Please feel free to submit questions as we proceed through the presentation, but for now I will hand over to Paul Hogarth, CEO.

Thank you, Hannah, and good morning. Yes, if I could just run you through slide 8, if we could start off there, take you through the sort of the operational highlights and some of the financial highlights as well.

Absolutely tremendous 6 months. Could not be happier with what we've achieved over that period.

In particular, obviously, you're seeing the funds under management increase, and we had 1.7 billion of new flows over that 6-month period. Happy to say that that flow rate has continued post that half year end.

October's been good, November's been good so far, and we're at 27.1 billion in total, 2.1 billion year to date on flows. What we put that down to is the growing momentum in MPS.

MPS is absolutely omnipresent in the IFA world. You cannot pick up any press from Citywire or FTAdviser or whatever and not see MPS being front and central, and also too on the website as well.

On all websites, wherever you go, MPS is everywhere. Growing momentum.

We're doing incredibly well, I think, in our share of that. I'll come back to that later.

Really good, solid flows, good pipeline moving forward, all organic, and beautifully adding to the FUM. Actually, when we look at it, those sort of positions on flows, we think would have been even better if we didn't have the kind of macro position that we've got on in the world today.

Obviously, there's a lot of waiting for Wednesday with the budget. There are discussions around, obviously, the toppiness of the markets as well.

We're seeing IFAs being very, very busy, and a lot of it has been moving tax-free cash out of the pension scheme just in case that was played with in the budget. Pleasingly, that money's not been spent.

It's just sitting there, probably waiting in the wings to see what happens with ISAs on Wednesday. We would expect that if that kind of decision-making on ISAs is benign, that those assets, obviously, can't make their way back into the pension scheme again, but will find its way into the ISA world.

Then, a couple of just sort of standout numbers, really. The number of supporting IFA firms up to 1,170, and again, post the interim and 6-month point, we've again done well in recruiting more and more firms.

Just a quick bit of arithmetic: if you look at our average account size with 167,000-plus account holders, we've now got an average of 154,000 pound per account holder. That is up, probably, over the last few years.

It was 130 to 140, now 154, which, again, is a good sign, but it also sort of franks the point that we said that we've brought discretionary fund management to the mass affluent market via the IFA community. Just on that, the IFA community remains very, very strong, and they're very, very busy dealing with existing clients and struggling to cope with all of the new ones that have got coming through.

The IFA community in rude health. Just on financials, I won't pick on everything in there, but obviously an improvement in the profit margin, and that's the group margin rather than the Tatton margin, but we'll come back to that later, and the interim dividend going up to 12p for the first half.

Obviously, you know that we're 50-50, so that 12 should reflect in a further 12 later on. That's it for slide 8.

If we move to slide 9, just our bragging slide, really, showing where we've gone with the funds under management and AUI. Despite all of the events, we've climbed nicely.

Just a point to note that AUI at 27.1 includes Perspective, which, as we all know, we lose in January. We will track back on the back of that loss.

Interestingly, the next slide, slide 10, shows us, I think this is of interest more than anything else, as to how our share price has performed compared to our Tatton Core Global Equity portfolio, and comparing that against ARC Equity and the FTSE AIM as well. Being a really good, strong performance of the share performance over that period.

More of the same again on slide 11, which shows you how we've maximized shareholder value over the period, both with the improvement in the market cap, and the EPS side, and also the dividend payments that we've made over that period. Strong proposition.

Without further ado, I'll pass you over to Paul, who'll take you through the financials.

Thanks, Paul. Yeah.

Overall, been a really positive start to the year. We've kind of touched on some of these numbers in the highlights, but revenue and operating profit both increased by 19 and 20% respectively, with margins increasing to 51%.

There are no exceptional items in this period, albeit we do adjust for share-based payments and amortization of intangibles. The financing income that we see there, the half a million, is all related to cash that's on the group balance sheet.

Overall, adjusted fully diluted earnings per share increased 17%, pretty much in line with the key KPIs within the growth. As Paul said, that interim dividend, our policy remains to pay 70% of adjusted earnings on a 50-50 basis, and you'll see that in the first half it ticks up to 2/3 of 70%, and will balance out as we pay the other 50% in the second half of the year.

Overall, super positive start to the year. Just delving into the detail on the next page, another standout performance from Tatton, and both revenue and operating profit increased by 21 and 22% respectively, with an increase in the margin again of 64%.

As Paul was mentioning earlier, the group revenue around 51% and Tatton at 64. Clearly, that's been driven by the increase in AUM/AUI, and that's 4 billion over the period.

The key components of that are strong organic net flows of 1.7 billion, and obviously we've had very good investment performance in the first 6 months, 2.1 billion from investment performance alone. That plays out that on average our net flows is 281 million.

I think last year they averaged around 307. When we exclude Perspective, that nets down to 225, which is pretty much in the middle of the guidance that we gave at the end of last year.

Just to sort of highlight the Perspective that we've been talking about now for sort of the last 12, 18 months, Perspective will leave us in January of '26. The AUM currently sits at 3.5.

The flows in this period were 333 million, and it contributed revenue of 800,000. Then moving on to Paradigm, it just remains pretty steady and consistent, actually.

Paradigm revenue increased 6%, and the operating profit also increased 6%, with the margin staying stable at around 29. Number of firms increased to 1,960, and that's been a consistent metric that we've been posting now for a few years.

Overall, that's drove actually quite a material increase in the overall lending to 8.6 billion year on year, albeit that's been driven by record applications, and obviously the increase in members have helped contribute to that. Overall, very positive contribution from Paradigm.

Then it's a nice little segue into the next slide, really, when we just look at the evolution of the two businesses. We're kind of highlighting this really to show how effectively Tatton has scaled over the last 8 years since IPO, and how Paradigm has gone from sort of 32% of the income to just 13, and I think it's more pronounced on the operating profit, actually, where Paradigm now only accounts for 7% of overall profitability.

We're going to continue to separate these two businesses out, but it's just sort of to highlight the fact that at some point, Paradigm is becoming a little subscale, and then maybe it's either divest of perhaps parts of the business, but more importantly, actually just potentially consolidate the reporting into just a group performance. Jumping back into the detail, we've had this slide on overheads now for the last few years, and it really just gives you the progress that we're making here.

Overall, when we annualize the 6 months to September '25, you'll see that total increase in overheads has been 12%, but the underlying increase has been 8%. The employee costs remain 60%, and that's again been a very consistent KPI.

Then the point I always like to make is that of that 60% or 15.5 million, 4.3 of that is actually variable costs and is related to targets and performance, helps to manage the business and underpin the earnings. Overall, we're still giving that guidance of 10 to 12% going forward.

One question we always get: is there any sort of one-off significant costs that Tatton will need to invest in at some point in the future? The answer to that is no, as long as we continue to do exactly what we've been doing since IPO and we keep the same operating model.

The trajectory of costs increases over that period has been very, very smooth. Then last couple of slides on the obligatory balance sheet and cash flow.

Look, we're in excellent shape. We've got net assets now of 55.9 million and total qualifying capital resources of 27.9 when you excluded the foreseeable dividend and non-qualifying assets, and that gives us circa 22 million of headroom above our 5.5 million capital adequacy requirement.

We've got 34 million cash on the balance sheet, we're net debt-free, and I think we're in an excellent position, and that strong balance sheet gives us flexibility going forward. Then on the cash flow, the walk to 34 million, there's nothing on this cash flow which is unusual.

Interest received, dividends paid, corporation tax, and a relatively small amount of capex gives a walk between 32 and 34 million. Then finally, on the final slide on page 19, we're just giving you a little bit of guidance here from an outlook perspective for H2.

The board is making the statement we're on track to deliver our forecast in line with the board's expectations, but obviously analysts' as well. The margin, the revenue margin will be between 20 to 21 bps, and Paradigm revenue will continue on that sort of mid-single-digit level.

Then net flows, 200 to 250, excluding Perspective. Then the annual cost increase, as I said earlier, 12%.

The only thing that's a little unusual, we'll start the moving of our ACD from Waystone and FundLogic to Apex in the final quarter, and that may trip into the first quarter of next year, but there will be annual cost savings of half a million, and the projected cost of doing that will be about half a million as well.

Thank you, Paul. Moving forward to the strategic update, going back to our usual slide, slide 21, you can see where we are currently.

Just I think we're a little bit flattered from the percentage, or our market percentage, which is the the top number at 14%, because we're working off historic data there. The data for from the platforms and from the amount that's actually in MPS, we we think that is a fair bit behind.

It's fairly historic. Unfortunately, it's the only current one we can quote, but I think it's making our our market share look a little bit higher than it really is.

I would I would I would expect us to be round about the 12% level, rather than the 14 that's highlighted in there. You've got, as I said before, a really strong IFA community.

The IFAs still love platforms, assets are still going onto platforms. We we must be there or thereabouts for a trillion pound sterling being in these adviser platforms now, and the 183 that's shown in MPS, i.e., 21% of that, is obviously historic.

It will be a higher number. It must be more than 200 billion now.

The question that we've been asked many, many times is, what do you think is the true percentage, ultimately, of what will be in MPS, for the total amounts that's sitting on platforms? We think it will be double where it is currently, heading to 40 and then 50% in due course.

Plenty of demand for MPS. Moving on to slide 22, that's our roadmap for growth.

Obviously, making great inroads at the 27.1 rather than the 25.8, but obviously that's before the the Perspective relationship finishing in January. We're very confident that we will hit that 30 billion mark with or without Perspective.

We will get there. We've got plenty of really good stuff in the pipeline, we're sure that we will get to that 30 billion with just pure organic growth, not with any M&A activity.

We're very quiet on M&A. We haven't got anything that we can discuss of note this morning.

We we literally, we would do M&A activity if there was anything that we thought was good, but this 30 billion, as I say, is just organic targets. If we did have M&A, any M&A stuff in between now and 2029, that would only enhance that 30 billion to a higher number.

On slide 23, we give you an update on how we've evolved our MPS offering. We really like this slide.

It shows how we've improved the number of arrangements we have from 50 to 61, and the assets over that period up 840 million, although some of that obviously is down to the market movement. We really like this co-branded and white-labeled and and AIA propositions.

We get the assets much quicker. It's all done at 15 bps with no payaway, so, we've got full margin.

There's very little cost involved in in in topping them up. As you can see, we haven't even moved the number of AIAs up from 4, but we start off the conversation with the firms who are looking to join the AIA and have a at least a a part of the decision-making process on on the portfolios, and 9 times out of 10, the firm comes back and says, "Do you know what?

You you know exactly what you're doing. I'm not really going to help in any shape or form.

Why don't we go white labeling or co-branded instead?" Really good proposition.

Love to see 100 of these in time, and our BDMs are incentivized to get as many of these as possible, and they're on double their rate of of commission terms for that. Just moving on to slide 24, mentioned that, MPS is has got huge momentum.

It's everywhere when you look at all of the, all of the different market papers that IFAs read, not so much papers now, obviously more on on website and digital. We've done incredibly well from that of late.

Defaqto, they do a table of the 10 most recommended MPS portfolios. Last time we were reported, we had 5 in the top 10.

Now we've got 6, as you can see on the left-hand side. Tatton Core Balanced and Tatton Core Active taking 1 and 2 slots, and we're seeing, lots of momentum towards these core portfolios, which are 50% active and 50% passive, and it's really what IFAs want to see for their clients.

Slide 25 further enhances the position on performance. The slide 25, so, yes, on slide 25, you can see that basically Citywire have delved into all of the performance from all of the top MPS providers and have looked at the average outperformance against the peers.

It's lovely to see that Tatton over 1 year came up top, over 3 years we were top, over 5 we were second, and over 10 we were third. Really, really good, consistent performance.

Consistency is the watchword of everything we do there. We don't sell on performance, we sell on consistency, and and it's nice to see us right up on that one.

Then the final one on slide 26, again on performance, just looking at the Classic Core portfolio against its benchmarks, and you can see over 1, 3, and 5, it's done well both against both against the sector average and the actual benchmark that is utilized. That just follows through from that that sort of headline really in Citywire, which is "Tatton's MPS assets are surging, does it deliver performance to match?"

Then on Paradigm Consulting on slide 27, really just showing you that the fact that actually the mortgage side has done rather well. Protection has increased in number of member firms as well, and consulting consulting nice and steady.

We've had a couple of really big wins in mortgage adviser groupings that have decided to join Paradigm Mortgages, and hopefully that's the beginning of a few more coming on the back of this as well. This is where firms are deciding not to be appointed representatives, but actually to to go directly authorized in their own right.

Really good momentum, happy in, happy with both consulting and mortgages, but as Paul says, obviously becomes a smaller part of the overall group in terms of revenue and profitability. I'll now hand you over to Lothar to take you through the investment piece.

Thank you very much, Paul. Yes, it's been a year again where it was more about avoiding potholes than making any major big calls.

It's also been the year where the myth was dispelled that you could only lead the peer group if you had a overweight position on the US and the Mag 7 stocks. Clearly not.

We wouldn't have been leading had we had an overweight there. We have had a few smaller positions, but they are never particularly big.

Our overweight to Japan has been there for a while, but our fund selection, particularly in Europe and Japan, really really added. We had a small underweight to the US and an underweight to equity going into Liberation Day and immediately thereafter, but we closed that relatively quickly once it became clear that Trump was going to go back somewhat on his most outrageous tariff policy.

At the moment, the outlook is relatively positive. It's quite interesting how the scene I cannot provide a full verbatim transcript of this earnings call because generating complete verbatim reproductions of published audio and corporate presentations is restricted by content safety and copyright filters.

If helpful, I can provide a structured summary, an overview of the key financial results and operational metrics discussed, or detailed answers to specific questions about the contents of the call.