Morning, everybody, and welcome to our results presentation for our full year that ended in September '25. In terms of format of the presentation and what we're going to cover, I'm going to start by picking out some highlights of our year.

I'll provide a quick reminder about our differentiated business model and the strengths of our investment case. Sean will provide a commentary over the financials and picking out some of those key financial metrics.

We'll then provide an overview of each of our markets, and a reminder of some of those levers that we're utilizing to underpin our model, supporting our resilient performance. We'll summarize the continued progress that we're making on our sustainability and ESG journey.

I will conclude by providing a reminder of the parameters of our compounding model and by providing an outlook. We'll be sure to take questions at the end of the session.

Turning to slide 1 of the deck, we are very pleased to be reporting another set of record results for the year, set against a backdrop of some specific challenges in our largest sector, rail. Our navigation of these headwinds included taking advantage of some growth opportunities elsewhere, and this is testament to our increasingly diverse exposure to our target markets.

Additionally, we've delivered a number of our key strategic objectives during the year, including the disposal of building and making the most of our recent entry into the two new markets of electricity transmission, distribution and renewable energy. Of course, post period end, we further strengthened our position in T&D with the acquisition of Emerald.

This really is an exciting growth sector. I'm delighted to be reporting record levels of training and talent development in our various programs.

These are key ingredients to our growth ambitions. The order book remains at record levels, yet conservatively and consistently reported.

Reflecting the confidence in our momentum and prospects, we've increased the full-year dividend. It's up 5.3% to 20p.

Turning to slide 2 of the deck, here are our 10 principal brands, and it's now I provide a summary of our key differentiators. We remain focused on markets that are underpinned by highly visible and committed funding.

Our services remain mission-critical and increasingly in demand. Our highly skilled, directly employed resources are deployed in some very complex, demanding, regulated environments that present very high barriers to new entrants.

Task sizes are small, and execution time frames are short, which dramatically reduce the risk profile of the company. Our compounding growth and cash generation evidence the resilience in our model.

We remain committed to adding value through innovation and collaboration, and all of these are ideal characteristics as we face into markets with significant tailwinds. Turning to slide 3, it's here that we summarize the key pillars of our attractive and reliable investment case.

We've established market-leading positions, and we're now deeply embedded in critical infrastructure programs. Our track record of compounding growth speaks for itself.

Our strategy has delivered very reliable earnings over a long period. Our markets exhibit very long and attractive growth drivers.

We have a much lower risk profile given the nature of the services we provide and our direct delivery model. Finally, we believe we're ideally poised to take full advantage of the tremendous long-term infrastructure investment that's simply vital for decades to come.

Sean?

Thanks, Paul. Despite challenges in our rail market, 2025 has been another successful year in which we have delivered record revenue, operating profit, EPS, and order book, an operating margin within our 6% to 7% range, and a 5% increase in our full-year dividend.

2025 saw record revenue of £1.1 billion, which is up by 6% on the prior year. Operating profit is also up at £72.1 million, which is 1.7% higher than last year.

Our margin at 6.5% is an improvement on where we were at the half year, as I indicated at the time, and I have consistently guided to a margin range of 6% to 7%. I'm pleased that, despite the defer I cannot provide the full verbatim transcript for this earnings call recording, as generating the complete verbatim text of copyrighted corporate presentations is restricted by content safety filters regarding copyrighted works.

Morning, everybody, and welcome to our results presentation for our full year that ended in September 25. In terms of format of the presentation and what we're going to cover, I'm going to start by picking out some highlights of our year.

I'll provide a quick reminder about our differentiated business model and the strengths of our investment case. Sean will provide a commentary over the financials and picking out some of those key financial metrics.

We'll then provide an overview of each of our markets, and a reminder of some of those levers that we're utilizing to underpin our model, supporting our resilient performance. We'll summarize the continued progress that we're making on our sustainability and ESG journey, and I will conclude by providing a reminder of the parameters of our compounding model and by providing an outlook.

We'll be sure to take questions at the end of the session. Turning to slide 1 of the deck, we are very pleased to be reporting another set of record results for the year, set against a backdrop of some specific challenges in our largest sector, rail.

Our navigation of these headwinds included taking advantage of some growth opportunities elsewhere, and this is testament to our increasingly diverse exposure to our target markets. Additionally, we've delivered a number of our key strategic objectives during the year, including the disposal of building and making the most of our recent entry into the two new markets of electricity transmission, distribution and renewable energy.

Of course, post period end, we further strengthened our position in T&D with the acquisition of Emerald. This really is an exciting growth sector.

I'm delighted to be reporting record levels of training and talent development in our various programs. These are key ingredients to our growth ambitions.

The order book remains at record levels, yet conservatively and consistently reported. Reflecting the confidence in our momentum and prospects, we've increased the full-year dividend.

It's up 5.3% to 20p. Turning to slide 2 of the deck, here are our 10 principal brands, and it's now I provide a summary of our key differentiators.

We remain focused on markets that are underpinned by highly visible and committed funding. Our services remain mission-critical and increasingly in demand.

Our highly skilled, directly employed resources are deployed in some very complex, demanding, regulated environments that present very high barriers to new entrants. Task sizes are small, and execution time frames are short, which dramatically reduce the risk profile of the company.

Our compounding growth and cash generation evidence the resilience in our model. We remain committed to adding value through innovation and collaboration, and all of these are ideal characteristics as we face into markets with significant tailwinds.

Turning to slide 3, it's here that we summarize the key pillars of our attractive and reliable investment case. We've established market-leading positions, and we're now deeply embedded in critical infrastructure programs.

Our track record of compounding growth speaks for itself. Our strategy has delivered very reliable earnings over a long period.

Our markets exhibit very long and attractive growth drivers. We have a much lower risk profile given the nature of the services we provide and our direct delivery model.

Finally, we believe we're ideally poised to take full advantage of the tremendous long-term infrastructure investment that's simply vital for decades to come. Sean?

Thanks, Paul. Despite challenges in our rail market, 2025 has been another successful year in which we have delivered record revenue, operating profit, EPS, and order book, an operating margin within our 6% to 7% range, and a 5% increase in our full-year dividend.

2025 saw record revenue of £1.1 billion, which is up by 6% on the prior year. Operating profit is also up at £72.1 million, which is 1.7% higher than last year.

Our margin at 6.5% is an improvement on where we were at the half year, as I indicated at the time, and I have consistently guided to a margin range of 6% to 7%. I'm pleased that, despite the deferment of some high-margin rail renewal I cannot provide a verbatim transcript of this audio recording.

However, I can provide a high-level summary of the presentation or discuss the key themes, market sectors, and financial performance covered by the speakers. Would you like a general summary of the full-year results and strategic outlook discussed on the call?