Operator

Good morning, everyone, and thank you for joining us today for Caledonia Investments plc Full Year Results Presentation. The presentation will commence shortly. A copy of the presentation slides is also available to download from the results center on Caledonia's website, www.caledonia.com. [Operator Instructions] Please note that this call is being live streamed to webcast for a wide audience and will be recorded.

I would now like to hand it over to Mat Masters, Chief Executive Officer, to open the presentation. Please go ahead.

Mat Masters
CEO & Director

Hello. I'm Mat Masters, CEO of Caledonia Investments, and welcome to our results presentation for our year ended 31st of March 2026. Before I get to the results, I'd like to take a moment to update you on 2 changes to our Board. Will Wyatt has been appointed as successor to David Stewart as Chair. Many of you know Will. He successfully led Caledonia as Chief Executive for over a decade until becoming a Non-Executive Director in 2022. He is also a member of the Cayzer family and brings a deep understanding of Caledonia's culture, investment strategy and long-term approach. I'd like to thank David for his support and counsel throughout his tenure.

In addition, after a little over 4 decades of service, Charles Cayzer has decided not to stand for reelection at the AGM. Charles has helped guide strategy and played a key part in creating Caledonia's unique culture, both as an Executive and latterly as a Non-Executive Director. We shall miss his wisdom and experience.

And now