Good morning, everybody. I think we might be a little bit thin this morning because of the trains. So we'll get more time for all of your questions at the end. There won't be as much competition for them. Thank you very much indeed for coming, and welcome to the Ferguson interim results. You've got Mike and I presenting this morning. We have got Alan Murray somewhere here with us this morning. Alan is our Senior Independent Director. It's clearly a bit too warm for Alan in Florida. But, Alan, thank you very much for making the trip over, and welcome. Look, I'll give you the highlights first and then Mike will do the finance and operations review and I'll go on to the strategy. We have plenty of time at the end for your questions. So to the highlights. This time last year, revenue growth stepped up and it's been consistently good actually ever since. The total growth in this half of 10.3%, including organic growth of 7.4%. The growth strategies that we're using across the U.S.A. and Canada have clearly delivered the expected results, and we continue to gain profitable market share across the whole of North America. The team has really continued to drive gross margins at this period. Those were around 40 basis points ahead. That's worth $40 million. And when combined with good cost control, that's delivered to trading profits up 14.4% on last year. And you know that we care a lot about cash, so Mike will tell you in a few minutes about another six months of good working capital management. And we'll touch on the U.K. later. The U.K. has not been easy, but I am very pleased the team has stepped up the pace of restructuring in the second quarter. And after receiving competition clearance a few weeks ago, we expect to complete the sale of Nordics later on this week. That's provided the funds for a $1 billion special dividend, which Mike will talk about, in addition to the ongoing share buyback, which we're now halfway through. Okay, so that's the summary. Now, Mike, over to you for the finance and operating review.

Thanks, John. Good morning, everybody. Pleased to present the group's half year results. We show we have made a good start to the year, and we're in good shape as we enter the second half of the year. Revenue for the group driven by strong growth in our U.S. and Canadian businesses, and we're pleased with the gross margin progression of 40 basis points and also our cost control. You can see ongoing trading profit of nearly $700 million, up 14.4% in constant currency, giving an improved trading margin for the group of 7%. Headline EPS, up 15.8%. Net debt at $1.4 billion means that we exit the half year at 0.8 times levered. We've increased the interim dividend by 10%. We'd also expect the Nordics transaction to close later this week, and subject to that closing, we're announcing today a special dividend with a share consolidation of $4 a share. That's approximately $1 billion. Now let me take you into a little more detail, and please do remember as I go through these next few slides that the Nordic region is classified as discontinued as it was at the full year for 2017 and therefore those comparators have been restated to be comparable to the 2018 results. U.S., Canada and Central Europe continued their good growth momentum from last year as they continue to outperform what are supported markets. You can see the comps get slightly harder as we move into the second half of the year. In the U.K., second quarter decline reflects our actions to exit low-margin, unsustainable business particularly towards the end of the second quarter. Moving to the revenue and trading profit growth. And as normal, I've put up two graphs here. On the left is the revenue and on the right is the profit.…

Mike, thank you very much. Now 18 months ago, I should say, we set our three priorities for the group. And since then, we've added 2 more. One of those is to capitalize on the Canadian growth opportunity and the second is to accelerate innovation in our businesses. We'll touch on each of these priorities here today. By far, the most important priority, of course, in the group now is to generate and support the best rate of profitable growth in the U.S. And last time around, we set out some of the drivers of profitable business growth you can see there on that chart. We also talked about going beyond satisfying customers' basic needs. So fulfilling their wants. And you might remember this spider chart showing some of the factors that motivate customers, to give us their business to keep on coming back to us day after day and year after year. Rather than going to more specifics on this chart today, I did want to plant with you a couple of ideas, which I think are fundamental to understanding the Ferguson business. The concept behind our business is very simple we buy things, we move them close to the customer and we sell them. We have to have the right product range, we have to have great availability and we have to price fairly. We have to process those transactions quickly and efficiently, and we need to be good at selling. These are basics, and they're important. They're very important. It's very important to get them right. In our space, good businesses get most of these things right most of the time. And great businesses get them right almost all of the time. But here's the thing getting the basics right in our business is not sufficient to…

Gregor Kuglitsch from UBS. Got a couple of questions. So the first one is just on the drop-through in the U.S. I think you mentioned it was ahead of your expectations at the beginning of the year. Can you elaborate why that is? Is it better top line growth? Is there something on the cost base happening? And then looking forward, do you expect to be able to sustain, I think, I calculated kind of 11%, 12% was the drop-through rather than perhaps, I think, you were perhaps guiding closer to 10% or slightly below. And in that vein, if I look at your guidance or the consensus that you're pointing to, obviously the profit growth in the second half implied is a lot lower than what you just delivered. So want to understand is just anything else other than just pointing to a comparable issue? Obviously, second half growth last year was stronger as to why we should see that kind of slowdown in profit growth?

Thanks, Gregor. And let me start with those, I'm sure John will jump in as he sees fit. Yes -- no, the comment about the flow-through was just to stave somebody off calling me conservative at the beginning of the Q&A because, if you remember, I guided to high single digits at the full year. So it is better than I thought. Why is that? Because we have got very good gross margin performance. We've had a touch better on the top line, but actually a lot of it is due to the gross margin performance that we've delivered through, again, good disciplined approaches both around our category management, around working with our suppliers. John's touched on private label, but also around our continued discipline on pricing and working with our customers. So it's mainly around that, Gregor. In terms of sustainability, I think linking your sort of second and third questions, hopefully I haven't implied sort of any profit issues for the second half. I think what I was saying is that comps will get slightly tougher certainly on the volume. You can see that from the quarter-on-quarter. Q3 and Q4 last year 2017 were quite strong on the volume. We're clearly coming up against those tougher comps. So it's really a [math or math’s]. Who knows what that will be, but it could be in the sort of 1% to 2% if you look at the numbers and the current volumes continue. The natural comp is a sort of 1% to 2% effect on volume. That's not a slowing down of our business, but of course, the year-on-year comp just gets tougher. In terms of the flow-through that's linked to that, I'd probably expect it to be close to double digit. Again, I think I've said in the past the difference between a sort of 9% flow-through and an 11% flow-through if you do the math it isn't actually huge on a business that's this big, so we can get lost in the moths sometimes. But I'd expect it to be around double digits, if that helps. Thanks, Gregor.

Aynsley Lammin from Canaccord. Just two, please. Wondered if, you've obviously given the special dividend out today, what does that say about acquisition opportunities in the U.S.? Maybe a bit more color there. Is it priced then is too high or just lack of opportunity to acquire in the U.S.? And then, secondly, just on the margins in the U.S., are you willing to give a bit more kind of color or account of where you think margin's going to get, one, two, to three year’s view?

Yes, thanks, Aynsley. I think in terms of acquisitions, no, it's not price. I mean, it's always been about availability. I know we've said this before, it happens to be true. There just hasn't been wholesale consolidation here. It's very seductive to believe that if we just pony up on the turn of -- on the multiples and all of a sudden we could sort of compile of billions of dollars of extra revenue, we can't remember what they will choose when they exit their business from family-owned businesses. And there really haven't been that many larger opportunities for acquisitions in the U.S. Now we do have some. We have some in the pipeline and we have some we expect to convert and they're very attractive. But even there neither forcing the pace on them. I visited one just before Christmas. We just took it to the board. It's four months. We haven't been sat on our hands during that time. The team's been working hard at it. They just take quite a while to bring to fruition because the people around those businesses, it's once in their lifetime. It's the only transaction they'll ever do and they really care about it. We care about it because we're diligent. Fine, that's not -- that doesn't put off then, does it. Just means to say that the number of transactions and the scale of those transactions remains relatively modest. What's your guidance this year now, Mike, for the acquisitions?

I think, again, it'll always be wrong because it'll depend what are the transactions. I think could we see -- I think we guided at the year-end, John, about $300 million. I mean, could that push up to $400 million if some of the transactions we're looking at came off? Yes, it could. But equally, it could have no further fuel in the tank also. But I mean, it'll be somewhere between those two numbers will be my best guess today.

And then, Aynsley, to your second question on margins in sort of a couple of years' time. I think the market backdrop is important here. The markets today across the U.S., this is a good market environment. We shouldn't -- be any mistake there. Residential markets, the growth is very broadly based. If you look, for example, at Case-Shiller, the top 20 cities are all ahead. It's not hot. Does it feel hot to me as an observer? But it is good growth in the residential side. Like I said, commercial slightly lesser. But if those market conditions continue, I don't see why we shouldn't press on and see incremental improvements in net margins, Aynsley.

It's Paul Checketts from Barclays. I've probably got two, I guess. It's on two broader areas. Can I ask about the commercial markets in the U.S., please. It looks like growth slowed in the second quarter. Perhaps you'd explain what was behind that and give us a feel for what your data are suggesting growth will look like in the second half? And then the second is looking at the Waterworks business, John. How much of that actually grow in the first half? And could you give us a feel for the returns in that business compared to the rest of the U.S. business? And lastly, has the change in ownership of HDS, have you seen any change in how that competitor is behaving?

No, look. I mean, the Q2 commercial, commercial can be a little bit more lumpy just because of the sheer scale of the projects and we don't think there's anything in this. The indicator there, Paul, is really the order books. And the order books today are very good and absolutely commensurate with the continued growth. It's interesting, we look back on the stack chart through this, there's also some -- there's also little bit of just -- which if you look through on a two year basis is not quite as -- not quite as sort of lumpy. So no, we remain pretty positive on commercial. Look, Waterworks' returns are good and growth has been very good. Actually, growth is slightly better than the rest of the folks in Enterprises. And returns are good, very similar to the returns in the business. I think that's because that's how we set out our stall actually as much as anything. That's sort of our expectation because most of our businesses have got some similar returns throughout the Ferguson Enterprises and plan. Change in ownership decorum. Look, that's had no noticeable -- they certainly had no adverse impact on the market. I think you've got the same management team, the same sales team, the same sort of market activity. And of course, the shareholder was one of the three shareholders before anyway so they were familiar with the asset. I think that's probably good news for us.

Howard Seymour from Numis. A couple for me. First one is just probably factual. John, you've outlined the sales channels on Slide 24 of the different businesses. Is that commensurate with the breakdown of the revenue before in the context of Waterworks, et cetera, so we can sort of take that and metrics it with their businesses before this simple question.

Not quite. So I think john said the first three bars are very close to the Blended Branches. The reason the Blended Branches are called as such, they do contain some elements of the other bars, too. They're fairly small. So the main part of Blended Branches is in the first three bars then some of its split into the others.

And then, secondly, just on the UK. Obviously, the restructure going on. Really just your thoughts on the underlying UK market in the context of how you see the pricing and the volume outlook in that part of the market.

Yes, Howard. I think the UK at the moment, pricing still remains difficult. Margins are still under pressure. Our margins are slightly lower in the period and we have to address that issue. So I'm not happy about margins currently. And some of that's market and some of that's -- there are certainly plenty of things that we can do to improve our pricing discipline in that environment. I think the underlying market, if you strip out inflation, volumetrically the heating market's down because it's been pretty flat even with the inflation was in the UK three?

Three, three.

So volumes have been under pressure out here.

Just related to that, do you say that's just a wider market? Or is that competitive actions, market share moves, et cetera, or a bit of both?

That's difficult to -- that's difficult really. There are two or three other things that are going on in the market. We talked before about the end of ECO and the reduction in turnover from the larger customers, although the small trades space is still pretty healthy. So without a doubt, that's one of them. And we talked before about the trends to the fixed price and online operators who are still making good progress at the market. So I think it is broadly based across the merchant universe as far as we can tell. But we have to respond to that and we will.

It's Karl Green from Credit Suisse. I've got a couple of questions, please. Just firstly on the U.S., could you breakdown volume and pricing in the second quarter. And accepting your comments about the tougher comps on volume going into the second half, could you perhaps outline your expectations for pricing given commodity mark-to-market at the moment? That's my first question. The second question just on technology. You mentioned you've been benchmarking your platform against peers. Some of the peers have been looking to up their tech platform investments recently. And I just wondered could you elaborate on which areas you see Ferguson as being by far and away best-in-class and other areas where there's perhaps great room for improvement?

Okay. In terms of the margin, Karl, I think we're seeing price inflation of around 1% to 2% in the U.S. and therefore the balance is clearly volume. John will touch on commodities and your last question as well.

Yes, on commodities, we did in the half about $800 million of sales of copper pipes, steel pipes and plastic pipe. The inflation, looking back on that year-on-year, was about 8%. So you can work that through, that's been a sort of $60 million boost to the top line. Actually, going forward, if you look at those prices now going forward, over the last six months, prices have been actually pretty consistent, pretty stable. So I see that now as sort of coming to an end later within this second half although, of course, a slightly curveball now is there are some steel imports that will be subject to tariffs. That has had an immediate sort of impact on pricing in the market even actually for domestically sourced product strategy. It's not sufficiently -- it's not big enough for us to talk about or get worried about, but it will just -- it will present a bit more inflation on that mild steel pipe, which end of the year is about $350 million of purchases. The last question on what are we good at and what are the peers good at, I think you need to split the peers really into two because there's the huge people, the Amazons, Lowe's and Home Depot and Wayfair, if you want, on the B2C side and then there are the other trade or the other merchant businesses. I think the other merchant businesses, there are relatively few with really good, that's not who you would benchmark against, let's put it that way. There are relatively few that have been able to afford to make the investment or have made that move. So really, the places where we look for really sort of best-in-class, if, for example, I mentioned the Amazon word, which I…

Gerard Moore from Investec. Just one extra question for me, please. In terms of your Central European business, can you talk a little bit about how that is performing at the moment and also your long-term ambitions for that business?

Yes, look. We've got -- just as a reminder, we still own the business in Holland, Wasco. And we own 40% an associate in -- of Meier-Tobler in Switzerland. Firstly, to Holland. This business has done well continues to do well. It's a fairly low-margin business, but it's got a very good, very focused management team. And they execute, they execute really well. They're actually also quite innovative. It's a small business, which is why we don't touch on it very often, but it's a nice business with a good management team. Interestingly, if I look back over the last 8 to 8.5 years I've been with the company, we've never had any issues out to the business. They just do what they say they do. They produce sensible budgets. They meet them, they grow. The real issue is in Holland, the value in the market is still thin. You have to work hard. You have to be good in Holland. Switzerland, Switzerland's a fairly tough market at the moment. The heating market is flat to down. But I think the business is getting on well with the integration of the old Walter Meier and the old Tobler businesses and I expect long term that will be a very good quality business.

Andy Murphy from Bank of America Merrill Lynch. Just one question from me. Did I detect this correctly that you're thinking that pricing in the U.S. is likely to be less strong, less than the 1% to 2% that you've seen? And how does that play out versus sort of the wage inflation issue that we're hearing quite a lot about at the moment. Does that worry you? Does that mean that the drop-through rate might get kind of a little bit of pressure in the second half of the year, pressure thoughts on that?

I certainly didn't intend to give any indication around we're concerned about pricing. We'll continue to work that. It's a daily issue that all of our associates work very hard on in terms of that disciplined pricing and that service with customers. I think we never have any crystal ball on pricing. I'd expect pricing to be pretty similar in the second half as it was to the first half. Those are certainly the indications because, of course, we've had two months of the second half already. So certainly, very much -- we'd expect that to carry on forward. And in terms of wage inflation, we're already coping. I think I talked to you six months ago that we'd expect wage inflation of three to four, it's been nearer four. Of course, with the top line growth, our job is to continue to generate those efficiencies and those savings and you've seen that having been delivered in the first half. We'd absolutely continue to expect to deliver that through the second half as well.

Yves Bromehead from Exane. My first question is on the Ferguson outperformance in the U.S., which you mentioned was about 300 basis points to 400 basis points. How sustainable is that level of outperformance? And does it require any extra OpEx in the medium term? And my second question will be on the Waterworks, which seems to be approximately 15% of your U.S. sales. In your slides, we could assume that you have approximately 12% market share. What level of size would you be happy with, with that business going forward?

Yes, look, is the outperformance sustainable? If we look back over time, that outperformance, which is about 3% in this period, that is pretty consistent. We have outperformed by 2%, 3%, 4% very typically over the last seven or eight years. I don't think we should take that for granted. We do have to work hard at that. That outperformance is created by a lot of our associates, absolutely every day going the extra mile for our customers. But is it sustainable, I do believe it's sustainable. I do. I think systemically, it's a business with great values, with a great culture. The business has got very good momentum. We hire a lot of our own graduates, we bring them through, we develop them. They like that development prospect with the company. They stay with the business. And that gets great momentum in the business. I absolutely believe it's sustainable. On Waterworks, our market share is more than 12% in Waterworks. It's about 20, 20-something percent in Waterworks. It's a good market, and you can see one of the reasons for showing some of the opportunities there today is that you have to go and find these opportunities. I've been in businesses before where people say, oh, our market share is too much. And if we grow anymore, it'll be reflecting. Actually, that's just not true. You've got to go find the opportunities, sell the opportunities, and sure, did we add to our range of products with meters and automation. Yes, we absolutely did. We added to our associates, we added to their specific skill sets because they have to be trained specifically in meters. The pipeline is in different size and shape because pipeline might be longer. Fine, fine, fine. You've got to go there and find those niches, work hard at those niches, find the pieces to grow the business. Can this business be, over time, double the size it is today? Yes, I mean, absolutely it can. There is no reason. The market's got decent growth, and we should continue to expect to take market share as well.

John Messenger from Redburn. Three if I could, John. First one was just on that slide on e-commerce and sort of sales channels, the one that stands out is Industrial where kind of 50% is e-commerce sourced. I guess sitting on outside of the fence, you can go away with a wrong impression of what e-commerce means there in that would you describe that as kind of spot purchases? Or is that your existing customer base, people in pipes, valves and fittings who are drawing down orders, just have a little bit of a flavor as to what is in there because you could look at it and think of it is a very commodity kind of business, which I don't think is kind of the impression you'd want to get across. Second question was just on Canada. Buying -- joining a buying group there, given that you're kind of number two, is Octo very specific to some market segments where you are very underrepresented? Yes, to understand why the logic of joining a buying group because you're effectively, it would appear, are going to subsidize the smaller guys. Is this about getting relationships to make bolt-ons as another -- are you trying to do different things here because the logic wouldn't look sensible sitting outside. And then third one, on the UK, could you just flesh out where we are in terms of we're down to 590 branches, where will that end up? And just on the 10% sales drop, sort of $250 million, will all of that go through the organic line? Or is that kind of a BCG? Is that a closure that we'll see treated differently? Just sort of so we can think about how this will look through the numbers. And did BCG make any money?

Yes, look, the Industrial, those are less spot customers and more ongoing customers where the e-commerce is very often replaced what was an old money EDI when we were children, John. So that's the reason for Industrial being higher than an average. And look, Canada, the Octo logic. Octo have got about $4 billion of purchases. We had about $1 billion of purchases. It's actually very interesting. When we did the -- we had to put all this into blinds rooms and get independent consultants to do all of the due diligence. Worked very well. And clearly, there were some purchasing that we were doing better and there are some purchasing that they were doing better. Always subsidizing the small, you could argue that, but you could argue, well, no, they were buying us. It's a $4 billion company. They've got four times our buying power. Actually in one sense, it was good to see that we weren't totally off the money in terms of our buying, okay? But there are -- there have been advantages. The way in which it works is if you -- essentially, the buying groups sets the base. So if you do a better independent deal, then that's fine, all right? So that's the way it works. And none of our deals are shared with anybody else. If we do an independent deal, you're getting -- so all of our buying is done better off of essentially Octo terms or the terms that we can negotiate. But it's very interesting your point about does it introduce you to other members of Octo? I think that's a very interesting idea and certainly one or two of the acquisitions that we talked to have also been members of that group. The U.K. Mike, that's probably one for you on the organic versus...

Yes, on organic, we will clearly try to show the decline that we have deliberately taken separately, so that you can see what's going on in the ongoing business. We won't separate it out as discontinued or I think it doesn't qualify for that. But we'll certainly show the data absolutely separately so you can understand what's happening with the underlying business that we're taking forward.

And you asked was it profitable? No, the gross margins were 8.5%. So I hope somebody else want it at lower prices, John.

Sorry, just -- it's a low-quality question, but it's been raised by a few investors. When you look at the U.K., before the last announcement around downsizing, certainly there wasn't an expectation that Leamington Spa or the whole portfolio in terms of the DC and the landed assets were going to be effectively surplus requirements. Clearly, they are now. Is there a -- can you dimension in some way or other is the DC, is that something that you will find an alternative player who will take that on as a DC? Or is that can be flattened? And how much acreage have you got in Leamington Spa in terms of potential development value because obviously you've kept $180 million out of Nordics. Is there a sizable number reflecting Leamington Spa either on the DC divestment and the rest being developed or the whole lot being developed by the out-of-the-house builder?

The -- when we announced the strategy, we were clear -- I was very clear that there was surplus supply chain capacity in the U.K. and that would lead to the closure of a distribution center. We have essentially four distribution centers in the U.K. There's actually a sort of fifth, but it's relatively small. And those three are based in the North, the Southeast, the Southwest and there's Leamington stuck in the middle. It'd seem to me to be pretty clear that Leamington was definitely a question mark over it, so that's why Leamington -- the head office is a slight -- the U.K. head office is a slightly different reason, it's 60,000 square foot, which is too big. So we will exit that site in its entirety. It's 30-something acres and we have no idea of what the use will be. It will be sold.

Tom Sykes from Deutsche Bank. Just going back to the gross margins. Could you just maybe give a view of what your expectations for gross margin, the range of improvement in the second half will be given that you did have quite a good second quarter? And would you pick out anything that you'd think is sort of one-off or opportunistic about particularly the last quarter on the gross margin? Slightly longer term on the gross margin is just if you look back like-for-like same product, same channel, are you actually getting higher gross margins now than you did a few years ago? Or has it always been about channel shift and always been about mix shift of product anyway rather than sort of like-for-like price increases, please? And maybe just, finally, adjunct to Karl's question is just how actually do you organize your IT Infrastructure, please? And you've obviously taken on a lot of acquisitions. There's no way that suppliers on the same IT infrastructure that the rest of the group is on, so how are you managing that proliferation of IT systems as you're making acquisitions, please?

Sure. Thanks for the questions. I'll certainly try the first one. So in terms of gross margin into the second half, I think John has already said that it's about grinding that out day on -- day in, day out. We'll continue to try to progress that forward. Top line profitable growth is actually what we're about. It is important to get that growth with good growth gross margin slow and small progressions. So I think you'll continue to see our progress through the second half. And I think you asked was there anything sort of odd or funny in quarter two. No. I mean, it's a good continued progression of the work of the associates and the work with our customers to deliver that proposition that John's talked about today.

Your question on to the like-for-like, Tom. It's a great question. There is no one driver of margin. But it is -- I mean, you mentioned working the mix. It is really important. Mike and I were talking about this yesterday evening. The most important piece of driving margin is actually really great category management and that really means knowing what products you're selecting, why you're selecting them, why does this make sense in the context of what we're offering to our customers and why does that make sense in the context of supplier strategies? So that's the single biggest driver of gross margins overtime, is really good category management. But there is quite a lot of mix. And I'm absolutely unashamed on this. We sell -- I looked recently at the curve of how much copper pipe we sell, half-inch copper pipe that you use in domestic. It goes down every year. Good, because it's a pretty low-margin sell. If you can get sort of speed fittings and push fittings and those types of things, they're a lot of better-margins products and it's important that we carry on recognizing that. That's why we don't just go down the line of doing ever more and more massive-scale commodity. The IT Infrastructure, let me just touch on that for a second. We -- at the moment, the majority of our business in the U.S. and certainly the counter-based system, the ERP, if you want, is Trilogy. But over time, I don't think we should just look at the ERP as being the main core backbone of the business. We are stripping away, for example, product fire maintenance, customer fire maintenance, supplier fire maintenance into best-of-breed. So for example, supplier fire maintenance, that will go into PeopleSoft off -- or it is…

Is it possible to say just what your IT CapEx and OpEx has and will be? Just either as a percentage of sales or some benchmark, please?

Definitely one for you, Mike. That's a toughie.

Yes.

We might have to come back to you on that one.

Yes.

Ami Galla from Citi, just two for me. The first one on the U.S. industrial demand pickup that you've seen in Q2, what are -- I mean, how sustainable is that demand base? And were there any pull forward of demand that you would have experienced in the quarter? My second one is really on the commercial end market, if you could give us some color of which sub-segments do you see growth stronger and which are relatively weaker elements in the commercial market?

Look, I think on the industrial, is it sustainable? I mean I think you've got to split industrial in our space into two things. It's the oil and gas, which has its own sort of cycle. We're not really -- we don't play significantly in that. And then there's the rest of industrial. I think if you look at the rest of industrial, it seems to be growing now today but quite nicely. I think our growth, we still have a got a little bit of oil and gas. So if you look to the MRC or NOW, those types of people, they've got fantastic growth there because they're still on recovery in oil and gas territory. If you look at the Billings indices and you look at the construction put in place data, actually, you can see it by sub-segment there. Interesting there when you look at industrial, industrial doesn't seem to be -- just core industrial doesn't seem to be any -- growing any faster than most of the commercial sectors. So I don't see why it can't be sustainable, although 7% is quite high, but it's -- there's certainly some compensation for weakness that was going a couple of years ago. I think if you look then into commercial at the moment, if you look back over the last year, that's at the PIP data, office and commercial, which is quite a big sector for us has been growing at a couple of percent. There are some sectors that we don't play in that have been going backwards, power and highways and those type of things. The good news compared to where we were sort of six, twelve months ago is water now has started to come back a little bit. You might recall water was actually down this time last year. The market was negative. We weren't, but the market was. Now we think that market -- that water market is growing at a reasonable tick. Does that give you some color? Okay. Any others before we wrap up? No, in that case, thank you all very much, indeed. Do catch up with Mike and Mark if you've got any other follow-ups.

Thanks.