FY19 was undeniably a challenging year for Hargreaves. Nevertheless, good strategic progress has been made, laying the groundwork for a recovery in profitability. Current year forecasts are unchanged and, looking forward, we expect an increasing contribution from Hargreaves Land and German Associate HRMS, as well as ongoing progress within Industrial Services. Perhaps the most striking news in the statement is the proposed introduction of an additional dividend of approximately 12p per share from FY21, funded by HRMS profits as the Carbon Pulverisation Plant (CPP) comes on stream. This will take the dividend yield to c.9%. Combined with the elimination of net debt and a more stable backdrop, we expect this to underpin a significant share price recovery.