Andrew Lewis is declaring his innings closed, after six years as CFO. Having informed the Board of his intention to retire, his notice period is 12 months. He will continue in role to ensure a smooth transition. The Board has commenced a search process to identify his successor. He will be leaving Chemring strongly repositioned and in good shape to take advantage of growth opportunities. As a reminder, FY22A results represented a fourth consecutive year of constant currency growth, with no restructuring costs, cash conversion >100% and improved net debt/ebitda of 0.1x. The shares trade on a CY23E P/E of 15.4x, EV/EBITDA of 8.7x, FCF yield of 5.6% and DPS yield of 2.5%.