All the technology works, and you're all participating in this update virtually. It's very nice to be able to talk to you again and maybe give you some news that is slightly better or a lot better than what we've experienced over the last two years. We've put out a pretty comprehensive trading update today, which gives a lot of detail about the business. I'm not necessarily gonna go through it all in detail. There will be an opportunity for Q&A at the end in the normal fashion. Please send the questions to the details provided, which will then come through to me, and I'll address them at the end. As always, please try to keep the questions to questions I can answer.
I can't tell you exactly what the inflation rate is across all our businesses as we sit here at the moment, and all those other wonderful numbers that you crave. What I can do is give you a feel for where the business is, where the economies in the geographies we're trading in are tracking and what our best guess on the short to medium future looks like. We definitely live in interesting times, and there's no doubt that, yeah, it's not normal. I'm not sure what normal means. Yeah, I just think that times are different to what they have been the last two years.
We're not addressing COVID issues in most geographies anymore, but we are addressing and facing a different set of issues which raises its own unique set of opportunities and challenges that the business responds to accordingly. The overwhelming theme that is coming out of trading at the moment is it is very, very strong. It's bounced back exceptionally strong after the Omicron wave sort of petered out and was found to be not all that lethal, I suppose, is the correct word. People just got on with it and started opening up, and economies opened up, and things started getting back to pre-pandemic types of levels. A lot of pent-up demand suddenly came to fruition and things snapped back probably quicker than most people had anticipated.
That's been compounded by some challenges that we'll talk about. Overall, we're seeing demand as very, very robust. There definitely is pent-up demand. People are almost probably fed up with being told what they can and can't do over the last two years and are now gonna go out and do what they wanna do. We're seeing most industries in which we operate, most markets, most segments, bouncing back exceptionally strongly. Obviously, there are a few that will take a little bit longer. But even those, when they seem to bounce back, they're coming back with a vengeance, with a positive vengeance. That's been good for our business.
I think the most telling numbers is if you look at the March, April, May revenue statistics, and don't compare it to last year, 'cause last year was COVID impacted to various differing degrees in different geographies. We're somewhere up between 116% trending towards 120% up in real currency basis compared to 2019, which is the last comparable period that we had that was not impacted. Now obviously, that's impacted by inflation, and we actually can't tell you what the inflation differential is between 2019 and 2022. We can take a guess in various different geographies, but we actually can't tell you exactly what it is. There is volume growth and there is inflationary growth in the selling price as well.
COVID's not finished in all the geographies we operate in, as much as we'd like to say it is. Our Greater China business, which comprises Hong Kong, China and Macau, are still very much in the middle of it. I'm sure you're all aware of what's going on in China with the lockdowns. It's now spread from Shanghai to Beijing. And who knows when that will end, how that will end. But it's certainly not following the playbook of any other country in the world so far. Hong Kong has been through a tough time, but they are reopening quite quickly. I think they're being held back a little bit, but they are trying to open up relatively quickly. So hopefully we'll see at least the Hong Kong business bounce back. Just to cover off on the COVID impact that we're still feeling.
It relates more to a staffing issue where you still have quite a high degree, and it's at various different levels in different geographies of staffing pressures which are brought to bear by COVID isolation rules. You still have elements where if someone has COVID, they can't come to work for seven days. If they're a close contact in certain geographies, they can't come to work for seven days. That is having an impact on not only us, but our customers as well. Compounding the labor shortages are the COVID-related labor shortages, which fortunately we can see in places like the U.K., where they're further down the path of normalization, have less of an impact. One of the major issues we're seeing at the moment.
From a top-line point of view, we're seeing very, very strong demand, and we're seeing strong demand across almost all sectors. What we are seeing, to a degree, is a shift of consumption away from those elements that might have done particularly well during lockdowns. We're talking about those that are purely focused on takeaway, home delivery, probably the pizza segment to a degree, the fast food segment. They probably aren't experiencing the same degree of growth that we're seeing elsewhere. Yeah, I think people are just cycling through this, "I'm gonna stay at home and get something delivered," to, "We're actually gonna go out and experience an entertainment option, an out-of-home option." Almost all segments are growing strongly other than those that were positively impacted to a large degree previously. There's some correction going on there.
In the areas that we deal in retail, we're also seeing some difficulty in the retail space. That the retailers definitely are seeing a swing away from retail, and they've had a glorious two years while people were stuck at home. There's no doubt that the out-of-home market is benefiting from that or the growth in the out-of-home market is negatively impacting the retailers. The retailers are hit with a double whammy of lessened demand, and they're facing the same inflationary challenges that we are. On the demand side, we're seeing it as relatively strong. On a growth margin basis, we are seeing our margins hold up relatively stably.
which obviously is indicative of the strong demand side and being able to pass price increases through, as they come through. There's a fair amount of inflation to greater or different extents in different parts of the world, but it is a general theme, and it's across the board. It's in food, it's in energy, it's in labor, it's in fuel, it's in packaging, it's in everything. That obviously has an impact both at the sales line, the gross margin line, and also the expense base. On the expense base, we're witnessing these inflationary pressures, as is everybody. I'm sure nothing I'm telling you today is new or revolutionary. We're feeling the cost pressures, compounded by labor shortages. We've spoken about it before.
There just seems to be fewer people willing to work in the workforce or there's just a much greater demand than there was before or people are dislocated in terms of where they are in the world, and they need to get put into the correct position again to ease that dislocation. We are seeing wage pressures. I guess the slight silver lining to it, which isn't a real silver lining, is however hard we try, we actually can't fill all the vacancies we have. Although there's cost pressure, we're actually unable to, from a labor line, the staff complement as much as we'd like to, because there just aren't people available and not even throwing money at it necessarily fixes the problem.
That's not sustainable because that does put a whole lot of pressure on the existing workforce. There's a limit to how much you can expect from that before something gives. If you take all of those things into account, you've got a very strong revenue line. You've got margins being kept consistent. You've got inflationary pressures that you're being able to manage. Obviously, that translates to a pleasing bottom line. You know, we have mentioned that we are trading at a, as of the end of April, our earnings metrics are at all-time highs, notwithstanding the fact that many months of the year were impacted very significantly in many geographies. Australia was in lockdown from July till about November.
New Zealand was in lockdown from August till probably January, February this year, and are only slowly opening up. We've got Greater China falling back into lockdown and so the list goes on. The 10 months we're looking at are very much COVID impacted. Even the last two or three months are slightly COVID impacted in certain geographies. By and large, though, it's a very positive story at this point in time. Like I say, demand is very strong. We believe we're gaining market share, which is also. You can speculate on why that is. We think it's 'cause we kept the muscle intact during the COVID time. We didn't cut too deep. We knew it would bounce back. We always said we thought our market would remain fundamentally intact, and that's proving correct. We haven't cut back.
We could bounce back relatively quickly. We had the financial backing to do that. Our businesses have bounced back very, very quickly. I also think we put the downtime of COVID to good use. We believe the business is generally across the board in a better shape than it was in 2019, and it was in pretty good shape in 2019. We've absolutely taken the opportunity of refining processes, of gaining efficiencies, of introducing technology, of maybe looking at underperformers or maybe asking a bit more probing questions on various aspects of the business. Where we sit today is in a better position than where we were those two years ago.
In all the geographies we operate, and I'm just gonna put Greater China and Hong Kong aside because obviously they're a different set of circumstances at this point in time. In all our other markets, our forward view is very optimistic, and our on-the-ground people's view is very optimistic. Now that's always couched in some negativity as to what would happen if. There are uncertainties in the world we can't answer. You know, what will happen if inflation continues to run away? What would happen if the world gets tipped into recession? What would happen if the Russian invasion of Ukraine spreads elsewhere and there's contagion from that?
We can't answer those questions. All we can answer is where we are at the moment and where we see the short, medium-term profile of our business, on an as-is basis. We remain confident that notwithstanding these headwinds, tailwinds, pressures, sideways pressures, whatever they are, our business and our business philosophy and our business model puts us in a great position to take advantage of the circumstances as they change, and we adapt to them very, very quickly. We don't have major restructurings to go through. We're exceptionally proud of the fact that we didn't lose money through any of the tough years, and we continued to generate significant amounts of cash. We're very, very proud of that.
We're very proud of the fact that our teams are still on the lookout to grow their businesses, and to further the strategic initiatives that we've set about putting in place over the last many years. The one other factor I wanna talk about is the strong revenue line and the lack of capacity that's available in the market. Obviously some wholesaler capacity was taken out during the pandemic and some people went out of business or didn't invest. There has been a bit of a shift. There's also great delays now, excuse me, in getting infrastructure put in. You can't get a truck for 12 months to 18 months. You can't get a forklift. There's long lead time on racking.
There's a long lead time on computer componentry. All of these things are compounding the issue of rolling out new capacity in the market in various different geographies we operate in. What that has resulted in is where some contracts have come up for renewal, we've taken a view of, unless we can get a correct outcome, now is the time to walk away from these one-sided contracts. If somebody's prepared to take it on at what we consider to be sub-economic rates, good luck to them. You know, we're only too happy to see that happen if we can't reach a consensus as to what a mutually acceptable business relationship looks like. We will see some reasonably significant leaks of business exiting.
In Australia in the end of October, we are exiting a large QSR chain which accounts for roughly 5% or 6% of the revenue of Australia. In terms of its contribution, it absolutely does contribute, but at a much, much lower rate than the 5% or 6% revenue contribution. In Belgium on the first of July, we parted company with a contract caterer who once again accounts for about 4%, I think it is, of our Belgian turnover. It does contribute, but you know, if you can't make money out of the transaction, rather move on. That gives us the ability to fill that empty space with new mutually beneficial business. That takes a little bit of time. Might take 6 months, might take less, might take a little bit more.
I think it further enhances our position of getting that customer base correct. We do make the comment that our businesses that have the highest proportion of larger customers on long-term contracts have the most amount of difficulty in passing on the price increases, both in terms of time and in terms of margin. There's no doubt that the diversification of the customer base and focusing on what we call the correct customer has yielded good dividends for us and will continue to do so, and is the right model to follow. It's probably also fair to say that the rebound we think has been stronger in the smaller. Now, I don't wanna call it small. Let's rather just say the not large part of the customer base. It would appear they've been able to rebound quicker.
They've seized on opportunities much quicker. They've been more nimble, and that's obviously been of benefit to us. I don't even know if there's any point in running around the geographies because all of them are doing very well at the moment. You know, I can't take you anywhere where we think, "Well, we've got a big problem and we don't have a plan, and it's not heading the way we want it." We speak about our problem businesses, Fresh in the U.K. In our mind, that's fixed. Obviously, there's a long way to go in the components being the meat and produce business, but that's upside for the next year or two. The seafood business is doing fantastically.
We've got a great seafood offering, which gives us the model to replicate to those other categories and we're confident we'll get success in that. Yes, it's frustrating that it hasn't happened to the same extent as seafood, but that's life. You know, you gotta take your learnings and adapt and move forward. The meat and produce categories are not causing us any pain. They're just not giving us this huge benefit in the same way that seafood is in that fresh U.K. business. Spain is well on its way to repair. It's a profitable business now. We've exited some parts of the business we shouldn't have been in. It's really focused on what it wants to do, and we've got some big opportunities to look at there.
We've got a plan, and we think we can execute on that plan. The Portuguese business is doing fantastically, and it's one that's gonna get significant more investment from us because it could be operating at much larger levels than it currently does. It's quite a small business at the moment, a very profitable small business, in a market that we believe can sustain a much bigger business. Our German business remains a little bit of a work in progress. It's a little bit slow. It's a little bit frustrating. It's not burning a hole in our pocket. Obviously we're not gonna stick around. It's not our intention to buy a business and stick around to make a small return.
We wanna be successful at what we do and buy the business and be a meaningful player in the markets we operate in. We have done a few bolt-on acquisitions in the period. We'll continue to make bolt-on acquisitions as they become relevant. There has been nothing large in terms of new geography M&A that's come up. I think there's a bit of an interesting dilemma going on in M&A world at the moment. PE exits, I think the tide has probably turned. You've got interest rates going up. You've got stock markets coming down. I think pricing expectations from a purchaser point of view are certainly trending downwards, not upwards, which is probably a good thing for us as potential purchasers.
The CapEx program's running relatively strong at the moment. It will for another year or two or three. As we say, it's real estate. The most of it is about infrastructure. That infrastructure doesn't have a one or a two or a three-year payback. That's real quality assets that have a long-term value, but more importantly, have a strategic value. In our mind, we're absolutely convinced our strategy's been correct. Our focus on getting close to the customer, last mile logistics. We spoke about it many, many years ago when people weren't talking about it yet, and now it seems to be flavor of the day. We are many years ahead of that. We'll continue to invest and roll that out. Part of that investment also ties into ESG.
that this investment does enable us to improve on our ESG credentials. Our new warehouses basically operate with zero-emission refrigeration. They're almost self-power-generating in terms of solar and investigating windmills on-site in certain sites, et cetera. You know, we're making that investment as necessary to enhance our ESG performance. Motor vehicles remains a challenge on the ESG front. It's, you know, it's very easy to say go electric. Unfortunately the efficiency of electric trucks haven't really come of age yet. Something will happen at some point in time. At this point, there just aren't trucks available that can carry the payload for the distances required to do the business that we're in.
That remains a bit of an elusive challenge to us that we'll continue to address as vigorously as we can. I'm gonna hand over to David just to take you through the salient financial features that he wants to talk, and then I'm happy to take questions.
Thanks, Bernard. I won't cover off too much, other than one can see the kind of performance that we've achieved in the 10 months to April. Our cost base, and we measure it as a percentage of revenue with the term cost of doing business, has been a little bit elevated. As I guess, revenues normalize, certainly pleasingly we've seen that start to track back to pre-COVID levels. That's encouraging. Working capital is in line with what it was previously. I think if one looks at the sales numbers versus, you know, compared to the period last year, you know, activity levels are significantly higher. We've also obviously seen significant inflation in products that we stock. I think from our perspective, that's sitting within our expectations.
In many cases, we are buying in inventory, you know, and holding stock in order to be able to firstly have it and then obviously sell it. Bernard spoke a bit about CapEx, acquisitions. Free cash flow has gone up. Most of that is in working capital. You know, it is as I said, tracking in line with our expectations, but still an absorption from our perspective at this point in the year. That's simply in line with activity levels. No concerns there. Liquidity, we spoke a little about the refinancing exercise that the group's been through.
We're pretty happy we managed to term out some debt that was rolling over at a pretty competitive rate, bearing in mind where interest rates have gone and continue to move to. No issues with our debt covenants. We give a brief update on the Miumi fraud. Nothing really there. It's now a process of pursuing the perpetrators. And that's obviously legal and criminal investigations and, you know, involving police and many other parties. That's gonna take some time as well as, you know, insurance. Nothing really has changed there other than it is moving, but moving relatively slowly. I think from my perspective that's around about it, and happy to take questions. We'll hand back to you, Bernard, and take questions, I guess.
Thanks, David. I see the questions aren't really coming in, which is good because clearly we've answered all the questions without the need to ask them. If you do have any questions, please send them in. We've got one question which asks about the split between institutional, corporate, and independent streets. Let me just see what the words used. The split between institutional, corporate, and independent streets. Look, it's actually a question that we can't answer, and it all depends on what your definition is. We were just having a debate internally previously about what the definition of the customer segments are, because it actually doesn't mean anything, an independent versus corporate. We've got some great corporate business. We've got some lousy independent business. It's not just restaurant business. It goes across all categories.
You got the for-profit sector, the not-for-profit sector, hospitals, nursing homes, government spending. It's actually a difficult question to answer because we don't measure it that way. We'll come up with some wording as to how we actually think is the most meaningful way to measure this component of our activities. For us, it's really about how much input do we have into the buy and the sell decision of the customer. When you're dealing with a QSR chain, you have no input whatsoever into either the buy or the sell. That's on one end of the spectrum.
When you're dealing with a very small café or restaurant or school canteen, maybe you've got total control over the purchasing decision of what product you put in and the selling decision as to what you sell to them and at what price. Then there's a whole lot in between, where customers are of different size, different complexity, different levels on their journey, and where that fits that. All that we want to I guess reinforce is we don't believe you can make a sustainable return in the long term out of dealing with customers where you can't control the buy or the sell decision, and all you are are some walls and wheels in the middle. That's not what we are. We really aren't a walls and wheels organization. We're not warehouse and truckers.
Obviously, we warehouse and we truck exceptionally well and exceptionally efficiently, but we only do that in order to complement the procurement and the sales function. In order to make what we consider to be acceptable returns on our funds, on the money that you give us to manage, you need to be very efficient with what we do in the middle, but you need those side activities of procurement and selling in order to get the correct return. That's where we're focusing on. On the procurement side, on the purchasing side, we've spoken about the various activities that we have there to ensure that we participate in as much of the purchasing pie that's available as possible.
We've spoken about our import program, about our BEC, global procurement program, about our move into low technology, low impact manufacturing, conversion, repacking, slicing, dicing, marinating, pickling, bottling, making things that you know that assist us on that procurement side, which also then assists on the selling side. That was a very, very long answer to a very quick question. Let me see. I've got a few more. Could you give an idea of the volume price you're getting by region or overall? No, I can't. Like, I actually can't because that's very difficult to determine what volumes are as well. I know I'm making a whole lot of excuses and making it difficult for you. I'm very, very sorry. In some of our businesses, they're talking about volume growth compared to 2019.
Now bear in mind we're not comparing to 2021. We're not comparing to 2020. We're comparing to three years ago. There's been a lot of water under the bridge, and you've got different customers and you've got different products. There's a whole lot of things that have changed in the mix. The underlying feeling is that volume growth is currently. Don't look at the 10 months because the 10 months are impacted by COVID to various degrees. If you just look at the last few months, a lot of our businesses are reporting that their estimate on volume growth from the good old days is somewhere in the 5%-10% range. Now, I know that's a big spread, but that's the best guess of it.
Like I say, it is only the last few months that are actually indicative of where this thing is heading. You talked to market share gains, and I know it can be hard to say where it's coming from. In the U.K., for example, in the last few months, you're up double digits versus overall restaurant spend, which is down double digits, which is incredibly strong. Can you talk to the U.K. market in particular and your experience there in recent months? Look, I have to say that our guys in the U.K. are doing a phenomenal job. Yeah, I don't know what more I can say about that. I can't talk about the market. The statistics would lead you to believe that there's a consumer slowdown. If you look at the numbers coming from our business, there's no sign of it.
I would have to infer from that it means that we're doing a good job. I say that a little bit tongue in cheek because we know we are winning market share from various of our competitors, and we're in a good space in the U.K. A lot of it is because we are able to innovate, adapt to the customer's needs. We have the infrastructure in place. We haven't been through a major restructuring through these two years. The team that the people are dealing with now are the same team that they dealt with in 2019, by and large. You know, we're just doing what we're doing relatively well. You know, I don't wanna be too smug about that. But I think, you know, full credit to our guys in the U.K.
It's a story that I can repeat through many other geographies. They're doing a good job. They're seeing volume growth, and they're seeing revenue growth, and they're seeing expense pressure. Absolutely. But they're managing that very well, and positively in terms of the overall business. Are you able to provide a percentage of the greater business in China that is under restriction over the last quarter? Well, that changes every day, quite honestly. And even when they are under restriction, we're still doing sales because as we've explained in the past, we're not only in the major cities, we're also in the smaller cities. The smaller cities aren't anywhere close to the same level of lockdown as the major cities.
When we talk about Shanghai plus six or seven or eight satellite cities. Shanghai is dead, but the satellite cities are doing okay. The biggest proportion of our business is in southern China, in the Shenzhen, Guangzhou, belt, and that's the least lockdown impacted at this point in time. It is still lockdown impacted, but it's the least. Just to put your minds at ease, we are still profitable. Even as we speak now, we're still profitable in China. Notwithstanding the fact that you've got these incredible lockdowns, at this point in time, we actually are still profitable. Obviously, we're way down in terms of profitability, but we're not bleeding. Once again, we're not shedding staff or shedding costs.
We are absolutely bearing the cost because we know when it comes back, it's gonna come back at a million miles an hour, and we need to be in a position to take it. Okay. You mentioned all regional areas are doing well. Does this include China, even if not, what's your expectation for your growth in China? Like I say, up until December, our Greater China business was shooting the lights out. They had their best six months ever. They were doing well. Top line was growing strongly. Expenses were well controlled. Bottom line was looking fantastic. Overall margins were great, and everything was hunky-dory. We're significantly COVID impacted. There's absolutely nothing we can do about it other than wait and see. I'm not optimistic that it's gonna end anytime soon.
The authorities there seem to have a different view as to how to tackle the problem. It's not for me to comment on whether it's right or wrong. It's just different. I think we're in for a longer period of severe restrictions. Like I say, we're still profitable. Maybe we'll dip into a small loss at some point in time if it gets worse, but it's certainly no cause for panic. We have seen an increase in crowds at some of the major sporting events. Could you talk to the return of mass events along with seasonality? Look, that's already in the numbers. You know, if you look at that, at the U.K. and Europe, Australia, New Zealand, I think South Africa. Look, our stadiums are back to where they were.
Most of them don't have mask restrictions done. They don't have social distancing. We're seeing it bounce back potentially strongly. That's where we're seeing the March, April, May trend of, I don't know, it was 116% trending upwards, 120% on 2019 coming through the numbers of which a big chunk of it's inflation, but it's also volume as well as that comes back. Various other segments are coming back as well. You know, air travel, international air travel is coming back, but it's coming back quite slowly. If anyone's tried to get on a plane, you'll know that it costs you a lot of money, and you don't have a whole lot of choice.
Airline capacity, I was reading somewhere, international airline capacity is only about 60% of what it was pre-pandemic. You know, there's still a long way to go on that. That has a knock-on effect on conventions and incentive trips and business travel and leisure travel and all these other things, which to a degree is offset by local staycations and local conferences and local conventions, et cetera. There are very few segments in the open economies, and I'll talk about the U.K. or maybe Australia, et cetera, that aren't in a position to bounce back relatively strongly in the next few months. Cruise ships, for example, are coming back very quickly in most geographies. They seem to have huge bookings. I think their problem is gonna get.
is getting staff, training them back on ships and in the right place. The cost increases that they obviously have to face in terms of fuel and the like. I don't think there's a shortage of demand for cruise ships, for example. I just don't think that the supply side is gonna be what it was for quite a while. That goes through quite a few of our other segments. The CBDs are coming back relatively strongly.
As we speak about, and you all know about it, because I'm sure most of you have this arrangement where you continue to work from home, or you've got some type of hybrid arrangement where you're not going into the office every day, which obviously has an impact on workplace catering and CBD activity levels. To some degree, that's offset by the fact that it's picked up in the suburbs because all of you are still going out for breakfast or lunch. Maybe you're just going with your family instead of going with your work colleagues. You've got pros and cons in all of these circumstances. Other than the U.K., which geographies have the main staff shortage challenges? The U.K., Netherlands, Belgium, Czech Republic, Poland, Italy, Spain, Portugal, Australia, New Zealand, Singapore, Malaysia, China, Hong Kong.
South Africa doesn't. The Middle East does. Turkey doesn't really. Yeah, it's pretty broadly spread across the world. It's pretty significant. That's generally in all the developed economies. You've got this real world pressure. Maybe in some of the more developing economies, you don't have that pressure, but you've got the wage cost pressure. You might not have a staff shortage, but you still got inflationary cost pressure, notwithstanding the fact that you might have a 10% or a 15% or a 40% unemployment rate. No more questions. David, anything else you wanna talk about?
No, not from my side. Thanks, Bernard.
Okay. Okay, just to wrap up, we're exceptionally proud of what our teams have delivered around the world. I think we're in a good position.
We certainly are seeing the fruits of our labors coming through now. There are challenges, make no mistake about it. Inflation is a big issue, but we don't have the answers as to where it's gonna go. All we can do is be as nimble and react to it as appropriately as possible, and make sure we get our fair share whichever way it falls. The businesses are generally in good shape. We're cash generative. Yes, there's a bigger investment in working capital as revenues rebound strongly, which I'm sure you understand the pure logic of that. You know, what we have found with supply chain disruptions, stock's not a bad thing.
That's. In inflationary times, if you do have inventory, when you have supply chain disruption and inflation, it's an opportunistic environment for good traders. We're very pleased with where our business is. We're pleased with our teams as to what they've done around the world. They really have done a fantastic job through tough times. The times are still tough. Although financially they're producing good results, operationally, they're very, very tough. Our teams are tired, our people are tired. They've had big demands made on them for a few years now, and they continue to deliver on that. Full credit to that and to them, and we all, you know, we all owe them a great deal of thanks and gratitude 'cause they're the ones making it happen.
Now, it is what David and I sit here and, you know, talk a little bit of strategic nonsense and big picture thinking. It actually happens down in warehouses every single night, in very small, you know, very small units of measure. A carton of this and a carton of that. Thank you very much everybody for your attendance. The next time we'll talk to you will be towards the end of August when we release the full year results. Our plan is to do that in person again in Johannesburg. Whoever's there, I promise you we'll put on a good feed. It will be better than what we've done in the past. If you've got any requests, please send them in.
It's been a few years, so it would be nice to see as many of you in person as possible and just to catch up. To everybody, thank you for your continued interest and support, and thank you very much.