I'll now like to hand the conference over to Mr. Mark Malpass, CEO. Please go ahead. Hi, everyone. Thank you for joining us. With me is Richard Smyth, Steel & Tube's Chief Financial Officer. Today, we'll talk through our 2026 Half Year Financial Results, and then we'll take questions at the end. Steel & Tube is a cyclical business that's primed for the upside as the cycle recovers. There's no doubt that the first six months of 2026 financial year was very challenging. In fact, July was one of the slowest months on year due to weather. Despite what many economists and businesses were hoping for, the rate of economic recovery has been patchy. On the positive side, we did see a gradual improvement in November and December, which has flowed through to the start of this year, and that's despite wet weather in January and the impact of weather events in February. It is tepid recovery so far. It is heading in the right direction. The highlight of the first six months is the outperformance of the Perry's Galvanizing business, which we acquired in May last year. We knew at the time that Perry's was a large transaction for a company our size at the bottom of the cycle. We're now focused on rebuilding our balance sheet capacity and carefully controlling our cash, inventory, and working capital, which we'll cover later on. Perry's is performing well ahead of its expectations. It's done exactly what we wanted, providing consistent, high-value earnings, which have helped to offset the margin squeeze in the base business. Looking forward, we see some positive signs. Manufacturing demand is on the rise, Fast-track projects will support the infrastructure pipeline. Low interest rates should flow through to the commercial and construction sectors. We have significantly improved the business platform over the last two years, making it leaner and more efficient, which means that as demand and volumes recover, so will our margins and earnings. Looking at our top-line results, the Perry acquisition was a real game changer and the primary driver behind our revenue uplift, helping to offset the lower results in the base business. That said, volumes were also the key improvement area in our from our base business. Normalized EBITA remained positive, even at the bottom of the cycle, as did operating cash flows. The benefits from our cost out and efficiency programs are being realized and help to support margins alongside the increased demand for high-value products and services. The improvement in the product margin is largely driven by Perry's, which we'll discuss later in the presentation. The increased net debt year on year includes the NZD 30 million of debt that we took on for the Perry's acquisition. This chart demonstrates the cyclical nature of our business, and you can see it's been a long trough due to the recessionary impact of negative GDP per capita, which has obviously been tough, particularly in the construction and manufacturing sectors. Putting aside COVID-impacted 2020 and 2021, our volumes and revenues have been at historic lows. If you look at that orange line on the graph, which represents the low point in the cycle, you can see we've gone deeper than previous cycles. In response, we initiated three ways of structural cost reductions that have removed about NZD 12 million of cost over the last two years, which has essentially offset inflationary pressures. Another NZD 6 million of annualized savings has been initiated in the first half of this financial year, which Richard will talk to shortly. As well as structural cost savings, we've also changed the shape of our business over the last couple of years, where we've invested in our strategy to grow higher value products and services, which makes Steel & Tube a lot more resilient going forward. These additions include inorganic growth, such as the acquisition of Perry's Galvanizing and Kiwi Pipe & Fittings. We've also grown organically, adding expanded aluminum range, plate processing, as well as a trucking fleet. We believe the cycle floor is now past, and we are seeing the early stage of a recovery, which will drive demand and revenue growth. We have diversified exposure across growth markets. Manufacturing makes up nearly 40% of our revenues and has been improving with the PMI in expansion territory for 10 of the last 12 months. We have a lot of customers in this manufacturing sector, and they're mostly buying high-value products and services from us, like engineering, steel, sheet and coil, aluminum, and fasteners. Commercial or sometimes referred to as non-residential, has been impacted by higher cost of money, business confidence, and government spend. Infrastructure has the potential for us to double or even triple as the government responds to New Zealand's infrastructure deficit. Our diversification across these sectors means we are well-placed as different sectors of the economy recover. The broader construction sector is just over half of our revenues. Long-term outlook is positive, with forecast growth across commercial, residential, and infrastructure. In the short term, while the economy and sector measures are improving, we've yet to see any consistent material increase in demand. The rollover of fixed mortgages at lower interest rates and easier access to credit will help stimulate construction. There will also be nearer term demand and infrastructure from the fast-track projects. Longer term, the national infrastructure pipeline recently concluded that there's NZD 181 billion of initiatives either underway or in planning. The pipeline of products includes land, transport, hospitals, social infrastructure, energy, water, and education. These are all areas where there is a need for a lot of steel and a quality supply chain. Perry's was a measured move at the bottom of the cycle, and it's delivered well above expectations. In fact, we've only owned it for eight months, and it's already exceeded its first-year target. It puts us in a strong position to pick up more share of wallet in an economy which is slowly improving. We've already seen significant growth from Perry's customers as we realize the benefits of dealing with one company for both their steel product supply and also galvanizing needs. The acquisition price and terms were favorable, including an ongoing equity investment by the vendor, Simon Perry, who has significant undeveloped land holdings that we will be advantaged by. We have currently paused our M&A program while we optimize our recent investments and strengthen our balance sheet. M&A remains an important part of our long-term growth strategy, and we'll always look for deals if a great opportunity comes to us. As mentioned, the Perry's acquisition has ticked a lot of boxes and has significantly exceeded our expectations. Integration is well on track and proceeding well. We've got a very structured program on how we, you know, absorb businesses and a lot of internal exPerryence in buying and selling businesses. Health and safety and operational resilience are areas that we've carefully invested in to bring Perry's up to the standards that we have across Steel & Tube. We are actively managing market challenges with close control over our cash and also our cost initiatives. We're very focused on our competitive advantage, which is really grounded around cross-selling a wide range of high-value products and services to our loyal customer base, and also ensuring that we're preferred choice when activity returns. Perry's obviously improves our resilience over time. It increased our short to medium-term debt, which has been closely controlled. The uplift in revenue is driven by Perry's, and pleasingly, customer satisfaction scores remain high, and our team is doing a great job of maintaining base business market share and winning new customers who are looking for a one-stop shop alongside great service, quality products, and technical know-how. Volumes in the base business are starting to improve. However, demand is still fairly lumpy. The modest improvements have continued into the new year, although bad weather impacted January and February. It's fairly standard practice that at this stage in the cycle, we always see volume lead ahead of an improvement in margins. The Perry's acquisition has driven the recent improvement in product margins, alongside the benefits from inventory efficiency program that we've deployed over the last few years. The base business margin has been under pressure, mostly due to a highly competitive environment. While we have had to shed some margin to retain volumes, we still are very disciplined around pricing and adding value through our service offer. The recent improvements we've seen in the base business, our pricing across the sector are very encouraging, and although it's early days, we're hopeful that's representative of a more rational market behavior. I'll now hand over to Richard to talk to our financials in more detail. Thanks, Mark. As Mark has said, the results reflect the lower demand environment, particularly for commodity steel, partially offset by the strong performance from Perry's. We have significant operating leverage and a return in demand will drive profit expansion. An annualized NZD 6 million cost out program, looking at both direct costs and OpEx is underway, further strengthening our leverage. Normalized EBITDA remains positive, as do operating cash flows. We reported a net loss after tax for the six-month period of NZD 12.4 million. The board has made the prudent decision not to declare a dividend, reflecting careful stewardship of funds and capital. Over the past two years, we have reduced costs by NZD 12 million, offsetting inflationary pressure. These have been focused on back-office functions, site consolidations, efficiencies, and closer control of discretionary spending. A third wave of cost out is now underway, and we expect NZD 3 million annualized OpEx benefit from this in FY 2027. Excluding growth investments, normalized OpEx was maintained in line with first half 2025. Normalized EBITDA remained positive at NZD 2.8 million and was a slight improvement on the prior year. Looking at the waterfall on this page, you can see the strong impact of the growth investments, largely driven by Perry's and our group freight initiative. Volumes in our base business have increased. However, this has been more than offset by the decline in base business margin. The impact of inflation is less than recent periods and has been almost fully offset by our OpEx cost-saving initiatives. We expect our various cost initiatives will save NZD 3.5 million in direct and operating expenses in FY26. We have a disciplined approach to the use of funds, particularly in the current economic cycle. The focus over the short term is on rebuilding balance sheet capacity and capturing value from our recent investments and growth initiatives. We completed a capital structure review at the end of last year, and the board is comfortable that our structure remains appropriate. We recently agreed new debt facility terms with the ANZ, with maturity moving to March 2027 and revised covenants in place until that time. Net debt over total debt plus equity sits at 20%, which compares well to peers. Net operating cash was NZD 5.6 million for the period, with the year-on-year debt increase due to the Perry's acquisition, as well as support for the ongoing operations. Working capital continues to be prioritized, with close cash control mechanisms in place. We have taken some additional steps to protect cash through the cycle low, including a pause on M&A, CapEx restrictions, the forementioned third wave of cost control, and a hold on dividends. We are also undertaking a comprehensive review of our lease portfolio to ensure our sites remain fit for purpose and to identify further lease consolidation opportunities. We continue to carefully manage inventory with a focus on higher value products and ensuring we have sufficient stock to meet current and near-term customer demand. As demand has fallen over the last few years, we have reduced our inventory levels, which are now at NZD 115 million at period end. As we move back towards the mid-cycle, we expect this could increase to up to NZD 130 million. We have carefully reduced the number of SKUs and are down from 23,000 in December 2023 to about 15,000 today, with a greater emphasis on higher value products that our customers want. Thank you. We're happy to take questions at the end of the presentation. In the meantime, I'll pass you back to Mark. The economy continues to remain challenging. We're starting to see some recovery in demand. However, we remain cautious and expect any sustained improvement to be slow and steady over the 2026 calendar year. Planned residential construction work appears to be increasing, and manufacturing demand is on the rise. There will also be some additional short-term infrastructure work as a result of the recent weather events. Reinforcing provides an early view of what's coming up. We are seeing a modest lift in demand off a very low base. You know, tender activity is increasing and the pipeline is starting to build. The team are doing a great job winning projects, including the Te Papa Biodiversity Research Centre and University of Waikato School of Medicine. As the economy continues to improve, we expect this improving demand trend will flow through to our other end markets. With the current suppressed margin environment, we are seeing some, you know, market consolidation occurring as well. We are focused on maximizing the recovery and returning to growth. Our short-term focus is on continuing to rebuild the balance sheet capacity and to optimize inventory and supply chain. We have a clear pathway to improving our performance and returns. In the medium term, our plans are to reduce debt, recommence dividends, and continue with our M&A strategy. As a cyclical business, we're very attuned to the economy, and as it does recover, we will benefit. We have significant operating leverage, and we are well placed to deliver material earnings uplift as the demand builds. Thank you. I'll now hand back to the operator to manage questions. Thank you. If you would like to ask a question via the phone, you'll need to press the star key followed by the number one on your telephone keypad. If you'd like to cancel your request, please press star two. If you are on a speakerphone, please pick up the handset to ask your question. If you would like to ask a question via the webcast, please type it into the ask a question box and click submit. Your first question today comes from Kieran Carling from Craigs Investment Partners. Please go ahead. Good morning, Mark and Richard. Good to see some improvement in revenue run rate over the last two months of the half. I guess just focusing on EBIT, you know, your first half losses worsened year-on-year, despite the contribution from Perry's, which I estimate to be about NZD 4 million based on the past numbers you've provided. You know, yourselves and two of your competitors have signaled ongoing margin compression, and no material lift in activity levels until calendar year 2027. I guess just on that basis and sort of triangulating it with your outlook commentary, what would you see as a reasonable outcome for the second half? Would it be, you know, losses in line with last year at around NZD 12 million, or are you expecting some improvement there? Hi, Kieran. Mark. Look, we are seeing some improvement in demands. I mentioned you can see on the charts that we've shown the January and February to date, numbers there starting to lift a little. As I mentioned, it's fairly tepid, but we are seeing an improvement there. We're also seeing those product margins starting to firm, which, you know, indicates perhaps a more rational market as volumes do increase. It's typically what we see in other cycles. We've gone back over three various cycles, and you do see that sort of volume precipitate the margin improvements. With the backdrop of a reasonably solid manufacturing sector, just that PMI, 10- 12 months in expansionary mode, big part of our revenue exposures, as well as the lower interest rates, you know, cost of money coming down, a little bit of improvement in business confidence starting to come through in the private sectors. We can expect that, you know, I think our EBIT will start lifting in the second half and, you know, getting back to breakeven is obviously key for us, which we're expecting in the coming months in terms of monthly performance. You know, there is a backdrop there that is reasonably encouraging. I think all of our competitors have recently noted similar backdrops, so we should see a better second half than what we've seen in the first half. We're not giving any guidance at this stage. Sorry, Kieran. Yeah. Okay, no problem. I guess just again on your outlook, you know, given your exposure to non-resi, are you concerned at all by the trajectory of consents, in that area, where it still seem quite soft? Look, as you know, it's fairly patchy and confidence is the key here. I think, you know, we are starting to see just the reinforcing business that I mentioned earlier, quite a few projects coming through with dates on them that, you know, we'd seen probably last year. Richard, I mean, I've thought less than 40% actually had start dates. Now we're seeing somewhere 80% or 90% of those projects have start dates on them, which gives a little bit of confidence. That's at the front end of the construction cycle, that we are seeing activity building, and we know that, you know, sort of, second and third quarter this year, there's a fair bit of work in the pipeline that's actually got start dates on it. Although there has been delays in this first quarter, we're fairly comfortable that that early phase construction, a lot of it is commercially-. ... driven near Kieran rather than, you know, government infrastructure stuff. Well, that's helpful. Thanks. Next question is just on your balance sheet positioning. Obviously, net debts continued to rise, despite the NZD 15 million unwinding networking capital through the half. You know, just given it's quite an important consideration at the moment, can you clarify what your revised covenant thresholds are? How much headroom you have available against those, and just sort of whether any of these CapEx restrictions, or the pause on M&A is sort of been dictated by the banks as opposed to just internal decisions? Hi, Kieran. we don't typically say exactly what our covenants targets are, but we do disclose that there are clearly they're not our standard ones that link to ratios, because the minute you're NZD 1 in loss, they don't work. They're related to absolute EBIT, normalized EBIT targets and an absolute quarterly net debt position. we're managing those. Our projections have us reasonably comfortably meeting those in the future. The question on CapEx and M&A, it's a little bit of both. we're making decisions because we're managing the cash flows anyway. it would be fair to say that the bank is very supportive of those restrictions as well. We're very comfortable with the decisions that we are making on CapEx, and we're still investing on CapEx that's essential. We're just carefully managing and ensuring that every item of CapEx should be spent now and is going to deliver value, either immediate value uplift or health and safety concerns. You can see, I guess I'd add, Kieran, that you can see the working capital there that we're, you know, continue, as we have done for a long period, manage working capital carefully. You know, the key for us is obviously customer, you know, availability. We've actually probably the fullest or most availability that we've ever had in terms of making sure our A line and B line products are available for our customers, because this is a really important point in the market where, you know, we have to have that working capital on the ground available for customers, right place, right time, and at the right price. We've been, you know, not holding back on our working capital investment. I guess the CapEx, we've spent about NZD 3 million year to date on productive plant, you know, new peeling lines, new, you know, folding machines, all that sort of stuff. We continue to invest in productive capital. We've just been careful to obviously manage our debt down and rebuild that balance sheet, given Perry's was a sizable transaction for us, and so obviously put some debt on the balance sheet. We're fairly comfortable. I mean, we've got, like, 20% debt to debt plus equity, so we're not in a, you know, in a stressed situation there. I guess I'm just looking at the absolute level of net debt and given the fact you're loss making. Yeah. I mean, all of your comments make sense, but are you able to give us a steer on working capital movements and expected net debt by year-end? We don't give precise guidance, but as we did mention, over time, inventory will need to track up. That 130 is not what we're targeting per se, but it is what we think will happen in the medium term. Clearly, we have to fund that. We keep control, a very tight control on both cash inflows and outflows. When we are increasing debt and spending a little bit of money on inventory, we are very careful to manage cash inflows from our customers as well. We've maintained a really high collection rate on our debtors. Okay, great. I'll just finish with one last one on Perry's. You mentioned a number of times that it's outperforming expectations, which is great to hear. Can you just give us some specifics around what the revenue and EBIT and that business did through the first half relative to its historical track? I guess you sort of benchmarked it against your internal targets, just. Mm. just to sort of let us know how it's going. We haven't actually published specifics. We did at the time of transaction, Kieran. We are up on prior period, both revenue and EBIT is up on prior period. DARS and EBIT are up on prior period. You know, it is performing well. What we are seeing is a significant... It's not like most businesses where you capture a lot of cost synergies. It's been very, as expected, very small cost out synergies between the two businesses. We've seen significant revenue uplift as we've been able to pick up customers that Perry's had on their books that we didn't have. There's been a great sort of a lot of activity in terms of driving Steel & Tube sales into those customers. We've also seen, conversely, Steel & Tube customers that we've been able to convert across to Perry's galvanizing. There's been a really nice synergistic play there, as well as some actual incremental stuff that we hadn't anticipated through. You know, we've got a national network of branches and of course, there's four coil plants across the country. Being able to pick up the rest of our network, where we've got trucks going back and forwards, that can offer a great galvanizing services to customers that traditionally haven't been able to get access to a galvanizing service in those more rural locations. There's another silver lining to it that's starting to build as well. Great. Thank you. That's all from me. Thank you. Your next question comes from Rohan Koreman-Smit, from Forsyth Barr. Please go ahead. Good morning, guys. Maybe just to pick up on Kieran's last question, can you talk to your product margins excluding Perry's? You know, I know there's been a tick up, Perry's has no tonnage. Obviously you're including the gross margin in your group gross margin to show the tick up in product margin. I was just wondering what happened to underlying product margins in the half versus last year and maybe even second half of 2025. Yeah. Hi, Rohan. Mark. Look, on that, yeah, you can see that there's only about I think it's 439 odd tonnes in Perry's and galvanizing, whereas the rest of our business is plus, you know, 54,000 tonnes. It is less than 1% of our actual tonnage, so it does have a sort of inflationary impact on those margin per tonne numbers. If we were to exclude, you know, Perry's from those numbers, we've still seen about a NZD 30 per tonne growth in base business or excluding Perry's margins. We've gone from second half 2025, about NZD 942, up to about NZD 971 in the first half of 2026, which gives you an indication that we have seen, you know, those margins kind of, as I was mentioning on the call, that we've had, you know, an improvement in that base business product margins, despite periods. Look, if you look at it at a percentage perspective, we've gone from sort of 26% odd up to about 27%, roughly, of our product margin, which is, which is encouraging. Okay. That's helpful. Thank you. I guess going back to the balance sheet, you know, you talked about an absolute level of EBIT and you're quite comfortably within that in your projections. What's the key driver of getting EBIT to that absolute level, given you're kind of suggesting you're going to be, you know, loss-making for another few months? Is it volumes and margin? Is that EBIT a, like, a 12-month rolling number, or is it like, you know, a three-month annualized? You know, what sort of metric are they looking for in terms of the business being stabilized? They are... well, first of all, the targets in the short term are negative, so our commitment is to not lose as much as the number. They are actually a little bit of a combination. We've agreed precise numbers for FY26, which are sort of related to the FY26 results. After in 2027, we have another set of targets from the bank as well. Thank you. When you look at, the working capital and the debt reduction, you know, it looks like you received more from your customers 'cause your receivables are down and your payables are up. Is it really just a time in the year and kind of, I guess, what's happened on the payables side for that to lift as much as it did? Has there been any change in terms of trade, should that normalize out going forward? I think we've been talking about this probably for a couple of years. We've been on a constant strategy of extending to the greatest extent possible, all of our vendor terms. In some cases, for some of the overseas mills, we have up to 120 days credit. That doesn't change. That will continue. We, when we place orders, we have choices of where we place those orders, so we try to maximize the credit term, minimize the price that we pay, minimize the minimum order quantity, et cetera. At the same time, for our customers, we've been focusing on carefully managing our exposure in this current economic environment. You know, I think it's, you see in the paper quite frequently about liquidations increasing. We've been very careful, and we've had very little downside from that, but it is because we stayed very close to our debtors. Cool. Thank you on that one. Just on the comments about, you know, break even in a few months. To get back, you know, and of semantics of accounting numbers, but are you talking after all lease payments? You know, are we talking kind of, an old world, EBIT break even, or are we talking a new world, as in you've still got the interest on your, leasing to pay? It's new world. Our normalized EBIT. That includes the depreciation on those lease, the right-of-use assets, clearly because it's the interest is part of I, it doesn't include the interest. Cool. Sorry, two more. I know you talked about SKUs and rationalization and that you've got good cover on your top end of your SKU range. I'm just kind of curious in terms of, you know, you're rationalizing SKUs at the bottom of the market, you're potentially rationalizing your network at the bottom of the market, you're taking head count out at the bottom of the market. You know, what leverage are you losing to the cycle? You know, 8,000 SKUs out of 23,000 is quite a big chunk, and I'd assume that it's a decent amount of your, you know, or historically a decent amount of your revenue, otherwise you wouldn't have carried them for this long. I'm just wondering what sort of leverage you're losing to the cycle and market share you're giving up in doing this? ... Yeah, it's a good, that's a really good question, Rohan. I think, we've actually been trimming back our SKUs for a number of years now. We've come down from north of 40,000 SKUs down to, you know, 15,000, what we call active SKUs today, that we're actively buying to. We still have a number of SKUs that are, what we call our D lines, that are really SKUs that have become redundant, that we no longer see a market for, that we've replaced with either new products. You know, we're watching, scanning, we have product managers looking all around the world in terms of new products and higher value products that we can bring into the market. It's a net number you're seeing there, where we actually bring in, you know, new SKUs. We also have a number of lines that we've expired, that we're trying to move through the system. It's a bit like listening to Rod Drury on Briscoes the other day, was constantly specialing off the low end of your SKUs. We have the same thing where, you know, we discreetly manage our SKUs that are retiring. We have 15,000 plan SKUs, and we anticipate that we can probably take another couple of thousand out of those plan SKUs over the next few years. We think we've really made a good job of getting it down to a base level. You do drive a lot of complexity and cost around SKUs. One of our core competitive advantages is that we have a wide range of products. It's absolutely critical to your point, that we maintain a breadth of SKUs that our customers value. At the same time, we don't want a very long tail because you end up, you know, with that tail getting old and long, and you carry product where prices are moving around quite frequently. We try and hold, on average, no more than four months of inventory on the ground at any one time, on average. There's obviously a mix inside that, but it goes to the efficiency of the overall business model, and it's really important we're moving that inventory through frequently at accurate pricing for our customers, but also the SKUs that our customers, you know, value and care about. You know, we're pretty happy with that. We monitor NPS really closely. We're talking to our P1, you know, top 1,000, and P2, top 2,000 customers on a regular basis to understand how their mix is changing and what they want. It's quite a bit of science behind this, and it's something that, you know, we've certainly, you know, found it to, you know, to be very important in our distribution business, is getting that SKU capacity right. Can I just also add, it's not a set and forget. We do talk to our, as Mark said, our top couple of 1,000 customers, and if they need something, and that we can agree on an appropriate price, we can and will order on to get that in for them. It's not set and forget. Rohan, you mentioned you had a couple of other questions there? Sorry, I had muted myself because there was a bit of noise in the office. Thank you. That was helpful. You gave Jackie heart palpitations, Rohan. Oh, no, it's all right. Sorry, I'm just trying to remember my questions after my faux pas. Just looking at your banking facilities, you say you got NZD 80 million available. What is, I guess, the ability to draw on the balance? You've got NZD 50 drawn so far, and, you know, you've got a little bit of cash there to get through, but, you know, it could get a little bit tight, in the months, in the coming months. One of the things that we are managing is the peakiness of our cash flows. We have quite a high peak intra month debt level. What we typically find is our customers pay from the 20th to the last day of the month, but our outflows are throughout the month. The reason we have NZD 80 million as opposed to the amount that we've got drawn at the moment, is because we draw down intra month, and then we pay back for basically the last 10 days of the month. What we have been doing, as well as the initiatives that we outlined before, is we're looking at initiatives to manage down the peak debt and sort of try to smooth out some of those outflows. We have the ability to draw down the whole NZD 80 million, but we don't need that towards month-end. We just need more debt in the peak period. well, it peaks around the between the 14th and the 20th of the month. Thank you. Sorry, last one, and I've taken a lot of time, but you stopped M&A in the short term, but has there been any pressure from the bank to maybe sell some businesses? No, not at all. Yeah. I mean, we're always looking at that, with our board in terms of capital recycling, but, you know, we, no. Yeah. Thank you. Thank you. Once again, if you'd like to ask a question, please press star one on your telephone and wait for your name to be announced. Your next question comes from Harrison Elliott, from Jarden. Please go ahead. Hi, all. Just one question from me. I saw that great chart on Page 4. Am I correct in assuming that graph includes Perry in it? My question would be, excluding Perry, how did underlying like-for-like volumes trend through the half, particularly into that final quarter? Hi there, Harrison. I guess that the volumes is reasonably small. It's less than, you know, 1%, probably about 0.7% of our overall volume mix. That volume line it's not influenced that much by Perry's. The revenue, there is a little bit of influence there, does that answer your question? Yes. Thank you. There are no further phone questions at this time. I'll now hand back over for any webcast questions to be addressed. We have no webcast questions at this time either. Okay. Thanks, operator. Let's close the call.