Good morning, and thank you all for joining. This morning I'd just like to take you. If you just flick to the first slide there, the contents. This morning I'd just like to take you through our first half results. A bit of an update on our turnaround strategy, and provide an overview of our business. And wrap up with what lies ahead. For those of you who do know me or don't know me, I'm Jason Bull, the CEO of Vital. First of all, just turning to our standard disclaimer, before we move forward. I'm sure we're all aware of these. You know, quickly going through. The information is of a general nature. Does not constitute financial product advice, investment advice, or any recommendation. The numbers really are relating to the six months ended, 31 December 2023. And comparisons are relating to the six months ended, 31 December 2022. While reasonable care has been taken to compile this presentation, Vital and its subsidiaries, directors, employees, agents, or advisors. Do not give any warranty or representation. All right, let's get into it. We roll into the next slide. Bit of a refresher. Brief narrative on Vital. You know, we have been around providing vital communications for over 25 years. We own, and operate critical infrastructure across New Zealand. High-quality fiber infrastructure across Auckland, and Wellington. Largest commercial provider of nationwide radio in New Zealand, and we enable customers to deliver services critical to our nation. From government, emergency services, health, utilities, transport, education, logistics, and much, much more. Looking into what we've got lined up next. Just let's fly straight into the turnaround strategy. The next slide there. Here we go. I've shown this one before. However, I believe it is worthwhile providing a quick refresher on our strategy, and an update on the progress we've made. Three pillars really that we've got involved here. The first really is around optimizing our business, and our quality network assets. You know, we've got excellent tangible assets, be it from Land Mobile Radio networks, conventional radio networks, urban fiber networks, national microwave networks. In simplistic terms, we have capacity on these networks. That we're driving to utilize, fill that capacity to grow our revenue. In contrast with that as well, we also need to ensure we size these networks appropriately, to optimize the cost to operate. We've successfully progressed on reducing our cost to serve, and significantly reduced our capital expenditure in recent times. This will be apparent when looking at the financials in the coming slides. The second sort of pillar we've got in here around. Increase the access to our wired, and wireless networks. This is all about the strategy to successfully grow profitable revenue, and I stress the word profitable. So, we've charged on our strategy of channel, or wholesale plus a key direct customer. Simplification, fundamentally. In the wireless segment radio, we're successfully utilizing the national radio dealer network. Examples of that are through Dove Communications, who have great presence across Auckland, Waikato, and the Taranaki, and we are growing connections in that space. Another dealer being Mobicom across the Bay of Plenty, Auckland, and Northland. Is where we're going, and in two weeks' time. I'll head down to the South Island to engage, to grow, another key ally of ours, dealer down there as well. What's exciting about the dealers as well, is we get to utilize their unique skills, and capabilities. In the wired or fiber space, we're working closely with our channel partners. We've refreshed our products, and solutions off the back of customer feedback. We're absolutely price competitive. Our services are fantastic, and through this we are seeing an increase in feasibility requests. Which is an indicator of future orders, and revenue. What's really important here as well, is we need to make things super easy for our customers. Recently our fiber portal is now live. This is effectively a self-serve tool for our channel customers. Our account management team is focused on pipeline, and growth. And has the support of broader Vital, the Vital team as well as our technology partners to convert this pipeline. We're in the process of working on several partnerships in fiber. That will grow fiber circuits, and revenue. And we've already got one customer, who's committed to an initial migration of approximately 30 circuits across to the Vital networks. In summary, how are we performing on our strategy? Our cost to serve continues to reduce. We're well over the hump of capital expenditure. Capital expenditure this year will be less than 10% of revenues. You know, in years gone by it's been significantly higher. We're putting initiatives in place to grow the revenue, and I'm confident we will see recurring revenue growth in FY 2025. This is complemented with our employee, and customer Net Promoter Score increasing. Which I'll update later in the pack. If we move through into the first half of this financial year. At a glance, what is, what have we got here? Some highlights in this space. We're absolutely progressing our turnaround strategy. We returned to profit with a profit after tax, albeit small of NZD 0.5 million. This is versus a loss of NZD 190,000 for the same prior year period. Adjusted EBITDA of NZD 3.2 million, which is up 5.1% on the previous period. Our wireless channel strategy is delivering results. As I mentioned, back to growth through Dove, and new orders. And connections coming through in that LMR or Land Mobile Radio space. Our wide customer engagement, and our order automation improvements. When I mention our portal, and so forth, and our engagement with our sales, and account team. With our key channel partners is going positively. We have two points around here really. Key contracts, such as Hato Hone St John, Powerco, and FENZ we have resigned, which is fantastic. That's giving us, you know, security of revenue moving into the future. On top of that is incremental growth, which is really important. In the first half of the year, we signed up NZD 3.7 million of new contracts in the first half. This is incremental growth over the next, depending on the term of those contracts. But incremental growth over the next one to five years, dependent on the term, as I say, of the contracts. Examples of the space that we're getting growth is around utilities, and power. Around radio coverage, around building redundant links to the likes of substations. We have secured new business through an integrator, to provide connectivity to solar farms. We're getting new business in through our radio dealers. As I mentioned, whilst the feasibility studies aren't as such orders yet, there's an indication of growth in that space. In amongst all this as well, you will have seen that we have adjusted our FY 2024 guidance. We first published our FY 2024 guidance back in August 2022. We have lowered our revenue, and this is more a reflection of our growth assumptions being. I'd imagine, slightly high, compounded with some relinquishments being slightly higher than anticipating, as anticipated. Offsetting this has been our ability, to reduce our operating costs more than anticipated back in 2022. Therefore, a slight lowering in revenue outlook. From a cash flow perspective, through the reduction in capital expenditure in conjunction. With the earlier mentioned operating cost reduction, provides us confidence. With achieving a higher level of guidance amongst free cash flow. That's a little bit of a glance. Also, from that, our, I mentioned before, our employee Net Promoter Score. Or engagement with staff has moved up further, and is now + 35%, which is fantastic. That's a significant movement in the past, well, 18 months. If we move into the next tab. Thank you. Next slide, f inancial snapshot. What I'd like to focus on here, this is obviously a comparative of the first half of the year, versus first half of the prior year. We're pleased to announce that, you know, a 5.2% increase in Adjusted EBITDA to NZD 3.2 million. Also, what's pleasing is the margin on that of increasing that to 23.8% up from 21.5%. I think what this is actually showing, is reflecting the efficiency that's been created within Vital. An excellent example within, this is we actually decommissioned a radio network last year. That commercially did not make sense. I mentioned, I'm pretty sure the full year results. That some tough decisions need, to be made around some commercial things. What's exciting there is, you know, whilst that will impact the top line. And I can talk about that a bit later, it has not had any detrimental impact to EBITDA. Unfortunately, like many businesses, we have seen the impact of higher interest rates. And our financing costs have increased 21.5%, you know, half year on half year. However, overall, solid performance with operating costs down 7.6%. And as mentioned, EBITDA up 5.2% to NZD 3.2 million, which is excellent. On to the next slide, r evenue, a key topic. So, a 4.9% reduction on the same period, prior period is disappointing. When factoring the closing of the earlier-mentioned radio network. Wireless or our mobile radio revenue, is actually slightly up on the prior year if I looked at underlying. At a group level, recurring revenue streams, and recurring is what is very important to us, is relatively flat. Factoring in the decommissioning of that network. Wired or fiber reduction has come mainly through access, and Ethernet products. But there's a lot going on in play to arrest, and sort that out. Based on our pipeline, and orders received. We are confident of revenue growth in FY 2025. I'm more than happy to take questions on revenue at the end of this. Sliding into the next slide, and wireless. Looking at our two segments or two business units. Firstly, wireless, which is the radio component of the business. It's pleasing to see an increase in Adjusted EBITDA here to NZD 2.06 million, up 11.9%. As mentioned, capital expenditure continues to decline, down to NZD 866, 000 in the first half. Of that, importantly, 65% is customer funded. Fundamentally, 65% of that spend is related to future revenue. We're also seeing reductions in costs driven by, one, the recent investments in our networks. Which is resulting in reduced maintenance costs, improved network stability. And an all-around better experience for our customers. Secondly, our network optimization work, is generating savings across our sites. Overall, solid result in the current environment for our wireless business unit. Moving to our first half in wired. The next slide. Thank you. All our efforts, it's fair to say, in this space is around generating revenue growth. We've enabled this over the past 12 months, through the investment in our new portal. Reviewing our products, and solutions. Including our pricing, and products, and service descriptions, and such. And supported by far more proactive engagement across our channel, and key direct customers. Whilst revenue is down, we have managed to maintain Adjusted EBITDA of NZD 2.1 million. Capital expenditure remains well-managed, and 50% of the NZD 338,000 spent again relates to is customer funded. So, translates into future revenue. Moving into the balance sheet, and cash flow. A couple of points on this slide. Debt remains stable at NZD 13.3 million. The impact of interest costs has been felt, with finance costs increasing 21.5%. Or about NZD 130,000 as previously mentioned. Debt reduction remains a key priority for Vital. Vital has a combined facility limit of NZD 16.3 million. We have the headroom there to continue operating with no dramas. Moving to the next slide, and a bit of a review. I guess, a bit of an operational review of the first six months. What we have here, and we'll move into what lies ahead after this. Re-signing our key customers such as St John, Powerco, and FENZ. Has secured revenue out until FY 2026 and 2027 on those accounts, which is excellent. This has been complemented with NZD 3.7 million of new orders being booked, reflecting future incremental revenue growth. Revenue is stabilizing. We've removed barriers in dealing with Vital. Through customer engagement, and tools such as the portal. Non-customer funded capital expenditure continues to decline. Of the NZD 1.2 million spent across the group in the first half, 58% of that is funded by customers. Ongoing emphasis on our customer, and culture continues. Our Net Promoter Score, as mentioned earlier. Has continued to improve, closing at + 35%. For context, this has improved more than 50 basis points since April 2022. And we have a solid team now with attrition rates. That are actually very low, which I'm very proud of. Our refocused sales activity continues to improve relationships, and this has been reflected in the pipeline. Vital is confident recurring revenue growth moving into FY 2025. Moving to what does this all mean looking ahead? Into the next slide. Thank you. Before looking into the guidance numbers, a few factors to consider. There are economic factors out there causing uncertainty. As is the messaging across the marketplace at the moment. Cyber risk did impact us this year. Our team and partners managed this well, and there was no customer impact. Our financial exposure to this will be less than $ 0.2 million. I've mentioned a couple of times that Vital is confident of recurring revenue growth, moving into FY 2025. And the teams remain focused on maintaining our turnaround momentum, and execution. Moving into our metrics for FY 2024. The first half result confirms Vital's recovery is progressing. We are confident in our strategy. Operating costs, and capital expenditure continue to be well-controlled. Tangible revenue progress is underway. Significantly improved engagement with fiber customers, including recent steps. To automate customer fiber circuit ordering, are expected to progressively deliver benefits. The six months to December 31, 2023, has seen steady progress of the turnaround strategy. The broader macroeconomic environment, and higher interest rates. However, has seen a customer focus on rationalizing network costs. Vital continues to work hard, to mitigate the impact of a slowdown in economic activity. As a result, Vital has amended, and tightened its FY 2024 metrics. As can be seen in the table. Whilst the revenue outlook has softened to NZD 26.7 million-NZD 27.2 million for the full year. Operating costs are tracking ahead of original guidance, and CapEx is in line with forecast expectations. Adjusted EBITDA, we forecast in the range of NZD 6.4 million-NZD 6.7 million for the year. And this is in comparison to NZD 6.4 million for last year. All in all, we're relatively comfortable. That effectively was the slides I wanted to, I was gonna run you through. I'm happy to move into questions, and we will pause just for a few seconds. While we see if any questions start to come through. No questions. Well, I'll proactively look to answer a question, that I'm sure is on everyone's mind as such is. You know, where do we see the revenue growth coming from? If I look at revenue growth in Vital over the past few years, it has been declining. I see it coming from sort of six spaces through the work we've done. One is through the in-flight projects that we've secured orders for, and are delivering. Such things as infill to our LMR coverage for power companies, and so forth. Those projects, when they go live. Will drive revenue into next year. Other areas I see of growth is actually fiber circuit migrations. I mentioned earlier, that I have a customer that's about to migrate 30 circuits across. Which will translate into revenue in FY 2025, and there are more customers we're focused on in that space. Why would they come across? Because fundamentally against our competitors now, we're commercially good. Our barriers to coming across we have removed, and our service is fantastic. That's migrations. Also, new fiber circuits. Obviously, again, the enablement of the portal. We're talking with a few parties at the moment, and the drivers where Vital exists, use Vital's network. If I look at other things that Vital's very good at is in bespoke fiber solutions. This is where not necessarily a catalog item you would buy off the shelf. This is around stuff where we have a niche space, and our agility provides the opportunity to pick up some of this business. You know, the likes of universities, Wētā, 880 Productions, and so forth. If I was looking at just a few examples. In the radio space, the dealer stuff is coming through. You know, we have just received an order actually, which is just post-December. For some new connections for a national fleet customer. We're starting to see some growth through the strategy, of wholesaling through dealers. The other one is around pull-through revenue, attached to existing contracts. As you know, we provide managed services to Powerco. And what we're starting to see there is potential work coming through in relation. To that around helping them with site upgrades, battery power, and so forth. We're also seeing other power utilities companies, starting to look at us. To potentially look at can we provide some business into that. I do see avenues for revenue growth. Now, I have received a question here. Who are Vital's key competitors? If I break this down into two areas, if I was to look at. If I was to look into the fiber space, our key competitor is Chorus. Cause fundamentally we, you know, we wholesale our network sort of. Through into the in customers, such as Spark, One, Phoenix, 2degrees, the DTSs, the Extremes, and the like. They have the ability to procure off of Chorus, for example. Or they have the ability to procure off us, and we're working very hard. To ensure that it's the latter, and it's us. Chorus is certainly a competitor in our space. In the radio space, you know, outside of technology. Such as cellular, you know, we used to compete with the dealers. Where we're trying to change the model there. Is the dealers with their sub-scale size businesses. Is actually to look at them leveraging our network, us being the network operator. And therefore, they are cashflow positive from day one. Procuring off us at a wholesale rate, and invoicing at a resale rate to their customer, which they then own. They also would then take some money on the actual initial hardware sale, install, and work like that. We would look to just grow connections. A couple of key competitors there, and of course. There's always the other one that pops up this day, and age is. You know, is Elon Musk, and Starlink in our microwave space. Yes, there's some business that we potentially will lose there. But again, it's a very small percentage of our business around cheap, unlicensed sort of microwave linking activities. Yeah, so our key competitor is really in the fiber space is Chorus. In the radio space, technology was a little bit, but we're managing that quite nicely. Starlink, which we're quite comfortable, with cause our service offering is not a low end. It's actually about providing a high-end managed service wrap for enterprise businesses. That's a question there, so I'll answer that one. I have got another one coming in. Bear with me. Oh, yep. Debt and around bank facilities, and when they're up. Yep. The bank, BNZ, are a strong partner of ours. We've been with them for several years now. The current facility does come up in January 2025. And we're starting the process, to renew that as we speak. I do not facilitate any challenges or risks around that at all. And the plan will be to have all that locked, and loaded, and well before 30 June this year. Another question that has just come through here, this is a goodie. What is the timing of emergency services contracts ending, and what will be the impact on Vital's profitability? This is linking to, I guess the public safety networks, the next generation critical comms. Where we sit here at the moment with St John. We have currently locked that in with the renewal, a little while ago to end of March 2027. With a further right of renewal to 2029. In conjunction with that, with FENZ, which we do the northern region for, they've extended to 2027. I would say at this stage, you know, obviously there's a few rumors out. There around how the LMR, or the Land Mobile Radio component of that project's going. I think all I can really say at this stage, is through those extensions of those networks. There's a fair way to go, and I don't really need to talk about profitability. On that one at this stage, as we just work through to see. Possibly, what else is could happen in the LMR PSN space. Another question, which is very similar. What is the risk of losing St John, and what would it do? The last question certainly answered a fair chunk of that. If we lost it just as a binary thing in 2029 or whatever it is. That, it does constitute about approximately 10% of our current revenue streams. We're confident though with our, with what we do in other spaces. That we will have other business units, other growth coming through replacing that. Again, it's on the assumption, that it will be finished in 2027 or 2029. There's no certainty to that. Another question. Have we considered other capital funding sources via equity or notes? At this stage around equity and that, no. I think when you look at our current share price, and market cap. Which is certainly trading at a fair chunk of discount, to our asset values, or multiples, or however you want to look at it. We have not at this stage considered. Well, we always discuss amongst the board options, what we're looking at. But we're not considering as we speak at this stage other funding sources. Then one further question here. Just looking at return on assets, and capital, and CapEx. How much CapEx do we expect to spend over the next few years? Is there an upgrade cycle ahead? Well, the good thing is over the previous few years, we really did our upgrade. When we built our new Land Mobile Radio DMR Tier Three digital network. Across the country, and also the work we did on the Wellington fiber network. The significant upgrades, to our technology has taken place recently. And the nature of those assets don't require any further upgrades for many, many years. The only reason we would fundamentally spend more on our radio networks. Is if there was a commercial customer-driven capacity reason to do it, i.e. it'd be linked to revenue. Our CapEx that we do envisage spending in future years. If I took out the customer-funded stuff, which obviously we want. I'm happy to increase that as that just drives revenue. If I was looking at network assurance activities, and the like of that. We would be looking at keeping, that no more than NZD 1 million a year. You know, be looking to get that down to 3% or 4% of our revenue. Which is great considering, where we've come from in recent years. Clearly our goal is also to increase the bottom line, and we're heading that way through our revenue, OpEx under control, CapEx under control. You know, it's now around getting that revenue, and growing that revenue. Which then flows through to EBITDA, which then flows through our capital plan of reducing the debt a bit further. We're off, and running. Our challenge now is to increase that bottom line. That's it. That is all the questions I've received at this stage. We can give it a second, see if anything else comes through. No, that looks to be it. We've done it well. We've managed to get it in in 26 minutes. A few minutes to spare. All right. We can. We'll leave it there. Thank you, everybody. Hopefully that provided a bit of insight into where we go. Just wrapping up, I'm confident of where we're going. Confident of the team, confident in our strategy, confident that our recurring revenue growth is on its way.