NAHL Group Plc (NAH) Earnings Call Transcript & Summary

Good morning, and welcome to the NAHL Group plc Investor Presentation. [Operator Instructions] Before we begin, I'd like to submit the following poll, which I kindly ask you to submit your responses to. I'd now like to hand over to CEO, James Saralis. James, good morning.

Good morning, Jack. Thank you, and good morning, everyone. Yes, I'm James Saralis, I'm the CEO of NAHL Group, and I'd like to welcome you to our final results presentation, and this covers the financial year ending 31st of December 2025. We released our results on the 7th of May, and we're going to give you an overview of those results today and try to answer your questions. Sat next to me today is Chris Higham, the Group CFO, and we're going to walk you through a presentation, which should be on your screen and is also available on our website. That's at www.nahlgroupplc.co.uk. So we'll take you through the highlights for 2025. And for those of you who are new to the business, I'll give you a short introduction into who we are and what we do. I'll then hand over to Chris, who is going to present a financial review, including more detail on our strong growth in profitability and cash generation in the year. Then we'll go into the business review, and we'll dig into the results of each of our 2 trading divisions in more detail. And finally, we'll finish with an outlook. I'm sure there will be plenty of time at the end for questions. In fact, I can see that we've already got one question come through already, so if you do want to submit a question, you can do so at any time, and we'll try and answer as many as we can at the end. So without further ado, we'll get started and turn to the financial highlights. I'm really pleased to report a strong set of results for 2025 with a very significant growth in profits and cash generation and a further reduction in net debt. The group grew revenues by 3% to GBP 40 million, and we delivered a very strong 260% increase in underlying profit before tax to GBP 5 million, which included an exceptionally strong performance in our Consumer Legal Services division. Our free cash flow was up over 50% to GBP 3.9 million, and that was largely driven by growth in settlements in our law firm, and that meant that our net debt reduced by 55% to GBP 3.2 million at the end of the year, and that's a 10-year low in our debt. Now we will return to some of these numbers shortly, but I wanted to share some of the operational highlights from across the divisions too. In Consumer Legal Services, and this includes our Personal Injury business, the division increased revenues by 4% to -- sorry, GBP 23.8 million, and underlying operating profit, so they were up by 118% to GBP 4.4 million in what was a very strong performance. The group's fully integrated law firm National Accident Law, or NAL, as I'll refer to it as, had another good year, and there are clear signs of its growing maturity; 4,276 new inquiries were placed into NAL, that's slightly lower than the previous year as we sought to balance the working capital demands of the business, but we estimate these new inquiries will be worth GBP 5.8 million in future revenue and cash. NAL settled 3,197 claims in the year, and the average revenue per claim settled was actually higher than 2024. And these claims generated GBP 10.7 million of cash and settlements, that's up 26% year-on-year. And National Accident Helpline generated 13,389 inquiries in the year, and that really reflects the lower levels of demand from our panel of third-party law firms and also our prudent working capital management. Inquiry numbers were actually fairly consistent throughout the year and the cost of acquisition, so the CAC, or as we call it, the cost per inquiry or CPE, that remains broadly in line with historical norms. Turning to Critical Care then. 2025 was a somewhat challenging year for Bush & Co. due to the review that the Board conducted into the future ownership of the business, which understandably proved to be quite a distraction to the management team. Revenues increased by 2% to GBP 16.3 million, and importantly, 43% of these revenues were from recurring revenue sources linked to case management and care services. Profits were flat, but the business generated GBP [ 4.5 ] million of cash from operations. Within Bush & Co., expert witness services had another strong year, growing revenues by 9%, and Bush & Co. care solutions continues its strong growth trajectory with revenues up by 21%. And pleasingly, the new year 2026 has got off to a solid start, and the team are exploring several exciting initiatives to deliver meaningful growth over the medium term. So those are the highlights for 2025, and before I hand over to Chris to talk through some of those results in more detail, I thought I'd provide a brief recap of who we are and what we do for those of you who are new to our business. Well, NAHL is a leader in the U.K. consumer legal services and catastrophic injury markets. We help people who've had an accident or suffered medical negligence that wasn't their fault to get their lives back on track. And in our 30-plus year history, we've helped over a million customers access over GBP 1 billion in compensation by providing legal support and rehabilitation services. We provide services and products to individuals and businesses through our 2 divisions, which we call Consumer Legal Services and Critical Care. And in Consumer Legal Services, we're one of the U.K.'s leading providers of personal injury advice, services and support. We've got a really strong heritage in this market. In fact, we've helped more people injured in accidents in the U.K. than anyone else. And through our trusted brand, which includes National Accident Helpline, we guide accident victims through the steps of making a personal injury claim, we triage those claims and for those that we think have legal merit, we either process those claims ourselves in our own fully integrated law firm called National Accident Law, or we pass them to one of our panel of specialist third-party law firms or to our joint venture, which is called Law Together for processing. And distributing claims to our panel, well, that provides us with access to quick profit and cash flow with firms typically paying in 30 days. However, appetite for this service has declined over the past 10 years because of regulatory pressures on law firms and market consolidation as well, which ultimately led to us launching NAL in 2019. And if we process those claims ourselves in NAL, then we achieve much higher levels of profit, but with a much longer working capital cycle as these claims can take over 2 years on average to process. And the joint venture really helps us to balance those 2 extremes. Also in this division, we operate a small but very profitable property searches company called Searches UK. In our other division then, Critical Care, Bush & Co. is a market leader in expert witness reports, immediate needs assessments and case management rehabilitation services in the U.K., and this year, Bush & Co. celebrated its 40th year in the industry. We support children, young people and adults following a catastrophic injury or clinical negligence. And Bush & Co. deal with the most serious injuries, so these often lead to life-changing disabilities, including things like acquired brain injuries and spinal cord injuries, and claims in this part of the business, claims settlements usually go into the millions. We also launched an award-winning care proposition in 2021 that's growing rapidly and offer services for customers who directly employ nurses and carers generally after their claim has settled. So those are our 2 trading divisions, we also have a centralized shared services division, which provides strategic leadership, support with funding and governance. And over the years, we've built an inclusive and supportive culture with a strong focus on employee engagement, and that really helps us to recruit and retain top talent across the U.K. We're really proud to have been recognized externally for this culture, having been awarded the gold standard by Investors in People and included in the Best Small Companies list in recent years. So hopefully, that should give you a good overview of who we are and the progress that we've made so far this year. And I'll now hand over to Chris, who is going to take you through a review of our financial results.

Thanks, James. Okay. I'll start with the P&L. So we generated revenues of GBP 40 million in the year, and that was an increase of 3% over the prior year, and both divisions delivered top line growth. Consumer Label Services grew by 4% and Critical Care division grew by 2%. We saw a strong growth in underlying operating profit, which increased by GBP 3.4 million or 85% to GBP 7.3 million, and that growth was primarily delivered from the personal injury business, which generated an underlying operating profit of GBP 4 million, an increase of GBP 2.4 million on the prior year. The profit increase was driven by strong case processing performance in NAL, National Accident Law, our wholly owned law firm, alongside reduced marketing costs as we brought inquiry generation costs back in line with historical norms following what was a turbulent year in 2024. We also placed fewer inquiries into NAL during the year, which has a beneficial effect on the P&L in the short term, but does mean we have a smaller book of work that we're working going forward. I'll touch on that more in a future slide. Our residential property business, Searches UK generated profits of GBP 0.4 million, that was in line with 2024. And profits from Critical Care were GBP 4.8 million, that was a 1% reduction on 2024. The halted sale process for Bush & Co. undoubtedly had an impact on performance during the year, but the business finished the year strongly, and that's continued into Q1. We incurred exceptional costs of GBP 0.6 million relating to the halted sale process for Bush Co, but also includes some management restructuring. Shared services costs were in line with the prior year and other items fell by GBP 1 million to GBP 0.2 million. The key driver here was that there's no repeat of the GBP 0.8 million of amortization costs relating to intangibles, which were fully amortized in 2024. Noncontrolling interest related to our joint ventures were in line with the prior year at GBP 1.9 million and net interest debt levels continue to fall. This all resulted in an underlying operating profit before tax increasing by 260% to GBP 5 million with underlying EPS increasing from 2.5p to 8p. Moving on to cash, and we saw another strong year on cash generation. Cash generated from operations grew by 19% to GBP 8.1 million, and each business contributed to that performance. Personal injury business generated GBP 2.3 million of cash after payments made to LLP members, and this is a GBP 1.6 million increase on the previous year, and this was driven by the same reasons that drove the P&L performance. Although within this amount, the cash generated from claims settled in the year continued to climb, reaching GBP 10.7 million compared to the GBP 8.5 million we saw in 2024. Residential property generated GBP 0.4 million, in line with the operating cash -- in line with the operating profit figure, and Critical Care continues to generate good levels of cash, contributing GBP 4.5 million. This was a little lower than the operating profit, and this is driven by an increase in revenues from our expert witness product, which carries a longer working capital cycle. After exceptional costs, interest, tax and CapEx, the resulting free cash flow was GBP 3.9 million, and that was an increase of 51%. This further reduced net debt to GBP 3.2 million, down from the GBP 21 million peak we saw in December 2019, and that cash performance has continued post-year-end with a further GBP 1 million reduction to net debt down to GBP 3.2 million at the end of the first quarter. We do expect that to slow during the year as the volumes placed -- lower volumes placed into NAL over the past 2 years start to impact cash from settlements. We said it's been an encouraging start for the year. And then finally, we extend our banking facility with Virgin Money through to the end of 2027 in May this year and reduced the facility size down by GBP 8.5 million to save costs. I'll now pass it back to James, who's going to give some more color on the Consumer Legal Services division.

Thank you, Chris. So National Accident Law and its associated brands form an integrated high-volume, high-quality legal services ecosystem that converts inquiries through the cash on a proven scalable operating model, and we do this by focusing on leveraging our market-leading brands and by improving unit economics and by providing exceptional service to our customers through targeting market-leading levels of productivity. Now I'm not going to dig into everything on this page, but I just wanted to talk about on the left-hand side, we've developed a clear growth strategy built on 4 pillars, so firstly, we aim to generate high-quality work by leveraging our market-leading brands to build strong brand trust and demand. And National Accident Helpline is one of the sector's most trusted brands, so it's generating high numbers of quality inbound leads that can then be triaged in our call center in Kettering. And we'll explain a little bit more about that on a later page, but we also relaunched our Underdog brand last year that featured quite heavily on TV 10 years ago, and we now see that as a vehicle to increase our presence in social media in the future, and we're starting to work on that in 2026 and beyond. The second pillar is about growing value in NAL to increase profitability and sustainability of the model, and scale is really important to us because it helps us to offset the fixed cost of running a law firm, so things like compliance, premises, insurance, finance, et cetera. And at the end of 2025, and Chris will talk more about this later, NAL was processing over 7,000 personal injury claims, and we anticipate that they will generate future cash receipts of GBP 13 million. The third pillar is to deliver exceptional customer service, which drives customer advocacy and trust and then that creates a positive feedback loop back into our marketing. And both NAL and NAH are rated excellent on Trustpilot. Our customers say we've got a friendly, caring and empathetic staff that are there to support them when they feel vulnerable and need help, and that's something that we're incredibly proud of. And the final pillar is tech and productivity, and this is really important to drive profitability in a fixed cost environment. So we work hard to try and industrialize the processes to shorten the cycle times and apply things like data discipline, and in that way, we can treat claims almost like a managed portfolio rather than individual bespoke matters, and that really helps us to reduce risk and improves our ability to forecast and to convert cash. So in practice, what that means is we look at claims in cohorts, and we track their behavior and their outcomes, and that helps us to predict future performance. And Chris will talk a bit more about that on how we track cohort performance and the results we're seeing from that in a future slide. Now finally, when it comes to technology, it's probably worth adding that AI tools are now part of many of our teams daily workflows, whether that's in marketing for building creative assets or analyzing website performance or in IT for deploying code or building APIs for our websites or in legal, where we use AI for research and extracting files from customer e-mails, so this is an important part of our business now. It's an ongoing program of change across the business and development. And I'd say we are well placed for further AI developments in the future. So if we go on now to dig a bit deeper into a couple of the strategic pillars to drive value, we'll start with the first one, which is about generating high-quality work. And through our market-leading brands, including National Accident Helpline, the business generated 13,389 new inquiries in 2025, and an inquiry for us is a lead that we've generated, could be through our own website, could be through paid search or through one of our partners, and that's being triaged by our helpline call center, and we think that it meets our claim criteria and has legal merits. And then we have a choice to make whether to process it ourselves in NAL or place it in our panel or with our joint venture, as I mentioned earlier on. And the number of new inquiries that we generated in 2025 was lower than in previous years, and that's because we experienced a reduction in demand from the panel towards the end of 2024, and so we reduced our lead generation to compensate for that. And you can see from the chart on the top right that the number of inquiries generated was actually fairly consistent throughout 2025. The mix of accident types remained really strong. In fact, if anything, I think we improved the mix during the year. We saw a higher proportion of road traffic accidents or RTAs and more employees liability claims in the period as well, and that's good news for us because these claims are worth more and it demonstrates that we were more effective in targeting those accident types in our marketing campaigns. Another really important KPI that we obsess over is the cost per inquiry or CPE, I mentioned that earlier on. And you can see from the chart on the bottom right of the page that we saw a spike in CPE in 2024. In fact, it's a spike that -- to the level that we've never really experienced before. And that was following the introduction of AI overviews to Google Search and a much more competitive paid search environment. However, we've successfully managed CPE back down to historical trends, and we've held it there or within at least 10% of that level ever since. And that response, I talked about our response to that spike, that was really structured around 4 elements for us. So firstly, we invested in our internal marketing team, so we recruited a new marketing director who started with us in January 2025. We recruited a Head of CRO and SEO, and we strengthened our paid search team as well. Secondly, we developed a much more targeted approach to Google search, focusing on quality of leads rather than quantity, focusing on value rather than volume, and we've been working on developing our tracking of leads through to claims and successful claims so that we can understand the outcomes of those claims and then create a feedback loop to prioritize certain search criteria, and that seems to be working quite well for us. Third, we've been investing in organic search, and we've been rewriting the content across our websites and made it more relevant to the LLMs and AI that people are increasingly transitioning to search for answers for complex issues like personal injury. And finally, we've developed a number of new partnerships that should help us to reduce the risk of disruption and the concentration risk around Google search and the changes associated with that in the future. Now if we look further ahead, we've got some exciting plans for 2026 and beyond around how we become even more efficient in marketing, and they include developing an even deeper understanding of the return on advertising spend of different lead types and lead sources, improving our cost attribution so that we can optimize our marketing even further. We are replatforming our NAH website later in the year, and that's going to make us more agile in how we deploy changes to the site and also make the website more resilient. And then lastly, we are scaling our own brand channels, that includes developing new skills internally to leverage AI tools so that we can develop more creative assets in-house, and that should help us to further derisk paid search. So lots and lots of development and lots of innovation going on in this area, and we've learned quite a lot actually from the challenges of the past couple of years. So that's how we're generating inquiries. Turning then to how we distribute those inquiries. I mentioned lower demand from our panel. We also placed over 3,300 new inquiries into our joint venture law firm, Law Together, and Law Together had another really good year. It grew revenues by 18%, and we continue to place work here as it generates a higher return per inquiry than the panel, albeit it has a longer working capital cycle. And finally, we placed over 4,000 new inquiries into our own law firm, NAL, in the year. And on that note, I'll now hand over to Chris, who is going to provide an update on the second pillar of value creation in NAL, and that's the performance of the claims book in NAL.

Thanks, James. So some of you may be familiar with this slide already, and this essentially shows the evolution of the law firm since its inception in 2019. It's also one that demonstrates the investment thesis has been proven over the past 6 years that NAL has been in existence. For those who are less familiar, I'll just take a moment to explain what the chart is showing. So the orange bars on the chart, they represent the revenue and cash that we expect to generate from new cases added into NAL in a particular year when they settle -- when they ultimately settle. The pink colored bars that shows the amount of cash we collected from settled cases in the year that the cash came through. And the green bars show any adjustments we've made to our initial estimates on the value of the cases that we're processing. Finally, the purple bars, they show the expected future cash to come from open cases of the different balance sheet dates. So to take a particular example, if I move over to the far left-hand side of the chart, that's the 2019 cohort, so these are all the cases, inquiries that were placed into NAL in 2019, and we initially expected those to generate GBP 2.3 million in future revenue and cash as those cases ultimately settled. These cases can take a number of years to settle, but we did see GBP 0.2 million of cash collected from settled cases in that year. And that meant we closed out the year with an open book worth GBP 2.2 million in future cash. And that process repeats itself through the chart. And what you can see as that the chart kind of progresses and matures is that the cash cycle starts to catch up, and by 2023, we more or less reached maturity in the law firm and that the value of the new cases going in was matched -- almost matched by the level of cash that was being generated, so you can see GBP 6.6 million of new cases added in 2023 against GBP 6 million of cash being collected. Since 2023, the number of inquiries we placed into NAL has reduced as we prudently manage working capital to drive down our net debt. This has meant the amount of cash that's been generated from cases started in previous years has started to exceed the value of new claims being taken on. We have continued to see strong performance from the cases exceeding our expectations, and that's partly driven by damaging inflation, but also due to our processing tactics around litigation. And this has resulted in some material revaluations over the years, and 2025 was no exception where we positively revalued book by GBP 3.5 million. Despite this, what you can see in 2025 is that the value of the open claims book has still reduced from GBP 14.4 million at the end of 2024 to GBP 13 million in 2025 with a number of ongoing claims reducing from 8,473 down to 7,243, and we've seen that trend continue into Q1, where we generated GBP 2.7 million in cash settlements against GBP 1.7 million of expected value from the new cases that we've taken on in quarter 1. Since the law firm was started in 2019, we started new claims that will ultimately generate us around GBP 46 million in revenue and cash as they conclude, GBP 36 million of that has already been collected. And this slide just shows a different view for the life cycle of the cases on the individual cohorts themselves, so the top chart shows the new claims taken on in 2019. So this is the same example that I outlined on the previous slide, so in 2019, we put the inquiries into NAL that we expected to ultimately generate GBP 2.3 million in revenue and cash. The cases performed well and so far generated GBP 3.2 million cash from those cases that have closed and ultimately settled successfully. We still have a handful of claims ongoing, and we expect those to deliver a further GBP 0.1 million in value, so that means that this cohort has actually delivered us GBP 3.3 million across its life against the GBP 2.3 million we initially expected, resulting in a GBP 1 million positive revaluation. It's a similar story for 2020, new cases added were expected to generate GBP 3.8 million in future revenue and cash. And to date, this cohort has delivered us GBP 4.9 million in cash collected from settled claims. Again, we still have a number of claims ongoing there. We expect GBP 0.2 million of value to come through from them, and that ultimately has resulted in a GBP 1.3 million positive revaluation on this cohort as well. Just before I hand back to James, I think we're really pleased with the performance we've seen in NAL, particularly around the additional value we've been able to extract from cases as the law firm has matured and grown up over the past 6 years. A lot of that is driven by the litigation tactics that we've been able to employ in our operational processes. Despite that, I think we will see a slowdown in terms of the cash from settlements that we've been seeing over the coming periods, just with that lower case volumes that have been going into NAL, they start to catch up in terms of that working capital cycle. Back to you, James.

Great. Thank you, Chris. So let's turn our attention next to our other operating division, which we call Critical Care. And our award-winning Critical Care business, Bush & Co. is the brand leader in this market, but I think it's fair to say that 2025 was not a vintage year for Bush. The Board conducted a review into the ownership of the business, which concluded last summer and the work that was involved in this and the uncertainty, I suppose, that it created resulted in a degree of inevitable distraction for the management team. But that said, the business increased revenues in 2025 by 2% and operating profits were flat. The business also generated a very welcome GBP 4.5 million of cash from operations, as Chris said earlier on, and since the potential sale process ended, the business has seen a change in leadership, and it feels like the management team really has fresh impetus. We've seen performance improve, and the team has been developing some exciting new initiatives that should help us to accelerate growth over the next few years, and I hope to share more details about those with you in future updates. So within Bush & Co., our expert witness service is the largest provider of expert witness reports for the U.K. catastrophic and complex care sector, and we're really proud to work with over 200 highly experienced expert witnesses. Now this part of the business has been growing at an average of 15% per annum over the past few years. And in 2025, revenues and the numbers of reports issued, which drives revenues, both grew by a further 9%. We're now producing almost 1,500 reports a year, and they range from care and occupational therapy reports to speech and language therapy reports, and even reports into the feasibility of an act and victims accommodation at home. So a broad range of specialisms that we cover, and these reports generate revenues of GBP 8.5 million for Bush in 2025. Our pipeline of new work is also continuing to grow, and there's strong demand in this sector with the number of new instructions that we generated, increasing by 5% in 2025. And the level of expertise that our experts provide and the breadth of specialisms and the reports that they produce and the quality of the work that we generate, that all contributes to our extremely high levels of trust and customer advocacy with 97% of customers saying that they would instruct us again, and that's something that we're all very proud of. So if I turn to case management services, Bush generated GBP 6.9 million of revenue from these services in the year. That was 6% lower than last year as we experienced an increase in discharges from our book of ongoing cases and also a gradual decline over the last few years in the number of new instructions for INA reports. But our case managers conducted 424 INA assessments and produce reports in the year, and that's still a very, very high number. These are one-off pieces of work that we bill for, but a significant number of those go on then to convert to ongoing cases, which we can bill monthly recurring revenues for, so that's why that's important. The management team has taken several steps to address some of these challenges, which I talked a bit in more detail about last time we presented. And the most notable of these is the introduction of the Bush & Co. kids proposition, and this is essentially a tailored service for children from birth up to the age of 18. And this increased focus on children and young people is strategically important for us as a business because these clients typically have more complex injuries and they require more specialist support for longer, and that means that it results in higher levels of billing and longer case durations as well. So making sure that we can demonstrate that we have the very best expertise and we're able to support children and young people with these needs is really a priority for us. And pleasingly, it's been going very well, and we continue to focus in this area, and we'll continue to recruit more specialist case managers with the skills that we need to help grow this segment of the market. Again, whilst we're focused on developing these new initiatives and growing the proposition, the quality of our work and the relationships with our customers and clients is paramount to us, and we're really proud that 94% of our case management customers said that they would instruct us again. So finally, in Critical Care, Bush & Co. Care Solutions really continued its strong growth trajectory with revenues up 21% in the year to just under GBP 900,000. And in the 4 years since we launched this service, it's been growing at an average of 30% year-on-year, and I expect this to break through the GBP 1 million barrier for revenues in this business very, very soon. The number of ongoing care packages, which result in monthly recurring income, that increased by 13% in the year, and we're looking at options for how we can accelerate growth in this business over the next few years, including how we can provide more services to these customers who really value the work that the team do for them and these -- we service these customers over long periods of time, so I think that's something that the team are quite excited about, and I have to update you on that more as it develops over the next couple of years. So that's a quick overview of the results for 2025. If we turn to the outlook now. Well, we've been encouraged by the performance so far through the second half of the year, and I'm really pleased to say that the positive trading momentum has continued into 2026. The group has had a good first quarter, delivering in line with our expectations. What that means at group level, our revenues in Q1 were 3% ahead of the equivalent period last year, and the cash conversion that we delivered in 2025 continued into '26. Chris mentioned earlier on, we delivered GBP 1 million of free cash flow in Q1, that helped us to reduce net debt at 31st of March '26 to GBP 2.2 million, and remember, that's down from GBP 21 million just a few years ago, but it is worth emphasizing what Chris said. We obviously can't expect that to continue at those levels of cash generation for the rest of this year as NAL is working with a lower number of expected case settlements now because we started the year with fewer planes in the hopper, so that's kind of naturally what you'd expect, but we've had a good Q1 across the group. Looking at a divisional level, in Q1, National Accident Helpline generated just under 4,000 new inquiries in the quarter, that was 13% more than prior year, and the CPE was within that 10% tolerance of the historical norms, which we're happy about, so that's going very well as well. We placed 1,220 new inquiries into NAL, which is expected to generate GBP 1.7 million of future revenue and cash, and NAL continues to perform well on settlements with 851 claims settled in the period, that generated GBP 2.7 million of cash. And like I said, we kind of expect that to be managed down slightly as we prudently manage working capital. Turning to Critical Care. We've experienced an 8% increase in the number of expert witness reports issued in the first quarter, and we issued just over 100 INAs, which is about 6% lower than last year. But the real positive is the instruction numbers, they continue to be really strong. In fact, they've grown in the first quarter by 18% across all services compared to the previous quarter, so that really bodes well for 2026. Finally, the Board continues to explore the strategic options to accelerate value for shareholders. This is an extensive piece of work that is of the highest priority for us, and whilst I can't give a more substantive update today, we'll update the market as soon as it's appropriate to do so. So that brings the formal presentation to an end. I'd like to thank you all for joining Chris and I today for NAHL's final results for 2025. We've got time to take some questions. But for the moment, I'm going to hand back to Jack.

Brilliant. Thank you both for your presentation this morning. [Operator Instructions] For your reference, a recording of today's presentation will be available on the Investor Meet Company platform shortly after the meeting has ended. But for now, James, if I could just ask you to chair the Q&A and answer the questions where appropriate, and I'll pick up from you at the end.