I think we're all here, those who've come across from [Hau'ma]. Good morning and welcome to Oxford Instruments' full year results. In terms of the agenda for today, I'll take you through the highlights. I will then introduce and explain our new strategy and the progress that we've made to date. After this, I'll hand over to Gavin, who will take you through the financial results before returning for an operational review and then closing with our outlook statement. Moving straight on to the highlights. We've made good progress in implementing a major strategic program to reposition our group for long-term sustainable growth. We've called this the Horizon Strategy. We have taken significant actions to manage our portfolio in line with Horizon.
Against this backdrop of strategic activity, we have maintained focus on the short term, and the business delivered a stable performance in line with our expectations, with 9% revenue and 7% adjusted PBT growth in the year, supported by currency tailwind. This was despite challenging backdrop of slower academic funding in the U.S. and Europe and the previously announced headwinds from our OI Healthcare business. Performance in the year was underpinned by the continued strength and improved profitability across our nanotechnology tools sector. In our service sector, we saw strong revenue and profit growth from the support and servicing of our own products, offset by a weaker performance from OI Healthcare. We have undertaken a full review of the balance sheets in line with business performance, resulting in a number of non-cash impairments, and Gavin will say more about this in his financial review.
We also delivered an improved net debt position, supported by a focus on cash conversion and the disposal of the superconducting wire business. I am encouraged by the performance of the business during my first year as Chief Executive and the progress we have started to make in the strategic repositioning of the group. I would now like to spend a few moments talking about Horizon. Horizon is a transformational program for Oxford Instruments and is focused around two anchors of repositioning the group for long-term sustainable growth and margin improvement. Whilst we are at the beginning of this journey, we are already seeing initial benefits, and over the coming years, it will drive our direction, initiatives, and our operating model.
Looking at the key elements of Horizon, we will focus our investment on market segments where nanotechnology drives long-term growth for our customers and where we can maintain or develop leadership positions. We will transform the group to become more focused and market-driven, maintaining our heritage in supporting fundamental research whilst increasing our focus on products for applied R&D and commercial end markets. We will drive the delivery of synergies and enhance collaboration across the group.
For instance, we will leverage our combined technical resources to deliver our highest priority programs more quickly and efficiently. We have restructured our territory sales management to provide a more collaborative and application-targeted sales approach. We will also evolve our existing tools and service model and move up the value chain by providing our customers with enhanced solutions, information, and customer support.
This matches the evolving needs of our academic and industrial customers, driving capability and productivity. We will be known for unprecedented performance, ease of use, and excellent customer support. We will also transform our operational model to embed consistency and excellence across all of our businesses, measured by clearly defined core capabilities that will enhance our competitive advantage. Now, looking at the market context, we are entering a new phase in the exploitation of nanotechnology.
Over the past 10 years, Oxford Instruments has focused on being a leading provider with tools and service to industrial and research communities all over the world. The convergence of sciences has now happened, and nanotechnology is well established as a fundamental driver for delivering advances across scientific and commercial markets. Industrial and academic customers are now focusing their attention on commercial applications, exploiting nanotechnology through enhanced material and development of advanced systems and devices.
Through Horizon, we will build on our leadership and expertise in the fabrication, manipulation, and characterization of materials and devices down to the molecular and atomic scale in line with our customers' new requirements. Looking at our new market focus, we have identified key areas where nanotechnology will provide strong sustainable growth potential. We believe these markets are well funded and, importantly, are areas where we can offer customers added value.
The core markets are detailed here on the slide, and I'll give an example of a few of them. In healthcare, where growth is driven by the demand for improvements in disease detection and the understanding of fundamental mechanisms, our advanced imaging and analysis solutions, such as DragonFly, our optical imaging system, and our recently launched Videorate atomic force microscope, are examples of where we are providing enhanced capabilities and productivity to those working in this area.
Within energy, improved efficiencies and sustainability remain core drivers and include work in photovoltaics and batteries. Our deposition and etch processes and our characterization solutions are essential in the development of current and next-generation devices. Plasma technology, Asylum Research, and NanoAnalysis are particularly well aligned to support the growth in these markets. Advanced materials is where we can help our customers lead the race to develop lighter, stronger, higher-functioning, and more affordable materials.
This remains a core market for our businesses, and we continue to build strong relationships with the leaders in this field, ranging from Nobel Prize winners all the way through to quality assurance managers for leading manufacturers. Within these core markets, we have identified a number of niche segments that are particularly attractive to us, and we will focus on these to ensure we gain competitive advantage.
Now, Horizon will also see the evolution of our business model. As I mentioned earlier, our market has changed dramatically, with nanotechnology migrating from fundamental research to being adopted in mainstream R&D programs and commercial applications. Our access to fundamental and applied research, combined with our knowledge of end applications, will drive and support our future growth.
Our move to delivering solutions, information, and excellence in support underpins and aligns with our new business model. As an example, you may remember that we provided the cryogenic equipment to the Nobel Prize winners who, in their fundamental research, discovered graphene. We are now providing equipment to enable the fabrication and characterization of these two-dimensional devices and structures in applied R&D and also in commercial applications.
Quantum technology today is where nanotechnology was 10 years ago, but it is making a much more rapid journey from fundamental research into our applied R&D due to the strong commercial pull and government initiatives, and that is why it's one of our core markets. Through Horizon, we will also transform our operating model. Horizon will embed clearly defined core capabilities across a number of areas. By driving improvements in these, we will deliver competitive advantage and improved performance.
The areas are market intimacy, where we will develop an in-depth understanding of our customer segments and align our innovation and product development initiatives to customers' strategic roadmaps. In innovation and product development, we will focus our investment on higher growth segments, prioritizing our resources on the most valuable development opportunities.
Within customer support, we will build on the growing demand and offer a higher level and broader range of support services. Finally, with operational excellence, we will drive improvements in cost, time, and defects. To summarize, I'm excited by the potential of the Horizon Strategy, which builds on our heritage and is the next stage in the evolution of Oxford Instruments. We are at the start of the Horizon transformation. It will take time for us to realize the full benefits of our new direction and approach.
I'm pleased with the progress we've already made in the establishment of a more synergistic and focused portfolio. In this regard, in November, we announced the divestment of our superconducting wire business. After the year-end, we announced the agreed sale of our industrial analysis business. Our magnetic resonance and X-ray technology businesses will remain within the Oxford Instruments Group. We are also making good progress in building the management, leadership, and core capabilities across the group in line with our new strategy. With that, I'll hand over to Gavin, who will take you through the financial results. Thanks.
Thanks, Ian. As Ian mentioned, we disposed of the superconducting wire business last November. Numbers I'm discussing today are on a continuing basis, with wire numbers included with discontinued operations for this financial year and the comparator period. Starting with the income statement, reported revenue increased by 9% to GBP 348.5 million. On a constant currency basis, revenue fell by 3.7%. Adjusted operating profit grew by 3.2% to GBP 42.5 million, with operating margin falling by 70 basis points to 12.2%.
On a constant currency basis, adjusted operating profit fell by just under 6%. Marginally lower financing costs and a fall in pension financing charges led to a fall in net finance costs of GBP 1.1 million to GBP 6.5 million. Adjusted profit before tax grew by 7.1% to GBP 36 million, with margin declining by 20 basis points to 10.3%. Following review of our balance sheet, we've impaired non-current assets to the value of GBP 46 million. This is a non-cash adjustment, and I'll take you through the detail a little later. Amortization of intangibles was GBP 13.8 million, also a non-cash charge. Other adjusting items include GBP 1.5 million of acquisition-related costs and GBP 1.6 million of restructuring costs and joint venture charges, and finally, a GBP 1.2 million gain on currency hedges.
After the impairment of non-current assets and other adjusting items, the group recorded a loss before tax of GBP 25.5 million. Adjusted basic and diluted earnings per share both grew from continuing operations by 5.5%. Taking into account the impact on the group of business disposals, currency effects, and our continuing objective to strengthen the balance sheet, the group has proposed to hold the dividend at last year's level, giving a final dividend of GBP 0.13 per share. Looking at revenue by sector, here you can see all segments grew on a reported basis, with currency benefiting revenue by approximately GBP 41 million. Nanotechnology tools showed a marginal decline at constant currency, with Asylum Research experiencing a lower level of revenue compared to the comparator period. Industrial products fell by 7% due to product and geographical mix.
We've increased revenue from service of our own products by 10% at constant currency. However, lower sales from our US healthcare business more than offset this growth, resulting in a contraction in total service revenue of just over 7%. The removal of superconducting wire revenue has increased the proportion of revenue from Asia to 42% from 35% last year. In Europe, revenue declined by just under 6% at constant currency, representing a mixed performance. We saw strong growth in France and Germany, but lower revenue from plasma, where annual sales are more lumpy, negatively impacted the rest of world segment. In North America, the decline of 12% was principally due to lower revenue in the US healthcare business and, to a lesser extent, lower levels of academic funding, which impacted Asylum and nanoscience.
We've had a good period in Asia, with constant currency growth of just over 7%, driven by strong growth for all our businesses within China. Lower sales in Brazil and South Africa account for the reduction in rest of world revenue. Looking at the order book, here we can see it has grown by 9.3% since last year and 0.5% at constant currency. Constant currency growth was 0.5% for nanotechnology tools and 5% from service. Industrial products declined by just over 6%. The order book now stands at around GBP 145 million. Moving to adjusted operating profit by sector, here you can see the benefit of FX is just under GBP 4 million.
This is lower than expected when compared to the revenue, and this is due to our policy of hedging forward future cash flows for the following year ahead of the year. Constant currency operating profit in nanotechnology tools grew by 20.7%. The margin from nanotechnology tools improved by 90 basis points. All businesses, with the exception of Asylum, improved their margin. In industrial products, both the industrial analysis and X-ray technology businesses performed broadly in line with last year. We highlighted at the half year that we expect the lower level of sales from refurbished imaging systems against the previous year to continue. In the second half of the year, this was compounded by lower utilization levels for our mobile leasing units.
As a result, trading in US healthcare was poor, depressing service profit by GBP 6.5 million and offsetting good growth in service of our own products. With a new strategy for the business, along with organizational changes and operational efficiencies, we expect to see an improvement in the financial performance of this business this year. Turning to the cash flow, we can see that the business made an adjusted EBITDA of GBP 53 million. Adjusted operating cash flow was just under GBP 37 million, representing cash conversion of adjusted operating profit of 86%. The working capital outflow of GBP 4.4 million represents a planned reduction in payables compared to the comparative period and an increase in imaging inventory ahead of sale. Total R&D expenditure was GBP 30.3 million, equivalent to just under 9% of sales, of which just under GBP 8 million has been capitalized.
The pension deficit fell from GBP 35 million last year to GBP 25 million, due largely to the deficit recovery payment plan. Tax paid was GBP 2.1 million, reflecting utilization of brought forward tax losses. Acquisition of cash flow of just under GBP 10 million principally relates to deferred consideration for the acquisition of Medical Imaging Resources and Spectral and inherited acquisition from Andor. Disposal proceeds of GBP 12.2 million relates to the sale of superconducting wire. Net debt fell by just under GBP 20 million to GBP 109.3 million, representing a net debt to EBITDA leverage of 2.1 times, comfortably within our covenant of three times. Just having a quick look at the currency exposure of the group, the business has a large exposure, as you know, to foreign currency fluctuations facing transactional and translational currency exposures. Our total currency exposure is detailed on this chart.
For the full year in sterling equivalent, we have net exposures in $63 million, EUR 21 million, and JPY 14 million. As many of the manufacturing sites are in the U.K., we have a short sterling exposure of GBP 56 million. As I mentioned earlier, the group maintains a hedging program against its net transactional exposure using internal projections of currency trading transactions expected to arise over a period of 12 to 24 months forward. Turning to the impairments, as I mentioned, we've impaired non-current assets to the value of GBP 46 million, being a non-cash charge. The financial performance of our healthcare business in the U.S. deteriorated, with business operating profit falling significantly. Performance has been impacted by lower sales of refurbished imaging systems compared to the previous year.
As reported the half year, this has been driven by both a particularly high level of activity in the prior period and also a change in software licensing by one of the large original equipment manufacturers. We have revised our financial projections for this business and conclude that goodwill and acquired intangible assets of GBP 11.2 million could no longer be supported by projected cash flows, resulting in an impairment of the same. The financial performance of our Asylum business deteriorated, with the business performing below our expectations. Performance is being impacted by slowdown in academic funding in the U.S. and European markets, compounded by delays in new product launches. We've revised our financial projections for the business and in light of this trading environment and the planned launch of our new product pipeline.
We conclude the goodwill of just under GBP 23 million could no longer be supported by future cash flows, resulting in impairments of the same. At the half year, we'd reported an impairment of GBP 700,000 additionally in capitalized development costs. An impairment charge of GBP 8 million relates to our investment in Scienta Omicron and is a consequence of this year's financial performance, last year's or 2017 financial performance and lower projected cash flows. This resulted in a reassessment of the joint venture's expected future business profitability, given the actions and time required to improve the business. Finally, we've impaired intellectual property with industrial products to the value of GBP 1.1 million and written down GBP 2.2 million of inefficient costs on the group's new ERP system.
In summary, the business had a stable year with strong operating profit growth in nanotechnology tools, offsetting a decline in business performance from OI Healthcare, supported by currency effects. Good cash flow conversion and proceeds from the sale of superconducting wire led to a fall in net debt, strengthening the balance sheet. On the 26th of April, we announced the sale of our industrial analysis business to Hitachi High Technologies. Internal pre-completion activities are on track, and we expect financial close in the second quarter, subject to regulatory approvals. The annualized impact on the group, spread across the industrial products and service segments, is estimated to be a reduction in operating profit of GBP 4.2 million and a reduction in profit before tax of GBP 2.7 million. Pro forma net debt to EBITDA leverage is expected to fall post-completion to below one times. With that, I'll hand back to Ian.
Thank you, Gavin. We will move on to looking at the operational performance in the year. Our nanotechnology tool sector experienced continued strength and improved profitability. This was largely due to the success of recently launched higher margin products and attention to operational efficiencies. Our focus on solutions that offer increased performance and ease of use is creating more value for our academic customers, and we have seen increased demand from commercial organizations. This is the case in nano analysis, which continued to deliver strong technical and financial performance despite the subdued academic market. Whilst metals research declined in the year, we saw increased interest and positive developments in advanced materials and biomedical markets. The drive for smaller semiconductor devices and battery research also drove demand for our higher performing, higher margin products.
Andor contributed strongly with an improved performance in the year. Again, this was supported by new product launches, including DragonFly, which we introduced at the half year. We significantly enhanced our offering in combustion and plasma research with an advanced Canvas solution with market-leading speed and sensitivity. This same technology has been adopted by researchers investigating quantum communication. Asylum Research, as Gavin mentioned earlier, had a difficult year, with the overall AFM market being strongly impacted by the reduced academic funding levels in the U.S. and Europe. We believe the business has good opportunities for growth in areas such as batteries, polymers, photovoltaics, and biodynamics, with growth supported by recent and planned product launches. For Plasma Technology, new advanced recipes for use on our existing hardware platforms, combined with a focus on operational effectiveness, has helped deliver significant improvement in the performance of this business in the year.
Our specialist processes helped win a number of orders into dedicated production facilities for power semiconductors and sensors. In nanoscience, demand for our specialist magnet systems remained strong, with installations into leading institutions across China, Europe, and the U.S. Nanoscience also benefited from the global increase in funding into quantum-related research, driving demand for our cryogenic and optical measurement solutions. Scienta Omicron improved performance in the year but made slower progress than anticipated, primarily due to the subdued academic funding. Moving on to industrial products. After the disposal of our superconducting wire, our continuing industrial products portfolio includes X-ray technology, magnetic resonance, and industrial analysis. As Gavin mentioned, we anticipate closing, completing the disposal of the industrial analysis business in the second quarter of this financial year.
Now, the sector produced a stable performance given the continued challenging end market conditions being further impacted by lower oil and commodity prices and reduced steel production in China. X-ray technology made progress in the year through diversification and increased demand in medical imaging applications such as micro- CT, bone density, and biopsy equipment. Magnetic resonance had a steady performance in the year with increased interest in Pulsar, our benchtop analyzer, which is being exploited across a diverse range of end applications. This is driven by its capability to simplify measurements and replace the need for central high-cost research facilities, increasing accessibility and productivity. Industrial analysis reinforced its market positions through a number of key product launches across our optical emission and handheld analyzer portfolio, including Vulcan, a new laser spectrometer which enables routine portable analysis at lower cost and without the need for ionizing radiation.
I'm confident that subject to receiving the necessary approvals, our industrial analysis business can look forward to a bright future as part of Hitachi High Technologies. Moving on to the service sector, we continue to see increased demand for services related to our own products, resulting in increased revenues and profits. However, the overall performance of the sector was significantly impacted by market changes for our OI Healthcare business, as outlined by Gavin earlier. This was compounded by an enhanced volume in the comparative period post the acquisition of MIR. We are taking the necessary steps to improve profitability and driving operational efficiencies and business focus in our OI Healthcare business. To sum up, in a year of transition, the group delivered a stable performance supported by currency tailwinds.
Whilst academic and R&D funding levels remain uncertain, we believe progress with our strategic initiatives and favorable currency effects will deliver an outcome for the year in line with expectations. Our focus is on markets with long-term growth drivers, where nanotechnology has the potential to address some of the world's most complex and pressing challenges. Fundamental improvements to our structure, operations, and strategy are underway and give us a solid platform to return to sustainable growth at improved margins over the medium term. Thank you very much for your attention, and Gavin and I are very happy to take any questions you may have. If you could just wait for a microphone for a question and also mention which house you are from.
Morning, it's Henry Carver from Peel Hunt. Just one from me, I guess. What percentage of group revenues now are from those target long-term growth markets? I guess, is there any more of the tail to cut off?
Our nanotechnology tools business is 60%. The bit that we are disposing is industrial analysis, which is about GBP 60 million of revenue. The rest of our business does align and focuses to our target market moving forward.
Thanks. It's Nick James from Numis. Yeah, on the Horizon project, first question was, has there already been a lot of changes in the leadership throughout Oxford Instruments in order to be the new people who are going to execute on this project? I guess it seems to be the idea is a bit of a mindset change throughout the organization, which would entail quite a lot of change in terms of people.
Yeah. Whilst I'm sharing Horizon with you today, we've been developing Horizon since I took over as Chief Executive. We have been making the necessary management and leadership changes throughout the year. Of course, the planned disposals that we've discussed today and the Horizon strategy has been fully launched within the business within the second half of this financial year.
Okay. In terms of these applications which are moving from the kind of the more researchy phase to the commercial phase, I mean, what's a reasonable timeline to expect this to kind of start to drive growth in the business? Is it happening now in certain areas? What's the timeline in terms of when the whole kind of business starts to be driven by that?
Yeah, that's a good question. Of course, some of our businesses are excellent at this already, and our higher performing businesses have a far more application and market focus. This is about bringing that core capability across the rest of the group. It will take some time. New product launches that we have planned, some of them will be a year or two years in development. It is also about an applications mindset across sales, marketing, and our market communications. We will see benefits start to creep in, but it will take a while for us to see the full benefit of the Horizon Strategy.
Okay. In terms of the Scienta Omicron JV, how does that tie into the project Horizon? Is it part of it, or is it independent? How are the changes being driven in that organization?
Okay. We only have a minority stake in the Scienta Omicron joint venture, so we do not directly control that business. We will take a view on that joint venture in due course.
Okay. Great. Can you remind what was there an option with that when you went into the?
We have 47%, and we have an option later on, I think, if we...
Yeah, the business is run. We have two board members. The other party have three board members. It is run. It has its own issues, but it has its own improvement plan, operational efficiencies. It is pushing forward, and it is projected to improve its own financial performance going forward. At the moment, it is a core part of our strategy to maintain our support for that joint venture.
Was there an option to buy out the rest? I cannot remember.
There were no options. There are preemption rights for both parties. As you'd expect in this sort of arrangement, there's no particular option.
Okay. Great. Thank you very much.
Thanks. Two questions from me. It's Michael Blogg from Investec. The first is the Asylum slower product launch. Was that because the process of launching was simply not as slick and efficient, or was there actually a rethink in what the products should be aiming to do and the markets they should be addressing?
Okay. No, it was your former. The product that we're actually launching, which is the Video-rate atomic force microscope, which we had planned to launch much earlier in the year, in order to get the performance that would really delight and deliver for the customers, we decided to actually ensure we actually made that performance rather than launch a product that didn't get there.
Okay. Where is that at the moment? Is it?
That was launched at the end of the financial year, right towards the end of Q4.
Okay. You're getting feedback?
Very good feedback. We had one customer who saw just a video of it operating. They said it will transform their research, and they went and found the funding for it that week, which is quite unprecedented.
Okay. Thanks. The second question is I noticed that you're saying you expect the coming year to be in line with expectations. Can you tell us what you think expectations are? Because the sources that we look at, there's a mixture of adjusted and unadjusted numbers for the latest disposal.
Right. Yes. Gavin, why don't you take that?
We've highlighted that we will get a benefit, which we've reported already, of an increase of FX of GBP 7 million. We have said, take away from that the impact of GBP 4.2 million, which I have talked about, of the industrial products lost profit.
Okay. Thanks.
Sorry. Morning. It is Stephen Swanton at Redburn. Will there be a divisional reorganization? Because industrial products is now kind of very, very small relative to nanotechnology. I guess kind of related to that, when you think through your strategy program, I mean, kind of the MRI service activities just do not fit with where Oxford Instruments seems to be going or prioritizing. Is it fair to say that that would be a candidate for disposal going forwards as well?
Okay. Let us break that into two parts. Rather than getting ahead of ourselves, we want to focus on completing the industrial analysis disposal before we consider our structures, and we will announce those in due course. A key element of our strategy is actually building the excellence in support and broader range of services for our customers. MRI service and support fits into that part of our strategy.
I mean, it seems like, I mean, I can understand why you might have had MRI before because of relation to superconducting wire and the legacy of Oxford Instruments. I mean, that's kind of gone now. Presumably, it's our expertise in cryogenics, which is what's required in actually the servicing of the system rather than the wire, which is actually within the system already. That's as part of that. We continue to work with partners on future generation systems. Thank you.
Thank you. Jo Reedman from Avingtrans. It's very encouraging to hear about the Horizon program. From this side, there seems to be quite a gap, I guess, in how we understand the gap between coming up with it and actually delivering it and how we will see or measure what the achievements are. Are there numbers or targets or anything else you can share with us that will allow us to judge that?
Yeah. There'll be the two key anchors that we're looking for, which is to return the group to good organic sustainable growth over the medium term and improve margins. We're not putting out any targets or timeframes for that. I think given the current macroeconomic climate, that would not necessarily be a sensible thing, but we will look to continue to improve the business over the coming years. Okay. Any more?
Morning, Chris Dyk from Investec. Three questions, please. Firstly, just on the services business, am I right in thinking that all the downswing of the kind of non-Oxford business is now out? So there's no further deterioration you're expecting in the 2017-2018 period?
That's true. Yeah.
Okay. Secondly, on the goodwill situation, are Omicron and Asylum now fully. There's no goodwill associated with those businesses, or there's still some level you're carrying?
Omicron, there's still some investment remaining in that business. We also have a small loan to the joint venture. Asylum, the goodwill has gone. There are still some acquired intangibles which are supported by future cash flows. Yeah.
And you spent quite a lot of today talking about, theoretically, some of the things you're doing internally. Can you talk about the outside markets? Because there's obviously a lot of moving parts there. Obviously, Trump has a particular agenda around U.S. and IH funding, which Congress is clearly pushing back hard on. Can you give us a view of how you see the markets developing in kind of the U.S., in Europe, and in Asia? Because it's hard to tell how you see the markets playing out in the next 12, 20.
Okay. That's a very good question. Somewhat difficult to answer. I think each day you read a different story about what's going on with funding in the U.S. I think generally, if you look at funding, it's a bit like the weather forecast. There's a general weather forecast in the U.K. It's more important what is the weather where you are. What we're doing is directing our business to those areas that we know are going to be well funded.
Irrespective of what the total funding goes down, this is the areas that governments and corporate organizations are driving their investment. It is about aligning our portfolio to those areas and then ensuring that we are within the right niches and segments where we can take a leadership position. That is part of how we have managed our portfolio. It is how we are looking at new opportunities, both for organic and inorganic growth moving forward.
Final question for me. The first two months of the year, you have had the flash data now, certainly for May, what it looks like. Is there anything in that that positively or negatively changed your judgment for the year going forward? If I was to reference particularly the U.S. again, what we have seen in defense outlays, a big pickup in May that came out last night. Have you seen signs of that? Not if you don't have defense, but across the U.S. budgetary environment, have you seen any particular changes?
We're a very lumpy business with our orders. I think the first couple of months, and we've only had flash, is very difficult for us to take any particular judgments up or down on that. What I would say is that pipelines of what we've seen, because often it's six to nine months for an inquiry to actually accepting an order, we've seen increasing pipelines for our newer products. That has been attractive. Funding in Asia seems to be continuing, and the acceleration in interest in higher performing products continues as well.
Okay. Thanks.
Okay. That was that. Thank you very much for your attention. Thank you.