Good morning all, and thank you very much for joining this presentation this morning. Our format today will follow the agenda that was shown on this page here.

I'm going to cover off the headlines, an update on our business progress, including the latest on market data, and then Mark will take you through a more detailed look at our financials, before I summarize our outlook, and of course we then, as we said, as Andy said, we move on to questions. Moving on to the headlines header here, before I perhaps move on to the detailed slides, I would like to comment that the last 12 months has been hugely positive for the future of the group, with a successful first go-live on our major SAP IT systems roll out, and all the work we've completed leading up to the recent two growth announcements.

The impact on our full year earnings from the rapid inflation that we saw in quarter four as a result of the Middle East crisis has perhaps slightly taken off the shine taken the shine off a year of really strong strategic delivery. I can only compliment and be super proud of the entire McBride team, which has continued to perform exceptionally well, delivering on our mid-term ambitions, whilst also coping with all that's been thrown at them in what is a very volatile world at this moment.

As you will hear through the presentation, the McBride offer continues to be compelling for retailers and for consumers, and our size, scale, and capabilities increasingly catching the attention of branded businesses who wish to step away from manufacturing and variabilize the cost of their supply chains. On to the main headlines.

Overall, the group has reported a resilient set of financial results against the backdrop of very difficult and uncertain trading in the latter part of the second six months. Without the fourth quarter profit hit as a result of the timing lag between price pricing recovery from customers and the impact of raw material cost rises, the business was on track to report a third consecutive full year of profitability in line with our strategic ambitions.

The group responded well to the significant inflation shock that emerged immediately following the start of the crisis in March. Using learnings from the inflationary period 4 years ago, the group was rapid in its response, both of estimating forward costs, but also tactics and techniques to best interact with our customers, explaining the need for price rises.

At the interims in February, we indicated some positive momentum on volumes as a result of contract wins across most of our divisions. As a result of the inevitable difficult conversations with customers around price rises, we saw delays and slowdowns in the rate of these new product launches.

Subject to progress on of ongoing price conversations, however, we would expect most of those should start up in this next first half year of of the new financial year. As you will see shortly, the latest market data indicates private label penetration in household products continuing to progress, reaching all-time highs for the 12 months to June 2026.

In the early months of the new financial year, while probably still a bit early to call, we do see certain signals of further private label push from a number of retailers given expected inflation pressures for consumers. A lot has happened since the financial year closed in June, with the group starting to deliver on its strategic intent to expand the group's footprint through inorganic growth.

We completed the previously announced acquisition of the specialist tableting business, Eurotab, on the 1st of July, and in August, we announced the transformative arrangement with Vestecy, which will see the will see material contract manufacturing growth for the group. At the interims, we outlined our balanced approach to capital allocation.

We have in this last financial year allocated £18 million on a variety of benefits to shareholders, covering dividends, share buybacks, and share purchases to prevent future dilution. The combination of this considered approach, resilient financials, and the two growth projects recently announced has seen the share price rise over 60% since this time last year.

I'm now going to move on to an update on our strategic progress, some more detail on the recently announced growth projects, as well as divisional performance updates. Our 2024 capital markets day clearly set out a series of headlines for the group.

I'm pleased to report good progress against all of these targets in the second year second full year post the capital markets day. In terms of growth, whilst the past year was slightly behind the target, overall our compound growth rate over the last 3 years is over 3% and ahead of our target.

Profitability levels slipped in quarter four, as I mentioned already, and as a result, our 2026 EBITDA margins ended lower than our ambition, but we remain committed to the 10% target. The transformation program and the recent deals announced will help on this journey.

Debt levels are in good shape, and that's after deploying £18 million in shareholder returns. We will see this debt ratio rise a little in the next year as a result of the acquisition and the Vestecy agreement.

ROCE has slipped slightly, mostly as a result of higher investment returns sorry, higher investment levels, but remains nicely ahead of our mid-term targets. As you will hear later, our transformation agenda continues to make progress, with over £10 million of additional benefits this past year, and on track for the cumulative £50 million by the end of FY 2028.

The business and the board are super focused on delivering the strategic ambitions for McBride and its shareholders and stakeholders, and we remain confident in our strategic direction to deliver on these targets in the mid term. I'm going to move on now to talk about the first of our two recently announced growth projects.

We informed the market about the proposed acquisition of the Eurotab group back in April, and it was pleasing that the transaction completed just after the year-end on the 1st of July. The Eurotab group comprises three well-invested manufacturing locations, two of which are in France and the third is in Turkey.

The product ranges are all hard tablet formats, covering three categories. The biggest volumes are in auto-dishwash tablets, very similar to the ranges that McBride supply already, with the other two categories new ones for the group, namely disinfection tablets, which such as bleach bleach tablets, and the other is humidity absorption blocks.

It is expected that Eurotab will add circa €65 million of top line to McBride this last this current financial year. Net consideration finished a little lower than we originally expected at €32.8 million, with a multiple on acquisition of 4.6 times and is forecast to fall to 3.1 times post-synergies.

The acquisition presents a series of strategic advantages. First, it provides additional auto-dishwash tablet capacity, especially in the all-in-one category, providing the unit dosing division with opportunity to load-balance its output from its existing two factories, optimizing product costs as well as service reliability.

Extending our market reach into Turkey is an exciting prospect, with good good relationships at Eurotab Turkey with a large with a number of the large major retailers in the Turkish market. In addition, the two new categories will provide opportunity for growth using our extensive network of customers and geographies.

There are strong synergy opportunities, such as raw material buying, production efficiencies, including from some from investment-backed automation, alongside overhead simplification. We expect this to be accretive to earnings per share and profitability from day one, with opportunity through synergies and optimization to support the group's ambition to raise overall margins towards the 10% EBITDA level.

Moving on to the second recent announcement concerns a new long-term agreement with Vestecy. For those of you that don't know, Vestecy is the new name for the former essential homes business of Reckitt Benckiser, which was divested in 2025.

Our agreement, which is for between 5 and 8 years, will see the majority of Vestecy's European production in the hands of McBride. Our compelling proposition was centered on the range of geographic locations in the McBride manufacturing network, our scale and quality of operations, alongside the raft of services that McBride can provide to Vestecy in the future, such as product development, distribution, and purchasing.

This deal will at maturity grow our revenues by an estimated £170 million by the second half of financial year 2028 and will take the group's ratio of contract manufacturing beyond the 25% strategic ambition we outlined in our 2024 capital markets day. The agreement requires McBride to produce a material increase in volumes, some 180 million units per year, requiring a significant level of capital expenditure, the majority of which is being funded by Vestecy, with McBride spending approximately £17 million over the next 3 years to cover project costs, separation and integration, and some limited amount of capital.

As part of this deal, McBride sorry, as part of this deal, McBride will acquire two former Reckitt, now Vestecy, factories for a nominal consideration, expanding our footprint on the Iberian Peninsula with the addition of a site at Granollers near Barcelona and Porto Alto in Portugal. This transformational agreement is a is a further proof point of McBride's world-class capability, with the significant scale of our operations bringing value to major brand owners.

I'm going to move on now to the market situation overall and the progress of private label within this market. Our latest market data analysis, which as a reminder only covers the top five economies of Europe, but for which we use as a proxy for the total market, shows further progress in private label share.

In the year, the total market was actually flat, with private label outperforming brands yet again and raising private label share in volume terms by 1 percentage point to 36.7% at June 2026. Interestingly, across the last three sorry, interestingly, across the last 3 years, the total market has grown around 3.3%, in line with our long-term assumptions, but in that time, brands have been flat, with private label driving all the market growth and private label share rising 2.5 percentage points to the 36.7% share I just mentioned.

Across the countries, we see France, Germany, and Spain maintaining consistent private label growth year-over-year, and the UK, after a dip in '24 and 2025, recovering this last year, with private label share back to where it was in 2023. In category terms, we see all categories gaining in private label over the past 12 months, and with the exception of dish, branded volumes down between 1% and 2%.

Over the past 3 years, market share for private label has grown most strongly in dish, which is now up to 44.6% by volume share, some 3 percentage points higher than 3 years ago. Digging deeper into the data at customer level, we see quite some varied performances.

Our biggest customer, which is Aldi, has only seen moderate volume growth over the past 3 years, and in fact for us lower volumes last year. On the other hand, Lidl, a smaller customer for McBride, has seen growth over the past 3 years of 20%.

Hence, overall, the outlook for the market seems favorable, and our estimates over the last 3 years have played out in total, albeit at a customer level with some varied performance. I mentioned earlier it is still too early probably to call, however, there are some signals of private label focus from a number of retailers across many markets in light of the continued consumer inflation pressure.

I'm now going to move on just to discuss briefly each of the divisions. First I will talk about our liquids business, which is our biggest division with over 55% of the group sales.

It has not been an easy year for the liquids division as a result of an active competitive landscape with margin pressures throughout the first half year from a significant level of customer tenders. Additionally, of course, margins were under further strain with the inflation surge for raw materials, packaging, and freight in the fourth quarter.

The impact of this recent inflation is most impactful for us in this division. Volumes were slightly down in the year, mostly actually from some of our own-branded products, which have been weaker than we expected, with private label and contract manufacturing volumes broadly flat.

Like all other divisions, intense discussions with customers in Q4 concerning price rises led to stopped shipments and and new launches being delayed, impacting sales volumes in the last 2 months. That being said, the business has a good win-loss ratio in tender activity, and we expect launches to support growth in the new financial year.

The division has continued of course to be active with its operational focus, both in terms of productivity, smart capital expenditures supporting efficiencies, new product formats, and sustainability, and operational discipline. It's particularly pleasing to report an excellent safety and performance improvement, with accident levels over 50% lower in the factories.

The post-year-end announcement of the partnership agreement with Vestecy will benefit primarily the liquids division, with with 90% or so of the volumes awarded in liquid formats. This will drive significant growth for the division and over €40 million of investment in capacity scheduled across its plants across the next 2 years, including the newly acquired sites in Spain and Portugal.

For our unit dosing division, overall volumes for the business were down over 2%, despite actually growth in private label in line with the wider market. Contract volumes in particular were weak across a range of different customers and countries.

Profitability picked up and improved year-over-year as a result of strong discipline around its costs, improved factory performances, and an improved mix. Our new soft pod for auto-dish has launched well in the last 12 months, and we've continued to allocate capital to increase capacity in this growing category.

Like all the businesses in the group, the Middle East crisis drove inflation for the unit dosing division, with prompt action on pricing recovery against the backdrop of the usual competitive tension, but especially in the capsules market where currently there's excess levels of capacity. As I mentioned earlier, we have now completed the Eurotab acquisition, which is an entirely unit dosing business, and the division is busy with its integration activities.

This acquisition brings a step up in scale for the division, adding around 25% more revenues, and once synergies land, we should see growing profitability levels enhancing the overall unit dosing performance. The powders division recorded good volume growth, primarily in the second half year on the back of new business wins and good run rate volumes, especially in Germany.

Against the market backdrop of declining volumes in the branded space, private label volumes have remained have remained resilient, with the value-for-money proposition resonating well with consumers. 40% of this business of the division's revenues are actually from contract manufacturing, which is relatively flat through the year with with effort and focus on format changes and new formulations ready for the new financial year.

Our profitability in this division did reduce slightly in the year, mostly as a result of the weak first half and the momentum into the second half looking good and strong. Moving on to our two smaller divisions, and first the aerosols business, which had a fantastic year with really strong volume growth, 13% up in private label and just over 10% in contract manufacturing.

The business exited the year with volumes on an annual basis in excess of 100 million cans target that we set the business 2 years ago and some 50% up on where it was 3 years ago. This was supported by significant investment in capacity, which completed during the year.

Run rates in the early part of the new year are now in excess of the 100 million cans, and we look to see the business now stabilize and drive profit margin ratio improvement in the coming years. The Asia business saw good growth in its top line in value terms, albeit in volume terms, it has reported lower volumes, mainly as a result of distorting volume measure in the Vietnam business, with underlying growth closer to 5%.

Excuse me. This was driven by a strong performance in Australia, including the launch of our first household ranges manufactured in Malaysia, and stronger demand from local customers in the Malaysian market.

The business continues to be active to drive further growth from its excellent platform at the Kuala at the Kuala Lumpur facility, supported by recent international quality accreditations. That concludes my overall business progress update.

I'm now going to hand over to Mark, who will show how this all this manifests in our financials.

Thank you, Chris, and good morning, everyone. I'm pleased that yesterday we reported a resilient set of results for the financial year ended 30th of June 2026.

Let's have a look at the financial highlights. Looking at the financial year at a headline level, I'll come on to more detail in subsequent slides, revenues are up £7.7 million or 0.8%.

However, on a constant currency basis, they reduced £17.3 million or 1.8%. As a business, we continue to closely analyze forward-looking raw material and packaging trends, adjusting sales margins as appropriate.

However, the impacts of the Middle East crisis were felt in the final quarter of the financial year, meaning that adjusted operating profit at £59 million was £7.1 million less than last year. Earnings per share showed a slight reduction year-on-year of 0.5 pence per share, driven by an earnings reduction of 1.2 pence per share and offset by the normalization of taxation rates and forex.

As Chris says, we have delivered some £18 million of shareholder returns in the year, an increase of £15.6 million year-on-year. Over the last 4 years, we've progressively strengthened our balance sheet through cash generation and debt reduction.

This has given the business a great platform for the recent business investments we have seen. For 2026, we had a modest increase in net debt, mainly driven by the timing of certain creditor payments right at the end of the year, which accounted for £9.9 million of the increase, the rest predominantly being as a result of the shareholder returns that I've just mentioned.

I now need to touch on the external market dynamics and volatility. We all find ourselves in a very difficult situation as a result of the Middle East crisis, and indeed inflation accelerated in the final quarter of the financial year.

I think we have all personally been impacted to some degree, the most visible indicator being the fuel prices, which today have reached record levels. In McBride's case, and to add a little context, we experienced an inflationary impact on our raw materials and packaging of some 12.2% in 2 months.

The speed of increase was far greater than that of the 2021-22 inflationary period when that level of increase happened over 12 months, accepting that the previous inflationary period ultimately peaked at significantly more than the 12% in total. We estimate that the impact of the war was circa £6 million on the financial year, which would have meant an adjusted operating profit of circa £65 million.

We've already been out to customers and achieved price increases. However, given that the conflict is clearly more prolonged than originally envisaged, we are continuing to have that dialogue.

Moving to transformation. The business has now cumulatively delivered £15.3 million in net benefits and remains on target to deliver the £50 million of net benefit by financial year 2028.

In respect of the SAP implementation, the global template has been proved and the project has moved on to delivering wave two in quarter four of financial year 2027. Additionally, it should be noted that the implementation is increasingly moving from a specific project to more a business-as-usual roll out site by site, and that is currently anticipated to be the modus operandi for the site implementations post wave two.

The Service Excellence project completed in September 2025 and has delivered real benefits. However, in the final quarter of the year, service was impacted by certain retailers' reaction to the requested price increases.

The Commercial Excellence program completed in December 2025, and it is estimated that the project has contributed £3.8 million of net benefit to the 2026 financial year. Finally, Productivity Excellence has delivered £6.5 million of benefits, with OEE efficiencies delivering slightly more than 2% improvement.

Looking at the income statement in a little bit more detail, and for all you technical experts, here is a slide that is absolutely full of numbers that you can analyze at your leisure. In brief, what is this slide saying?

Looking at the income statement on the left-hand side, at actual rates on the left-hand side, sales up £7.7 million, cost of sales rose £5.3 million, distribution costs increased £2.2 million, and administration costs rose £7.3 million. The FX impact on the total distribution and administration costs of £9.5 million was £7.2 million.

The total underlying increase was actually only £2.3 million, and I will come back to that later in the presentation. On the other hand, the right-hand side of this chart looks at group and divisional performance on both an actual and constant currency basis.

Chris has covered the individuals in far greater detail earlier in his presentation, I'll not dwell on this slide, but just to reiterate the point that as you can see, both at actual and constant currency, our liquids division has been hardest impacted in the 2026 financial year, both in terms of revenues and adjusted operating profit. Now let's look at costs.

For most of financial year 2026, input costs were broadly flat, but as this slide illustrates, there was the previously mentioned significant pickup in the final quarter arising from the Middle East conflict. Given the current situation and the underlying rhetoric between the two sides, we are not anticipating a quick resolution.

Therefore, looking forward to us, it is impossible to say where input costs might go in the coming months. Indeed, it seems to change weekly, so as you can imagine, we are keeping a very close watching brief.

It is also worth pointing out that underlying inflation is still relatively significant across all geographies, albeit at lower rates than over the last few years. Hence, McBride's continuing focus on margin management has been key to the delivery of the financial year 2026 result and will continue to be so in 2027.

Coming back to overheads, as I said, whilst distribution and admin costs increased by £9.5 million, forex accounted for £7.2 million of this. Excluding forex, distribution costs fell £0.3 million, whilst administration costs increased by some £2.6 million, primarily due to recalculations of the expected cost of long-term incentive plans to align with the higher share price, and also software-as-a-service, which effectively moves costs from depreciation into running costs, and that is particularly as wave one of our S/4 implementation went live in November.

Looking at other financials. Interest paid reduced to £7.3 million in the financial year.

Please note that the P&L finance charge of £10.2 million also includes such things as pension finance costs, £1.2 million, the cost of the 1-year RCF extension, £600,000, and variously amortization of facility fees, lease interest, etc. We currently expect the P&L charge to increase to £13 million in 2027 as a result of the Eurotab acquisition and also some initial resourcing for the Vestecy deal, both of which will increase our core debt.

Exceptional costs total £7.6 million, the main constituents being disruption costs arising from the SAP S/4 wave one implementation, the Eurotab acquisition costs, costs incurred in investigating and delivering the Vestecy deal, and an increase in the Étainpuis environmental provision, which we reassess as and when required. In 2027, exceptional costs are expected to increase to some £12 million as the McBride project team is increasingly stood up to deliver the capacity increases required to meet the Vestecy contract requirements.

Taxation in the year returned to more normalized levels with an effective tax rate of 25%. CapEx was £31.2 million in-year as the business continued to invest both behind the ERP implementation and mid-term growth.

For the forthcoming years, it is expected that CapEx will remain at these levels as the spend on ERP, pardon me, is progressively replaced with expenditure on plant and machinery. The IAS 19 pension deficit decreased to £18.1 million from £23 million, mainly due to the £5.7 million of deficit reduction contributions paid by the group.

The UK scheme is closed to new members and future accrual, and in terms of the outcome of the NTL versus Virgin Media case, no additional liabilities are now expected. Finally, the next triennial valuation is due at the 31st of March 2027.

Just for completeness, the group has other post-employment benefit obligations outside the UK that amounted to £1.8 million, last year £1.9 million. Net debt increased to £122.8 million for the reasons outlined earlier.

The key points on this slide to note are that cash was higher at year-end, and that was in anticipation of paying for Eurotab. The first 1-year extension of the RCF was exercised in November 2025, extending the RCF to November 2029.

We expect to exercise the second extension in November 2026, which will then extend the RCF to November 2030. Finally, you will be able to see that liquidity remains very healthy at £167.6 million.

Moving on to shareholder returns. In 2026 financial year '26, a dividend of 3 pence per share was paid.

I'm pleased today to announce that the board is recommending a 3.1 pence per share dividend for the 2026 financial year just ended, obviously subject to approval at the forthcoming annual general meeting. As an aside, we appear to be becoming increasingly attractive as a mixed proposition share, comprising capital appreciation combined with income.

In summary, the hard work of the last 4 years in rebuilding the company's balance sheet, combined with the balanced capital allocation policy, has now allowed us to both increase near-term shareholder returns, whilst also investing in the mid-term future via our internal capital investment and also through the Eurotab acquisition and the Vestecy strategic partnership. Thank you, and I will now pass you back to Chris.

Thank you, Mark. I'm now just going to move on to summarize our outlook.

Look, managing short-term margin pressures feels like it will continue for most businesses in the coming months and maybe even longer. We remain resolute on minimizing the impact of rising costs and passing the minimum level of price rises to our customers.

We expect that further price rises will be required in light of recent developments, and we'll remain vigilant and agile in adapting in such volatile times. Despite the near term being so difficult to manage and predict, the business continues to pursue a range of longer-term strategic projects.

SAP wave two is lining up for our next go-live in early 2027, and we're well underway with the integration activities at Eurotab. Activity to support the Vestecy agreement is building as we plan for the separation and integration of the two new sites, which we expect to take over in February '27, and we've now started the capital ordering process for that new capacity for long-lead-time equipment.

The first 2 months of the year have seen volumes in line with our expectations, and as mentioned earlier, some possible early signs of extra pull for private label products in certain markets. We have seen before that in periods of inflation and uncertainty, private label performs well in our markets.

Thank you for listening to that. That was our formal presentation done, and I think, Andy, we will now move to questions.

A great question. We are increasing it.

We have, through the project, I guess initiation and conclusion of the agreements, we've obviously brought extra people in to help. We've got a firm project team established now.

We're recruiting to a limited level, we're not talking hundreds of people, but certainly for project delivery, yes, we will increase the size of the organization to deliver that. That was part of the cost that Mark mentioned will be in exceptionals next year.

Of course, once the capacity is live in the relevant locations, we'll be recruiting operators and management-grade people of course to manage that new activity, again, all within the business plan.

I'll pick that one up. Eurotab, we initially kicked the project off in November 2024 when we reached out to LBO, who were a private equity company who owned Eurotab.

That one took quite a number of years. With regard to the Vestecy agreements, I remember we proactively, myself and Peter Inglesey, who's MD of liquids, reached out to Advent because we believed they were in prime position to sort of win the bid for Vestecy, and we reached out probably 18 months ago on that, saying, "Look, we would like to help them out."

Ultimately, Peter then reached out again probably six, 7 months ago and said, "Look, we have an innovative way of potentially to help you out," so it was our idea as to how the deal was structured. Certainly, Vestecy was non-competitive.

Eurotab, they did reach out to other potential purchasers. However, we were, I think, always in pole position on that one.

We continue to keep a dialogue with a number of people within the industry. It's our job to network, and should anything else come available, hopefully people will pick up the phone to us.

Look, I'd like to think so. Look, we've been resolute in remaining focused in the household space in Europe, we recognize the importance of scale, we recognize the importance of distribution of manufacturing across the markets, and look, in a world of increasing regulation, increasing pressures, of course, rightly so for sustainable products, we believe that scale matters.

I believe we can offer a compelling proposition to many brand owners and retailers alike to provide further opportunity for growth for us and to support them in their ambitions to grow their own businesses. Yes, I think the scale, the increasing size of it will be helpful for future targets, yeah.

I think also we just have to prove ourselves as well with what we've done. We still have to deliver on the Eurotabs, we still got a lot of work to deliver Vestecy.

You've got to take advantage when they come along.

I think, look, we've seen a little bit of, I would say, positive momentum in the share price as a result of the announcements of those deals, perhaps the growth in the share price is in excess of the amount of EPS accretion that we would get, so that would imply some form of rerating. I think the model that we've set up, and sticking to our strategy and delivering on the scale, I think it provides that opportunity for further enhanced shareholder value, yes.

I would say it's a combination of the two. The Vestecy transaction is part of our ambition to grow contract manufacturing in our total portfolio, bringing all that scale and expertise to brand owners.

I think on the Eurotab acquisition, this is about building on our strength in that category, providing us some optionality around platform for manufacturing and bringing some great technology that we get from that acquisition. I think it's a combination of both, but we remain resolute in this household space, yeah.

No, it's a good question. Implied that we probably would have been around £65 million EBITDA had we not had the impact of cost rises in the fourth quarter, and we've delivered 59, the mathematics there is 6.

We don't really disclose margins inter-month or whatever. There's a lot of people watch these videos, we have to be a little bit careful what we say to the audience.

It definitely impacted, but we've been back out to the customers and we need to get back to normalized margins.

I think the important message on that was the speed with which we responded, the quality of our I would say information flows and predictions to customers to support the need for pricing, the amount we fought back, of course, with suppliers. We've proved the model of being able to recover pricing and margins in a shorter window than we were able to do 4 years ago as a result of the changes we've made in the way we interact with our contractual terms with customers.

Look, there's always going to be a lag. You're always going to have some form of lag.

In principle, it reverses if it ever comes down on the way down, but a strong cooperation with our customers has been the proof of the pudding in the revised model.

It's so varied across product categories and by location, we don't really quote a single figure because it would be meaningless in total. Look, in principle, you can't really run half-full factories in private label.

Your margins are tight, you need to be efficient and effective and utilize your capacity as fully as you can. We have many plants at 24/7 across the network.

We have other plants that are maybe on shorter shift patterns, for example. There's always space, but look, we have physical land space, and as we will see in the Vestecy transaction, we will be exiting bits of warehouses that are existing in our factories, placing those outside and filling floor space with equipment to sit alongside existing equipment.

As long as you invest in machinery and whatever, then look, we've definitely got capacity to grow further.

As I said in my presentation, the volume growth is significant. We will be distributing that amongst a number of locations in the existing McBride network and amongst the new ones we've acquired as part of this deal.

We're bolting capacity into the territories where the end markets are most located. We'll be putting equipment into both Belgian facilities, but particularly the Ieper factory.

We're putting some into Italy and then minor installation improvement changes in UK and, I think, in France as well as the other Belgian plant. I think a number of our locations will take investment to support this growth, targeted around where those categories are best produced and where those geographic markets are best served.

A key attraction of the transaction was that we have a well-located set of operations and factories that are better suited to local presence in local markets.

We do. Yeah.

Look, I think it's a great question actually, and it's something that we've thought long and hard about. Look, I think against the backdrop of, as I said, regulation, sustainability drives, it gives us a bit of hedging, I suppose, for the mid term.

If we see branded volumes recovering, we would see growth in our branded supply to offset anything we saw negatively on private label, and a bit the other way, of course. Look, we're not the whole market, we'll never move exactly with the entire market.

We have different customers, different retailers and different brand owners that we supply, and we're careful about who we try to work with. We don't believe it.

I think the jack of all trades bit would be perhaps if we extended into other categories beyond household, as we were, by the way, nine, 10 years ago when we had a personal care operation which was conflicting a little bit, we felt, and distracting on our mission to be a strong household player. We're trying to stick to the knitting in the sense of sticking to household.

The jack of all trades is, yes, we're trying to cover the whole market, but it's only the household market.

I think, look, it's always difficult, and there's a scale of ease of conversation, which starts at difficult and moves to incredibly difficult. That's just the nature of all negotiations.

I think there are options, right? If it's really just a short-term material hit, we would look to just recover in price through surcharge or through a short-term supplement to the pricing that we've already agreed.

I think if thing becomes longer term and pricing doesn't move on the shelf, that is, then, look, we can reformulate, but that takes time. We could possibly resize bottles, which is typically what you would see in the branded space, a very quick way to recover margin is to have smaller bottle sizes, but it looks the same and you charge the same on the shelf.

That's typically what private label doesn't want to do. These are options that we can do.

There's quite a lot of levers, but some of them take a bit longer than a pure price. It does depend on our view on the outlook of these higher prices and the appetite of retailers to take price and move it on.

Look, I think the appetite for price rises from retailers in their own ranges, of course, because it's their own ranges we're always talking about here, will depend a bit on what the brands do on their shelf pricing. We haven't seen much movement, I would say, up through June, July, but we have started to see signals of some of those rise.

That makes the backdrop a bit easier potentially.

Yes, I think that's a really good observation, that look, I think the uncertainty is moving weekly and daily really, I think, and so we're trying to be agile and we're trying to be fast-moving with information flows to our customers. Look, I think we've said in our statement we will be going for further prices based on what we now hear around the conflict and how long that's going to last.

Everyone's seen the oil price. The oil price is a barometer of, I would say, sentiment around tensions in that region in particular and beyond and therefore the impact onto trading sort of certainty.

Whilst the oil price stays at the $100 to $110 range, we will have no choice but to go back with customers, and we're already on that pathway.

That's a really good question, too. We can read a lot about this, of course, in the chemical press or whatever, but it has been substantial.

I think I saw an estimate of $70 billion, $50 to $70 billion of investment needed to recover to where it was before. That's before maybe some of these more recent attacks.

I haven't seen the latest update on that. It is substantial, and we're talking many years to recover if even actually some of that investment goes to the Middle East, because a lot of, I would say, investment in Europe in chemical production and downstream refining and so forth has shifted out and investment in Europe has been low.

It's moved to the Middle East. Whether this sort of tension in this region, which may be prolonged, would see some of that investment flow back to Europe, there's some talk around that, which would be helpful to us, of course, in the mid term.

It's big. It's substantial.

Look, since March, we've seen, I would say, supply-demand situations moving a bit all over. We see more US material coming in.

We see people moving away from certain products and choosing others. It's a totally dynamic space, as you would imagine.

We spend a lot of time and a lot of resource really trying to grill and analyze what we think is going to happen, because that's our credibility in the face of customers, helping them understand the direction this is going.

Again, very very good question, and it is something we are considering internally as to when the right time is, because our capital markets day was March '24. We are considering whether we need to do a new capital markets day in the next 12 months or so.

No, look, I think our customer profile is relatively stable. We don't tend to lose customers or win brand new, apart from Vestecy, of course, recently, and some coming in with Eurotab.

In most cases, our top 10 customers are pretty consistent, I would say, over the last few years, and we see ups and downs in those from time to time. SKUs get moved around between competition and us.

No, we're in good shape with a good raft of high-quality customers, and it's relatively stable, yeah.

Yes, I am, yeah.

It's this team below them. We have a very strong team, and I'm very confident, yeah.

You want to talk about

In terms of the acquisition, there is nothing there that we didn't know about, there's no surprises. I think the team in Eurotabs is really, really good.

Sometimes when you buy a business, the business being bought a little bit begrudgingly. Having said that, Eurotabs are absolutely not in that bracket.

They are hugely positive. They are really good and want to make this a success, and we have welcomed them with open arms into the McBride team.

I've been really pleasantly surprised, I would say, their enthusiasm and their ability, which is really positive. Look,

on the cross-selling, I suppose, look, the Turkish market is an interesting place. It's a big economy, of course.

It's new to us. I think the existing ranges that Eurotab produce in Turkey for that market need updating.

That's one of the things we are working on already. We will seed that market from our European operations in the short term to try to grow our presence across more than just auto-dishwash with those customers.

Then as those volumes grow, we would look to then invest in the right way into that location. I think we've had good conversations already with some of the retailers.

I think they're quite encouraged by the fact that a private label expert has really taken on this business and yeah, it'll take some time, but I think the scale is not going to be 10% of the group, but it will be material to the Eurotab Turkey operations, yeah.

Thank you all.

Thank you all for being here. Thank you.