Thank you, very much and good morning , everyone. Welcome to NRW's FY 2026 Full Year Results Presentation. Also, joining me today is our CFO, Peter Bryant, who will go through the financial section of the presentation. It's been a very successful year for the group, with all of our divisions performing very well, growing both revenue and profit. In addition, during the year, we acquired Fredon, which is an exceptional business, and also established our newest pillar, EMIT.
Fredon has contributed strongly to our results in the nine months since completion, performing ahead of expectations in both revenue and earnings. Fredon also opens up a huge new market for us and positions the group well to participate in future-facing opportunities, including data centers, health, and defense. While saying that, it's important to remember that Fredon's been around for over 40 years, and its historical core markets are in health, infrastructure, defense, and commercial. Okay, so on to page two of the presentation.
We've got a couple of highlights there, which I'll repeat again on page three. The only one worth mentioning really on that is that workforce numbers currently sit around 14,000 people across the group at the end of July. Onto page three, and the group delivered an excellent set of results.
Revenue of AUD 4.3 billion was up 31.4% on FY 2025, and our underlying EBITA was AUD 288.6 million, which was up 38.8% on last year. Underlying NPAT was up 43.6%. Our cash holdings remain strong at AUD 319.7 million, with cash conversion also at strong levels around 94%. We maintained an order book of AUD 7.5 billion, and the pipeline since our last presentation or our last update has now grown to AUD 29.8 billion, which is the near-term 12 months award or tender activity.
We have active tenders still remaining of that pipeline of AUD 11.1 billion to be determined in due course. Our strong financial operating performance translated to the final dividend being declared at AUD 0.145 per share, which is up 53% on FY 2025. O n to the next page four, around sustainability.
Lots of things, initiatives being worked across the group, but the main point for me to call out probably is a big improvement in our safety stats, with a significant reduction in our total recordable injury frequency rate. T he continued rollout of our critical risk packages and strong adoption from the businesses, including our newest business, Fredon. N ow I'll hand over to Pete just to go through the financial slides, and then I'll cover the rest of the operations after Pete's done. Thank you.
Thanks, Jules. Can I also welcome everybody to the call? It is rewarding to be presenting what are a great set of numbers for FY 2026. By every financial measure, the group has delivered. Importantly, we are well positioned for FY 2027 and beyond. Slide five sets out the P&L. Jules has already called out the strong earnings, but as a brief recap, EBITA was up 38.8%. This growth was driven in part by the acquisition of Fredon. That said...
I am sorry to interrupt, Peter. Your voice is a little muffled. Could you come a little closer to the microphone, please?
Yeah, sorry about that. I was just saying, Jules has already called out the strong earnings, but as a brief recap, EBITA was up 38.8%. This growth was driven in part by the acquisition of Fredon. That said, if you back out Fredon's contribution, the balance of the group delivered a very impressive 22% year-on-year increase. We will run through the segment results a bit later in the presentation, but as Jules said, without exception, all the segments delivered earnings growth.
Looking at the number on the page, there is a couple I would like to call out. Non-underlying transactions for the year were AUD 26 million. There is a table in the financial statements that breaks down this amount for you.
That said, the largest movement when compared to the AUD 10.3 million expensed in the first half relates to the acquisition of Fredon and includes transaction costs and the amortization of the deferred consideration. You will recall when we presented the half year results, we ran through the accounting standards requirement to treat the AUD 18 million deferred purchase consideration as a retention payment. This amount is then amortized over the two-year deferral period. P&L interest expense was stable year-on-year, a good outcome given we utilized debt to fund the acquisition of Fredon.
This result reflects the group's strong cash generation and effective treasury management. P&L tax has returned to normal levels with an effective tax rate of 29%. You may recall the FY 2025 effective tax rate dropped to 14%, which is one of the few positives that came out of OneSteel. Moving to slide six, which presents the balance sheet.
As you expect, pretty much all the numbers have increased as a consequence of the consolidation of Fredon. The notable exception is property, plant, and equipment. That has decreased due to the disciplined capital management across the group and the low capital intensity of Fredon. In relation to Fredon, the December accounts reflected the preliminary purchase price accounting. Under the relevant accounting standard, companies have 12 months to finalize their purchase price accounting, and we've reflected the final position in the June accounts.
I'm pleased to say there were no material variances between the preliminary and final numbers. For those interested, the details are in the financial statements. Moving down the slide, financial debt increased due to the Fredon acquisition, which is funded through our existing debt facilities. Importantly, pre-AASB 16 leverage is sitting at 0.3x , which is a level we are very comfortable with. Lease debt increased due to a 10-year lease we entered into as we centralized our office facilities in Perth, which ultimately will deliver a material cash saving to the group.
Our working capital position remains negative, which is a good thing. In fact, it is AUD 66 million more negative than it was this time last year. This reflects the inclusion of Fredon, which has a large negative working capital balance and reflects an increased focus on the management of the debtor book across the rest of the group. Finally, as reported at the half, customer-related intangibles and goodwill have increased entirely due to the Fredon acquisition. On to slide seven and some more good numbers.
These numbers are cash, which is really what it's all about. Operating cash flow before capital was AUD 327 million, with cash flow conversion at 94%, up from 83% last year. This strong result was after the payment of AUD 93 million in tax, a notable step up on the last year.
In line with the narrative we gave, which was following a period of low cash tax driven by carry forward tax losses and the benefit of accelerated capital deductions through COVID, FY 2027 would return to normal cash tax payment regimes. On the subject of tax, when you work through the financial statements, you'll see we wrote off AUD 90 million of the OneSteel receivable, which had previously been impaired.
By writing this amount off, the group will receive a cash tax saving in FY 2027. Capital expenditure for FY 2026 was marginally below last year at AUD 146 million, which again, is consistent with our focus on disciplined capital allocation and the less capital-intensive nature of the group. Finally, we paid down AUD 91 million of equipment finance leases during the year. As I said at the start of this slide, the cash numbers for the year are pleasing. Very pleasing. Finally, from me, slide eight, which sets out our available liquidity.
Subsequent to June 30, we successfully completed a refinance of our bank debt facilities. The refinance saw an extension of the maturity date and a AUD 300 million increase to the facility limit, which now sits at AUD 700 million. In addition, we established a AUD 100 million uncommitted accordion facility. Pleasingly, the refinance was completed on better terms and at a better rate.
This outcome, when coupled with our existing equipment finance facilities and healthy cash holdings, gives NRW a strong funding platform to support the operational needs of the larger group and will enable us to move quickly and confidently on growth opportunities, including acquisitions as they arise. Lastly, on the refinance, I would like to thank our existing banking partners, CBA, NAB, Westpac, and Bank of China for their continued support. I would like to welcome HSBC to the lender group. That is it for me. I will now hand you back to Jules.
Okay. Thanks, Pete. On slide nine is a page we use often to demonstrate our sector exposures and also the scale of our business. As I mentioned earlier, the addition of Fredon during the year has opened up a very large new market for the group to participate and grow in. On to the next slide 10, which shows us the segment contributions during the year.
As I mentioned at the outset, all segments performed very well against the prior period, with the MET group a standout and mining also bouncing back strongly from a difficult year in 2025 due to adverse weather conditions. We will move on to the civil results now. Revenue was only up modestly from the prior year, and the margin percentage remained consistent. However, this was impacted by a one-off challenging contract in Queensland, which was accounted for in the first half.
Second half margins have improved and we expect that to continue into FY 2027. We are looking forward to significant pipeline of AUD 8.4 billion and active tenders of AUD 1.6 billion support a strong outlook for this business with a number of tailwinds in our key markets, including the continuing sustaining capital spend in iron ore, public and private infrastructure spend across roads, ports, airports, and defense. The Brisbane Olympics, of course, and potential opportunities in South Australia in either copper, defense, and infrastructure. Moving on to slide 14.
In mining, we delivered revenue of AUD 1.54 billion, which is pretty much line ball with last year's revenue. However, due to our strong operational performance and no major adverse weather conditions, we delivered earnings of AUD 139.9 million, which is up 15.6% year on year.
Looking forward, mining will grow this year through the commencement on July 1 of our new project, Meandu, and also the expansion of Castle Hill. Additional growth can come from utilizing spare capacity in our fleet, from the current tenders submitted which total at the moment AUD 4.2 billion and are part of a larger pipeline of near-term opportunities at around AUD 9.8 billion. However, as Pete said previously as well, we continue to maintain a very high degree of discipline around capital allocation within the mining business and generally across the business.
That brings us to the MET business. MET has had a fantastic year with revenue up 35.1% to AUD 1.26 billion. Pleasingly, the earnings were up 40.5% to AUD 96 million. An excellent result and thanks to strong contributions from Primero, DIAB, and RCR. The outlook for MET is positive despite the runoff in Fimiston during the first half of FY 2027. Active tenders of AUD 2.2 billion from a pipeline of AUD 6.8 billion are records for the division, and we expect to gain good traction through the year in terms of awards and projects coming through.
We also continue to work on the commercialization strategies for our ALi lithium refining process, and many of you would've seen the recent endorsement by Patriot Battery Metals Inc. in Canada of our technology and that it is their preferred refining pathway based on early studies. Moving on to the last and newest of the divisions, Fredon and EMIT, and certainly one of the most exciting in terms of opportunity and outlook for the group.
Fredon's contributed during the nine months of 2026 and delivered revenue of AUD 684.2 million and earnings of AUD 36.1 million at a margin of 5.3% for that period. However, the second half margins were better than that, which is in keeping with our short-term target of 6% margin for the business. Performance to date, as I said previously, has exceeded our expectations and we've also announced significant wins across health data centers and other Commonwealth of Australia projects.
Looking ahead, there's a rapidly growing pipeline of opportunities across many of their core sectors. Active tenders have grown to AUD 3.1 billion, which is part of the larger pipeline of near-term prospects of AUD 4.1 billion. Very exciting prospects ahead there. We'll finish off on group guidance and then go to questions. Obviously, the outlook, as I've said during the presentation, remains very strong for the enlarged group.
Pipeline has grown to AUD 29.1 billion with active tenders across the business of AUD 11.1 billion. AUD 7.5 billion of work in hand, including our repeat business and that sets us up very well for FY 2027 and beyond. We have set guidance of AUD 4.6 billion- AUD 4.8 billion of revenue, of which currently more than 80% secured. Underlying EBITA is expected between AUD 320 million and AUD 330 million at this point. Cash conversion consistent with long-term averages. I think that brings us to the end of our presentation, and we can now open to questions. Thank you.
Thank you. If you wish to ask a question, please press star one on your telephone and wait for your name to be announced. If you wish to cancel your request, please press star two. If you are on a speakerphone, please pick up the handset to ask your question. Your first question comes from John Campbell with Jefferies. Please go ahead.
Thanks, Jules and Pete. Good solid result, I thought. Just on MET, and you've been asked this a lot, Jules, around the roll-off of Fimiston. Are you pretty confident that MET is going to, and I guess within your overall guidance, that MET is going to grow revenues in 2027?
We will certainly grow bottom line, and worst case will be flat to growing, worst case in MET. That is our assumptions at this point in time. The opportunities in live tenders and what we are bidding at the moment are enormous and not been seen before by the business. I think that bodes well for the future of that division.
Yeah. Okay, thanks for that. Just on the upscaling and the banking facilities, AUD 300 million upscaling, when you still got quite a reasonable amount of undrawn facilities. Can you give a bit of color on the thinking behind that?
Do you want to cover that, Pete?
Yeah. Look, John, we went through a process of just assessing the overall treasury structure of the group. What we wanted to have, given the size of the group, is significant working capital buffer, which we had anyway, but more importantly, to have capacity to be able to act quickly, as I said in my speech, quickly and efficiently in the event that we did want to, I guess, undertake any M&A transactions.
Yeah. Okay. Thanks for that. Just on M&A, obviously Fredon is now well bedded down, and it is delivering ahead of expectations, which is great. The outlook looks really strong. You have a fairly nicely balanced business really, that I think others would like to emulate. What are you thinking in terms of M&A? Are you back actively looking and in what sort of areas or capabilities would you be thinking about?
Good question, John. Look, there are a lot of things that come to us that are not necessarily part of our strategic thinking. There is also things that we are obviously interested in growing across the MET maintenance business, obviously additional things that we can do in Fredon or under the EMIT banner.
T here is a multitude of things that we do look at of different scale. We recently were in a process where we actually withdrew at the end being one of two because of value, and we decided not to play. T hat comes back to the kind of discipline in terms of strategic value versus where the market is at the moment or what internationals might be willing to do. T hat was not a very large proposition, but again, it could have been something that we would grow within our existing group of services.
I think what we do now is very good. The discipline around capital allocation is very strict, very tight. We continue to maintain that across our mining business and in the procurement sense, we think we are going to have a lot of wins in terms of where we are buying from as well, parts and other things in the future. I think that is a real drive, an internal cost drive as well as looking for the right opportunity to grow the skill sets of the business long term.
Okay. Thanks for that, Jules.
Your next question comes from Matthew Chen with Moelis. Please go ahead.
Morning, gents. Just wanted to check in on how you guys are thinking about CapEx for the year ahead.
It was AUD 147 million for the year just finished, as you know. I think it should be sitting around AUD 165 million, there or thereabouts.
Yep. [crosstalk] If you think about the Meandu project that we've announced isn't new. It's client CapEx. Again, when you think about those things, we're adding revenue without a CapEx obligation for the company, which has been very good, very successful for us in the Queensland market particularly.
Great. Just in terms of the MET revenue, I think you guys have touched on the fact that there are a few other components of that MET revenue that were growing well. I think you guys had called out DIAB and RCR in the past. Just a bit more color on that side. Thanks.
Look, obviously the lion's share of revenue is Primero and larger projects, but the other businesses are growing quite strongly. DIAB is more shutdown maintenance, small projects. RCR is also products and then parts service for those products, which is a part of the business which has been growing pretty strongly and also have good margins as well.
W ith Fimiston rolling off and the lower margin contribution from that, when we look forward, yeah, whilst revenue might not be growing at the same level, there's a lot we can do at the bottom line in terms of improving that as we look forward, whilst those projects come through.
Great. Congrats on the result. Thanks.
Thanks, Matt.
Thanks, Matt.
Your next question comes from Amanda Kelly with Barrenjoey Capital Partners. Please go ahead.
Hey, team. Morning. I am just wondering if we can delve a bit deeper into the MET pipeline. I am just wondering what kind of pockets of strength you are seeing there and what areas we can maybe talk about.
Well, without specifics, you would know that the gold sector has got an enormous amount of activity, both in terms of upgrades of old plants and building new ones. That is an area. Energy, there is also quite a lot going on the energy side of things, which we have played in historically. It is across those two sectors mainly, but also iron ore. It is just the activity levels are very high at the moment, but gold is a decent portion of opportunities in the short to medium term, as well as energy, probably.
Great. Thank you. Also, it might be a bit too early at this point, but maybe can you walk through what progress has been made with introducing Fredon to some of your other customers?
Well, it has. I think I make the comment somewhere, I am not sure if I have said it today, but it is in maybe in the media release about our ability to be able to support both urban and regional data centers. That should throw a few breadcrumbs out there to who we may or may not have been talking to.
Great. Thank you.
The next question comes from Pia Donovan with Argonaut. Please go ahead.
Hi, guys. Just on the Fredon business. Obviously expected growth going into the next year. Just wondering what level, you are expecting and also how much capacity that business has without any additional acquisitions.
It has quite significant capacity actually, and I think our assumptions previously with where it might have been growing at 20%+ is probably undercooked. That depends on timing of awards and other things. No, I am very excited about the prospects for the Fredon business, and activity levels are very high. We are on projects that are not necessarily caught up in future development or approval issues. I do not think that is a risk for us.
You would not know this, we have, Jules is talking top line growth. We have also seen the margin on that business step up considerably in the second half. I think the challenge to that team now is to continue that margin growth and we have been quite open saying we are targeting 6% by at least run rating by the end of FY 2027.
Yeah. Great. Just on the margins, as you said, the second half across the business was stronger than first half. Do you expect going forward to sustain those second half margins?
I think so. Yeah.
Yeah.
Absolutely our plan is to improve margins and the balanced mix of business we have these days. El Niño might help us on the long-term weather issues in Queensland as well. There will be a drought for the next five years. w e do not have that to deal with in an abnormal sense. I think it is a very positive outlook at this point in time, certainly for the next few years that we can see right now.
Yeah, that is great. Thanks, guys.
Good.
Your next question comes from Nicholas Rawlinson with Morgans. Please go ahead.
Hi, Jules and Pete. Congrats on the result. Thanks for taking my questions. Just on civil, obviously a pretty solid result. Presumably, it was heavily dominated by iron ore works. It feels like public infrastructure work is set to ramp up quite heavily in Western Australia around Anketell Road and the Kwinana Port terminal. Are there opportunities around there for you guys?
Yeah, we are involved in those bids. Just on that, the last couple of years, we have probably seen the runoff on our freeway project, which we won during COVID, which was contributing revenue but no margin. It was an alliance. That has obviously run through within the last 12 months. We have Toodyay Road and also Tonkin Highway, that we have announced recently that are 2027 contributors. Whereas probably 50% of our civil business in WA was public infrastructure, it kind of almost went to zero.
Now that is ramping up again whilst the iron ore activity is still pretty strong. I think we got both that balance in there. On the East Coast, urban has been very good. Urban continues to be strong, irrespective of the housing market and other things, because it is at the very low end of the housing market type subdivisions. That continues to be strong. I think, looking forward, obviously we had that one-off impact in the first half. Margin is better in the second half and expect to at least stay at those levels or improve as we go forward.
Yeah. Thanks, Jules. Just on mining, you mentioned AUD 4.2 billion of active tenders. Could you maybe just elaborate on what sort of commodities you're tendering on? Are any of those due to be awarded in the next two to three months?
Could be. It's probably a now to six months sort of time, I would have thought that we'd have news flow. We're obviously got a couple of renewals that are coming up that we continue to work through, so there's no concerns about those. The new work, we have a reasonable amount of spare capacity in our fleet, which we haven't redeployed. We're winning jobs that were client equipment supplied, et cetera. Castle Hill's only taken a small amount of additional fleet in there.
T here is capacity without a big CapEx bill to do quite a bit more in our mining business. Also, drill and blast is going pretty well. Drill and blast probably had a soft couple of years. This year, going forward, we expect them to do much better than they have done in the last two years.
Nick, for clarity and for everyone, those two rollovers are in that active tender.
Yeah. Okay. That's it from me. Thanks very much, guys.
Thanks.
Your next question comes from Mitchell Sonogan with Macquarie. Please go ahead.
Good morning, Jules. Good morning, Pete. Thanks for taking the questions, and congrats on a good result. Just on Fredon, Jules, you talked to a growth rate above 20%. Can you just clarify, is that still talking off the AUD 840 million pro forma FY 2026 number you put out at the time of acquisition? Can you maybe just give us a bit more color on how to take that number? Thank you.
I think that's the last time I said it, yes. I'm trying to think what the annualized number is now.
No. Mitch, we've been saying it should do AUD 1 billion in FY 2027.
Yeah.
That is on that AUD 840 million from the prior year.
Yeah.
Perfect. Very clear. Thanks, Pete. Then just in terms of the uplift in the active tenders, from the first half, it has gone from AUD 1.7 billion to AUD 3.1 billion now. Clearly a lot on the books and working at the moment. Can you maybe just talk to, I guess, some of the biggest opportunities you are seeing across the end markets? Obviously, data centers gets a lot of attention out there, but it is much more diversified than that. J ust keen to understand the biggest end market opportunities you are seeing at the moment.
Obviously, yes, data centers, there is a decent amount of data center stuff in there. There is health. There is also AV actually related to Brisbane. T here are some big packages, the biggest ones probably in data at the moment, data centers. A s I said earlier, not in areas where there are challenging potential future approvals or anything else. G ood runway for the next few years of those prospects.
Yeah. Thank you. Just a quick one on mining. You have obviously talked a little bit about the growth outlook into 2027 with Meandu and South Walker Creek step-ups. On Meandu, you mentioned that was client CapEx. Jules, do you mind just giving us a bit of a sense of what we should expect on the margins into FY 2027, noting the 9.1% delivered in FY 2026? That is all from me. Thanks.
Yeah. Thanks, Mitch. Our range is usually between 9% and 11%, depending on the capital intensity. We are working on improving that, and the better contribution from drill and blast can help those margin improvements. Generally, when you have client-supplied equipment, the margin's a little lower.
W e've got to see how that mix plays out. I think the annual run rate for that job's around AUD 150 million, and there might be opportunities to do more where we could supply some equipment as well. T hat's obviously only just started a month or so ago, so early days, but we expect the margin range at least to be sort of in the pocket that it is now.
Great. Thank you.
Thanks.
Once again, if you wish to ask a question, please press star one on your telephone and wait for your name to be announced. Your next question comes from William Park with UBS. Please go ahead.
Good morning, Jules and Pete. Thanks for taking my question. My apologies, been jumping on a number of calls this morning. My apologies if this has already been covered, but can I get some sense around some of the major mining contract renewals that we should be aware of? I know you've spoken about Curragh and Karara in the past, and just wondering where that's at, and is there any other renewals that we should be thinking about, and conversely, any other greenfield projects that you think is worthwhile highlighting? Thank you.
Well, the two major renewals are Curragh and Karara , and both of those are in discussions at the moment. There's nothing to suggest that they won't be renewed. We'd expect that to be business as usual. In terms of new prospects, there's things in gold, there's things in iron ore, quite busy bid activity, but it comes back to capital allocation if we have the spare fleet rather than us going out and buying big licks of capital to put into a competitive mining project.
I think there's enough work around at the moment that we can play well and make a good return, but that's really the determining factor of how we want to play with already an expansion of Castle Hill and a new Jimblebar coming in to sort of pop the earnings up and the revenue up anyway in FY 2027. We've got time to work through that and find the right projects.
Thank you. Just moving on to civil, I know in the past you guys have talked to getting to sort of the AUD 1 billion revenue number. Is that still an aspiration for you guys? Is that a realistic aspiration in FY 2027? If that's the case, what are some of the building blocks that get you from what you reported to sort of AUD 1 billion of revenue and beyond?
Look, some of the tailwinds I've called out will obviously help going forward to sort of grow the overall market. Iron ore has obviously been a big contributor this year. Not so much public infrastructure in W.A., and that's sort of changing this year because the public infrastructure work's coming in. There's ports, marine, all the infrastructure in Anketell, and then after that AUKUS, plus Brisbane Olympics, as well as urban still being strong and the work that happens in Queensland. Look, it's not a desperate focus for us to hit bigger revenue targets.
For me, it's more about improving the profitability across the business. That workflow is coming, so the activity levels will be very high. It's just a matter of making sure that we are doing the right projects and delivering a better margin, which is pretty important.
Just on that, where can civil margin get to? I know it really depends on the mix between public infrastructure and resources work that you've called out. Just in terms of the opportunities that's in front of you, where can it potentially get to? Can it have 7% in front of it, or can it go beyond that?
Look, I think, when you've got that sort of scale around and different project timings and all those sorts of things , in theory, yes. It's a big business, right? If we get into the sixes, I'll be pretty happy. If we can do better than 6.5% going towards 7%, that'll be a great result. We have got scale there.
There's no perfect world about projects all starting on time at the same time, and you've got a big overhead in the meantime to sort of carry through. I think activity levels are going to continue to increase off all of the things that are planned, whether it's from airports to ports. As I said, you've still got the iron ore sustaining capital stuff going on.
You've now potentially got BHP doing a lot in copper, plus AUKUS in South Australia, plus all the infrastructure work in South Australia. T here is a huge amount of activity at the moment. If we pick the right projects with the right margins, we'll do better and hit those targets. I'm not going to call out 7% just yet.
No, understood. One last question I had is just around, I guess, competitive dynamics just across the board and I guess the pricing power balance. I'd imagine a lot of the contractors would have sort of a pricing power as it stands now because of the sheer amount of work that's out there. Just wondering whether if your competitors are continuing to take somewhat of a prudent and conservative approach to pricing as opposed to going quite aggressive, or are you seeing more competitors stepping up their intensity?
Look, we're here to make money. There's a recent example where we were not successful on a project we talked about for a period of time. One of our competitors picked it up. If you look at the market today and what's in that tender pipeline for MET, as an example, there is no capacity left in that market because all of those competitors are absolutely full, which leaves us in a pretty reasonable position to get the right outcomes.
I think that's kind of important in that side. In the civil side, there's a lot of work and we're winning our fair share of it, and we're not doing things stupidly to win work. The same in mining. Mining is really about capital.
If a project requires a lot of capital that we don't own and we're not confident we can make the returns out of it, we don't price it, or we price it high, or we find some different capital solution. Because we're getting growth anyway through the existing projects, and we've got spare capital to put into new growth projects. I think, yeah. The whole market is very, very busy, and that's a good thing for the contractors at the moment.
Thank you.
Thanks, Will.
Thanks, Will.
Once again, if you wish to ask a question, please press star one on your telephone and wait for your name to be announced. There are no further questions at this point. I will now hand back to Jules Pemberton for closing remarks.
Okay. Look, thanks everyone for listening to the presentation, your questions. Look forward to seeing a lot of you in coming days and great result. Thanks very much.
Thank you. That does conclude our conference for today. Thank you for participating. You may now disconnect.