...Good morning, ladies and gentlemen, and welcome to Berkeley's results presentation for the year ended April 30, 2024. I am Rob Perrins, Chief Executive of the Berkeley Group. These results are in line with expectations and have been achieved in the most challenging conditions. We have geopolitical uncertainty, we have domestic political uncertainty, we have high interest rates following a super inflationary period, we have increasingly isolation is policies, we have low economic growth, no one understands the planning system. We've had major regulatory change in huge uncertainty around the new gateway system. We have a collapse in new homebuilding. And our forecast starts in 2026 from just over 100,000 homes unless we have a focused policy intervention to increased supply. So what has Berkeley done in the year. We have run the business very efficiently, reducing operating costs by 8%. We have maintained our operating margin at the top end of the 17.5% to 19.5% long-term range. We have not...
