a challenge. From our perspective, having to pay suppliers early to secure that traction has actually increased profitability because we will be able to negotiate a discount on that. It is a concern. We are considering moving towards a JV with a haulier to try and secure a small percentage of our supply, so around 5%- 10% of our supply. It is something we are investigating at the moment just to make sure that when we want a truck, we can get one. We certainly do not want to move too much away from our asset-light business model, and we do not want to be running 100s and 100s of trucks. Certainly looking at an opportunity there to just secure a small percentage of our own supply. I'm not sure if this is staff costs as in senior staff costs, or this is staff costs, sort of, warehouse-type staff. We've certainly seen plenty of staff inflation during 2021. In our warehouses, we've recently had to put staff costs up or wages up. There is clearly a shortage of people, this is from a UK perspective. There is a shortage of people who are available to work, whether that is COVID, Brexit, people unwilling to do those jobs, I don't know. It's a combination of those items, I think. We've certainly seen inflation in Southampton at the moment. Similarly, in Romania, there is a decent amount of wage inflation, and we're doing a benchmarking exercise to look at how we compare to our competition. There's high single digits inflation in Romania, or that's what the management team were saying to me when we were out there two or three weeks ago. Staff costs are a big part of our business, and we really need to make sure that we're paying the right amount to people. Generally, they'll be going up, but we need to make sure that we pass those additional costs on to our customers and be as efficient as possible, whether that's via IT, or whether that's just being operationally more efficient. It's something we're constantly looking at at all of our business units. Yeah. Chris D, "Climate change. Are you investigating hydrogen fuel cell prime movers?" No, we're not at the moment, I can tell you that. Climate change is definitely on our agenda. We have an operating board meeting in next week. We are touching on our climate change views there to early discussions, looking to do an assessment on where we are from a carbon perspective. We're obviously in an industry that's heavily impacted by carbon emissions, and something we're wanting to look at, whether that's a target to be carbon neutral by a certain year or just that we want to do more. We want to try and offset the carbon that comes from our industry. We've got solar panels on lots of our sites, but what else can we do? We're certainly investigating that. It's an important part of what we do, and we want to make sure that we're doing the right thing for our staff and for our local economies and environment. Yeah, we're not investigating the hydrogen fuel cell. In fact, another question from Lee A. I should have finished that question to Chris D sooner. Anyway, Lee A, "You mentioned acquisitions, but do you consider yourselves a takeover target for the likes of Clipper?" To be honest, I don't know what Clipper's aspirations are for taking over other businesses. Clipper, from what I understand, are more focused on the U.K. with some sort of Benelux warehouses as well. We're quite a varied business. We have freight forwarding in nine countries, the U.K. and eight in mainland Europe. We have logistics in Romania, the Affinity business in Romania and the Balkans. We have Pall-Ex in Romania, and then we have some warehousing in the U.K. as well. Quite varied. Maybe somebody like Clipper might be interested. I don't know. Personally, I don't consider us as a takeover target by somebody like Clipper. I think we're quite different to what they do and quite unique in that sense. We compete with different people in different markets. In the U.K., we compete with Clipper from a UK logistics perspective, but then they don't compete with us from a freight forwarding perspective at all. Yeah, for me, we're focused on what we're looking to do, how we're looking to grow our business, both organically, as I said, at least 10% a year organically, and then also supplement that with acquisitions. That's really our main focus and what we're looking to do. Fantastic. Look, thank you so much. You've covered off all the questions that we've had through from investors. Of course, if there are any further questions that do come through, the team will be able to review those, and we'll publish responses where appropriate to do so on the Investor Meet Company platform. Robert, if I may, just before we redirect the attendees to give you some feedback, just have a few final words from you, please. Thank you very much. Really just thank you for coming to our presentation. Personally, very excited about the business and where we're going to go. We've had a very good first half of the year. The results are good so far in the second half of the year and really looking to make sure we hit those numbers, in excess of GBP 8.5 million for the full year this year. Thank you very much and happy to answer any other questions that people may have. That's fantastic, Robert. Mike, thanks again for updating investors today. Could I please ask investors not to close this session, as you'll be automatically redirected for the opportunity to provide your feedback in order that the team can better understand your views and expectations. This will only take a few moments to complete and, of course, is greatly valued by the company. On behalf of the management team of Xpediator Plc, I'd like to thank you for attending today's presentation. That now concludes today's session. Thank you and good morning.