Thank you for standing by, and welcome to the PGG Wrightson Limited annual results announcements. All participants are in a listen only mode. There will be a presentation followed by a question and answer session. If you wish to ask a question, you will need to press the star key followed by the number one on your telephone keypad. I would now like to hand the conference over to Mr. Stephen Guerin, Chief Executive Officer. Please go ahead. Thank you, Melanie. Morning. Good morning, and welcome to the PGG Wrightson's results briefing for the financial year ending 30 June 2022. As I've been introduced, I'm Stephen Guerin, Chief Executive Officer of PGG Wrightson. It's my pleasure today to provide an overview of our results for the 2022 financial year. With me on the call are Peter Scott, our CFO, Julian Daly, our General Manager of Corporate Affairs, who is also our Company Secretary. The 2022 year saw the PGW team across the country step up and deliver an exceptional service to our clients in what was a challenging environment. Their dedication is reflected in our exceptional results. I thank all of our PGW team members from across the country who have contributed to our results on behalf of the board and executive team. Today, I'll cover this year's financial results, our trading performance, key themes and initiatives, and some thoughts on the year ahead. There'll be time for questions at the end of the call. The key measures of performance I will refer to as operating EBITDAR, and I'll also refer to net profit after tax, also known as NPAT, the formal GAAP measure. Further details can be found in our financial statements. The key results for the year ending 3 June 2022 are operating EBITDAR of NZD 67.2 million, up NZD 11.1 million or 20% on last year. Net profit after tax of NZD 24.3 million, up NZD 1.6 million or 7% on last year. Revenue of NZD 952.7 million, up NZD 104.9 million or 12% on last year. Fully imputed dividend of NZD 0.16 per share has been declared. Our other group strategic measures are. We have some financial growth measures, and we achieved a positive 38% total shareholder return, and our target is 10%. Achieved CPI normalized EBIT growth of 29%. Normalized EBIT excludes impairments and non-operating gains or losses. Our total safety measures and our total achieved recordable injury frequency rate or TRIFR saw a 3% reduction against our baseline year of FY20. Our customer experience scores achieved a positive 5-point improvement on PGW's Group Net Promoter Score from last year's survey. Turning to our trading performance. Exceptional financial year results are a record for the business and as a result of PGW's team, very proud of PGW team, especially in the challenging year we've had. Like all businesses, we've had to navigate managing COVID protocols, dealing with high proportion of health-related staff absences, responding to supply chain challenges, and then resourcing our business in an extremely tight labor market. Since we first notified our operating guidance for the financial year in October 2021 of around NZD 53 million, we have raised guidance on three occasions, with the final amounts at the beginning of May this year of around NZD 66 million. We are delighted to have exceeded this and achieved operating EBITDAR of NZD 67.2 million. This is an outstanding result, an increase of NZD 11.1 million or 20% on last year's strong result. NPAT in this financial year was NZD 24.3 million, which is up NZD 1.6 million or 7% on last year. Importantly, these results were achieved as a result of significantly higher revenue growth of circa NZD 105 million or 12% from FY21, with margins broadly in line with last year. This time last year, we launched our group strategy, which builds on our proud heritage and strong fundamentals while focusing on the fast-evolving landscape for agricultural growth opportunities. Our eight strategic pillars provide clarity and focus, and we've embedded these into our operations. This strategy leverages our collective nationwide reach and scale, also leveraging our differentiated offering. In particular, our client-focused technical offering and innovation focuses on growth in our market and to grow our market share and further cement PGW's position as leaders in the field. Business highlights. Was pleased to see PGW recognized earlier this year as a finalist in the 2021 Deloitte Top 200 Awards for outstanding change and business performance among New Zealand's largest companies. During the year, we refreshed our websites, our client online account services portal. The new websites have a consistent contemporary design and provide an improved experience for all users. Our updated client account services portal provides its enhanced functionality with the capability to add new features and functions over time. We've also initiated a company-wide business improvement program that will simplify PGW's IT systems and streamline our processes, so that we are more flexible and secure and efficient when it comes to fundamentals of our operations and customer service. The program of work is underway. This program of work is underway and will span several years, and we look forward to operational benefits and efficiencies that this will deliver. I'll now discuss our two largest business units, Retail & Water and Agency. First, in the Retail & Water business. This business unit incorporates Rural Supplies, Fruitfed Supplies, Agritrade, and water. Retail & Water's operating EBITDA was an impressive NZD 52.5 million and up NZD 15 million on the prior year. Our Retail & Water business performed extremely well and achieved outstanding results with new highs. Our core focus remains to add value to our clients' businesses, and much of this is through our superior technical ability of our people. During the year, we continued to invest in the training of our people for both a technical and sales perspective. Our commitment to the personal development and upskilling of our staff supports a very stable and knowledgeable rep force. As customers see the value in the expertise of our people, we continue to see new clients coming into stores and asking reps to come out on-farm and at orchard. This continues to reflect in the incremental market share gains we are seeing. To achieve these results, our team have moved increased product volumes through our supply store network. Our investments in our logistics model have assisted us with delivering product on-farm and at orchard in a timely and efficient manner, which ensures that our rep force have more time to give our clients valuable advice. COVID-19 has caused increased uncertainty and stress, especially for the frontline teams. As COVID-19 has spread into regions, we've overcome a challenge to keep our stores open and with reduced staffing levels. We've developed a plan to deal with temporary closures and staff moves between stores to catch up gaps. Excuse me. To keep the doors open for it and our services operating. Our teams have been incredibly resilient with the key focus on service to their clients and at times an extremely challenging and moving environment. Supply chain disruptions have continued and have impacted the timelines in sourcing products. Being able to get the right products to our clients at the right time has highlighted the importance of strong relationships we have with our suppliers. To help mitigate the supply chain risks, we've also sourced product earlier and carry more inventory than we would have historically. Our e-commerce channel has tripled its sales revenue, and the number of orders in the second year of operation. A positive flow on impact of presenting and raising awareness of our product range online has continued to boost our in-store cash sales and increase the number of product and projects inquiries we've received through this channel. Work has commenced on a new build for our retail stores in Richmond, Nelson, and planning is underway for new stores in Timaru and Otorohanga. These are replacement stores for our existing footprint. It was an outstanding year for the Rural Supplies business. Through our client-focused offering, we have seen growth in a relatively tough market. Rural Supplies has sustained the momentum of recent years as it investigates opportunities to expand into adjacencies and categories that we see unmet client demand. Our reps continue to increase their usage of technical platforms which streamline their day-to-day activities and make interactions with clients more efficient. Investment in our people continues through training with a focus on sales to ensure we are supporting our clients with the right advice and the right products for the job and providing these with a welcome environment in store. Our advertising provided rural suppliers and our people showcase our expertise in the field, and we've had more stores and reps than others servicing the sector. Our stores and people are part of the local communities in which they operate, and PGW as a rural business is proud of its investment in the regions. Our Fruitfed Supplies business had another excellent year with their operating EBITDA and revenue achievements. We maintained a high market share across most of the horticultural sector categories and continued to build relationships as a key supplier of winery inputs to the viticultural industry. We continue to see significant investment by clients in large horticultural developments. Fruitfed Supplies has been well-placed to benefit from these developments in supporting the supply of significant amounts of capital equipment. Many of the developments that we have assisted with over the past few years are now coming into production, and Fruitfed Supplies is seen as the local logical partner for customers as their business transitions from product developments into product and into food production. Our corporate client space has expanded. We have a large number of long-term supplier agreements in place with our corporate client base. Land use change continues with a number of growers, including in the corporate market, diversifying their portfolios and investing in the horticultural sector. The vegetable sector is a growth opportunity for the Fruitfed Supplies business, and we've increased our market share in this area with a number of targeted initiatives. Full marketing campaigns, including campaigns promoting the brand and service offer for the Fruitfed Supplies group site, were in delivery during the year. Our technical team have conducted record number of trials across the industry, looking for new products and chemistry that will help support our clients into the future. A focused sales training program was rolled out to increase knowledge of our frontline staff. Our Agritrade business, which is a wholesale business division, manufactures and sells and distributes products to improve farmer and grower production. Agritrade has continued to perform well over the year. This is in spite of the COVID supply chain disruptions, which have presented challenges and caused volatility in sourcing products and price increases that have been borne by the total supply chain. During the year, the Agritrade business introduced 12 products in a new New Zealand market, which were commercialized, including Cervidae Oral, which is the only registered deer product in its kind in New Zealand market, and Zinc animal health treatment for facial eczema into the dairy cattle market and was launched into Australia. International shipping delays, combined with domestic logistics issues, caused challenges. The fragility of the international freight system and increased costs, highlighting the importance of the strong relationships the team have with our supply partners, which assisted ensuring the flow of inputs into our clients. The implementation of our water strategy has continued to increase business with new and repeat clients. Technology initiatives include improving our client asset management system and online tracking on private bills to increase efficiencies in project delivery. Product shortages and shipping disruptions caused delays in project delivery, and this is expected to hit the project completion in the year two. Our water technicians completed a certified training with Valley Irrigation, resulting in the team being the only Valley distributor in New Zealand who can offer an extended 8-year warranty program. Our team were also honored with the Valley 365 Asia Pacific Largest Subscription Seller Provider award. Turning to our agency business. Our agency business incorporates the livestock, wool, and real estate businesses. Operating EBITDA for this business group was NZD 21.8 million, which was down NZD 3.3 million on the prior year's strong trading result. Our livestock business performed well in a challenging climate, with high revenue and operating EBITDA achieved. In particular, the South Island recorded its strongest trading performance in a decade. Sale values were reached in all categories, especially cattle and sheep, and compensated for reduced volumes through meat processors. During the year, GO-STOCK Dairy was launched. GO-STOCK Dairy is an extension of our GO-STOCK grazing contracts, which are continuing to grow, with increased uptake of trade active stock volumes at their highest levels. PGW's online trading platform, bidr, continued to grow its database of buyers. This was fostered by the successful launch of live stream of cattle sales at a number of our sale yards throughout the country, as well as continued demand for our on-farm hybrid auction coverage. Although the velvet business experienced shipping delays and port closures in China, the outlook was positive, with further sales growth predicted in Asian markets. During the year, the PGW velvet team exported our first ever dried or processed shipment of velvet to China. The deer team had a successful year also, with both live sales and price rises in the market. Venison prices are now recovering back to the near five-year average and are forecast to lift as logistical challenges on two markets into the United States and European markets reduce. Strong and crossbred wool market prices remain challenging and have been accentuated by pandemic-related disruptions, negatively impacting on demand. Fine wool prices remained solid, with Merino being supported by high-value grower contracts and healthy auction values. Our wool contract business and our grower client base benefited from fine wools, organic wools, and crossbred lambs wool contracts, delivering good premiums to our clients. We saw increased volumes of wool exported compared to last financial year. The team did well managing the wool flow through our four wool stores to our overseas clients in what was a different, extremely difficult season. We are pleased with the continued growth in our PGW Wool Integrity Program, which provides quality standard assurance for international market places around consumer expectations. To demonstrate our belief in the future of this natural, sustainable, and biodegradable fiber, we have invested and employed two trainees into our wool business. The real estate business has enjoyed another successful year. While returns in the residential and lifestyle channels have been challenging, sales volumes at our rural properties have been strong. The growth of our rural property segment benefited from increased market value and market share, a number of property sales exceeding NZD 30 million, with a few properties achieving a record of over NZD 2 million per canopy hectare. We anticipate continued strong performance in the rural market, with favorable spring appraisals and listings due to continual horticultural growth and carbon forestry interest in sheep and beef properties. Sales of residential and lifestyle segments should maintain momentum, as tougher conditions within the building sector may see those who are going to build redirect interest to existing builds. The business expanded during the year through the acquisition of a real estate business in Ashburton, and our town and rural real estate office moved into new premises. Returning to our people. This business operates through the success of our people. As at 30 June, PGW employed 1,844 people. These included casual, fixed-term, and commission and permanent staff. PGW recognizes the importance of our robust learning and development initiatives, and we continue to ensure our programs are fit for advancing the group strategy. The wide-ranging suite of safety and well-being, sales, leadership, and management skills, as well as technical competency courses available to our people, both in person and through our e-learning modules. We're encouraged by the growth and depth of expertise in our business. Our continued focus on investing in our people to provide them with the tools and competencies to succeed in their roles sees us introduce our revised people and safety strategy in FY23 to best support the refreshed group strategy. Three key pillars are leadership and expertise, safety, concern, and recognition are the anchors of the strategy and provide a foundation for the coming three years. Our people's can-do attitude as we in responding to COVID-19's constantly evolving challenges was appreciated as we best managed the challenging environment to ensure our ongoing safety and well-being of our teams and our communities. The pandemic brought disruption to our business in a myriad of ways, and we're a part of our team members commitment to the business, clients, and communities under very demanding circumstances. Two key programs, which was successfully re-established after COVID-19 lockdowns, have been our PGW Academy and training programs, which focus on developing our talent pipeline and our To Lead program, which combines proven leadership principles of what is critical in the PGW context. With a revised safety and well-being roadmap and resourcing model, PGW is honoring our commitment to continuous improvement and our vision to embed a safety culture of citizenship, whereby safety is a core part of everyone's role and a shared responsibility. A core aspect of the revised roadmap is ensuring a disciplined approach in the control of our critical risks. We've partnered with HSE Global and spent time with our people to best understand firsthand the risk management challenges they face in their daily work and to identify new opportunities for improvement. Our zero incident process or ZIP training program sessions continued across the country. Our total recordable injury frequency rate or TRIFR reduced by 3% since the base year of 2020 baseline. Turning to environment and sustainability. PGW has been working hard to progress our sustainability journey. During the year, the Environment, Social, and Governance, ESG working group engaged with colleagues across the business and with our suppliers to determine PGW's carbon emissions. We now have an established process in place to capture our emissions, so we can report on these in the future. We undertook a materiality assessment to determine which ESG factors are important to our stakeholders and material to our business objectives and activities, as well as our societal and environmental impact. Further information on our materiality assessment will be included in our annual report. The PGW board had one change in its membership during the year. PGW's chairman, Rodger Finlay, retired from the board on the third of June, having served as a director and member of the audit committee for three years. The board and management acknowledge and thank Rodger for his leadership during the period. On the first of July 2022, Meng Foon and Garry Moore joined the board as independent directors. Gary is also a member of the audit committee. Turning to our statement of financial position. PGW recorded operating cash flow during the year of NZD 23.7 million, which benefited from our strong operating EBITDA performance. PGW Group have invested in working capital during the year, growing the range of our GO-STOCK receivables to NZD 66.1 million as at 30 June 2022, an increase of NZD 20.2 million or 44% from 30 June 2021. In addition, our inventories were NZD 20.6 million higher than 30 June 2021, which reflects a conscious decision to provide product available for our clients together with higher values for inventory. Capital expenditure of NZD 8.8 million was NZD 2 million higher than June 2021, which was impacted by our slower implementation of projects as a consequence of COVID-19 related disruptions. Our net interest bearing debt was NZD 32.8 million as at 30 June 2022. PGW reviewed and extended its banking facilities for a three-year period in late 2021. The board, in light of this year's financial result, have declared a fully imputed final dividend of NZD 0.16 per share. The dividend will be paid on 3 October 2022 to shareholders on PGW share register at 5 P.M. on 9 September 2022. This will effectively bring total fully computed dividends for the year to NZD 0.30 per share. Turning to the outlook. The profitable run for New Zealand's agri sector looks likely to continue through the remainder of 2022 and into the coming 2023 calendar year. However, inflationary pressures on input costs will likely translate to reduced on-farm profits, and exporters will still need to navigate high shipping costs and challenging logistics. While input prices are increasing, rising food prices are expected to be beneficial overall for New Zealand's agri sector. With the dominance of pasture-based productions, New Zealand's dairy, sheep, and beef farmers are relatively less exposed than international peers to the disruptions of global markets from the geopolitical unrest. In the near term, most agricultural industries are facing similar pressures to other businesses, including tight labor market and its disruption to production from ongoing challenges presented by pandemic. Labor shortages are constraining production, including limited fruit harvesting and leading to delays in the meat processing sector. These macro factors, coupled with concerns relating to the raft of regulatory and compliance change impacting the rural sector, have resulted in recent poll results that show record lows on New Zealand farmer sentiment. After a very wet winter so far, soil moisture levels are currently ranging from between normal to above, to well above normal across most of the country. On balance, this should be positive for the sector, and at PGW, we look forward to the approaching spring season. PGW are well positioned to assist our farming clients with their cultivation needs as they gear up their operations for production as we move towards the warmer production months. Taking into consideration these issues, we remain cautiously optimistic about the financial year ahead. Consumers and countries that have and continue to remove restrictions want high quality and safe food that our farmers and growers and clients produce throughout New Zealand. The reopening of New Zealand borders to travelers should over time help to ease the tight labor market. The war in Ukraine has tightened the global commodity market. Although there have been recent drops in the global dairy auction, elevated dairy prices are expected to remain. The negotiations for United Kingdom and EU free trade agreements have concluded and provided further clarity for our exporters. New Zealand producers are renowned for their technical innovation to improve the quality of their produce, so PGW is well-placed to support our farmers and our clients in this space. Overall, we consider the macroeconomic indicators for New Zealand agriculture sector as positive. It's too soon to provide meaningful guidance, but the board intends to update expectations for FY23 at our annual shareholder meeting in October. PGW's 2022 annual report will be available on the stock exchange website under our PGW ticker and our website at the end of September. We're extremely grateful to our people's dedication to serving our clients. Our continued growth would not be as possible without their ongoing support and hard work in what has been a very challenging year. To our clients, we thank you for your loyalty and the trust you place in our business and our people. We'd like to acknowledge our suppliers who have been exceptional in making sure we have the products we need at the right time to service our clients. Finally, thank you to our shareholders for their continued investment in PGW. We remain focused on delivery of our strategy and creating value for you. This concludes our 2022 financial year presentation. I'll now open up the call for questions. Thank you very much for taking the time to listen to us today. Back to you, Melanie, for questions. Thank you. If you wish to ask a question, please press star one on your telephone and wait for your name to be announced. If you wish to cancel your request, please press star two. If you're on a speakerphone, please pick up the handset to ask the question. Your first question comes from Christian Bell with Jarden. Please go ahead. Yeah. Hi, Stephen and team. Well done on a good result. Just a few questions from me if I could. Firstly, when you say in the outlook statement, when you say you are cautiously optimistic, does that mean flat but hopeful for growth? Are you able to sort of elaborate on what you're implying there? If we look at our business ahead, we're expecting some softness in some areas. You know, we've talked about softness in our real estate area. We've probably got some concerns, Christian, around the processing ability for our meat companies. That's not a criticism, that's just been a reality of the supply chain getting labor into the plants. So that's certainly impacting our optimism for volume perspective. Price-wise, you know, commodity prices are strong for agriculture. We've actually had some caution about clients spend as they look to manage their costs. Some of their input costs, we are seeing some cautiousness in that space. You know, if you look at dairy prices, you know, forecast NZD 9+, but the cost of production, you know, up from NZD 8, up in the sort of mid 8s, there is a cautiousness. It's been a wet winter, and that sort of some of the negative sentiment there. So we are cautious. You know, we think flat with but some upside opportunity as the weather improves. Cool. Yeah, no, that's helpful. Because that was sort of segueing into my second question around on-farm inflation tracking higher than consumer inflation. Yeah, so at what point do you have to sacrifice your margin? And do you envisage that happening any time soon? We're very conscious of this, Christian, because we've been doing this for 150 years and, as a business, we see ourselves in partnership with our customers. If you look at our margins, our margins have been stable. Even though we've had revenue growth of NZD 105 million, our margins have been stable. So we've managed, we've absorbed some freight costs. We have passed on freight costs. We've always passed on freight costs. But we've also absorbed costs, maintained our margins. So we haven't price gouged in this space. But it is fair that clients are thinking about those input costs. Some of those don't come from us, of course. You know, one of the bigger input costs is fuel. That's not a category. We do sell fuel, but it's not a category that is big for PGW, and you know, farmers source a lot of their fuel directly from fuel companies and other parties. You know, we do see some caution around you know, perhaps some of the fertilizer prices. We're seeing some decisions there. It's a bit early yet, but you know, the conversations, the clients are saying, "Oh, you know, should I, given that I've put capital, a lot of capital fertilizer on over the last few years?" The good thing from PGW's perspective, though, is you know, we are operating in that horticultural space. They are permanent crops, so they do need to look after them. Clients are seeing droughts around the world in farming systems, and they are looking to ensure they have winter feed and summer feed. We've still got good forward demand for our maize crops, which we planted late September into October. You know, the forward orders are up slightly on last year. That suggests positivity and that they need to ensure they've got feed available for their farms, so for their animals. As I say, those permanent crops like kiwi fruit, apples, et cetera, those clients have made long-term investments and they're gonna look after their crops. Those crops do go into the export market. There is a degree of certainty here alongside some caution around some discretionary spend. I know. Great. I guess labor costs is a challenge for everyone at the moment. Just with your kind of larger and more skilled workforce that you've sort of been investing in over time, just curious, is that captured within your current margins or is there potential for like a you know a reasonably significant uplift in like salaries costs going forward? We're comfortable with where we're at in that space, Christian. We've been through our remuneration process. We've been very transparent with our people. We've rewarded them in context of the performance of the business. We made those assumptions in our budget for the FY22 year. Sorry, for the FY23 year. We're confident we're able to protect our margins in that space. We're actually just in the process, you know, our teams will have their final confirmations around their remuneration, they'll know the guidelines we're working with them, and they'll have all that, the confirmations later this week. In terms of the actual dollars that they're actually going to get. You know, we're confident that we've actually got a good process there, well understood our costs into the FY23 year, and been very transparent with our staff and our budgets and have made all the appropriate assumptions about our wage costs into the FY23 year. Great. Cool. That's super helpful. Next one, you sort of in the commentary mentioned opportunities that you've been investigating. You mentioned on the call vegetables is one of them. Could you give like a bit more of a list of those opportunities in a sense for the size of those and what they could represent to PGW and the timing of those if you're looking to execute? Good question, Christian. So if we look at our categories across the business, we are, you know, we've spoken about some real estate acquisitions this year and last financial year. We see some opportunity in that space, probably more so in the North Island as where we're targeting. Outside of that, we think about the product that we're bringing into the marketplace. We've launched 12 products this past year, and we've spoken about our deer initiative. What for us, the animal health space is an area that we constantly look at and think about. Although we are constrained in that space because of the regulatory regime in and around the vets, we have vets on staff, but we don't provide the pastoral care. If you think of the best analogy I can give for that space is that your doctor can prescribe certain medicines, but your pharmacy, while they have special understanding of the human health area, they aren't the same human health prescriptions that they can't write. You've got to go to your doctor for. We can't do that from an animal health perspective. Notwithstanding that, we've been able to launch this new deer product and we continue to look for products in that range. In the near term, we are seeing investment by the major multinational agricultural chemical companies in the area of biological products. This is an area I think is of real significant change for the agricultural sector here in New Zealand. Some of you who know my bio, I've been involved in the sector for 30, 40 years. I probably see this as some of the most significant change that we're likely to see coming at us, and PGG Wrightson is well placed in that space. We have good relationships with the multinational companies in this area. We're doing lots of research on these products in New Zealand and you know they are probably 2-3 years away from commercialization. It's generally 5-7 years for commercialization. We're probably halfway through that world. I think we're well placed. You know, that world also brings change in farming practices. The technology is different, and you need to change your farming practices accordingly, but it does also provide a safer food safety environment. A lot of this technology is stuff that's coming out of Europe, and New Zealand does tend to follow the European world in this space, but we're also subject to the regulatory environment of New Zealand. They are the big ones, Christian. We've got some technologies coming in our water space. We've got some new initiatives in that area, around the water pivots and management of water on farm. That's why we've trained a lot of our people in the water space in that area. We're seeing, you know, equipment come to the end of life and people retrofitting and ensuring that they can comply with the environment around managing water. In terms of our agency businesses, you know, we've seen the growth of the GO-STOCK, and you know, we have an appetite to grow that product. You know, we've seen significant growth this year. We have conducted a whole lot of training for our people to be able to support them in that space. We're putting additional resource in this year to manage the growth of the product. In our wool space, you know, we are thinking about how we grow our, the likes of our organic wool because we're seeing increased demand in that space, but it's not simple for sheep farmers to make that conversion. You know, we're thinking about that space too. Great. Cool. Thank you very much for answering my questions. It was really helpful. Again, well done on the good result. Thank you. Thanks, Christian. Thank you. Once again, if you wish to ask a question, please press star one on your telephone and wait for your name to be announced. We will now pause a moment to allow for any final questioners to register. There are no further questions at this time. I'll now hand back to Mr. Guerin for closing remarks. Thank you, Melanie. Thank you all for taking the time to listen to our story. We are a business that is very proud of its heritage. A couple of years ago, people were probably wondering what PGG Wrightson looked like post the sale of our seeds business. I think our results for the last couple of years could demonstrate that we are able to deliver good, strong results for our shareholders, and we have a strategy that sets the pathway for the business moving forward. We thank our team support for supporting us on this journey and what has been a challenging environment. For us in the business, we're two weeks away from spring, which is our busiest time of the year. We're pleased to get this results announcement out into the marketplace so that we can concentrate on this busy spring period ahead. Thank you all. That does conclude our conference for today. Thank you for participating. You may now disconnect.