Thank you everyone, and thank you for joining us this morning. Welcome to the investor presentation for the financial results for Autosports Group for the period H1 2026 financial year.

As the operator noted, I'm Nick Pagent, CEO of Autosports Group. Joining me today on the call is Aaron Murray, the CFO of Autosports Group.

This morning we'll commence with a short presentation on Autosports Group covering our first half FY 2026 financial highlights, our operational highlights and outlook for the balance of FY 2026. I'll then summarize our trading results for the first half of the 2026 financial year before handing over to Aaron for a deeper look into some of the important financial metrics driving Autosports Group's success, including our balanced revenue growth, our high gross margin model, the improvements to our net margins as our luxury business develops, our balance sheet, and cash flows.

Following that, I'll give you an update of on our progress against our consistent, successful, and accelerating luxury brand growth strategy. I'll focus on how Autosports Group has and will continue to outperform in growth terms in the most stable and lucrative part of the market.

We are clear with what where we want to grow, and we're clear with how we're going to unlock that growth. I'll also show how we've developed in the last 10 years since we listed on the ASX and how our improved business has established a strong platform for high-margin growth.

As we move through the presentation lodged this morning with the ASX and also with our own Autosports Group investor site, I will, where possible, note the relevant slide numbers for those following the pack. Starting with slide number 3, the H1 2026 financial highlights.

I'm pleased to report that Autosports Group has delivered a strong financial result for the first half of FY 2026. Revenues hit 1.519 billion versus the PCP.

Gross margins have improved to 19.1%. Our normalized profit before tax grew 75% to 35.3 million.

The statutory net profit after tax was up 107.6% to 21.7 million, allowing the directors to approve a 43% increase in our fully franked dividend to 5 cents per share on the interim dividend. Whilst our profit before tax was guided in our December AGM, it would be a mistake to underestimate the quality of this result.

Underpinned by strong revenue growth, margin development, and the high-quality acquisitions that we've that we've done during this period, the result was exceptional. In a marketplace that's in flux with new brands entering the market, new taxes being implemented, and high levels of inter-brand competition, the result is even stronger.

It's a testament not just to our disciplined strategy, but an indication that we're on the right path. If I move to slide number 4 to look at the Autosports Group strategy in the last few months.

Our dominance in the luxury segment is unique, and that dominance is driving us scalable growth. We have now grown to 87 new and new vehicle and motorcycle outlets, 75 of which sit within our core premium segment brands.

Our luxury-focused customer database is a huge advantage. With over 1.2 million customers inside the database, it helps us it's helped us generate in excess of 127,000 new vehicle leads in the in the calendar year 2025.

This advantage keeps growing as we develop our scale and size. The number, of course, up 12% is in line with our revenue growth.

Our scale and investments in customers over the years keeps improving our business. Our business is not just a new car sales business.

Our used car business, servicing, parts, and collision repair units all contribute to our revenues, and every revenue stream has improved in the first half of the 2026 financial year. Our core business is stronger and more resilient.

We take on more businesses and make them better. Since listing, the business has grown at a compound annual growth rate of 10%.

The parts and service divisions, the highest margin revenue streams of the business, have grown faster than that, at 16% compound annual growth rate as our business has matured. Our core luxury businesses perform better than the balance of our business and guide where we should be growing in the future.

Slide number 5, our growth momentum is driven by consolidating what is a fragmented marketplace. Quite simply, we do not acquire everything we're offered.

We're focused on our strategic template and disciplined in what we acquire. Our acquisition strategy delivers high returns and a low-risk acquisition profile.

Luxury brands in major markets, a portfolio with low risk of disruption, high gross margin potential, and the potential for synergies within our group. In the first half of the 2026 financial year we added businesses that represent the brands of Porsche, Mercedes-Benz, Audi, Land Rover, Volvo, Polestar, and Geely.

Focused businesses achieve results for Autosports Group. Slide number 6 to look at our 2000 the second half of 2026 financial year outlook.

We retain a positive outlook as we enter the second half of the year. The new vehicle market is forecast to grow modestly during the period.

The Autosports Group brand portfolio remains well positioned to navigate the New Vehicle Efficiency Standards and, more importantly, well positioned in terms of customer preferences. Our used vehicle, service, parts, and collision repair divisions are expected to continue their growth.

Last year's vehicle sales growth will of course support higher servicing demand this year. Our revenues will be supported further with the impact of our three first half 2026 financial year acquisitions: Porsche Centre Canberra, Mercedes-Benz Canberra, and of course the Barry Bourke dealerships, which include Audi, Jaguar Land Rover, Volvo, and Geely, which settled on the 29th of December.

We expect the development of our Mercedes-Benz business in Southport is on track and will contribute to FY 2027 earnings, and we expect to deliver further on-strategy acquisitions during the period. If I move now to slide number 8 to give a summary of the first half 2026 financial year results before passing on to Aaron.

As I noted in the opening, revenues were up 11% to $1.519 billion, but it was our disciplined trading that pleased me most. Revenue increases were balanced between organic growth of $44 million and acquisition and greenfields growth of $105 million.

Gross profit growth outpaced revenue growth at plus 15.6% on an improved revenue mix and inventory profile. Our operating expenses were well controlled, especially in the core business, with expense growth driven by variable expenses tied to gross profit generation.

Indeed, those expenses were good expenses to get higher growing profits inside the business. Interest costs were stable, even though the business continued to grow with the acquisitions that we saw.

Earnings per share grew at 107.4% versus the prior corresponding period, even though we issued some shares as part consideration for the purchase of the 10 Barry Bourke dealerships on the 29th of December. The dividend, as I mentioned, fully franked 5 cents per share as an interim dividend, and that was 42% up on the prior corresponding period.

If I move to slide number 9 and look through how this result was constructed, I'm pleased to say that each revenue division is on track. Every revenue stream is up: new vehicles was up 11% 9%, used vehicles up 11%, service revenues up 12%, parts revenues up 16%.

The high-margin service and parts was strongly up, driving our margins. Gross margin at 19.1% evidenced strong trading discipline during the period, and the profit before tax margins continued their development back towards our long-term averages.

The core business continues to outperform in the luxury brands. Pleasingly for the for the business, January has also continued on track.

New vehicle order write continued to be solid in January, up 13% on the prior corresponding period. Service and parts continued their trend up, 11% up on the prior corresponding period in revenue terms.

I'd now like to take the opportunity to hand over to Aaron so that he can go through the detail of our balanced revenue growth, gross margin development and sustainable luxury margins, our improvements in net margin, balance sheet, and cash flows. Aaron?

Thank you, Nick, and good morning to everybody who has joined us on the call. If you turn to slide 11, I will talk you through our FY 2026 revenue.

Historically, ASG has delivered consistent revenue growth through a balanced mix of organic expansion and acquisitions. In the first half of FY 2026, ASG achieved revenue growth of $149 million compared to PCP.

This growth was driven by $105 million of acquired revenue following the settlement of Porsche Canberra, Mercedes-Benz Canberra, and the Barry Bourke businesses. This was supported by $44 million of like-for-like growth.

ASG delivered organic like-for-like revenue growth across all income streams. New vehicle like-for-like revenue increased by 1.3%, used vehicles grew by 5.4%, and the higher-margin service and parts segments increased by 5% compared to PCP.

Looking ahead, ASG's second half FY 2026 revenue performance is expected to be supported by a full 6 months of trading from the three recent acquisitions. If you turn to slide 12, we'll look at our margin performance and cost discipline.

ASG's luxury-heavy platform continues to deliver consistently strong gross profit margins. This reflects the strength of our dominant market position and continued improvements in inventory depth and mix.

Importantly, we are seeing sustained growth in our high-margin aftersales departments. The aftersales department has seen a combined annual growth rate since listing of 16%.

That mix shift remains a key driver of margin resilience across the group. In calendar year 2025, ASG's overall gross profit margin has averaged 21% above the Deloitte dealership benchmarks, reinforcing the structural strength of the business and the quality of our earnings profile.

Turning to expenses, we remain highly disciplined in managing the cost base. Our semi-fixed and occupancy costs are stable to improving.

On a like-for-like basis, occupancy costs decreased by $868,000 or 13.6%. In other expenses, we reduced by $673,000 or 1.3%.

Like-for-like personnel expenses increased by $7.7 million or 7%. However, this increase is mainly due to higher commissions attached to the strong like-for-like gross profit increase of $18.9 million, up 7.5% on PCP.

Finally, we continue to focus on improving site utilization across the network, which presents further opportunities to optimize our footprint and to drive additional occupancy cost efficiencies. Overall, the combination of the structurally strong gross margins and disciplined cost management positions ASG to deliver sustainable earnings growth through the cycle.

Turning now to our net margins on slide 13. We are seeing a clear improvement with margins on track to return to our long-term averages.

PBT margins over the period have been influenced by movements in gross profit margins and finance costs. Total interest expense increased by $345,000.

However, on a like-for-like basis, interest costs were down $1.9 million. This reflects active debt management with the introduction of the syndicated debt facility improving our funding conditions.

Looking ahead, we see meaningful operating leverage across the business. New vehicle margins continue to improve as the market stabilizes and pricing discipline returns.

We also continue to see strong growth in our aftersales revenue, which provides structural margin resilience and underpins our earnings through the next cycle. Importantly, finance costs have stabilized in the period following 3 years of growth.

Our core luxury franchises are currently operating at 3.6% profit before tax margin, and we see further margin uplift opportunity from the H1 FY 2026 acquisitions as synergies are realized and performance is optimized. Overall, we see a clear pathway for PBT margins to normalize, supported by improving gross profit margins, stabilizing finance costs, and embedded operating leverage across the portfolio.

If you turn now to the balance sheet on slide 14. We finished the period with corporate debt of $298 million, supported by property assets on balance sheet at a written-down value of $232 million.

Importantly, the most recent independent valuations of the property have resulted in a further $31.8 million of property equity that is not recognized on the balance sheet. The movement in net debt from FY 2025 to H1 FY 2026 reflects acquisition activity.

This included the purchase of Porsche Canberra, Mercedes-Benz Canberra, Barry Bourke Motors, and the property at Nerang Street on the Gold Coast. These investments are on strategy, and they're aligned with our long-term growth objectives.

Importantly, our balance sheet is well positioned for future growth. The group had an undrawn syndicated debt facility of $27 million, providing capacity to support future growth opportunities.

Overall, our balance sheet remains well supported by tangible property assets, with flexibility to continue executing on our disciplined acquisition strategy. If we turn now to slide 15, we will look at our H1 cash flow.

ASG delivered operating cash flows of $22.4 million for the period, representing a cash conversion of 67%. While this is a solid outcome, cash conversion was impacted by the timing in working capital movements.

Our debtors increased by $21.4 million and inventory increased by $34.2 million, resulting in a total working capital impact of $55.6 million. These movements are purely timing related and do not reflect the future cash flow conversion of the company.

Looking ahead, the syndicated debt facility will continue to provide cash flow benefits of approximately $25 million per annum, further strengthening liquidity and funding flexibility. Our approach to ASG's capital management focuses on balancing growth and shareholder returns.

ASG prioritizes growth. This includes acquisitions, greenfields, and strategic property investments.

We remain committed to shareholder returns. We've declared an interim dividend of 5 cents per share fully franked, up 42.9% on PCP.

In the second half of FY 2026, we expect capital expenditure of $8 to $10 million, focused on improving retail and service facilities. These investments enhance site efficiency and support both margin expansion and customer experience.

With that, I will now hand back to Nick.

Thank you, Aaron. If I If I move along now to slide number 17 and just to give you an update on Autosports Group's Autosports Group's strategy.

Our clear, deliberate, and consistent strategy has been a strength of Autosports Group since it was founded 20 years ago. This strength will continue as we grow the business further into the future.

Our strategy is deliberate. It builds scale, resilience in terms of brand and market presence, and the unique position that is now difficult to disrupt.

It is the in the most simple terms, Autosports Group's strategy is to represent the world's greatest luxury automotive brands in the best metropolitan markets. The way we make ourselves attractive to these brands is simple, but difficult to replicate.

We make ourselves the highest market share, the lowest cost, the most reliable distribution source for both our OEM partners, but also the best place for our customers to buy from. We understand the luxury brands.

We do it their way. We're consistent, reliable, and low risk.

We look after the customers, and as I've noted earlier, we have a unique offering in terms of scale, in customer management, staff development, luxury know-how, and financial capability. If we move to slide number 18, this shows how this strategy has worked for us.

Since listing, the automotive market has been relatively stable, but Autosports Group has grown at a compound average growth rate of 10%. As we grow, do our opportunities, does our capacity to grow, but also so does the value that we provide to our OEM partners and to our customers.

Slide number 19 shows where we intend to grow and where we have grown. This slide shows our premium brand focus.

Of our 87 dealerships, 75 of them sit within this template. We look here for premium brands with strong product lines, brands which have the right mix for the New Vehicle Energy Scheme, brands which appeal to premium customers.

We earn the right with these brands to represent them in multiple sites. That gives us a deep understanding of each of the brands, and we make sure that we take time to understand each brand's separate DNA.

We ensure that we deliver quality representation in metropolitan markets, markets and distribution outlets for these brands, and we deliver quality outcomes for them. Slide 20 shows the outcome of the unique luxury platform that we've set up over the last 10 years, a platform that is set well for future growth.

On the on on the left-hand side of the slide, we can see the brand development since we listed in 2016. What we've have is a brand portfolio that is stronger, a brand portfolio that is more resilient, but a brand portfolio that is firmly focused in luxury brands.

It's more diverse, it's more concentrated in the high margin segments of the market. It's exactly where we want to be, and the right brand development over the last 10 years.

This year, we entered the brand of Porsche for the first time, expanding our luxury template. We entered the brand of Zeekr for the first time, expanding our luxury template, but again, in the right areas.

Our geographic footprint, too, in the middle of the page has expanded, but we've maintained our strategic objective to be in the major cities, in major long-term markets. Again, this strategy has been about getting higher resilience, deeper opportunities on being in the right long-term markets for luxury customers.

Finally, as our business has matured, our gross profit mix has shifted. From 2016 to 2025 calendar year, the mix between our gross profit generation between the front end of our business, the new and used car sales areas, and the back end of our business, the service and parts areas, has moved.

We now sit with 45% of our gross profit coming from service and parts. This is they're more maintainable, they're a higher margin.

As you'll hear as you'll hear over the next couple of days, service absorption is the guide to long-term resilience and long-term profit. These developments have made the platform for our growth stronger, they've made our profit more resilient, and they've made our growth path more diverse.

If I move to slide number 21 and look at one of the other areas that we've developed very well over the last 5 years, our property strategy continues to be focused. It continues to drive strength for the business and flexibility, as Aaron noted earlier in his presentation.

The market value of the Autosports Group property portfolio now sits at just on $264 million. During the period, we've acquired the site in Nerang Street at Southport for $17 million, which will be a incredibly strong Mercedes-Benz business when we complete it over the next 18 months.

We've also entered an agreement to take on a purchase in Canberra at Melrose Drive, where we will consolidate our Mercedes-Benz and Porsche businesses in Canberra. If I move to now through to slide number 23 to to reconfirm the growth pipeline that we have.

Over the last 2 to 3 years, we've confirmed we've kept confirming a growth target by acquisition of $250 million. It is likely in the 2026 financial year that we will exceed that target and that we will add further acquisitions through the course of this year.

However, we reaffirm the long-term commitment to go and to $250 million a year in acquisitions. We acquire obviously by consolidating our core brands.

Through since listing, we've added 53 different dealership sites across and opened 17 greenfield sites. This has given us huge scale.

Through the 26 and 27 financial years, we've added the Porsche Centre Canberra business, the Canberra Mercedes-Benz business, we're developing the greenfield site Southport Mercedes-Benz, we've taken on Geely at at Leichhardt, we've taken on Volvo on the Gold Coast, we've taken on Polestar as well on the Gold Coast, and we've taken on the 10 businesses at the Barry Bourke Motor Group. As I turn to slide number 24, just to just to reconfirm the the details of the Barry Bourke Motors acquisition.

The business is a meaningful growth in with key Autosports Group partners. The deal was $29 million in goodwill.

It was 50/50 with scrip issued at $4.50 per share, which utilized our strength as a listed company in providing us further funding options. The business is anticipated to have revenues around $200 million per annum and is expected to be immediately accretive.

The key underlying strengths for us in this acquisition were the acquisition of an established business to line up in the Melbourne market area, Berwick next to South Yarra in the spine of Melbourne Volvo dealerships. It's given us an extra Geely site.

It's given us our fourth Jaguar Land Rover dealership, which allows us to line up Berwick, Brighton, and Doncaster through the centre of Melbourne. It gives us our first Audi dealership in Melbourne so that we have Audi representation down the whole east coast of Australia.

It allows us for further optimization, and there continues to be a full brand review underway inside that business to make sure that we get the right profit margins through that business as we develop it. If I move now to slide 23 just to 26 to reconfirm the enhanced platform that Autosports Group has set up for the future.

We have luxury brands which deliver high gross margin potential with fewer competitors. The luxury focus drives superior database depth, customer acquisition costs, and staff development.

The prime locations secure Autosports Group access to growth corridors and a resilient cost base. Our track record of excellence drives M&A opportunities, it drives brand approval, and supercharges the growth outcomes.

Autosports Group is fully positioned to deliver high growth, high margin, a dominant market position, and scalable scalable growth. If I reaffirm the the FY 2026 second half outlook before I open the call up to questions, the new vehicle demand is expected to be stable through the second half of the year.

We expect Autosports Group's brand portfolio to remain well positioned in terms of the New Vehicle Energy Scheme and consumer preferences. Service, parts, used cars, we can we expect to continue to be strong.

Full year cycling of our our acquisitions will boost our revenues through the period. In 2027, we'll add the Southport Mercedes-Benz business and other on-strategy accretive acquisitions through the period.

I'll now open the call up to any questions that anyone might have.

Morning Nick and Aaron, can you hear me okay?

Yes Tim, yes.

Just the first one, obviously very strong gross margin outcome and apologies if you covered a bit of this detail on the call, but can we just talk about the moving parts there? It looks like you've probably written better quality revenue on the new car side of the business, hence that uplift, but also what's contributed from the back-end side of the business to driving that gross margin outcome, and how do we think about that through the second half now?

Yeah. Firstly, you're roughly right.

We've been sensible in the new car business that we've written during the period. Our inventory mix has improved during the period, which has allowed our gross profit.

We haven't stretched our revenue to go and write sub-par business in new vehicles. I'm pleased with that.

On the way, it means the revenue that we've got is sustainable and in good shape. You're right, the back end of the business grew well during the period.

That supported margins and will continue to support margins through the next year to two. Seasonally, Tim, there's a slight drop in gross margin in the second half of the year because there's more new car sales in the second half of the year, and that seasonality normally works about 47% first half of the year, 53% in the second half of the year.

There's generally in our history a slight drop in gross margins in the second half of the year, but that's just a mix change during the period, Tim.

Understood. Thanks.

If we look at sort of the first half period from again from a new vehicles sales point of view and the luxury market has been doing quite well relative to the broader market in recent months, if we kind of look at that organic growth rate you did in the first half, what are you kind of hearing from key European OEMs around demand and also supply in the second half when we think about luxury potentially continuing to outperform the broader market?

Yeah. I've been a little bit cautious in my outlook statement.

The luxury OEMs would like to have slightly higher growth than I've indicated on the way through there. I'm not concerned about that or worried about that.

I actually think that that's the first point that I'd make. The second point that I'd make at the moment is I actually think there's less involved in the disruption coming in from new brands on the way through.

I think the luxury segment is likely to grow. I think there are some new brands coming into the market from the Chinese side, brands like Zeekr, which we've got and is doing well for us, which will also do well.

I don't think they're going to take away from the core luxury brands that we have. I'm pretty happy about the position that the luxury market's going to have in the next 6 months and beyond, Tim.

The second half of this calendar year, the three big to our business all have very strong product portfolios coming out, and the first half of 2027 looks very positive for the business.

Great. Sorry, I might just squeeze one more quick one in.

I think going back to the August result last year, looking at what you'd completed in M&A and then the greenfield growth opportunity within the business, I think you kind of framed it as a conservative 10-plus percent EPS growth from that side of the business through FY 2026. Zeekr volumes look like they've been pretty good as have Polestar, etc.

Maybe can you give us a rough idea of how those are tracking relative to your expectations of 10-plus percent EPS growth?

Tim, it's the acquisitions are tracking well. They're all tracking on expectations.

We're moving if I if I look at them individually, Porsche's Porsche started well for us. We had transitioned through a couple of the the volume brands on that site.

We've we've pruned the portfolio in those in those businesses to make it correct in the margin profile on the way through. The Mercedes Canberra business has probably started ahead of expectations for us.

The Barry Bourke business settled maybe 2 to 3 weeks later than I had initially anticipated on the 27th on the 29th of December. We've been happy with the order write through the month of from the month of January through there.

I think the initial the initial guidance that we've given you on that EPS accretion is well in line and we're confident that we'll hit it.

Wonderful. Thanks for taking the questions and congrats on the result.

Thank you.

Hi guys, just thinking about your comments in terms of the outlook. Nick, maybe can you talk a little bit about how the luxury brands tend to perform relative to the volume segments against the backdrop of potentially increasing interest rates in the next 12 months ahead, please?

Yes. There's no doubt that interest rates if they rise at an elevated level impacts the luxury market in terms of affordability of cars in terms of repayments.

One or two interest rate changes are unlikely to go and change that. The things that the luxury brands have in terms of flexibility in terms of ability to combat interest rates include the fact that the three luxury main brands, particularly German ones, have their own OEM-based finance companies, which allow them to be flexible on the rates they provide the marketplace, and provides some capacity to absorb interest rate increases.

Over the course of the last 4 to 5 4 to 4 to 5 cycles, the luxury market has moved up and down with the overall marketplace. What I think though, rather than an interest rates at the 12 months coming up, I'm looking at the flux within the marketplace.

The huge entrants coming in from volume Chinese brands, the brands within the traditional marketplace. I'm looking at a market which is flat, but there's huge flux going on.

Within that, Tim, I'm really happy to be in the luxury segment where I think the brands are more resilient and I think they'll be more consistent over the next period. I think that's played out already in the first 6 months of the year, and I think it's going to play out certainly in the second half and through 2027 as well.

Excellent. That's great.

Thanks for the color.

Morning Nick and Aaron, thanks very much for your time. Can I start by asking you about the order book and the sort of the trajectory on new vehicle revenue?

When you touched on it earlier, Nick, around sort of taking a pretty disciplined approach to the mix of new vehicle sales and that's reflected in that like-for-like revenue growth at 1% for the period, but just some extra color in that second half '25 period, you probably had to start to cycle some stronger order write as that period progressed. How you feeling around order write, the order book today and converting that to revenue as this full second half period evolves?

There's a couple of things in that, James, and thank you for the question. The first thing is you're right, we're starting to cycle better comp data, and we started to cycle that probably from about November last year.

That's why I'm actually quite pleased with the January outcome at 13% up in order write. We were cycling better numbers this time last year, and for us to be up has really really made me feel quite confident about the order write outcomes.

For me, what I'm looking for in the second half of the year is small growth in organic order write, but what I continue to go and look for within that order write is an improved mix of the sales and an improved new car growth opportunity coming from that. What we're seeing as we enter this year is a stock profile that is better than this time last year.

That means that the revenue that we're going to generate has an opportunity to be done at a more sensible trading outcome. That is one of the things that I'm really happy about, and that's one of the reasons in my summary at the start, I talked about each revenue stream being on track.

That's what I mean by it being on track. We enter the year with a very clean business.

That makes sense. It's been helpful sort of listening to yours and Aaron's comments around where the PBT margin is now also within the mix of some of the dealerships you represent the core luxury.

How it's positioned relative to historical norm. When you apply the same lens to the gross profit margin, there's obviously been some pretty significant structural changes in the way that presents in terms of the influence of agency and the impressive growth that ASG has achieved on back-end operations, and the mix difference that creates.

When you look at the gross margin in aggregate for Autosports Group today at that 19.1, where do you see it relative to a sort of a target level through the same lens that you've got a PBT at 2.3 versus 3? If you could sort of give some comments on the gross margin equivalent of that?

James, I'm actually pretty happy with the gross margin that we generated in the first half of the year. I think 19.1% is quite strong.

I think I indicated to Tim Piper earlier with the revenue mix drifting a little bit to new cars, we could even dip a little bit in the second half of the year, not very much, but just a little bit, and that would be on revenue mix through the period. As we move forward the next couple of years, that range somewhere between that 19.5 and 18.5 is a zone that we think that we can go and maintain the business at.

As we get more agency volume in, which might pick up just a little bit, James, but I've got to go and do some work on it before I can give you a stronger indication.

Given you had those acquisitions settle pre-December 31, when you look at the inventory position for the group as at 31 December, is it a bit heavy or is it just right?

It's pretty good, James. The like-for-like inventory was up about 1% during the period, and we were up 11% in revenue, 9% in new car revenue.

Stock depth in the business actually reduced during the period. The actual depth of stock is in a pretty good position.

As I said earlier, I'm more happy with the mix of stock than I am the depth of stock. I think second half of the year we're going to continue to look at the depth of the stock, but the mix is the key issue, and the mix is what's generating the improved gross profits.

Yep, understood. Thanks for your time.

Thanks, James.

Hi guys, can you hear me okay?

Yes Sarah.

Perfect. Very strong new order write of 13% in January.

Just curious how much of that was driven by the acquisitions in the period just so we can get an idea of I guess the like-for-like base versus the market?

My sense, Sarah, is and I don't have the exact number in front of me, but 9% out of acquisition-led order write growth and 4% out of like-for-like growth.

Gotcha, okay. Is it fair to assume that that trend has kind of continued in February to date from an order write perspective?

I've got 2 weeks of data through February, the trend's continuing in the same manner. Again, to make the point, at that level, I'm very, very comfortable.

Awesome, okay. Then on GP margins, I know we've kind of discussed it a little bit, but kind of the mix and how that changes over the second half, but just curious, based on your comment before about how some of the luxury OEMs are expecting a little bit stronger growth, based on the level of demand that you're seeing, how comfortable are you with the amount of stock coming in and the mix as well?

Comfortable with the stock coming in. Where they're looking for growth is in new models coming through.

Those new models are easier for us to sell and are able to be sold at a higher margin on the way through. The risk for us is when they push through old models at higher volume, and that's not what I'm seeing.

What I'm seeing is ambitious plans with really well-specced cars. I'm seeing some of these brands' pricing strategy look very, very strong in the next period.

There's opportunity, actually, I think, Sarah, for the luxury market to increase in the share of its total market. I know that there's some other brands coming into the market.

I think they'll be successful, and I think the luxury market could be gaining share.

Awesome, thank you for that. Look, on the greenfields, how do you think about further opportunities there based on kind of your existing footprint?

I continue to be interested in brand expanding within the Geely holdings group, particularly if I can use our existing template. I think that's nice adjacent growth with us.

It's one of our key partners. I'd like to continue doing more of that.

When I'm looking at greenfields growth, Sarah, what I'm looking for is businesses that can generate gross margins which are in line, I'm not looking to move outside my hitting zone. I'm not looking to go and find new entrants into the market in the volume segments.

That's not my goal, and I won't be stepping outside my lane.

Great, thanks very much.

Everyone, for the time to come and listen to us today, I know that today is a very busy time in the market. I thank the shareholders that are on the line for their continued trust in their investment in the company.

I'd also like to just before I leave take the opportunity to thank my team across the business for delivering such a tremendous result. To deliver a result that's 75% up on the prior corresponding period is outstanding.

I thank them all for their contribution and the way they've looked after their brands and customers during the time. I also would like to thank our OEM brand partners for their support over the last 12 months, and look forward to delivering more for them in the next 12 months.

Thank you very much.