Morning. Welcome to the Venture Life Group plc investor presentation. Throughout this recorded presentation, investors will be in listen- only mode. Questions are encouraged and can be submitted at any time via the Q&A tab situated on the right-hand corner of your screen. Please simply type in your questions and press send. Before we begin, I would like to submit the following poll, and then I would like to hand you over to Jerry Randall, CEO. Good morning, sir. Morning. Good morning, everybody. Welcome to our results presentation. This is for the 17 months period to May 31st, 2026. Just to highlight to you all as we go through this and you see numbers, remember it is a 17 months period. Danny's going through some of the numbers, he will outline comparatives and growth rates on a 12-month basis, but just be aware of that. This morning, I am joined, well, for those of you going to meet Jerry Randall, CEO, Founder of Venture Life Group. I am joined by Danny Wells, on the right here, who is our CFO, and who you would have seen in the announcement, will be taking over as CEO from me at the end of the year. So exciting time for Danny, exciting time for me and the business. And also by Kate Bache, who is sat just behind me here. Kate is in charge of marketing innovation, and she will be taking you through the products, the growth, the innovation we have coming forward. As always, there is an opportunity to submit questions, and we will do our best to answer those as we go through. Looking at Venture Life, we have gone through a very transformational period in the 17 months to May 2026. We have divested of our CDMO operations. We have realized a significant amount of cash into the business, and we have divested of smaller non-core assets, products that are no longer in the business. As we sit today, this is the picture of the group. So we own four key categories. As we say there, middle of the page, eight brands. We have some, what we call power brands in there, which are the brands we believe the best growth opportunities are going forward. We have got an innovation engine. We have built a really good pipeline of new products that Kate will share with you later in the presentation. Innovation is key to how we drive the business forward, and particularly in consumer healthcare. In this recent period, about 8% of our revenues are coming from recently launched products. So you can see that is having a meaningful effect on the revenue growth of the business. We still employ the omni-channel model and will do so going forward. That means we are selling in the four key channels where our consumers and customers will buy products. That is health and beauty, grocery, pharmacy, and online. At the moment, or certainly in the period we just reported, those revenues are roughly within our group split roughly equally at 25% or so in each of those four channels. We sit now with just over 60 employees from the group as we stand. What has really gone on in this last period? In terms of financial and operating highlights, 17% revenue growth of our power brands, 16% overall. 19% EBITDA growth on a last 12-month basis. Profit before tax, GBP 3.4 million. We have returned money to shareholders through a share buyback, and that continued also after the period end as well. Significant growth in distribution across the U.K. and U.S. through our acquisition and implementation of our Microsoft Dynamics system. We will go into more detail on those things as we go through. What we have done is we have successfully pivoted into a pure play consumer brands business. We have divested of our development and manufacturing operations in Italy, Sweden. We divested of those to an Italian group that is now a significant supplier for us, but also working with us on development of new products and innovation. Those relationships and those skill sets that we had in the group before still service our group, but as part of a larger group, plus wider capabilities that that group has. We have simplified the business. We are now focused on brand-led consumer healthcare business. We are focused on our brands. We are increasing the investment into our brands, and that is delivering great organic growth through the business, which we will talk about as we go through. We have entered higher growth categories through acquisitions. We have now entered the U.S. obviously, and scaled our business, and we now have a platform in the U.S. Not only a revenue earning and profitable platform in the U.S. with a great sales and marketing team that joined us through the acquisition, but that is now a launchpad for our other brands and products going into the U.S. in the coming year. Simplified the business, pure play consumer healthcare. What do we see as our growth drivers going forward? Innovation, I mentioned that already. Fundamental. We have got some great innovation, some great breakthrough innovation coming through. It is fundamental to growth. That scale in the U.S., U.S.A., is important to us. The U.S.A. consumer healthcare market is about four times the size of the U.K. market, and we are very successful in the U.K. market, and we see the U.S. as being a substantial part of our growth story going forward. As I say, we have got a nice profitable, already growing operation out there with a great team on the ground, with great relationships with the retailers, and we are going to exploit and leverage that team and those relationships to grow in the U.S. with our existing U.K. brands. We have got distribution across all the channels. That is growing. Great growth across all of them. Fundamentally, we have got a strong balance sheet. When we raised the capital from the divestments, we paid off our RCF facility. We are now in net cash. We had just under GBP 12 million of net cash in the end of the reporting period. We still retain that RCF. We have got a GBP 30 million committed facility, plus a GBP 20 million accordion if we need it. We will still consider using that for future M&A. With that strong balance sheet, we can invest behind the brands and look at some nice selective, accretive M&A. I will now pass over to Danny, who is going to give you a bit more detail on the financial performance of the group. Good morning, everyone. As you will have seen, we did GBP 50 million of revenue across the 17-month period. That represented a 16% like-for-like growth against the previous 17 months on the overall top line, although that was 17% growth on our power brands. If we break that down into the last 12 months to May 2026, which is most helpful, we delivered GBP 39 million of revenue in the 12 months to May 2026. That translates to 20% growth level on the business. As you will come on to the next slide, there is a growing momentum coming across our power brands, which I will talk into. Gross profit for the period was GBP 22.3 million for the 17 months against GBP 12.2 million in the 12 months to end of 2024. The gross margins are stable across the group, and we will talk through the shape and the evolution of the gross margin later on in this deck. EBITDA for the 17 months was GBP 7.9 million. The last 12 months to May 2026, that represented GBP 7.1 million of that EBITDA. The underlying growth on EBITDA was 19% across the 12 months to May 2026, proving out that momentum we are seeing on the top line as well. Adjusted diluted EPS was up to GBP 0.058 against GBP 0.031 in the previous reporting period. Free cash flow was GBP 3.5 million. As you will have seen in the notes, there were significant exceptional cash costs during the 17-month period to deliver that transformation. We invested in a completely new ERP system, Microsoft Dynamics 365, moving away from having seven separate ERP systems in the business to one state-of-the-art system that can help us deliver our scalable M&A playbook. That was around GBP 3 million of cash cost that went out of the business to deliver that, and that went live at the end of 2025. We also incurred all of the costs related to our acquisition that happened post period end. We completed the acquisition of the FemiClear and CUROXEN brands on June 2nd, but the costs in relation to delivering that acquisition fell into the period to May 31st. Finally, as part of restructuring the business and simplifying it to deliver the new business model, we have some restructuring costs over 17 months. Point of all of that was that there was a significant amount of cash that left the business for exceptionals that has suppressed the free cash flow figure on the screen. Adding around GBP 4.5 million back to that in cash cost terms would have increased that free cash flow significantly. You will see that for the next 12 months to May 2027, we expect to generate around GBP 7.5 million - GBP 8 million of free cash flow on the business. We ended the period at GBP 11.5 million cash against GBP 19 million or just shy of GBP 19 million of net debt at the end of 2024. Just coming back to that U.S. acquisition point, it completed on June 2nd, but we actually sent the cash to execute that transaction on May 31st due to it spanning over a weekend and the deal needing to complete on June 2nd. It is a cash timing on M&A and adding back that GBP 17 million of cash to the number at the end of the period would have meant we ended the period at GBP 29 million of cash. Kate will talk through the detail of what is driving the brands later on in this deck, so I will not go into detail here, but I will start at the bottom right-hand slot of this slide. What we are seeing is a growing momentum coming through the business with our power brands. That momentum is being delivered by our investment in A&P and marketing spend to drive awareness, to drive new engagements, to try new things in digital marketing that we have not tried before. In the first half of 2025, we delivered 11.5% growth on the power brands, and you can see that stepped up in the second half of 2025 to just shy of 18%. In the latest five months to May 2026, that growth has continued, and it saw nearly 21% growth in the five months to May. Growing momentum coming through the business and giving us confidence. That is our increase in marketing spend and A&P is giving good effectiveness for the brands. In the middle pillar, just a graphic here showing the key therapy areas of our portfolio and on a 12-month rolling basis. From bottom to top, you can see that each of those therapy areas is growing really nicely and consistently over the last three 12-month cycles. The bit in dark blue at the right-hand side, that is our non-core business, the oncology supports, which is stable revenues, stable margins, long-standing customers, but not a part of the business that we invest marketing and promotional costs behind. We thought it would be useful to give a bit of an overview of the gross margin, how it is transformed over the pre-divestment period, and into what the future holds for us with the acquisitions we have just made. At the left-hand side of this chart is the, in the first two columns, is our gross margins before we divested the manufacturing business. Before we divested our low-margin oral care brands. You can see the business was operating at around 40% gross margin. Then moving in towards 2024, we completed the acquisition of the Health & Her business. That was a significantly accretive product mix for the Venture Life Group, which took us a step up in our gross margins to around 45%. Over the last few reporting cycles, we've been able to maintain and stabilize those gross margins around that level, despite strong inflationary pressures and headwinds coming from the Middle East crisis in particular over recent months. Particularly, that's been affecting us across packaging components and aluminum, which impacts some of the COGS and some of our products, and also on our transport and logistics costs. At the period end just gone, we had to incur extra costs to ensure delivery of customer orders and honor the delivery dates we had committed to them when we accepted those orders. But the important thing is that we are passing these price increases on to our customers. Gervase in our commercial team has been spearheading and leading the team to get into an excellent rhythm and routine around passing these price increases on to our retailers in the U.K. each year at the beginning of the calendar year. Sarah Arthur, in our international team working with the guys, has been very successful in passing on single-digit high price increases to our international strategic partners to make sure that these COGS impacts we're seeing are being passed on quickly, although there is a lag effect on the international orders, as mentioned at the end of this current reporting period. Coming into the right-hand side of the chart, the 2026/2027 column reflects our guidance for the next 12 months. Of course, having just acquired the FemiClear and CUROXEN brands on June 2nd, we're going to get full year impact into this calendar year, this financial year, from the gross margin accretion from those products coming in as well. Again, similar to the Health & Her business acquired in 2024, these brands coming into the portfolio are significantly accretive to the legacy Venture Life products. Although the margin underlying on those legacy products is also coming through nicely now as well, typically led by innovation. Innovation is the other key lever of gross margin improvement going into the current period that we're in now. We've got a very strong and robust stage gate process in the group and financial guidelines and metrics and parameters to sign off on new product launches and make sure they're acceptable margins for the group and a minimum revenue delivery for the first 12 months and 36 months. These disciplines being installed within our business are in protecting the gross margin delivery and ensuring that step up into the future periods. On EBITDA, I won't go into as much detail, but I'll just talk to the right-hand side of the chart. As mentioned up top, the underlying EBITDA growth in the 12 months to May was 19% EBITDA growth. We delivered GBP 7.1 million off of GBP 7.9 million within that 12 months to May. As we move into the right-hand chart, we'll talk to the impact of FemiClear and CUROXEN acquisition in the moment. But let's focus back on the current reporting period. So during that period, we divested half of our business. We divested our manufacturing revenues, our oral care brands. Instead of rationalizing our overheads to accommodate that lower revenue base, we actually held our nerve in the organization and have invested further in strengthening our capability to deliver our strategy and our growth plans. In particular, we strengthened the areas of digital, marketing, commercial, technology, and we also supported the infrastructure by investing in key roles across procurement and HR and finance as example, to ensure that we can move into new markets with acquisitions and stabilize and support the business and support the commercial delivery of those operations effectively and quickly. So there's a lot of leverage over the overheads and the operating cost base during this reporting period, reflecting the fact that the acquisition of FemiClear has happened post period end. The cost and the investment to build the team and invest in our capabilities happened during the reporting period. Also, we've got the fact that we've been increasing our A&P spend. So we've been increasing our A&P from around 6.5% of revenue in the prior reporting period, to around 9.5% of our revenue in this current reporting period. As you can see, it is driving the top line, it's driving strong growth, but there is still lag effects within that because the science and spend that you incur in that reporting period is in relation to activities and delivery that will continue to run post-period and continue to drive the growth of brands that we're seeing. So always a bit of a lag on those investments. So that investment will come back. The resets of the margin will come back to our target levels of 23% over the next couple of years. That starts with the acquisition of FemiClear. That's just happened on June 2nd. That acquisition will add around $14 million of revenue, around $11.5 million, $12 million. Sorry, dollars. About GBP 11 million revenues over the 12 months to May 2027. That's what's built into our numbers and at higher gross margins. As we've said already, I think Jerry might have said up top, we took on a small team as part of that acquisition. So that cost is built into our guidance for the 12 months to May. But that team will also work in cross-selling our other brands into the U.S. market through this existing relationship, which I'm sure Kate will talk to later on. The last point to say on this slide, just to give a sort of contextualization, because I feel I've talked about the gross margin, I've talked about the EBITDA. I think it's important to talk about the revenue build into the 12 months to May 2027. So we're guiding at GBP 55 million of revenue. To break that down, that's GBP 39 million came from our core business over the 12 months to May 2026. The acquisition of FemiClear adds around $11 million - $12 million of that built into our numbers. That's our GBP 51 million. Then we've got an organic growth rate of building in GBP 4 million of revenues into the underlying for the 12 months to May 2027. That works out just shy of 10% growth on the underlying. If you look back at our last three reporting periods, our power brands are delivering 20% growth quite consistently now. We feel confidence in our ability to deliver these sorts of growth rates. Last slide. Cash. I won't go through every bridge. I filed this bridge, don't worry. We received a lot of cash in the year. We received GBP 56 million from the divestments through the manufacturing and the oral care. What did we do with that cash? Well, the first thing we did was pay down all the debt on our RCF facility. We paid off GBP 22 million of drawn debt. We have no drawn debt on that facility today. We also incurred significant exceptional cash costs, as I have already talked about upfront in this presentation. We have also funded the share buyback program. We invested or returned rather nearly GBP 5 million of funds to shareholders during the reporting period, and we have continued to do another GBP 2.5 million return to shareholders since the end of the reporting period, although that program has now expired as of September 29th. The last point on this slide to highlight is the outflow of the cash timing on M&A. As I already talked about, that is the GBP 17 million leaving the business, although the acquisition completed on June 2nd. I skipped over working capital there. There was an adverse working capital flux of GBP 2 million in the period. That reflects our May billing. We had the strongest month of billing in Venture Life's history, around GBP 5 million against an average of around GBP 3 million in the previous 16 months. That May period really reflects both strong international orders coming through in the May delivery, but also really strong sell-in to our pharmacy channel. The pharmacy channel has been an area of great success over the last 12 - 17 months through investing in field sales reps, attending more exhibitions and conferences within U.K. and Ireland. It is an area that we will be investing in more going forward, and Kate is going to touch on that later on today as well. Okay. Great. Thanks, Danny. Hi, everyone. I am going to talk through how the brands in the various therapeutic areas are progressing, starting with hormonal health, which is the Health & Her and Health & Him brands. Some really fantastic growth in the period, 28% growth, and some of that has come from distribution, but also it is price increases, new innovation. We launched 12 products during the period and some really strong marketing campaigns behind the brands. Just as a reminder, these two brands have significant long-term growth opportunities. We have actually learned during the period that we are now the number one menopause brand in the U.K. based on sales value. We are uniquely positioned as a hormonal health specialist to support men and women throughout the hormonal journey, and you can see that now in our portfolio. We're also having some fantastic success internationally, especially in the U.S., and we see that that will only continue with the acquisition of the FemiClear brands, but also a fantastic team out there that give us the launchpad to really grow those relationships with new retailers. Also a strong innovation pipeline, which we have a history of great innovation on the two brands, thanks to some very deep and meaningful insights that we take from our proprietary data from the app, but also some fantastic university partnerships with Cardiff University and Swansea University. Our near-term growth drivers, as I mentioned, is an increased focus on U.S. retail. The FemiClear brand in the U.S., the buyers that buy that particular brand are the same buyers that also buy this category. The relationships that we already own now through that acquisition are going to be very fruitful for us in the coming months. We have a new range of longevity supplements that we're launching in collaboration with Holland & Barrett, and we're also looking to innovate in key risk areas that are associated with hormonal health in the next six to eight months. We're also focusing. A common theme with these two brands is those educational moments, so those key inflection points when things change hormonally for men and women. Those key moments, like menopause documentaries or podcasts and so on, TikTok as well also coming into that, are so critical for the brand. Again, very strong focus in those areas for both Health & Her and Health & Him. Moving on to women's health, specifically the Balance Activ brand. Again, some fantastic growth here, and some strong distribution growth as well. Just as a reminder, the brand has a particular strength in bacterial vaginosis, which continues to be the biggest opportunity within intimate and vaginal health, certainly in the U.K., but also more broadly globally. We have the number one position in this particular area, and we see that this is a strong area of growth for us. The deep insights, again, that we've been able to bring from the Health & Her App, but also some of those university partnerships is really starting to deliver some fantastic insights and also corresponding innovation. We're also uniquely positioned to really own quite an interesting part of the category, which is this major trend in using more natural health products. Compared to our competitors, in quite a unique position to really strengthen those credentials and those claims. As I said, the proven momentum that we've had, so 15% growth, has come from some distribution increases, particularly in the high street chains. We've had our first-ever TV campaign, again, really focusing in on educating women about bacterial vaginosis, where we're advertising next to Love Island. We've also been executing some cross-price increases, as Danny mentioned earlier, and we've launched two really interesting innovations into the category, so a dual action bacterial vaginosis and thrush product. This is a two-in-one product, and this is really tapping into the insight that women often don't know what they're experiencing. There's a lot of symptom crossover. This has been a really successful launch for us so far, and we're excited to see how this product will perform in the coming year. We also launched a test kit as well, also playing into that insight to support women in identifying what they are experiencing. We have also had some fantastic international partner range extensions and country extensions as well, which has added to the growth. In the near term, we are agreeing two new retailers in the next few months. We have the innovation expansion and distribution expansion of those two innovations I mentioned, dual action test kits. We are also launching a new medical device into [intimate odour], which is an opportunity for us to, again, target that miseducation amongst women about what they are experiencing with a product that is much more accessible, slightly less medical in its nature. This product especially has scored extremely well in research. We are also expanding the brand into Balance Activ for men, which is a huge white space opportunity in the U.K. We have seen several other markets do extremely well in the U.S., Japan, and Germany. This category has really matured and developed over the last decade or so. We are really excited to see how we can bring the brand into a new space with our retailers. Finally, we are really focusing on healthcare professional education. We have a fantastic opportunity on this brand to provide GPs with another tool to support women with especially recurring BV. We are educating them on the benefits of using lactic acid alongside antibiotics. On to energy management, which is one of the most exciting areas for us at the moment. Just as a reminder, both Lift and Glucogel are really strongly positioned with the NHS, being NICE-recommended and also first-line treatment for type 1 diabetics. This naturally evolves into a really strong sales momentum from this recommendation. With more than 70% of sales coming from either a healthcare professional recommendation or a prescription. There is still, however, a significant opportunity for penetration gains. We believe we own around 20% of the hypo occasions for type 1 diabetics in the U.K. A vast majority of the rest of those hypo occasions are coming from dietary sugar, so things like orange juice and jelly babies. The body generally prefers glucose as the fastest acting sugar to be absorbed by the body in, obviously, what can be a very serious situation. We are continuing to educate healthcare professionals and consumers about using a pure glucose product in these situations, and we have a number of strategies underway to really go after that penetration opportunity. We also have really strong potential for geographic expansion, particularly in the U.S., which I will come onto in a minute, but also broader than that. We have had a lot of interest from other markets in the Lift brand in particular. The proven momentum here is obviously 16% growth within the last 17 months, which is, again, a really strong performance from this brand. This has mainly been driven through online, so Amazon and web, but also in the pharmacy channel where we have, as Danny mentioned, a really strong field force team, and we are looking to expand that as we move forward in the coming months. We have also launched a new format under this brand, which is the Lift gels. Again, the performance of these products already are exceeding our expectations. A very convenient format that is portable for our type 1 diabetics and other users as well. We've also been driving very heavily and focusing heavily on this healthcare professional opportunity. As I said, such a critical part of the patient journey is understanding what options are available to type 1 diabetics and that hypo management, which is obviously very difficult to manage. We're also leveraging our new in-house digital team, which is now from the Health & Her side, working across the whole organization, which is building some fantastic growth and momentum on online. Looking forward in the next 12 months or so, in the next period, we have a really exciting opportunity to launch this brand into bricks and mortar into the U.S. The products are already available on Amazon or some of the ranges. We've had some extensive research, extensive interest rather, from many of our strong relationships with retailers that we have through the FemiClear team. We're also accelerating our U.K. pharmacy growth nationally, so taking our field force, which currently only operates in London, and growing that nationally across the U.K. We're continuing to roll out the gel innovation with lots of distribution and interest from our U.K. retailers. We're also looking to launch some paper roll chews in the coming months and a breakthrough nighttime innovation, and this is tapping into a fantastic insight that we've gathered around nighttime hypos. They represent a large proportion of the hypo occasions for the type 1 diabetics, and it's a really difficult hypo occasion to manage for those patients. So, an area we're very keen to support our consumers on this. Finally, we're really doubling down on our healthcare professional engagement, and really educating our consumers and our healthcare professionals about this improvement of benefits of glucose versus dietary sugars. On to ear care then. Again, some really strong growth on this brand as well and some good distribution growth, which came quite late on in the period. Just as a reminder, this is the number one brand recommended by audiologists and specifically helps the whole family, from baby right through to the elderly with ear wax problems. Also we have the swim product, which is a very unique proposition in our portfolio. That brand, sorry, that product in particular has been growing fantastically well. We have a significant opportunity for a geographical expansion and some really strong relationships over the long term that we are continuing to work on to see long-term growth with those partners. The distribution increases, alongside a fantastic radio campaign, have driven some really strong growth in the last few months. We've also just launched the swim product, which has been relaunched, that product to extend it into shower and bath, which allows us to really increase the use of occasions for that product and make it slightly less seasonal. We're looking to, sorry. We have done a fantastic job in improving the relationships with our international partners, really sharing best practice, which we're starting to see the fruits of that as that part of the business grows. The interim, then we're doing some repackaging and redesigning of the packaging to improve the standouts at shelf of the product, and also really doubling down on the in-store activities that we know are really driving that return on investment. We're also increasing the engagement with pharmacists and audiologists and going after new international expansion opportunities, which should really grow the brand in the short term. Finally, I would like to cover the FemiClear brand, which I know will be new to some of you as our latest acquisition. Some really fantastic momentum behind this brand with +30% during this period, again, with some excellent distribution gains. Just as a reminder, the product range is based on a proprietary patented formulation, which is an oxygenated olive oil. This particular formulation has four global patents, which also have a lot of time left on them, around 15 years. They have really done a fantastic job, the FemiClear team, in establishing this brand as a leading bacterial vaginosis and yeast product. As I said, exceptional momentum and growth in this brand that we can see continuing over the coming months. It also has, in a similar way to Balance Activ, some of those fantastic natural credentials playing into that trend around natural. We are excited to see how we can leverage in the long term some of the VLG insights that we are able to get from our symptom tools, the app, and the Health & Her App with a vaginal tracker, and also university partnerships to really drive momentum on this brand as well as Balance Activ. As I said, the distribution increases have been really impressive on the brand in the last few months, and we are really starting to see even more gains over the coming months as well with some regional opportunities coming to fruition. Digital marketing excellence is also something we are very excited about within the organization. There has been huge gains for the FemiClear brand, and they are bringing a fresh thinking to the rest of the portfolio. Promotional effectiveness and new innovation, again, have driven some really strong bricks and mortar performance. Looking forward, there continues to be further distribution gains and opportunities within our current large national and regional retailers. In addition to this, an opportunity to expand the brand into new retail as well, and already some strong discussions going on for this particular opportunity. We are also applying our stage gate process and innovation ideas over to the FemiClear brand, and we have got one particular new exciting area with a new infection area that we are looking at, which will be a first globally, and a very exciting opportunity in the U.S. in 2027. We are also looking at evolving the brands into menopause as well as part of that innovation strategy. Finally, another area of opportunity that we are looking at is really improving the visibility of the brand with healthcare professionals. At the moment, there is a significant use of boric acid amongst healthcare professionals in the U.S. There is unfortunately, the boric acid does have some issues around nephrotoxicity, and we believe that the oxygenated olive oil formulation is a fantastic substitute for that product. So working with the team to develop the strategy around healthcare professional advertising. Ms. Bache? Yeah. We can take [crosstalk] Yeah, no problem. Great. Thanks, Kate. Thanks, Danny. If we look back over this 17-month period, let's see where we come from and where we are now. We were a vertically integrated business. We had a manufacturing footprint. We did CDMO operations and a broader portfolio with some smaller, less interesting categories for us. Over this period, we've divested of the CDMO operations. We think that's the right thing for us to do to focus on the growth and development of our brands. And we've disposed of our CDMO operations to a much bigger and progressive industrial group based in Italy who are growing those businesses. But also within that, they offer us a wider relationship with lots more capabilities outside of those CDMO capabilities that we passed on to them, which we're now beginning to benefit from and are building a very strong and mutually beneficial relationship with that group. Disposed of the oral care assets. They were very early into business, and they've now gone to a good home. We've now also acquired the interest in FemiClear brand, which does three things for us. So it's given us a very interesting patented technology, great brand, number two in the femcare market in the U.S., lots of products from that portfolio, very early stage in their growth cycle. That group of products and brands came to us already with a lot of inherent growth in it through distribution gains already in place that will be having a full-year impact in 2026 and 2027. We are now a focused asset line ready to execute business. In addition to those three things, it is the U.S. acquisition of the brand. We also had a great sales and marketing team that has now joined us from that business. That team is going to be the launchpad for us into the U.S. for lots of our other current brands, giving us a real sort of boost into the market, which is four times the size of the U.K. consumer healthcare market. All through this, we have stuck to our strategic pillars that we developed at the start of 2025, and they are listed at the bottom here. Acquiring and transforming interesting brands with good growth to profit, having a number one brand mindset. Our brands sit either as number one or number two in their category. Omnichannel approach, fundamental. What we see in the U.S. is a similar structure in the market to the U.K. You have a small number of very large distribution partners with large distribution centers. They require marketing and support into those distribution points as we do in the U.K. It is a market we understand, but we have also got a great team that has joined us from the U.S. to help us do that in the U.S., too. Integrated digital capabilities. You have seen the new ERP. We now start to use a lot more AI and robust data as we grow. Ultimately, just retaining our core entrepreneurial ways of working, which are fundamental to being agile, fast-moving. Just looking at the market we are in, there are quite a lot of significant structural tailwinds that sit in our business. Of course, you will all be aware of a lot of the global economic trends at the moment, disruptions that there are. As Danny showed you through our gross margin progression, we are managing those issues around cost of goods and supply chain. We are working with our manufacturing partners to do that, but we have a lot of good positive tailwinds. Aging demographics. I heard a report recently in the U.K. that by the end of the century, the number of over 65% would have gone up by 50%, the number of over 80% would have more than doubled. People are looking to live a longer, healthier life. That is what health span is. It is not just about your life span, but it is how long do you live that healthy life. There is a lot of demand for that performance-driven wellness. People wanted to be proactive about looking after their long-term health in a more holistic approach, and the use particularly of gut health and microbiomes. All of those are pushing into our portfolio and we are starting to make sure we make use of those. We are also unlocking new markets through a considered M&A strategy. This acquisition in the U.S., as I said, given us three fantastic benefits there: the products, the team, and the access to the U.S. market. We now have access to the U.S. retail fem care market. It is a GBP 500 million market. It gives us an opportunity also with cross-pollination of those products coming back into the U.K. under our Balance Activ brand to expand in the U.K. women's health consumer health category. We think there's an up to GBP 200 million opportunity for us in the U.S. of taking our brands that we sell in U.K. and Europe and our products into that U.S. market. So fantastic growth opportunities there with an experienced team. Great knowledge about that intimate health market in one of the strongest consumer healthcare markets in the world. Let's look at our evolution and our growth ambition. Looking at the left-hand column here, this is the numbers we've just reported. Remind you, that's a 17-month period. If you look on a like-for-like for our last 12 months, so the 12 months to May 2025 compared to the 12 months to May 2026. We delivered about GBP 39 million of revenue, parallel period, to May 2026, and our guidance is to deliver nearly GBP 55 million of revenue to May 2027. So you can see there's great growth in there. Some of that's the acquisition, obviously, of FemiClear, and that comes into our P&L account in the period to May 2027. But also there's good 10% organic growth built into the forecast and guidance we have in the market. As Danny mentioned earlier, our track record of growth is much higher than that. During the period, integrated the Health & Her business, which Kate was one of the founders of. We've got great verticals in the team. We've simplified the business. We've invested in our capability, not only in increasing the support behind our products, but also in bringing in additional highly skilled people into the business. We've got strong brand momentum as we go into this year. We've got a strong balance sheet, and that acquisition of FemiClear is going to give us substantial upside as we go forward. I think that U.S. market is one of our biggest near-term growth opportunities. As I think Kate's already mentioned, good traction from retailers in the U.S. about taking some of our existing brands. What's our ambition? Our ambition is to significantly grow the business and become an important, meaningful platform in our space. We've got an ambition that in the 2030s to reach up to GBP 300 million of revenue running at a 25% EBITDA margin. How will we do that? We're going to bring organic growth through the business, continue to drive it, say compound annual growth rate over the last 10 years of over 20%. We're going to focus on the U.S. expansion, and we're also going to look to do additional accretive M&A. We do have a debt facility that actually has a ceiling which goes up to 2.5 x our trailing EBITDA, plus whatever we buy EBITDA, but we're not going to go that high. We'd look to go to 1 x- 1.5 x EBITDA margin at most. We sit on nearly GBP 12 million of cash at the end of this financial period. By the end of this calendar year, that will have grown. So we've got good cash generation, and we're going to deploy that in growing the business, growing the organic growth of the products, and selective M&A. Really to sort of round up here, just wanted to pick up the overall look of the business. We are in great markets. We are in markets that are resilient in consumer healthcare. We have price protection in our products. You have seen that through the margin accretion that we have got. We have got great headroom in our total addressable markets in the areas that we are in, particularly women's health and men's health. We have just opened up one of the biggest consumer healthcare markets in the world with a great team on the ground, with great products, with great relationships into retailers, and we will look to exploit that further forward. Having simplified the business, that is where our focus now goes. We have got a great team in place, and we have got a great senior leadership team. We have got great expansion opportunities. We have got momentum in the business. We have got some great brands that hold number one or number two space. We are in strongest territories. We have some great partners outside of U.K. and U.S., so we partner with Bayer and Cooper, across Europe, as well as a number of other partners like Farmacia Nordic AB. So we have got access to all of those markets, and we see great opportunities in front of us. I am really delighted that Danny is going to be taking over as CEO. I have been on this journey for 16 years, and the team have been spectacular, and they continue to be spectacular. We have got a great, energized team here. I am not disappearing. I am going to remain on the board for a while. I am going to remain helping the company to grow and develop, but it is going to be under Danny's leadership from January 1st, with the support of Kate Bache and Sarah, and the other management team that we have. Very excited about the future. I think as we segue into Q&A, I will start with one comment, which I know the anonymous junkies on the bulletin boards have all been saying, oh, Jerry is going to dump his stock. I can assure you that is not the case. The stock is substantially undervalued. It has got a long way to go. Just to put all your minds at rest, that is not going to be the case, and I am still going to be involved in the business for a good amount of time. Yeah, great period. Great. Lots more growth to come. We have got some pre-submitted questions, so I am very happy to run through those, and we will each deal with them as we go around. I will read out the question, and then we will answer those as we see fit. First question we have, which is a pre-submitted question, which said, could you please talk to the decline in Health & Her for the five months ending May 31st which I presume they mean 2026. Daniel, I will pass that to you. Go on. Yeah, no problem. As we highlighted in the June trading update, the comparative period in May 2025 had the initial sell-in to CVS Pharmacy, for the Health & Her business, into the 5,000 stores. That is around GBP 800,000 of revenue in May 2025. Stripping that back, the underlying growth of the Health & Her business in the five months to 2026 was still 20%-21%. So continuing backing up that strong momentum growth story that we are talking about from earlier today. Thanks, Danny. The second question, which I think we have gone some way to answer, but I am happy to go a bit more thorough with, what do you believe the roadmaps are getting to GBP 300 million sales to look like? Again, Danny, I will ask you to just talk through that. No problem. I will just cover it very high level. As we, again, we talked about today, we have been growing our brands, our power brands at 20% top line quite consistently now for a few reporting periods. So continuing to grow those brands at that sort of level takes our underlying business from GBP 50 million -GBP 125 million over the next five years, just as a baseline. Then we would be looking at using the debt facilities that Jerry has already talked about and our ability to draw up to 2.5 x trailing EBITDA including whatever we acquire. We have got a lot of financial firepower there to go after acquisitions, and we would plan to add around GBP 100 million of revenue over the next five years through acquisitions and grow those at 20% as well. That is your GBP 300 million at top line, and Jerry has already talked about the market opportunities in the categories where we are actively looking at those, whether it is asset deals in the U.S. as bolt-ons, the infrastructure we have just created, but also opportunities within the U.K., providing that the acquisition multiples are in line with our historic target range of 7 x- 8x EBITDA. Great. Thanks, Danny. I will just add a couple of things onto that. The first thing is that ambition does not require an equity raise from the capital markets. That is an ambition excluding that. I think also sort of clear to say that we generate a lot of cash out of this business. Danny has already demonstrated that. In the current financial period we are in, based on our guidance to the market, we would expect to generate GBP 8 million of further cash within that period. So, very cash generative, and that cash will go into the growth of the business. The next pre-submitted question was, sales are spread across a large amount of countries. Do you see any large opportunities in any of these, or are the U.S. and U.K. your main priorities? I will take that question. Yes, the U.S. and U.K. are our main priorities at the moment. They are the markets where we have the key retail relationships, where we deal direct with the retailers. We have joint business plans. We work at a strategic level with category leads in all those big retailers. So you are talking of the likes of Boots, or Superdrug, or Holland & Barrett in the U.K., Tesco, Asda, Morrisons, et cetera. In the U.S., with those big retailers that we are already involved with through our existing business and the acquisition. So that is Walmart, Walgreens, CVS, Target, and many others. So those are our two key markets. If you add those two markets together, substantial part of the consumer healthcare market. But we do access the European market through our key partners, Bayer, Cooper, Vaxcel. In those markets, those partners are responsible for marketing, support, and distribution. So that allows us to access that wider European market, but on a less resource-intensive basis from us. The next question, which is pre-submitted is, are you still seeing growth in Health & Her coming through in the U.S.A.? What other current products do you see having the largest opportunity? Kate, would you like to take that? Yeah. The answer to that question is yes, we are still seeing some growth both on bricks and mortar and in the U.S. Sorry, on Amazon as well. There are two products that really stand out, so the perimenopause and the weight management product. We are seeing that. As I said earlier on in the presentation, there are some significant opportunities driven by the relationships that the FemiClear team have. The same buyer covers both supplements for menopause and women's health, as they do for intimate and vaginal health. So we are hoping that momentum will continue and hopefully step change quite significantly if we can land some new retailers and really expand the distribution significantly. Great. Thanks, Kate. Next question, which has come from Richard F. It says, where can you see online revenue getting to as a percentage of the group, and what is the new product pipeline looking like? I will ask Danny to cover the percentage of the group. Just to say, we have alluded to some of our new product pipeline in the presentation, but frankly speaking, for commercial sensitivity reasons, we are not displaying that pipeline here because we have got some really good breakthrough innovation, and we do not want to give the competition a heads-up too soon. Danny, would you like to cover the online piece? Yeah, sure. So in the period just gone, 26% of our revenues came from online. To context what is in that includes Amazon, direct-to-consumer selling across the U.K. and the U.S., but also our own e-commerce platform, so our Lift e-com website, our Balance Activ e-com website, our Health & Her e-com websites. Going forward, yes, we do plan to grow these areas, and they are an area of key focus. I have purposely excluded at this stage the retailer.com revenues. What do I mean by that? That is when we look at, for example, Holland & Barrett or Boots in the U.K., they have their own online websites, as you will know, and we can see how much of our product is being sold through those websites versus in-store. If that were within the KPI of 26% I just gave, you would add another 5% to that for the reporting period just gone. As we are looking forward in our business, we are working really hard right now on understanding the dynamic between online and bricks and mortar within those key retailers in both U.K. and U.S. and identifying opportunities to drive that retailer.com opportunity. We have made a number of changes in our team in the U.K. and U.S. to ensure that we allow more focus and dedication to exploring those opportunities meaningfully over the current period. So in longer term, to answer the question, we expect that around one-third of our business will come from online, whether it is Amazon, our own e-commerce websites, or our retailer.com piece, which is not currently built into the KPI. It is important that we do not overload that channel, so we keep our balanced omni-channel approach that we talked about up top. Danny, okay. The next question comes from Peter W. He says, what impacts could there be from the U.K. budget? Well, I think if any of us had a crystal ball, we might have any idea of what's in the upcoming budget. I think my personal view is we're going to generally all be worse off after this budget than we are now, and that's probably going to pervade into the next year as well. There's no question that they're all going to see interest rate rises, we're going to see pressure on the consumer's problem, and we have to be conscious of that. Obviously, healthcare is slightly defensive at all times. But I think what's important, and you'll have seen that already through our gross margin protection that we've done over the last four or five years, that our products do have pricing power. We are growing the business. We do have the opportunity with our suppliers, our CDMO partners, to have value engineering initiatives to help to maintain our margin and keep that going so we can still deliver the products at the right price into the market. A lot of our products are needs-state products, and it's important, and we have very loyal customers. So I think the simple answer is, I think the budget will take a bit more money out of our pocket. The competition will be tighter for those pounds. But with our relationships with retailers at a high category level and the innovation we're bringing through, we expect to maintain our momentum as a business going forward. Next question, which I will read out, is from Jeff J. He says, the stock looks like good value against FY 2027 forecasts. However, in recent years, some forecasts have been missed. Is there any reason why investors should believe this time is different? Well, I'll take a bit of issue with what Jeff's saying here because we had profit warnings for 2021 into 2022 because of the rapid increase in the supply chain costs. You'll remember it came out the back of COVID. Prices went through the roof. Couldn't get product. Shot through our P&L very quickly. We couldn't react quick enough to protect our gross margin, and we had profit warnings. Since then, I'd say the last four years, we've hit our numbers every time. We've been on our forecasts, sometimes above our forecasts in difficult conditions, and we've grown the business to where it is now. So from my perspective, you should have complete confidence in our forecast that does. It's stated in our RNS. We're in this business. I'm a big shareholder in this business from our slimmer shares. So as I said, I take issue with that statement. But I'm happy to address it as I have just now. Next question is from Peter W. He says, are there KPIs in place to ensure marketing spend is effective? Danny, do you want to- I can take that one. Yes. Go ahead. Yeah. The answer is absolutely yes, 100%. We have the obviously main KPIs that we look at are financial return on investments. We do also look at some softer metrics around brand awareness, creative cadence, and so on, which we know feed into success in terms of the how. Obviously, it's a lot easier when you're doing digital marketing. The ability to measure campaigns is very detailed, and you can measure them from one day to the next, so the amount of data that we have. For the slightly more linear or offline campaigns, we actually have now a process to test new levers, and we have been doing that. One of the ways that we make sure that we can test in a very robust and accurate way is doing regional tests first, so that we have a strong baseline to look at the uplifts and then the return on investment calculations thereafter. So yeah, I believe we have a very robust measurement in all of the marketing that we do, and we're also very strongly supported by finance in that as well. Great. Thanks, Kate. Next question is from Raj R., which is, what are your revenue and profitability expectations for FemiClear and CUROXEN over the next three years? When should shareholders expect these acquisitions to become meaningfully accretive to earnings and cash flow? I'll ask Danny to answer that question. I think I've given a bit of a sentiment already in the deck around the current year and the growth level we expect to achieve in this 12 months. The business, as shown on Kate's slide already, has been growing 30% on a like-for-like basis over the last 12 months. The FemiClear brand has been growing really strongly. We've got protections and earn-out measures in place for the calendar year as part of the deal structure that are based on those sort of targets being delivered. As we look forward, we're modeling and expecting to deliver a similar growth rate to what we do on the rest of our power brands, so around 20% growth top line over the next three years. That take revenues from about GBP 11.5 million over the current 12-month period, that's where we're expecting, to around GBP 17 million by 2029. As we mentioned earlier, the products are generating strong gross margins in excess of 60%. There's a higher element of A&P that goes into that market. The U.S. naturally is a higher price point, higher gross margin. We have to invest a bit more behind the brands to ensure that growth is being delivered. Then there's some G&A. We took on a small team of people, as mentioned, as part of the deal. We are going to be investing more in roles in the U.S., particularly to drive commercial activities, commercial operations. So, around GBP 1 million of overhead was taken on as part of the acquisition. We'll expect to grow that overhead by 20% over the next three years, so 20% year- on- year. By 2029, GBP 17 million of top line revenue, we'd be expecting to do somewhere between high GBP 3 million - GBP 4 million of EBITDA coming off that business, that 90% + cash flow conversion. So, a very attractive acquisition for us in the U.S. Thanks, Danny. Got a whole line of questions from Raj here. The next question for Raj is, you've demonstrated strong growth, but what do you believe is a realistic, sustainable organic growth rate for VLG in the medium term, excluding acquisitions? I think Danny's probably answered this already, but I'll allow him just to summarize it. Yeah, no problem. I think as we said in our statements, we see extraordinary growth opportunity in our business, especially having established the U.S. platform and being able to cross-pollinate our brands into those existing retail relationships. None of that is built into our numbers. It is all opportunities, upsides for us, and we are working hard to deliver those. The opportunity is massive for us, but our sustainable growth rate that we would model cautiously would be around 15% go forward, having delivered a consistent 20% growth level over the last three reporting cycles. That is where we would say we feel very comfortable. But we have got a long list of opportunities that we are working really hard on to beat that. Great. Thanks, Danny. Another question from Raj, as the business becomes a pure-play consumer healthcare co, where do you see adjusted EBITDA margins settling over the immediate term? Well, on this slide we have got on the screen, we have indicated there 25%. We see over the short term, and it is in the guidance we have put out, that the EBITDA margins move into the low 20s relatively soon. We see that 25% as a good sort of target for us to get to, and we feel comfortable about that while spending or getting the right marginality at the gross level and spending the right amount of support behind our products, which will continue to increase. One last question from the floor, which is from Raj, which says, what will the incoming CEO do differently from the current strategy, and what changes should we expect? Danny will start. Yeah, sure. First thing to say is, I have got the luxury position of coming into this at a point when the organization has been simplified, when it has got one ERP system in place, an established U.S. platform, simplified business model, pure-play consumer health business. Jerry has led us to this point, but he has worked in this business while it has been a vertically integrated business with manufacturing, and that has brought more complexity, more ERP systems in the group. So, I am in that nice position of being able to come in at a point with a strengthened team around us and a fantastic board, fantastic people in the organization, having invested in that capability. So it is not changing anything that Jerry has already laid out on the screen, but what it is, it is focused on laser-like on executing the opportunities that we have been talking about. Building out on the pharmacy channel in the U.K. and U.S. and global pharmacy through the strengthening of our team there. Building out on the opportunities on marketplace.com and retailer.com, where we have set ourselves up and restructured our business to be able to lead with that. And we have also been able to, of course, cross-pollinate, as I mentioned earlier, our brands into that U.S. market, and already we are being able to get in front of those retail relationships, existing relationships with our team that we have invested in. So you should not expect to see any changes from what Jerry has laid out here and the strategy that we have set out. It is execution of that strategy with a fantastic team around us, ample cash resources, significant debt facilities available to us to use if we get the right acquisition multiples and work within the leverage levels that we are comfortable with. Great. Thanks, Danny. That is the end of our questions, but I just want to sign off really, and I will hand back to the moderator in a minute. Just to say thank you to everybody in the team, Venture Life. It is a fantastic team. It is just every day working hard, insight, innovation, agility, find a way, entrepreneurial spirit. Brilliant. All the team now, the team all the way through Venture Life history. Thank you to everybody who has been in that and will be in the future. The board as well. Thanks to the board. We could not have done any of this without the really supportive board. Wise counsel, always having the right words at the right time, good constructive challenge. Then outside the business, our customers, our suppliers, all our partners, and our shareholders. Thank you to everybody on this journey. It has been a fantastic journey. The business is going to be in amazing hands with Danny and the team. Thank you for your time and your support. Thank you to the team for updating investors today. Could please ask investors not to close this session, as you will now be automatically redirected to provide your feedback. On behalf of the management team of Venture Life Group plc, we would like to thank you for attending today's presentation.