Good morning, everybody, and welcome to the Midwich Group interim results presentation. For people online, if you have any questions, please add them to the Q&A tab. Against the backdrop of global economic and geopolitical challenges, such as the Middle East conflict, we have sought to maximize the opportunities that are available to us. Revenue growth of 3.2% reflects strength in the U.K. and Ireland, U.S., and Iberia, which has more than compensated for declines in revenue in the Middle East and Germany. In terms of product areas, we saw significant growth in sales of UC products, which carry slightly lower gross margins. The group margins were also impacted by lower sales in the Middle East, where we carry higher margin products generally. Our overheads were broadly flat, with cost reduction programs that we undertook last year and to a lesser extent this year, largely offsetting inflation increases and some targeted investments. Our adjusted profit before tax was up 10.3%, but note that the comparative includes businesses that we closed in the second half of 2025. Excluding these, our profits were up 2.6%. If we strip out the Middle East, which is obviously subject to the crisis, then our underlying profit was up around 20%, which I believe is a significant achievement given the backdrop to the period. Leverage of 2.4 x at the half year was down slightly on the same period last year, and our full- year expectation remains around 2 x. Our interim dividend increased from GBP 0.0175 to GBP 0.019. We saw share growth, particularly in the U.K., Iberia, and the U.S., and some good growth in our key strategic areas of audio, lighting, and as I mentioned, unified communications. We have done a lot of work in the first half, and there is much more to come. We have expanded our vendor relationships, we continue to progress our digital capabilities, developed new services, and, as I mentioned, carried out some further proactive cost mitigation. There is a strong sense of momentum within the areas of the business that we can control. I have made some senior management changes. The new team is now very focused and excited about delivering short-term results whilst continuing to drive our long-term strategy. There was no M&A in the period, but this does remain a crucial part of our ongoing strategy given the benefits it can provide. As an example, some of the new vendor relationships we acquired when our U.S. business joined the group have been instrumental in delivering unified communications growth seen in the first half of this year. Our outlook for the first full- year remains unchanged. In terms of the current landscape, our markets, I think, are generally stable. The Middle East conflict, which we hoped would finish quite soon, shows no signs of abating. Government expenditure still remains suppressed, and there are signs that some interest rates may start to rise. We are continuing to see AI adoption in vendor solutions. In terms of our business, order books are generally stable. Some businesses have higher order books and some lower, but overall, the order book values seem to be up around 10% on the same period in the prior year. Our market shares, as I mentioned, are generally growing, as is the expansion of our unified communications business. Our investment in AI and system solutions is starting to have a positive impact on productivity and revenues. As I mentioned, if the Middle East conflict continues, it will continue to have an impact on the business. The market as a whole is dynamic, lots of innovation, and I think we expect it to continue to have long-term growth. The next slide presents four areas we believe are important to our long-term growth prospects. These effectively summarize our specific growth areas that I identified in the March presentation I gave to shareholders. Firstly, specialization. This has been at the core of our strategy for many years. It is not just about profitability, but building genuine value add, sticky relationships with customers and vendors. Secondly, we are very good at building long-term recurring relationships with customers and vendors. These bring more defensible revenues and opportunities for growth. Thirdly, we have been developing solutions to mine our vast source of data related to the AV market. We will use this appropriately and for the benefit of customers, vendors, and ourselves. Examples of this technology include analyzing and understanding customer trends and purchase order and inventory planning. Finally, global scale. We have the greatest global reach of any specialist AV distributor. We can use this to the benefit of our customers wanting to support their international network and projects, and also our vendors with their global expansion plans. Adam. Thanks, Stephen. I have now been with Midwich for about six months, and reflecting on those six months, it has been a fantastic start to my journey. Midwich is a great business with a really strong market position. A fantastic team and culture, and therefore, I am really looking forward to making the most of the opportunities available to us over the coming years. Starting on the income statement, where I can hopefully add a little more color to the headlines provided by Stephen. Revenue was up 3.2% to GBP 640 million. On a constant currency basis, revenue was up 2.4%. Revenue performance was relatively strong given the negative impact the Middle East conflict has had on our business in the region. Gross margins were down very slightly to 17.4%, which again is creditable given our business in the Middle East generally has higher margins than the group average. Adjusted operating margins were maintained as we managed to mitigate the lower gross margins through overheads. Adjusted PBT was up 10% to GBP 10.6 million, helped by lower year-on-year interest costs. In addition, we have a welcome return to statutory profit with a PBT of GBP 4.3 million after a GBP 3 million loss in the prior year. Adjusted EPS was up 14% to GBP 0.079, and as a result, the Board has increased the interim dividend to GBP 0.019. In terms of our segments, we have undertaken a minor reshuffle during the first half. This reflects how we currently manage the business operationally. The new structure allows us to more closely manage the relatively small Southeast Asian business and our operations in Australia and New Zealand. We now have three segments. Firstly, we have U.K., Ireland, Australia and New Zealand, which is the segment on screen. Next, we have Europe, Middle East and Southeast Asia, and finally, we have North America. The first segment made up 46% of group revenue in the first half, and the vast majority of that revenue is in the U.K.. Revenue was up 10% on a constant currency basis, with excellent U.K. growth offsetting more modest growth in other countries. The gross margin fell slightly in line with the group average, with a reduction down to a slight change in product mix corresponding to our growth in UC revenues. Overall operating profit was up 6% to GBP 11.9 million, which was a strong performance and it remains a relatively flat market. Our Europe, Middle East and Southeast Asia segment saw revenues fall by 8% on a constant currency basis, driven largely by reductions in the Middle East as a result of the ongoing conflict. Margins improved through a combination of ongoing improvement in our French business and the strong performance of our Italian and Spanish businesses. Our German business is still operating on subdued volumes, which are weighing on results. We undertook a restructuring of that business in the first half, but remain confident of the long-term prospects for the business. Operating profit increased by GBP 500,000 to GBP 6.6 million. Under the circumstances, the results in the Middle East were much better than could have been expected. However, it's worth noting that in 2025, the bulk of profits in the region came in the second half. With the conflict ongoing, there remains some variability in the range of outcomes. It's worth noting that we've now completed all of the insurance claims against the Dubai warehouse fire in late 2024. You'll see a GBP 2.1 million credit in exceptional items representing the amounts recovered against lost stock. Our North American business was just under 20% of group revenue in the first half. Revenue was GBP 108 million, which was up 8% on a constant currency basis, with a strong performance from our U.S. business offsetting a reduction in the Canadian business as it transitions to some key new vendors following a key vendor loss in 2025. Margins at 16.4% reflect that transition, as the vendor lost in 2025 had higher margins than the blended average across our North American business. In addition, we've restructured our Canadian business to a more streamlined overhead structure, giving them the right cost base for the business moving forwards. The first half adjusted operating profit of GBP 2.4 million represented a 10% increase on a constant currency basis, and the North American market remains a significant opportunity for the group as we move into the second half of the year. Moving on to the balance sheet. Non-current assets have fallen slightly since the year- end, reflecting depreciation and amortization. In line with previous years, we've seen a seasonal increase in working capital in the first half of the year, with working capital around GBP 20 million higher than the year- end. We expect this to largely unwind in the second half. To put that into context, working capital is only 3% higher than the working capital at the same point in 2025, and the increase is slightly lower than the increase in revenue in that period. The group retains healthy cash balances, largely to cover working capital requirements. Our net debt excluding leases has increased since the year- end, due to the seasonal working capital cycles. More importantly, net debt is reduced by around GBP 10 million from the same point a year ago. Leverage at 2.4 x is comfortably within covenants, and we expect it to fall to around 2x by the end of the year. The debt facility consists of a GBP 175 million RCF structure, which runs until June 2028 through a six-bank syndicate. In terms of capital allocation priorities, these remain unchanged, with a focus on driving organic initiatives which deliver long-term shareholder value. The Board is also conscious of the current Midwich valuation and the attractiveness that a share buyback could provide at the current time. Any decision in this area would be in addition to the existing dividend program. The Board will also continue to weigh up the relative merits of these options when comparing its potential M&A opportunities. We will also balance these options against the levels of debt in the business with a view to ensuring we maximize value for shareholders. I think the banner at the bottom of this slide is apt. We will retain a disciplined approach to investment, returns and capital efficiency. On that note, back to Stephen. Thank you. If we move across to focus areas for 2026 and beyond, we have identified a number of key areas, and I will just highlight three of these on this page. The most important is consistently high service to our customers and our vendors. It sounds obvious, it sounds easy, but I can see a direct link between our financial performance and our service levels. I also think that in a tougher market, partners are and have to be less forgiving of any underperformance. We have made great improvements across the business in the last six months. Secondly, a focus on high value-add technical products and strategic markets. Thirdly, the use of technology for efficiency, but also to improve service and sales. Finally, in terms of the outlook for the business, the Board assumes there will be no improvement in macroeconomic conditions this year. We have taken many actions to improve the business already and will continue. We are not short of ideas. Our focus continues to be on quality growth with operating efficiency. Finally, M&A and organic investment will continue to be important in order to help us to get into new geographies and product markets. As I said at the beginning, our outlook for the full- year remains unchanged. Thank you. Do we have any questions in the room first? Yeah, just a couple from me, Stephen. Canada, is it right to ascribe all the fall in revenue to the change in vendor? Or do you think there was something you know about that was going on before, during, and after that? I think it was really just that vendor. I can't think of any other particular areas where we'd been losing business. In which case, when the vendor beds down, should we expect a bit of an amplified bounce back, so deferred demand back to the actual level? Hmm. The particular vendor that changed its strategy was in a part of the market where it's not easy. It was in the control systems. It's not easy to find a replacement brand. I would hope, we plan, and we are achieving some growth in that business, but it won't be quite the same product area as that was. So it'll be in other areas. We have made some good improvements in getting new vendors on board. I would expect to see that growing, but the margin on the vendor that went was quite strong. I think the revenue will bounce back, but the margins aren't going to be- [Understood as dedicated]. And we've spoken about this before, but defense and defense services are still leading 10% organic and 10% margins for other service-based businesses. Is it still something that's also peripheral to Midwich, or might there be the options, given how enduring it is— Yeah —to have a big push into defense? European and North America. Yeah. It is peripheral to our business. We do supply equipment into defense, into the military arms. It's not a very big part of our business. And I don't really see it being a big part of the business based on what we sell. We're not selling products that go into frontline combat. Our products tend to go into training centers and operational control centers, things like that. Yeah. So I don't see it currently being a very big part of the business. As you look at things like Circle that are doing the 10%/10%, they are in predominantly training. Yes. It can be back office. Yeah. And they're still capturing long-term contracts. Yeah. They're service contracts. Yeah. But up front— Yeah —there is kit required for service there. Yes, and that's the sort of equipment we provide. We wouldn't have the long-term contracts. That tends to be what our customers would have. Yeah. So we've done work with militaries, quite a lot of militaries over the years. German army, U.K. for sure, other training terms, and that's— Yeah —not just office-based training but field training as well. Okay. Then finally, you did mention AI, but not the humanity yet, but we ask the question, when we think about revenues and costs, Yes which bit of those two are you seeing real impact? The answer might be there isn't any at the moment because often, there's a lot of there's a lot of guff about this at the moment. But is it more reduced cost or growing revenue anywhere? It's a bit of everything, really. I think we are actually seeing tangible benefits from it. It's not just vague developments. It's actual tools that people are using to make their lives more efficient, and to enable us to sell more and improve our margins, improve our stockholdings, improve our ordering processes. Yeah. It is both. I think we're still at the thin end of the wedge or the start of a long journey. I think that the AI benefits will bring. My suspicion is that ultimately, half the benefit will be in the cost of doing business, and half of it will come in our ability to grow and improve our service. So generate more revenue and profit. Modest investments so far in it. Yeah. Yes. Fairly modest. Would you envision a scenario where it might have to take a step up at some point if you do see these on both sides of the P&L benefits coming back in? I don't see a massive growth in cost. These tools are incredibly quick to use, so it's not like a giant ERP implementation. Yeah That takes years and costs millions of pounds. These are quick, very. With some knowledge of the business and how the technology works, we can develop tools quickly to help the business. So I wouldn't see it becoming a big cost center. Okay. I can't remember if you touched on it a bit, but the market growth, the AV numbers and all that, you're still confident it's above GDP. Is there anything specific you can point to that shows us where that's happening right now, even in a sort of smaller bit of it, that gives you the confidence that in sort of 5- 10 years from now, it will remain a GDP-plus market to grow into? It's difficult to say, really, at the moment. There are various information sources, some of them are more or less reliable than others. But we certainly see continued investment by manufacturers, new technologies coming through. You can see new use cases for technology. I don't think the market is still active. I think I put it in here. It's still a vibrant market with new innovation coming through. And I think that gives me a lot of hope about future growth. And different products will go through different life cycles and commoditize, but there's still plenty of innovation at the front- end, which is exciting. Thank you. Yeah. Thank you. Any questions online? No questions online. No. Okay. With that, I'd just like to thank everyone for coming. Really pleased with the first half, particularly given the Middle East issues. I think the business has proved itself to be very robust with a really good underlying growth trend, and I hope we can continue that through the rest of this year and beyond. Thank you.