Galliford Try Holdings plc (GFRD) Earnings Call Transcript & Summary

Good afternoon, ladies and gentlemen, and welcome to the Galliford Try Holdings PLC Half Year Results Investor Presentation. [Operator Instructions] The company may not be in a position to answer every question it receives during the meeting itself. However, the company will review all questions submitted today and publish responses where it's appropriate to do so. These will be available via your Investor Meet Company dashboard, and we will notify you by e-mail when they are ready for your review. I'd also like to remind you that this presentation is being recorded. Before we begin, we would like to submit the following poll, and we'll be very grateful for your attention. And I'd now like to hand over to Bill Hocking, CEO; and Andrew Duxbury, CFO of Galliford Try. Good afternoon to you both.

Good afternoon. Well, thanks for joining, everybody. I'm going to take you through a slightly shortened version of the half year presentation. Then of course, we'll take any questions. So I'll get straight on with it. The slide you see there in the picture is a sports science facility we built for Leeds Beckett University. It's a great building. And typically, the sort of things that we build all the time. The red cube on the top there is actually 100-meter-long running track that runs down the length of the building and filled with all sorts of electronic gizmos to monitor the athletes. So a really impressive building. Next one. Okay. So here are our highlights for the half year. We've made really good progress in the half year. We've been fully operational across all of our sites, with productivity close to normal. And I say close to normal because, apart from a few people in the occasional gang going off to have to isolate and so on, it's gone pretty smoothly. And as I said on the main presentation last week, thanks to all of our staff, subcontractors and clients for working together so well over this period and keeping the whole thing on an even keel. I'm very pleased to report a return to profitability with an operating margin, you see there, of 1.6% and delighted to be back on the dividend list with a dividend of 1.2p. So a really good half year. Revenue down slightly in the period, and Andrew will take you through the numbers in a bit more detail. But overall, in a nutshell, we've got a really strong balance sheet. And coupled with a high-quality order book, GBP 3.3 billion there gives us confidence for the future.

So if I just take you through the financial performance. And as Bill has already said, it's really pleasing for us to report our return to profitability. And really importantly as well, that is a clean number. So there's no exceptional items in there, that's bang in line with our expectations, and it means that we are on track for our full year targets. We set the targets back in September, and Bill will come on to those a little bit later on. You can see on the slide, revenue is a little bit lower than this time last year, but it is in line with our expectations. And I'd say, it's on track for our full year target. And then we'll start to grow that revenue number again from next year. The reduction really reflects 2 things. One is our focus on core sectors, our selective approach to bidding to make sure that we take on the right type of contract. And in particular, as well, in our Infrastructure business, our water business is transitioning from the asset management program, the sixth asset management program, AMP6, into the seventh program. And there's always a slight dip in a hiatus as we transition from 1 program to the other, and that's reflected in the revenue numbers this period. But overall, as I say, the revenue is bang in line with our forecast and our expectations. Similarly, our margin, the operating profit, GBP 3.9 million. Our operating profit in the divisions was 1.6% across Building and Infrastructure. And both Building and Infrastructure showed really strong improvement in the half year. And that 1.6% margin is in line with our expectations for the year. And again, there's good opportunity for us to grow that further in line with our medium-term goals. Profit before tax was GBP 4.1 million and due to our relatively low tax rate because of some previous losses, our earnings per share of 3.4p. And as Bill said, coming on to a dividend of 1.2p. I should just mention as well, as you can see it on the bullet points on the slide, that because of our strong performance, Bill's mentioned, we've been opened through the whole financial year. We've taken the decision to repay the furlough money that was received during this financial year. We had some small amount, about GBP 1.5 million of receipts through July and August that we are now in the process of repaying. Moving on to the balance sheet. Our balance sheet remains very strong. We remain a very well-capitalized business. And this is important and a real differentiator for us in the marketplace, both for our clients and for the subcontractors who work for us. They want to work with strong companies as well. We've got a good cash position. Average month end cash is GBP 158 million. Bill and I focus entirely on that average month-end rather than the year-end position. It's much more illustrative of the overall state of the company. And importantly, we've got no debt. We've got no pension liabilities. And also, we've got no supply financing arrangements. So that is a really clean and strong balance sheet position. Importantly as well, through that cash number, although that's grown in the period showing good cash generation, we've also improved our payment performance to our supply chain. And that's really important to us, dealing with the supply chain fairly through the COVID disruption. It's important to bring that cultural alignment and bring that supply chain closer to the business because that's so important for us in delivering our objectives. And finally, you can see on the slide, our PPP portfolio is valued at GBP 44 million. This is a portfolio of PFI assets, and that generates for us interest income returning by 8% to 10% to our bottom line each year. And Bill's mentioned the reinstatement of dividends. So pulling the strands together of the strong balance sheet, the encouraging trading in the period, our quality order book and the outlook and the fact we're trading in line with our targets has given the Board the confidence to do 2 things: firstly, to reinstate the dividends; and secondly, to improve the dividend policy. We've done that by improving the dividend cover from previously 3x earnings to a range of 2x to 2.5x. And we've also said that we will keep that under review as we go forward to see if there's opportunity to reduce that cover further. And as a result, you can see the interim dividend declared of 1.2p per share.

Great. Thanks, Andrew. So this is just a reminder of what Galliford Try is about. Our purpose is to improve people's lives by safety and sustainably constructing the social and economic infrastructure that communities and, of course, the country at the moment needs. And in going about this, we aspire to be a people-orientated, progressive, values-driven business that predictably delivers for our stakeholders. This is an overview of our business model. We have our purpose there on the left, which I've just gone through. And we approach the market with the philosophy of safety and construction. Safety in use, of course, very pertinent at the moment, particularly, delivering high-quality projects to repeat clients with a strong focus on risk management, commercial management and modern methods of construction. Over there to the segment section, we focused on Building and Infrastructure, with 90% of our revenues through the public and regulated sector frameworks and the remainder with blue-chip private clients. And all with an aim towards generating cash and margin to fund growth, return value to shareholders and, of course, contribute to society to the social value that we generate. ESG sustainability runs through everything that we do. We have a code of conduct simply called doing the right thing. That provides guidance to all of our staff and our supply chain. I'll just pick on some of these statistics here, the top one is safety. The safety of everyone on our sites is absolutely paramount in everything that we do. And I'm really pleased to see our AFR, our accident frequency rate, improved again to 0.06, which is a very good performance in the industry, notwithstanding the fact, of course, that we aspire to 0 on that line. And we work very hard in pursuit of that goal. We measure our Scope 1 and 2 carbon emissions. Those are those emissions that we can control directly. Our cars, for example, our buildings and so on. And we're working hard on understanding and getting better at monitoring the Scope 3 emissions which are embedded and whole life carbon emissions from the project we build. And we believe developing our whole sustainability strategy alongside the broader corporate strategy, which we'll publish later on in the year. Next one. Moving on to our markets. Our markets remain resilient and, as Andrew said, has held up well through the pandemic. We expect the governments leveling up in zero-net carbon objectives to underpin growth in the construction sector over the medium term. The medium -- sorry, the recently constructed -- excuse me, published, apologies, Construction Playbook is in essence a far more mature approach by the government as to how they approach construction and building a more sustainable way of contracting through public sector procurement, which we welcome, which plays well to our strengths. Our Building order book you see there is GBP 2 billion and the constituent parts of it all on the left-hand side there. All of these sectors continue to provide a robust pipeline of work with the education and schools funding agency, DIO, the Defense Infrastructure Organization, and NHS, our biggest clients. And our order book there at GBP 400-odd million is growing organically in the period. Thanks, Andrew. In Infrastructure, we also have a very resilient sector here. The order book stands, as you can see there, at GBP 1.3 billion, and we have excellent framework positions with Highways England and various local authorities. We've just been awarded last week a GBP 48 million scheme by the Lincolnshire County Council following the successful opening of our Lincoln Eastern Bypass product -- project before Christmas. And then in environment there, we have 2 further frameworks with Thames Water in the period and anticipate further framework awards in the sector by the end of this full year. Next, Andrew. So these markets provide an order book, which stands altogether at GBP 3.3 billion, up GBP 100 billion -- GBP 100 million from the previous period. 87% of this is in frameworks in the public and regulated sectors, broadly similar to the previous period. And the private sector you see there is predominately PRS, private rental sector, and student residences and some commercial office buildings as well. Our disciplined approach to project selection and risk management is reflected through the order book you see there in terms of its future client base, sensible terms and conditions, embedded risk profile, embedded cash, things like that. And so the order book quantum and the duration of that order book is what really underpins our strategy. And it highlights the importance of our strong framework position. Most of this year's revenue is secured. And as you can see there, we have 76% of next year's revenue already secured, which is a good position to be at this time of the year. So here's a bit more detail on our risk management process. And this underlies our order book and everything that's in it. So what happens is our business unit managing directors review potential tenders using a defined process to identify any onerous contract conditions or risks. And if any of these arise and if the BUs still wants to proceed, then the project comes to an executive meeting, which we meet monthly to look at these bids and decide whether the bid can progress or not. If it does, we'll either then stop the bid or allow it to progress on strict sort of risk-mitigating parameters. But the really important thing here is that the culture of the business has evolved to the point where very few projects will come up to the exec now because the business units reject them on the basis of a poor risk profile before they get anywhere near us. So it's really working well in that regard. And then the bottom line there, commercial control and reporting, once we're in contract, we have robust project controls to manage an overview of the project forecast. And in addition, we have a system, what we call commercial health checks, whereby our operational and commercial directors from another part of the business spend a couple of days on another region of this project to review that project, the forecast and to give their view on the likely outcome. And again, I believe that the culture of the business means that these health checks now are welcomed by the receiving site and any recommendations or observations by the visiting directors are taken seriously and acted upon and reflected to the forecast. So this is really working well for us overall. So putting all this together, what we mean by the long term -- or, sorry, the medium-term KPI, there in the third column, these are unchanged apart from the previous period, apart from the increase in the divisional operating margin to more than 2.5%. And that's based on the performance of our current projects. So we're encouraged by our current performance and have raised our sites from 2% to more than 2.5% over the medium term. The revenue range there of GBP 1.2 billion to GBP 1.5 billion remains valid as we continue to focus on bottom line quality of earnings and not top line revenue growth. And so in summary then, everyone, we've made really good progress in the half year, which gives us confidence in the longer-term performance of the business. We have a really strong balance sheet, no debt, no pension fund liability and an excellent order book, which I've just described, with all the attributes that we need for success. We're really happy to return to profitability and return to the dividend list with a more generous dividend policy. Overall, our markets are supportive, and we're on track to meet our full year targets and confident for the future. So that was a quick overview of the presentation, everyone, and we'll now move on to take any questions.

[Operator Instructions] But just while the company take a few moments to review investor questions submitted already today, I'd like to remind you that the recording of this presentation, along with a copy of the slides and the published Q&A can be accessed via your Investor Meet Company dashboard. I'd also like to remind you that your feedback is important to the company. And immediately after the presentation has ended, you'll be redirected to the opportunity to provide your feedback in order that the company can better understand your views and expectations. Andrew, Bill, thank you so much for the presentation. Obviously, investors had the ability to presubmit questions in advance of today's meeting. We received 3 questions, I'd like just to perhaps start off the Q&A with the first question and if I hand over to you guys to pick up. Given the impact of COVID, does the market present any M&A opportunities to accelerate your growth?

No, we're not looking at any specific M&A opportunities. I think COVID has -- from an industry perspective, what happened to COVID is that the whole industry was very focused on keeping the industry on an even keel. So it was all about cash flowing through from Tier 1 clients and particularly government through Tier 1 and making sure that the Tier 1 contractors continue to pay their supply chain. In that way, everything was kept on an even keel and gives the industry the ability to bounce back. So that was coordinated by the Construction Leadership Council in alliance with the [indiscernible] and has succeeded very well actually. So actually, the balance sheets of most of our supply chain are reasonably robust, and there's been no specific opportunities for M&A that comes out the back of COVID. I think that's the answer there.

I think that's right. And we would always focus on M&A, which is in line with the strategy that Bill has outlined, as opposed to M&A for its own sake. It's about M&A which fits our strategy of bottom line quality growth.

Perfect. The second question we received was, how do you see future infrastructure spending driving revenues? And what is the sales cycle into such projects?

Well, the Infrastructure pipeline is very robust. It is there up on the slides. Now of course, we don't address the whole infrastructure market. We're very concentrated on roads or highways and environment, which is predominantly water and wastewater. So those pipelines are robust. The water companies through the 5-year or 6-year in Scotland regulatory period, and that's a robust pipeline. And in Highways England and local authority roads, again, a very robust pipeline. I mean Highways England has got some GBP 27 billion in their budget. So that's all holding up well. The cycle -- roads -- lesser water, but roads have quite a long sort of gestation period. The roads that we are involved in, we've got a few on the ground, of course, but we've got a further 6 roads project that start up in the next sort of 6 to 12 months on the ground. So we're working on those. We probably had those in the books for first part of the year already, I'm guessing. So they have quite a long gestation period to get through the whole statutory approvals process and then the final design and inter-contracting. So the cycle is -- does have a bit of a lag, I suppose, in it, but that lag is really built into the order book.

I might just add as well on -- I mean, that's very much on highway infrastructure market. Of course, our building market is still heavily based on public spending in terms of education, defense, health care, as Bill has touched on. And typically, those projects will have a shorter gestation period, quicker to ground, so new primary school, secondary schools and so on can be to ground and completed over a shorter period process sort of 6-, 12-month lead and a kind of 18-month build program, so a shorter sales cycle in the Building business.

That's great. The final question that was presubmitted was, what do you see as the optimal level for margins?

As high as possible. No, I think people talk about industry standard margins of sort of between 2.5% and 3.5%. And if you've been around a few years ago, that language has moved quite a lot. It's moved from 2% to 2.5% to 3%. And now the range that people are talking about is 2.5%. I suppose 2.5% to 3% is the most -- is the normal. What we've said is more than 2.5%. So that's what I think the answer is.

And I think it is -- that is achievable with the risk profile that we're looking to achieve because that's balance. It is about making sure we get sufficient margin without pricing ourselves out.

That's right.

But making sure we get the right margin commensurate with our risk profile.

Bill, Andrew, so that takes care of those that were presubmitted. [Operator Instructions] Could I ask you possibly to read out the question and, where appropriate, give a response, and then I'll pick up from you at the end?

Yes, will do. So I'll read out the questions, and then Bill or I will both -- we'll do our best to answer those. So the first question is what do we think sets us apart from our competitors when tendering for new contracts?

Okay.

And what do we see as the greatest risk to the business moving forward?

Yes. I mean it very much depends on the client, but most clients and most of our clients in the public regulated sectors and, indeed, with the blue-chip private sector clients are very focused on quality. So they look at the quality of our people, what team is going to build whatever they want to build. And do they have the right culture, the right track record, the right experience, et cetera, et cetera? They look at the strength of our balance sheet because our clients want comfort that the company that they're choosing to construct whatever it is they're building is going to be around to see it through. And that's really important, by the way, in terms of our supply chain as well because our subcontractors also want to work for companies with strong balance sheets that they trust. And then it's about how long is going to take and the actual physical proposals, and I would say that, typically, clients are looking at probably 70% of their appraisal is based on the sort of quality questions, people, track record, balance sheet, a specific proposal for the project. And probably 20% or 30% on the commercial, of which there's terms and conditions and all sorts of other things. So I think that's what sets us aside, our people, our culture, our balance sheet.

And should I pick one. The risk of the business going forward, I think for me, there's probably 2 things to raise in a similar vein. Of course, one is people and the other is the right order book. So by people, actually, we need the right people right through the organization. We spent a huge amount of time investing in early careers. That's graduates, apprentices and trainees and in development of our people throughout the organization, developing their own skills and so on. And just to give you an example through the COVID disruption, we spent a lot of time on well-being so as well as the physical safety on-site but a huge amount of time on well-being, helping people to work through these unusual situations. So we made sure we keep the right people. And then in terms of order book, making sure we've signed the right contracts, bring the right contracts into the order book because if we lose our discipline in that, then, of course, what that does is that undermines our projections going forward. So it's keeping our discipline and keeping our good people, I'd say, that are critical to moving forward. So moving on to the next question. What can we expect with regards to new business coming through post pandemic? And how can we flex the business to take advantage of this?

I think that our pipeline is pretty much the same as it has been. As we said, we're very focused on the public sector and the regulated sector. Those pipelines are pretty consistent, and we don't expect them to change. In fact, we see a gentle uptick, I think, which is good for us, by the way. A massive tsunami of new work isn't good for anybody. A nice gentle and manageable uptick is far better for the industry and, I think, for us, obviously. So I don't think there's any going to be any particular change there, personally.

Okay. And then very similar, are there new market segments we're looking to expand into? And how does our current order book convert into contracted work? Let me just cover off the second of those first. So the current order book is contracted work. Behind that order book and outside of that GBP 3.3 billion, there is a pipeline of other work that we are currently tendering, which we will look to convert to get that contracted, and then that will come into the order book. So the order book is work that will be delivered on the ground. I think in terms of market sectors we are very happy that we are in the right market sectors at the moment, education, defense, health, commercial space, highways, water. And of course, we regularly keep that under review. We're very satisfied. Those are all markets with good growth opportunities at the moment. Okay. There's a couple of longer questions here, which I will just take in part, if that's okay. So first of all, perhaps just tell us how we intend to improve margins over the medium term.

Yes. So margins, look, the basis of good margins is all about having the right jobs in the first place. And hence, our focus on risk management in what we do. And as I always say, more importantly, what we don't do. So once we get the order book to the stage where we have got it now, where everything in that order book is the type of work that we can do day in and day out. We've got the people, we've got the experience with the supply chain. We can do that confidently. And while I'm saying there's never going to be issues in construction because that wouldn't be correct. The magnitude of those issues will not be material across that portfolio 200 to 250-odd projects. So some will be slightly up and some will be slightly down, and most of them will be in a pretty narrow band. And that's what we aim to achieve, predictability with no surprises. So that's the first thing about improving margins. The second thing is about people. So it's having the right people with the right skill sets, the right culture, the right attitude. We spent a lot of time on bringing the right people into the company, inducting them properly, training them properly and put a huge focus on sustainability, obviously, and also around project management and commercial management skills. Then we've got a relation with our supply chain, which is really important. So it's called advantage to alignment. That gives our supply chain, the bigger supply chain partners access to our pipeline, access to our training and brings them closer to the company in terms of culture and in terms of attitude. So that's really important. And then all of these things go together with safe, efficient delivery, modern method of construction, the use of digital platforms and all things like that to come on the circle and to -- for us to deliver high-quality projects on time to satisfy clients. That's how we raise our margins. So there's no rocket science in all of that. There's lots of attributes to it, of course, but it's just good solid ways.

Thank you. And in terms of our carbon footprint, perhaps just an example of how we're looking to reduce our carbon footprint.

Yes. I mean there's lots of different parts to carbon. Of course, Scope 1 and 2 carbon emissions are about the emissions that we can control. So for example, in this building, we have a green energy tariff. Our company car fleet, more than 1,000 cars. We're really greening that fleet by having more and more electric and hybrid vehicles and getting towards 40% of that fleet now is pure electric or hybrid. And that's a good example because a few years ago, our emissions, average emissions across the fleet were 133 grams of carbon per kilometer. That's now something like 86 grams of carbon per kilometer, and we forecast it being 35 grams of carbon by 2025. So that's really good in terms of driving carbon out of the business. It's also good in saving money because we're also saving hundreds of thousands of pounds in petrol and diesel costs by moving to electric vehicles. So that's a good example of driving carbon and cost out of the business. And then Scope 3 emissions are the more difficult ones, to be frank. It's the embedded carbon in the buildings that we build and the whole life carbon performance of those buildings. But again, we're working hard on that, and we're very supportive of the government's 2050 targets. A couple of examples. We've built 2 nursery schools up in Scotland recently. One was built to a very green standard, Passivhaus standards and one was built traditionally. And we're looking at measuring the embedded carbon in both of those buildings and in the operational carbon that each uses to get a good idea of how they actually perform in real life and obviously look for areas to improve.

And then actually, this certainly links to the previous answer around what measures we're going to take to improve productivity through the use of new technology.

Yes. Well, when we certainly do that, I think we -- I don't think, I know. We sit in the forefront of them in the Building industry in the U.K. We use virtual reality in a number of arenas. One really important one actually is safety. So we've got a -- we've made a hologram 3D short films, [indiscernible] description, in various environments. So a rail environment, a building environment, a roads environment and so on. And we use these from a safety perspective to induct people onto our sites. So the people can put on the virtual reality glasses and be transported themselves into a 3D highways project and all sorts of stuff happens to raise their awareness of the potential hazards on our sites. So we use that sort of technology for safety. We use building information modeling, 3D modeling, threat detection, all these sorts of things and how we design our buildings. And the technology is fantastic. Now you can put on the glasses again and walk through these buildings now. And obviously, our clients like that. So they can see want they are getting, but we also use very practically to look at where things are, the layout, et cetera, et cetera. So yes, we certainly do a lot of pretty high-tech stuff for us in the business.

Yes. No, I agree. And then finally, I'll cover this one -- I'm sorry, finally, from this particular question. Could I give a brief summary of why an investor should consider looking at the company now? I think probably I would give you 4 reasons. The first is the markets are very strong at the moment. The tailwinds across -- from government, across all of the sectors that we've talked about, there's huge opportunities in those markets at the moment. Secondly, is really about our discipline and risk management and Bill has talked about this in huge amount, but this is about us making sure that we are bidding for the contracts, which we know we can deliver and then delivering those and managing those properly through the organization. I think the third one is about the balance sheet strength, and the balance sheet includes both cash and the PFI assets, which are included on that balance sheet. And those are good-quality liquid assets, if we want to trade those in the secondary market. And then finally, the fourth reason really about the growth opportunities. So our revenue will grow. Our bottom line margin will grow faster. And then with the dividend cover, our dividend will grow faster still, so actually has real opportunity for investors coming in.

Yes.

Moving on. So the next question is, have we completed the rightsizing of the overhead since the transaction? The simple answer to that is that we have, of course, there's a little bit more to do as we look to change our office footprint and move to more efficient and cheaper offices, but we have right-sized the organization, but we continually focus on overhead to make sure that our overhead stays at the right level. I think we've covered the next question, which is confidence that our margin targets of 2.5% are realistic. I think we've largely covered that. The question does ask about the split of revenue between public and regulated sector and whether that will carry on into the delivery rather than the order book. I think the answer to that is that it does. So our order book and the actual percentage of revenue that we trade are very similar in terms of those percentages. The third question, Bill, I assume there's no cladding issues identified from Building divisions' past work.

Well, obviously, in the later Grenfell, the morning after Grenfell, we just assembled a task force to look at this very issue. And there were a few small issues, which have been sorted. There's one building left that is currently being -- the cabin is being -- this composite cabin is being taken off and changed. That's being paid for by insurance, actually. That's the only one we have.

Yes. And then final question from this questioner is, how many analysts are following the company? And is it only company-appointed brokers? So we currently have 3 covering analysts plus Capital Access Group who provides summary notes as well. And they are not all company-appointed brokers. So for example, Liberum writes on us, and they are not appointed by the company. Okay. Next question. If we were to look to rate of funding in the future, how would eventual shareholders are given a fair opportunity to participate alongside the institutional investors? Perhaps, I'll just answer that, Bill. So we have no plans to raise funds. Our balance sheet is very strong. As we've said, we've got cash position of an average cash of GBP 158 million at month end plus we've got GBP 44 million PFI portfolio of assets on the balance sheet. So we think that sets the company well and strongly for the future and for our plans. And actually, that also gives us the confidence to return capital through our dividend policy. So we are not expecting to require additional funding in the future. Of course, if that were to change, then we would absolutely make sure we did that on a fair basis. The next question, could you tell us what your average payment time is to suppliers and how this has changed over time? So -- and yes is the answer. So our average payment in the last 6 months was we paid 92% of our invoices within 60 days. Our average payment days were across our 2 -- we got 2 entities. It was just under 40 days across -- on average across the 2 companies. What's really important is our supply chain value has treated them fairly and paying when we said we would pay, and we're in the certainly upper quartile in terms of paying to terms. So that's setting the expectation and paying in line with that expectation. Those numbers I've just referenced have improved. So our average days to pay have reduced by 2 or 3 days over the last 6 months. And our percentage of invoices paid within 60 days improved by -- from 86% to 92%. So a really strong increase in the number of invoices being paid within 60 days, and we expect that to improve further during 2021. That's very important for us. We're spending a huge amount of time on improving our processes. So we will continue to make sure we pay the supply chain fairly and on time.

Bill, Andrew, I think that's pretty much most of, if not all of the questions that have been submitted investors during the call today. And thank you to everyone that has taken the time to submit questions, both ahead of the event and during the event. Obviously, we'll publish these questions. We'll transcribe them and make them available to investors, and you will receive an e-mail from us notifying you when they're ready. And perhaps, Bill, Andrew, I could just ask you for a few closing comments. I know investor feedback is important to you. And of course, we'll divert investors to give feedback after you have closed.

Thank you. I've enjoyed this session, and thank you to everybody for joining. I think it's been good. And the questions were good. So thanks very much and keep safe, everybody.

Thank you.

Thank you.

Thank you very much. Thank you. Thank you very much, indeed. Could I please ask investors not to close this session? You shall now be automatically redirected for the opportunity to provide feedback. If you accessed this meeting from our website, the feedback page will appear. But if you accessed this meeting via the link sent to you via e-mail, you'll simply be asked to log in to submit your feedback. If you could give the company your thoughts and your views and expectations, I'm sure they will be warmly received. On behalf of the management team of Galliford Try, I would like to thank you very much for attending today's presentation. That now concludes today's session.