Victoria PLC (VCCTF) Q1 2027 Earnings Call Transcript

Good afternoon. Thanks, everybody, for joining the call. And we'll get straight into it. So that we have a little bit more time for Q&A at the end. And so I'll get Alex to take you through the financial overview of the year, and then we'll pick up. All right. Thanks, Geoff. Great. So just to start with a couple of headlines. Obviously, since we updated at the half year, the revenue outlook was a little bit tougher than we'd anticipated. So revenue for full year '26 was GBP 1.045 billion as revenue down about 6%. Volume was a little softer than that, so down almost 9%, really reflecting just that tough macro environment. We'll come on to more recent trading, which has been a lot more positive. But I think that lower volume has been a main driver of performance last year. EBITDA came in at GBP 92.3 million. That is broadly in line with the guidance we provided back in February. We have aimed to be relatively conservative on balance sheet movements through the end of the year. And so we think that is a good clean number, a little bit of margin compression there, which we'll come on to explain later. Clearly, financing has been a big focus for the year overall. Net debt was just over