Adam Couch
CEO & Executive Director

Good morning, everybody, and welcome to our 2026 results presentation. Delighted to welcome you all here today in another hall this time at Butcher's Hall. Alongside myself is Mark, Jim, when he gets his water down here and also several more members of our senior leadership team, which most of you will be familiar with.

Please grab hold of them at the end of the presentation if there's any burning questions, but there's three of us here as well. So hopefully, we'll be able to cover any questions that you may have after the formal presentation has been completed. If we can just turn your attention to the agenda to begin with, I'm going to comment on the progress throughout the year, Mark, as usual, on the financials. And then Jim will give you as usual incisive information regarding the commercial environment that we're facing into, and then we'll open it up to Q&A at the end of that procedure.

First of all, turning to Page 3 on the agenda. This is a slide we dwell on quite a lot and now having entered our 36 year of unbroken dividend growth, one that we want to continue to dwell upon, hopefully, for some years to come. But on Page 4, on the highlights, we've delivered a strong strategic year of growth and financial progress. This reflects the proven business model that you'll be familiar with and the disciplined execution of the long-term priorities. We've increased revenue by 9.5%. This has been underpinned by volume growth of more than 8%.