...Good morning and welcome to the 2025 financial full-year results for Watkin Jones. I'm Alex Pease, the Chief Executive. I'm joined today by Simon Jones, the CFO. The agenda for this morning will begin with a short overview from myself, reflecting on the business and operational performance over the year. We will update on the core occupational and investment markets we operate in before focusing on our financial and operational highlights. We entered FY25 with a continued environment of economic volatility and ongoing geopolitical disruption. Slower-than-anticipated rate cuts and a drawn-out wait for an [unsympathetic] budget have resulted in limited sentiment improvements across the year. With this backdrop, Watkin Jones has continued our approach over the last 24 months with a strategy of control, execution, and diversification, looking to provide a firm platform for our future growth. Inevitably, as a consequence of severely reduced market liquidity in the last couple of years, there...
