Okay with that? Yep. Okay. I hope everyone can see and hear me okay. I'm going to begin. Good morning, welcome to our FY 2021 results webinar. As you can probably see, we're having a slight technical issue. This is the first time we've done that, hopefully, you can all see and hear me okay, you can see the first slide of the PowerPoint presentation that I'll be going through soon. I'd like to begin by saying I'm extremely proud of the leaders throughout the Skellerup Group, humbled by the extraordinary performance of the team, all the Skellerup people, in satisfying our customers through quite a tough year, it's been a great result for all our staff and our shareholders. The overall growth in earnings is broad-based, that's very satisfying, of course. It's an outcome of our focus on working closely with key customers. As an organization, I believe we are learning and getting better at applying our knowledge of material science, and combining that with our understanding of tooling and process. In that way, we're solving customer problems. At the same time, standards, in particular potable water and food safety standards, are going up, and that combination is really our special sauce or our IP. I'm going to step through the slides one by one. It's very much the same format as previous years, and I'll make some additional commentary and then welcome questions at the end. I'll get Graham at the end to explain how you can wave your hand and ask questions. If we could begin on page two, Skellerup key points. First of all, we had a record NPAT at NZD 40.2 million. It's 38% increase on the prior comparative period. It's a result, as I said earlier, of the committed, talented, and focused global team. I'll break down the two divisions later on, but it's a record Industrial Division EBIT of NZD 32.7 million. As I said, it's broad based. We have a bridge to show where that growth has come from, but it includes the sale of a number of new products at higher margins. In particular, there's been strong growth in roofing and construction products, potable and wastewater, and marine has been particularly strong. That's combined with our focus on operational improvements and tight control of indirect costs. It's a record Agri Division EBIT of NZD 30.5 million. Good growth in sales of dairy rubberware to international customers. Very strong growth in footwear sales, particularly in the New Zealand hardware channel, and good operational gains at Wigram and other facilities. The improvements are not just at Wigram, but Wigram's been a big part of it. Very pleasing to have record operating cash flow of NZD 58.8 million. It's up NZD 10.8 million or 22% on the prior comparative period. Also a new record. Sorry, that was a record as well. We've had strong earnings, obviously, and solid working capital management, and that's the translation into strong cash flows. That's funded CapEx, higher dividend payout, and reduction in debt. The directors are pleased to approve a final dividend payout of NZD 0.105 per share, which brings the full year payout to NZD 0.17 per share, up 31% on the prior comparative period. We have a very robust balance sheet. Net debt is now down to NZD 8.7 million, which is 3% of total assets. We move on to slide three, which is the five-year financial highlights. I'm just going to pick on some of the highlights from that. First of all, revenue's up NZD 28.1 million, 11% on PCP. It's pleasing to see double-digit growth there. We're very focused on future growth, and I'll come back to that later on. EBIT is up NZD 13.9 million and 33% on PCP. NPAT, as I said earlier, is up 38%, and that's up NZD 11.1 million. The dividend of NZD 0.17 per share is up NZD 0.04 on the prior corresponding period. The operating cash flow is up NZD 10.8 million and 22% on the PCP. That funded CapEx, NZD 7.1 million, dividends of NZD 27.3 million, lease liability payments of NZD 4.5 million, and net debt reduction of NZD 19.8 million. Slide three, sorry, slide four. This is the bridge, FY 2020 to FY 2021 NPAT. The first three parts of the bridge are really related to Agri. I talked about dairy growth from increased sales and operational improvements. Footwear sales are up, particularly the New Zealand rural market and hardware channels, and we had the benefit of the full year's earnings contribution from Silclear, which was acquired in November 2019. Excuse me. Going from left to right, the next few green boxes are related to the market share gains from the sale of existing and new products. This is the industrial side, of course. Existing and new products for potable and wastewater, we've made good gains there. Roofing and plumbing and sport and leisure, in particular, and some appliance applications. We have a provision of NZD 1.5 million for costs of defending a claim against a business divested in 2008. We had assistance, NZD 1.2 million in COVID-related government assistance from mainly the U.S., but also Australia, not from New Zealand. The New Zealand dollar strengthened against all major crosses. We're a net exporter, so of course, that didn't help, but Graham has run a very good hedging program, so that's partly offset that impact. Obviously the reduction in debt has driven lower interest costs, even though interest costs are relatively small. Moving on. Let's go into the Industrial Division. Excuse me. One of the key measures I look at is EBIT as a percentage of sales. Obviously, that's an outcome number, but it is one of the key things I think about in helping us to analyze down into the business. It helps us to focus on the products that are profitable and the products that aren't profitable, we can make good decisions about that. The revenue is up 12% and the EBIT is up 57% against PCP. This was particularly pleasing. Of course, round figures, the Industrial Division is roughly twice the size of Agri. You could argue we have twice the opportunity in that sense. Having said that, there's been a lot of work done in this area, particularly potable water and wastewater over the last few years. I encourage you to look at the CEO report in the annual report where this time, for the first time in the CEO report, we have little pull-outs or we highlight articles, and there's a good article explaining a reformulation on the Australian market in particular that has given us a great opportunity for future growth and infrastructure work there. That's one example of how we do those things. We have other good opportunities in the U.S. market, for example. Love to have opportunities in the New Zealand market as well. We've had very good growth from high-performance foam applications, in particular, Ultralon U-DEK sales are up significantly in all markets. I'm really pleased. It's been a hard slog, but Paul Goddard, who runs this meeting, some of you have met him at the annual meeting, has developed a truly global product or material, and the feedback we get is it's the best in the world. The only issue we have at the moment is that it's difficult to continue to make enough. We've had significant growth, we're gearing up for more growth, it is seen as the best in the U.S. market, in Europe, and of course, Australia and New Zealand. I'm very proud of the effort that Paul and his team have put in here and the way they've managed to satisfy customers in a pretty tough market. We've had very good growth from Deks roof and ceiling products. In particular, there's a call-out to the Rapid Flash Dektite. That's a lead-free product. We see a lot of opportunity to move into the lead-free roofing area, particularly where there's water harvesting. That's one example. There are many examples of new products. We've had a very good execution. Deks in Australia is based in Melbourne. They've had particular issues with lockdown. I think Christian and his team have done a fantastic job. We also took the opportunity to exit some low-margin business in the U.S. We were supplying some so-called bonded washers to Atlas in the U.S. We've replaced that volume with growth and more profitable products. Interestingly enough, after exiting the business with Atlas, a new opportunity has come up with a different washer at much better margins. We constantly review, and that's back to the comment I made about EBIT as a percentage of sales. We're constantly reviewing customers and products and deciding those that are marginal business, and we work with the customers to help improve things. Vacuum system sales and margin are up following the COVID impact of FY 2020. We see continued growth in system sales and winning first fitment with OEMs. Of course, this is mainly in the U.S., but we've also won some business in Europe recently. The oil and gas market is still relatively low. Remember, part of the vacuum system sales is also into the man camps for other things, not just oil and gas. At the same time, we are launching two key products. I've mentioned previously about the blower system. This is new for us, and we see that as having a big future. It's also far more environmentally friendly in the sense that traditional vacuum pumps expel some oil as part of the process, whereas blowers are oil-free in that sense. We've also launched another high-end pump targeting particularly the Texas area and fresh water movement. Very pleasing result for the Industrial Division, and that's an area where we see not just vacuum systems. Right across the board, we see good growth going forward. We move on to the Agri Division. Excuse me for a minute, please. Sorry about that. Okay, the Agri Division, very pleasing. Our target EBIT for FY 2021 was 30%, EBIT as a percentage of sales. We're a nudge off that, sadly. Anyway, a great result and good growth in the business. Strong growth in Europe and Asia, particularly. Obviously, we've had an increase in silicone product sales, not only from Silclear, which is tubing, but also we've seen growth in silicone liner sales. The New Zealand and Australian markets are up and the North American market is solid. We still do see opportunities through the DeLaval acquisition of Milkrite and the changes in the market where we can have on all those. Overall, very good result. Again, with little international travel on my schedule, I've spent quite a bit of time on the operational process and efficiency gains, the team, particularly in Wigram, but also in China, have done a very good job of reviewing business process, the operating levels. I use the expression mechanization. Some of you will recognize that. I'm not a big fan of just buying robots or cobots and throwing them in. You actually need to mechanize first and standardize the process. We're making some good progress there, but there's a lot more to do. Business systems, that's really the ERP systems. Again, I'll come back to that later. The really pleasing thing is for relatively low CapEx investments, we can increase production volumes quite a lot and reduce lead times. Reduced lead times within the manufacturing process obviously assists with the disruption that we're facing in shipping and logistics. There's been very strong demand in footwear sales, so much that I got a phone call this morning. I wanted to buy some Red Band gumboots and couldn't buy them. It's come all the way through to me, which is a good sign. At least the demand for Red Bands and other high-end rubber boots in the New Zealand market is there. We've struggled to get the product into the country, but regularly containers are arriving. As soon as they arrive, they get booked in and go out. It is hand-to-mouth at the moment, but it's pleasing to see the loyalty and response from customers. We've had very good growth in the rural market and the hardware markets, that is our priority market. We still have specialist boots, forestry boots, dielectric boots, they're going into niche markets overseas. Our fundamental focus has been on the New Zealand market. That's been helped because we do have competitors in the New Zealand market, certainly early on they failed to supply in many cases. We had unexpected growth, it stayed high. I think some people made a switch and have stayed that way. It's for us to solve. Even in footwear, we've had a strong focus on range standardization and rationalization, and I've seen good impacts there. That's not finished. We've got a lot more work to do in that area. Something we're all particularly proud of, Jane Boyd and the other team in Christchurch have done a fantastic job of the Pink Band promotion in support of New Zealand Breast Cancer, and also I Am Hope. The company sponsored or provided a donation to I Am Hope. Overall, through pretty tough times, I think the engagement with our local community has been very good. On to slide seven. Right. Yes. Okay. This is relatively new, and there's more information in the annual report. Again, I would encourage you to look at the relevant pages in the annual report. Just one thing from my point of view, it's pleasing to show a proven track record of earnings and cash flow growth. You can see it in the earnings per share there as well. I think it's starting to show what we can do. Focusing on point two, we have a track record now for rapid R&D. I've given examples in the past, but we've introduced over 700 products. It's slightly greater than 10% of our revenue at the moment, but I see that accelerating as we go forward. Of course, in general, when we introduce new products, the margin is always better than the average margin. That's always positive from a return point of view. Again, I mentioned earlier, but that's a case of applying our material science and understanding customer issues and standards and solving their problems. We're very much on the capability side of that. Our focus on our products and our key markets, I think the summary of that is simply saying our business strategy has been working. There's been a lot of work on OEM customers and talking about the relationships and things like that, but we have effectively implemented the business plan over the last five years, and it's pleasing finally to see some really good results. I think last year's result was credible given all the disruption that we had from COVID, but it's starting to show what we can do. The most important thing, I believe, is that we are learning faster. We have a highly experienced technical team, and that's around the world. We have strong interactions with our key customers, and that's an area of growth for us. We operate strongly in six countries. Obviously, we operate in more countries than that, but across six countries. We have a team of 813 people, quite a large international group. Again, remember that 80% of our revenue approximately and 70% of what we make are done overseas. It's something that I think about a lot. We are a global business with global interactions in that sense. Point five, I think the key thing here is not all of our customers are OEM, but a lot of the customers are, and they're great customers to have. In general, OEM customers tend to be big. They have the ability to pay. Often our products are critical components or critical parts of their system. In some cases, we have a whole product. Like I mentioned Paul Goddard's foam product, for example. In many cases, some of the detailed parts, like the inserts for the taps for Moen, that's the critical part of the tap. Of course, Moen would say it's the feel of the faucet, they would call it. Anyway, the reality is, we have to meet demanding and lifting standards for those critical components, and that offers a great future because we can change things. We can develop new products. Finally, we have strong relationships across global markets. I've given you the numbers, and we see that growing strongly. One advantage, of course, is that if 1 particular market grows strongly, for example, if the U.S. market were to grow strongly, we can take advantage of that. We have people on the ground there, and we have a number of OEM customers. Overall, it's a very pleasing result given some of the disruption, not just in New Zealand, but throughout the world that we've had. I think as well as learning faster, we learn faster because we've got a stronger team. A fantastic result for all people, including our shareholders, of course. Talking about our people, we'll move on to slide eight. Thanks, Graham. Just overall, we have 813 people as you know. Very pleasing results on health and safety. In a funny way, COVID helped us to focus in on some of the things that we might have taken for granted. I've been delighted with the learning that has been applied, started in China, and some of you have heard this, then it went to Italy. Ultimately, we've taken the learnings from each of those places and rolled them through the other businesses. That happened again in New Zealand, just of course the other day we went to level four. It was really pleasing to see the level of preparedness. We were already operating at level three in some instances, and everyone was fully inducted again, and we're back into the level four process seamlessly. Through those processes of entry and induction, we've also reviewed critical processes in particularly our manufacturing sites, but also our distribution sites. The biggest risk in New Zealand from a health and safety point of view, it's about fork trucks and lift trucks and things like that, and hitting people. We've spent a lot of time really focusing on our layout and things like that. Very pleasing to see our total injury rate come down. We're very focused on education, not just cybersecurity. One important thing that we keep getting reminded of is the importance of cybersecurity training for all. We have particular engagement, regular updates, which of course I have to do, Graham has to do. That's been quite enlightening because the first stage of weakness is someone, of course, clicking on a link on an email. There's the gender diversity across the group, 48% female, 52% male. I guess that's obvious in some ways. Just a little bit about the year's service for staff. We have had in the past a lot of long-serving employees. We still do in some places, but we have loyal staff. I think the way I see this is we're building a stronger team. We are winning the hearts and minds of our team. The feedback I'm getting is fantastic. They feel part of something bigger, and it gives meaning in life when sometimes the external things get a bit more difficult. Just to help you understand some of the metrics in general that we use, just focusing on Wigram for a second. We've had production volumes up 10%, but our staffing has increased only 2%. I know it's not like to like, but that's a good measure to help you understand. Footwear volume is up 14% in Jiangsu, and vacuum systems volume is up 38% with no increase in staffing. That is true productivity, the way I look at it. We've done three ERP upgrades. There's a call-out in my CEO report, in particular around two. One was the upgrade of the ERP system at Wigram, called Project Vanilla. The naming was very clear that it was to be a standardized implementation, very little if any, and I mean none, no specialization of the software and things like that. We have seen huge gains there. Another example is, again, it's in your report and I encourage you to read the detail. It may sound relatively small. It's significant for us, the elimination of cardboard packaging for vacuum systems. We've seen roughly 5,000 systems from China to the U.S. Of course, there's more than that, and we have eliminated completely cardboard packaging, which has been a huge saving, but also very good for the environment, of course. Focusing on the environment and the community, I mentioned some local things that we've done, but I know that other teams are involved in their local communities around the world. I mentioned our Pink Band fantastic success. I believe that the day before it officially got sold, we were sold out. Sounds very similar to our Red Band situation at the moment, which is a bit unfortunate. It's also a way of bringing our broader community together, which is not just our staff, but their family, their friends, and getting good commitment from them to what we are trying to do. Specifically, greenhouse gases emissions. Compared to FY 2020, our greenhouse gas emissions have gone up. As you can see, our volumes have gone up a lot more on the left-hand side. We're very focused on what we can do there. Our greenhouse gas emissions, sorry, as a percentage of revenue is 8%. We're measuring that now. Down. Pardon? 8% down. 8% down. down. Sorry. Yes, of course. A reduction. Water reductions. Now, you may remember, several years ago, we pointed out that Wigram near enough recycles all the water that they use. We've been very focused in China because there's a big focus in China on water usage and everything. The water reduction at our Jiangsu facility is 55% down, and that's been well accepted by the local council. Of course, more as we go forward, I'll be talking more and more about the team and what they do, and also our impact on the environment. I'm out of sequence now. Yes, what we do. Thanks, Graham. People in many parts of the world, they touch or see or use our products, but they probably don't know it. On a daily basis, this diagram is to help people understand many of the things we do. Again, it's more fully explained in the annual report. We're very proud of the annual report this year. Graham and the team have done a fantastic job with a whole lot of other things that we've been focused on to produce an explanation of kind of how our products are used. For example, the blue pipes at the bottom are freshwater and the red pipes are wastewater, those kind of things. It's just interesting. I've always found Skellerup a fascinating business. I have to say, I've been CEO 10 years, I think now just over 10 years, and I'm stunned that almost every week I find something new that's interesting about what we do. There's a lot of detail there. I'll leave you to read through that. Then, of course, we have the reconciliation of EBIT to group NPAT, and it shows the five-year trend. Look, overall, from my point of view, it's a very pleasing result. I'm pleased for our shareholders and I think the dividend increase is very good and of course sustainable. I guess I'd finally like to say just a couple of comments. One is we have a very small effective board. We had a board meeting yesterday, of course, to approve the results. I think we have very good skills and experience that certainly help Graham and me as we manage the business. Again, the leaders have stepped up within the business, and I'm very grateful. Thank you. Okay. We'll take some questions. Our plan had been to simply unmute you and allow you to ask a question, but we've had a few technical problems this morning. I think the most effective way to do it would be for you just to submit a question over the chat. We'll be able to read that, and then we'll give you a response. Apologies for that not playing out the way we had planned. If you've got questions, please just drop it into the chat, and we'll respond. What was? The first question we've got here from Christian Bell of Jarden. The comment, Christian, you've asked is, "Fifteen of the top 20 customers were the same in FY 2017. What was the earning contribution of these customers?" I'm not sure whether you mean as in terms of what was their earnings contribution in FY 2021 versus FY 2017. It's increased. I'm not sure if that answers your question. In the annual report, we do disclose the indication of the proportion of our customers and what revenue they comprise in the segment note. Next question we've got here is from Guy Hooper. "Rising input costs and measures taken to offset that. Have you increased prices to customers, or has it largely been offset by operational improvements? I'll provide a bit more of a detailed answer to that. I guess I break down input costs into three areas. One is material, obviously, and in many cases, we are able to pass on material price increases to customers. We have the fortunate position where we may not have full control of the ability to pass on those raw material prices, but we can often develop and certify new materials, particularly in areas where, for example, I mentioned the potable water standards. We have an ability to create new materials that other, often, competitors can't. That's the material side. In general, yes, we are able to pass on raw material price increases through the customer. It does depend on the customer, of course. Labor increases, so another input. I always think of labor increases, the only way you can afford to pay people more is through productivity gains. We're actually in a good position where I believe we're actually improving productivity faster than that, so that gives us a bit of a buffer. It's always a race because normally, I've said this before, the first price you get with OEM customers is the best. It's not always possible to put prices up, and there's usually a delay in putting prices up. Anyway, I expect productivity gains to make up for the labor side. In other words, the material and labor added together. We have shown, I believe, over several years, our ability to maintain margins, if not improve them. There's a third thing which you've heard us talk about earlier about investments. There was the large ERP reinstallation, but really like a new installation at Wigram, but also two others in the Industrial Division, where systems can really reduce the need to increase your overheads. In other words, it enables you to scale particularly quickly by using those systems. Of course, that works a lot in distribution businesses. The other advantage in manufacturing businesses, if you have very good systems and you can use that to analyze your data clearly, then you can isolate customers and products that are not as profitable as others, and you can make good business decisions about what you're going to do. Overall, collectively, I guess my message is we should be able to at least maintain margins. The next question we've got is, are we seeing any constraints in the supply of raw materials given there is a rubber shortage worldwide? As always, the answer to a good question is it depends. Certain rubbers are in very dire shortage and things like that. Again, we've been lucky or you can say it's actually one of the strengths of Skellerup, it's part of our IP in that sense, is we have the ability to reformulate and use other particular materials. It's not just rubber, we use quite a bit of plastics and specialist plastics. We combine materials a lot. Overall, yes, we are seeing constraints and some of that I think is a way of getting prices up from some of the larger chemical companies, but that's just the nature of it. As I said, the actual ability to supply is more of a concern than actually the inability to source sufficient raw materials. Okay. Next question from Guy Hooper. Market share gains made, could you please elaborate a little? Is this new customer growth or is it existing customers reducing the number of suppliers? Yeah, that's a good question. Some of it is new customer growth, although a lot of the new customers are coming on in the future and quite a bit is still existing customer growth. The beauty of existing customer growth in general is that it's faster and easier to do. I'll pick one example. When we started, I've said this before, our target with Moen was to be $3 million U.S. revenue, and we see we will be heading towards $5.5 million. Most of that growth is on things that we had already designed in for the $3 million, but there might have been some changes and things like that. The really good thing about OEM customers is if they're growing, you get pulled through, but you also get the opportunity for new business. I mentioned earlier that I framed it as greater than 10% of our revenue comes from new products. I didn't particularly talk about which customers in that. We have enough growth with existing customers to grow just with them. Of course, we have one or two really interesting new customers. New customers come to us when they have a problem that their existing suppliers can't solve, and those are great opportunities for the capability that we have. Okay. What's the question? Yeah, next question came from Joshua Dale. I'll give David a break and respond to that one. The question was around the performance of Agri in the second half of the year and whether it normalized from the overly strong interim result. We did highlight at the time of the interim result last, sorry, in February when we released those results, that there was a little bit of carryover into the first half of the year we've just finished, from the second half of FY 2020. There was, I guess you could call that a little bit of anomaly. The other thing to consider is the growth in our revenue in the Agri business has mainly been from the international markets, which are not as seasonal as the New Zealand market. The pattern of earnings in terms of the first half, second half, is going to change a little bit from perhaps what we saw three, four, five years ago, on the Agri side of the business. Yeah. Next question, Sorry, David, you want to take that? Yeah. No, I'll do this one. You had the thing about the admin costs and explaining the change from marketing to admin. How much capacity in terms of revenue growth do you have across your operations before you need to invest further? I guess I gave an answer about Wigram in general terms. I actually think, again, it depends on the product range, but at Wigram, we now have a program to increase capacity 50% for relatively low capital. A lot of the capital spent, I'm just going to check the number, I think it was NZD 7.1 million CapEx. That's right. NZD 7.1 million CapEx in FY 2021. About NZD 5 million of that was directly related to equipment, machinery in that sense, to cater for increased volume growth. Remember, a lot of our volume growth, 70% of what we do is overseas, so where we have contract manufacturers, they're responsible for paying for that capacity in that sense. In general, we don't have a capacity constraint in that sense. Of course, from our point of view, we want to be very careful about how we invest our capital into revenue growth. I always take capital as two things. One is obviously the dollars. The interesting thing is, once you buy a machine, you've done it. There's not a lot you can do with it if you've made a bad decision. A very important one is also our product development teams. It's more important to me to make sure we have them focused on the right, when I say the right, the most profitable, or based on key customers, the right projects. There's been a lot of work done on that in the last three years, and I'm pleased to see that start to show through in our earnings growth. We've got a bunch of questions from Christian Bell, so I'll just run through them. Christian followed that admin costs are up this year quite significantly on the prior year, and that's true. Marketing costs expenses are down, and while some of that is genuinely down because of a lower level of travel and trade shows and the like, part of the explanation of the increase in admin is the reduction in marketing and that we've recharacterized where we spend some of the leadership costs, some of our businesses from marketing to admin. If you look at it in aggregate, our overhead costs are up by a much lower proportion than what the admin costs imply. Secondly, due to the performance of the business this year, incentive payments across the group are higher, which has increased the admin costs year-on-year. I guess thirdly, we have the full year impact of the Silclear acquisition, which while not significant, is another factor in that cost going up. Going down through the rest of a number of other questions that Christian's raised here. Potable and wastewater sales were higher, just saying, when you look at the graph, it looks like it's actually slightly less than last year. There's a couple of factors there. The Kiwi dollar strengthened against the U.S. dollar by about 10% over FY 2021 when you compare it to the average of FY 2020. From a New Zealand dollar point of view, that dampened some of the increase. Overall, the actual sales into that application area were up. Next question, construction and roofing strong, lead-free product up 70%. How would we attribute growth between new products, market share gain, or the strong construction sector? David, do you want to respond to that one? Our focus has very much been on this construction area for the Deks products. The market share gain is interesting because some of the market share gain we've seen has been the inability of our competitors to supply product. How would we attribute the growth? I think of our growth as things that we actively do, not things that comes up sort of later on. These are things we actively drive towards as opposed to serendipitous sales that just appear because someone else can't supply something, and that can go both ways obviously. I hope I'm answering the question, how would I attribute growth between new products? I said that more than 10% across the group of sales from new products, and that will continue to grow. Is that market share gain or is that growth within a customer? For large OEMs, we want to maximize the growth in an existing OEM as quickly as we can because, of course, that's easier than targeting new customers. Remember, a lot of our products are very specific to a customer, and that's the strength of our business model. Clearly, it helps to have backwinds. It's interesting that in Australia the view on construction is down. Not convinced that's going to happen, but that's the view. It does come down to the particular part of the construction sector that you're looking at. We're looking at particularly roofing and roof flashings, and plumbing products as well, but roof flashings. I'll carry on, Graham, for a couple. How much of your budget over the next one to two years is already in the pipeline? Pretty much all of it in the sense that for our Industrial business, we've been very clear about the new products we're developing. We're very clear on the customers we've targeted. It's an interesting question in the sense that we have had some serendipitous opportunities, and if you're not careful, it becomes a distraction because the numbers sound big. When you have a customer that comes to you because they can't get supplied, you don't want to lose focus on your existing customers and the growth they have. Otherwise, by definition, they get annoyed with you. One way to say it is there are a lot more opportunities than we can, the constraint is really product development, and so you can expect to see the spend on product development increase over the next few years. Of course, as I said, we're getting faster, so we can deal with more in the pipeline in a shorter period of time. Certainly, Graham and I are looking at at least one year, if not two years, in terms of some of the larger products that we see. Of course, in the meantime, there's a lot of smaller products coming through. In terms of dairy, we did see very good growth in Europe and Asia, and some of that growth is straight out market share growth where people no longer want to buy from Avon Milkrite now that it's been bought by DeLaval. There are other reasons. I still think our bigger opportunity is in the U.S. In the last financial year, yes, Europe and Asia grew faster, but I think it's just a bigger single market in that sense. We have better control over the U.S. market. There's another obvious reason. Our competitors are basically based in Europe, so they have a bit more control there. How much of an impact will freight and raw materials hold you back this year? Freight costs have gone up, but the concern I have is simply supply. We can live with freight costs up for a period of time. The critical thing is not to starve our key customers of products. The raw material thing, I think I explained that earlier. I don't think it's holding us back too much, but I mentioned foam for Paul Goddard's part of the business. That is an issue. We've invested in capacity and everything, but at the same time, it takes time. You can agree to spend more money or get your partner to spend more money on that, it's not instantaneous. The health customer you've been talking about, will that come this year? It's expected to come in in the fourth. Fiscal fiscal of next year or, yeah, calendar year. That's right. Capital management thoughts. Yes, our debt has gone down a lot, so obviously we are looking at acquisitions, and we've thought carefully about capital returns to shareholders. It's not easy to tax effectively, give more money to shareholders. Clearly, we've increased the dividend. That's part of it. It would certainly help, and I have quite a bit of pressure from the directors to find suitable aligned acquisitions. Then from Guy, who but everyone, reasonable balance sheet headroom. Is there any update around the acquisition strategy? Well, obviously you'll hear about it when we announce. What sort of environment are you looking for before you resume corporate travel to explore offshore opportunities? I guess I'm fully vaccinated and proud, vaccination alone doesn't prevent you, as we're probably finding out in Auckland, it doesn't necessarily prevent you from getting or passing on. I'm conscious of the impact you can have on other people. The beauty of Skellerup in that sense, identifying the opportunities can be done by the people in the market. The actual DD involved in that, it's very hard to do an acquisition, in my view, without actually visiting. We just don't acquire a business because it's there. There has to be an alignment with what we're trying to do. Practically, so if you have any good ideas, Guy, please let us know. I'm happy to go and spend some time. We've spent a lot of time on businesses in New Zealand and Australia. Of course, we would really like to do an acquisition in the U.S. An aligned acquisition in the U.S. would be a game-changer. In the meantime, if all we could do is a bolt-on here and there, I think we've shown we can do that well, then we'll do it. At this point, there's no further questions coming through on the chat. Maybe we'll just give it a couple of minutes to see if anyone else has got anything to add. Yeah, I'm sure it's a busy big day today. If they haven't, we'll wrap that up fairly shortly. Maybe last call for any questions. Doesn't look like there's anything coming through. Maybe we'll wrap it up there. Thank you very much, everyone, for your time. Thank you very much, everyone. Sorry about the technical issues, but we managed to get through it at the last second. Thank you. Thanks.