Mike Maddison
CEO & Executive Director

Good morning, and thank you for joining us online today. Let me start by outlining the structure of the presentation, which myself and Guy Ellis, CFO, will take you through. As usual, I will start by providing some of the highlights for what has been a good first half of the year. I'll then spend some time going through a look back over our H1 performance and some of the highlights before handing over to Guy, who will talk you through the financial detail of H1 performance.

Finally, I'll spend a little bit more time talking about our areas of focus for the remainder of the financial year and the forward outlook for the business. We've done an incredible amount of hard work, and the team have shown outstanding commitment. And it's that commitment, which has put us in the position we're now in with a simpler, more focused business and are winning amazing projects globally.

We've made significant progress in delivering our vision despite headwinds. We have simplified the business and executed divestments of several assets, and I'm very pleased to confirm, as you have seen that we completed the sale of Escode on the 29th of May. And as a result, we are now a much more clearly focused and pure-play Cyber Security business. The strategic review of the Cyber business is now complete. The Board intends to commence a GBP 170 million tender offer, followed by a new GBP 15 million share buyback, subject to due process to create significant distributable reserves through a capital reduction.

Improving momentum in the Cyber