The information contained within this announcement is deemed by the Company to constitute inside information stipulated under the Market Abuse Regulation (EU) No. 596/2014, as retained as part of the law of England and Wales. Upon the publication of this announcement via the Regulatory Information Service, this inside information is now considered to be in the public domain.

22 December 2023

Cellular Goods PLC

("Cellular Goods" or "The Company")

Annual results

Cellular Goods (LSE: CBX), a UK based company pioneering the use of lab-based and biosynthetic production methods for wellness and sustainability solutions, announces its audited results for the year ended 31 August 2023.

Summary:

·    Increased sales growth of over 132% YoY driven by the Company's refocused marketing strategy, to progress near-term sales with lower acquisition costs, and expansion of its 'Look Better' Rejuvenating skincare range.

·    Prevailing headwinds faced by businesses in the premium goods sector led the Company to undergo further measures to reduce its cash burn and improve performance in its wellness division including a 50% reduction in the overall cost base.

·    In September 2022 the Company expanded its Look Better range with three new Rejuvenating products, comprising the Rejuvenating Night Cream, the SPF 25 Rejuvenating Day Cream and the Rejuvenating Day Mousse, complementing the Company's Rejuvenating Cannabinoid Serum, the first and only product in the UK to use novel cannabigerol ("CBG") to provide age-preventative benefits.

·    Simultaneously to expanding the Look Better rage, the Company signed an agreement with the international supermodel Helena Christensen to be the face of the Company's 'Rejuvenating Skincare Range', contributing to an increase in US sales which account for 22% of the Company's total sales for the fiscal year ended August 2023.

·    Expanded distribution with the launch of product shipping to the USA in September 2022 and to France and Germany in August 2023.

·    New partnership distribution channels for the Look Better Rejuvenating skincare range were unlocked through the e-commerce websites for high-street beauty and cosmetic retailers Sephora UK and Debenhams, with Cellular Goods becoming the first cannabigerol (CBG)-based skincare brand to offer its products on these e-commerce websites.

·    In June 2023 the Company signed an agreement with Klarna Bank AB to offer flexible purchase options, supporting increased sales and broadening its customer base further.

·    In May 2023 the Company acquired King Tide Carbon, a Singapore-incorporated biosynthetic algae and seaweed carbon sequestration-as-a-service company pioneering in the carbon markets and particularly in the realm of carbon removal, deepening its sustainability vision while offering an opportunity to generate long-term growth.

·    Reported loss of £3,309,721 (2022: loss of £5,989,957) for the year ended 31 August 2023 was primarily a consequence of one-time restructuring costs and M&A expenses. However, the market value of the shares issued for the King Tide Carbon acquisition was £569,940 which is accounted for as a loss for the financial year 2022-2023. The actual operating loss without this adjustment was £2,739,781.

·    Net cash amounted to £1,772,892 on 31 August 2023 (2022: £4,376,134).

Post-period highlights:

·    Expanded ecommerce distribution with a further retail partnership with Chill Brands Group PLC, the online shop for wellness and relaxation products, was announced in November 2023, to help improve UK and US market awareness and distribution of the Company's skincare range.

·    The Company continues to activate and leverage its existing sales channels by participating in their seasonal promotional campaigns and events, such as Sephora UK's beauty box and subscription platforms over the Autumn 2023 season.

·    EU Geographic expansion of the Company's distribution channels for its 'Look Better' skincare range into new markets continued with the launch of product shipping to Austria, Italy, Portugal, Spain, Denmark, Belgium and the Netherlands in November 2023.

·    King Tide Carbon achieved a significant milestone in the production of kelp-derived biochar with 28% carbon content, in November 2023, supporting the foundational science for the company's commitment to sustainable carbon removal.

Current trading and outlook

·    Despite the identified industry headwinds, the Company has benefitted from successful cost cutting and revenue growth achieved notwithstanding challenging economic and industry conditions, in a highly fragmented market where expected consolidation has not occurred.

·    Growth momentum in sales for the wellness division in 2H of the financial year stabilised, though current trading remains encouraging from new ecommerce partner activation and distribution, geographic expansion and additional cost cutting measures that provides the Company an increased runway, allowing time for new initiatives and King Tide Carbon revenue to develop.

·    As direct marketing Return on Investment (ROI) to prospective customers in the retail industry continues to be challenged, with a lack of clarity on marketing regulations and the continued impact of Apple's privacy changes, we remain cautiously optimistic on our trading outlook.

Darcy Taylor, Interim CEO at Cellular Goods, commented: "Despite the continued challenging market conditions and industry headwinds, we saw positive business growth over the financial year, driven by our refocused marketing strategy and geographic and product line expansion of the 'Look Better' skincare range. The wider economic and sector challenges led us to significantly reduce our marketing spend and focus on further optimising our high-quality brand partnerships to translate into revenues and product sales within the premium beauty segment.

"In the face of these industry headwinds, a strategic review was conducted to identify where there was more scope for development in the business, defining a path to drive the Company forward. As we looked to widen our lens and explore other areas, biosynthetics for carbon capture was identified as a sector with a large market opportunity, offering potential for high and sustainable long-term growth as well as being complementary to our current activities. The acquisition of King Tide Carbon and move into the carbon removal industry was complementary to our strategic direction, deepening our sustainability vision and philosophy.

"We remain committed to developing next-generation skincare and wellness products that help people look, feel and function better as we continue to investigate future product lines and verticals. Just as we believe in harnessing the untapped potential of CBD and CBG, we also believe in harnessing oceanic kelp's high value ingredients and carbon removal properties as we continue developing science-backed, efficacy-led formulations for skincare and wellness products that align with our wellness vision: wellness for self and wellness for the environment.

"I would like to thank our loyal shareholders for their support and patience while we navigate the challenging macro environment and current industry challenges and look to an improvement in growth and performance in the year ahead."

The Company's annual report and accounts will be uploaded to its website www.cellular-goods.com later today.

For further information please contact:

About Cellular Goods PLC:

Cellular Goods is pioneering the use of lab-based and biosynthetic production methods for wellness and sustainability solutions. The Company launched with a focus on efficacy led and science-backed products utilising biosynthetics, and now employs its expertise across two verticals: premium next-generation cannabinoid skincare products, and carbon sequestration-as-a-service through its wholly owned business division, King Tide Carbon, which utilises biosynthetic algae and seaweed to provide scalable carbon removal. The Company is incorporated in the UK and listed on the Main Market of the London Stock Exchange. For more information, visit www.cellular-goods.com.

CELLULAR GOODS PLC

ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2023

CHAIRMAN'S STATEMENT FOR THE YEAR ENDED 31 AUGUST 2023

Introduction

Despite the continued challenging market conditions and industry headwinds, we saw positive business growth for the financial year ended 31 August 2023. Driven by our refocused marketing strategy, to progress near-term sales with lower acquisition costs, and expansion of our 'Look Better' Rejuvenating skincare range, we saw increased sales growth of over 132% YoY. However, the momentum seen in the first half of the financial year did not continue at the rate envisaged by the Company into the second half of the financial year, as direct marketing to prospective customers in the retail industry continues to be challenged with a lack of clarity on marketing regulations and the continued impact of Apple's privacy changes.

The expanded marketing and influencer outreach strategy, including campaigns with premium online lifestyle magazines, and the resulting increase in cost to acquire customers eroded returns on our online advertising spend. Coupled with the sector wide challenge of limited opportunities to market CBD and CBG-based products in alternative channels, we took the decision to significantly reduce our YoY and 2H fiscal year marketing spend and focus on further optimising our social media and database marketing.

In September 2022 the Company expanded its skincare product range with the introduction of three new rejuvenating skincare products and signed an agreement with the international supermodel Helena Christensen to be the face of the Company's 'Rejuvenating Skincare Range', to support brand awareness and sales in the UK and US markets as well as delivering strong media coverage.

The strategic partnership with our brand ambassador supported our strategy to continue the expansion of our 'Look Better' skincare range into new markets and increase global access to our products. Also in September 2022, we launched product shipping to the USA and in August 2023 we announced product shipping to France and Germany, followed by Austria, Italy, Portugal, Spain, Denmark, Belgium and the Netherlands in November 2023.

Our renewed focus on improving shorter term sales and bringing new customers in to purchase was further driven by the unlocking of new partnership distribution channels for the Rejuvenating skincare range through the e-commerce websites for high-street beauty and cosmetic retailers Debenhams and Sephora UK. Debenhams is a household name and Sephora UK is a multinational luxury goods group. Cellular Goods became the first cannabigerol (CBG)-based skincare brand to offer its products on these e-commerce websites, with the Company's association to Helena Christensen appealing to their new and existing customers looking to try next-generation skincare formulations.

To broaden our customer base further, the Company signed an agreement with Klarna Bank AB in June 2023 to offer flexible purchase options, supporting increased sales and opening the Company's products up to a wider audience. Demand for buy now, pay later payment services has surged among all age groups in the UK and is popular with customers across the Company's target demographics, making it an important improvement to our ecommerce offering.

While high quality brand ambassador partnerships and investment in innovative purchase options aid in fostering brand awareness and loyalty for long-term growth, it takes time for these types of marketing activities to translate into significant revenues and product sales within the premium beauty segment due to entrenched consumer habits and industry headwinds.

As revenue at the financial year-end 2023 more than doubled to £67,236 from £28,904 at year-end 2022, the Company continues to enhance its retail strategy and drive growth by expanding its sales channels and increasing its collaboration with established online and high street outlets.

In light of the prevailing headwinds faced by businesses in the premium goods sector, the wider economic conditions disproportionately affecting start-ups, and Apple's privacy changes negatively impacting customer acquisition in the traditionally high return-on-investment direct-to-consumer channel, the Company underwent further measures to reduce its cash burn and improve performance in our wellness division. These actions include a 50% reduction in the overall cost base, achieved through lower management and staff costs, consultancy fees and administrative expenses, allowing the Company to streamline its media spend levels to address Return On Investment ("ROI") challenges.

For the current scale of operations, we believe the Company has the right size of management team and full commitment of all its members to drive growth. To build on the leadership team at this time would unnecessarily increase recurring expenditure. However, in the longer term and as the business develops, the Board intends to bring in a permanent CEO. Although there is no definitive deadline on how long this interim period will be, we continue to keep a close eye on the market for potential candidates to take over the permanent position of CEO. At the moment, our main priority and focus is on the growth and development of Cellular Goods.

We announced at our half-year results, in May 2023, that we were interested in widening our lens of opportunity across biosynthetic production fields to generate value for our shareholders, following which we acquired King Tide Carbon. King Tide Carbon is a Singapore-incorporated biosynthetic algae and seaweed carbon sequestration-as-a-service company pioneering in the carbon markets and particularly in the realm of carbon removal. The King Tide Carbon acquisition allows us to deepen our sustainability vision while offering an opportunity to generate long-term growth. The strategy behind the acquisition had deep underpinnings in our Company's wellness vision, wellness for self and wellness for the environment.

Only two months after completion of the acquisition, the Company was pleased to announce King Tide Carbon had entered a non-binding memorandum of understanding with Springtide Seaweed for the purposes of developing carbon sequestration and removal services through sustainable kelp farming. Springtide Seaweed is in the business of growing, cultivating and harvesting kelp in the State of Maine, cultivating multiple species over 55 acres on deep water sites in Frenchman Bay. Springtide Seaweed also provides nursery and farm technology services to other kelp farms globally. The focus of the collaboration between King Tide Carbon and Springtide Seaweed is to utilise their combined efforts and expertise to identify, analyse and select kelp species to maximise carbon sequestration and removal.

The Company remains committed to developing next-generation skincare and wellness products that help people look, feel and function better. As we believe in harnessing the untapped potential of CBD and CBG, we also believe in harnessing oceanic kelp's carbon removal properties as well as the high value ingredients that can be extracted from kelp. Despite the identified industry headwinds, we have benefitted from positive business momentum. In combination with a significant rationalisation of our cost base and cash burn, we have defined a path to drive the Company forward as we investigate future product lines and verticals that remain aligned with our Company's wellness vision: wellness for self and wellness for the environment.

Strategy and Operational Review

King Tide Carbon acquisition and rationale of the deal

The acquisition of King Tide Carbon Pte.Ltd ("KTC") and move into the carbon removal ("CDR") industry widens our lens of opportunity whilst remaining aligned with the Company's strategic direction, deepening our sustainability vision and philosophy. The strategy behind the acquisition of King Tide Carbon was the result of a strategic review that was conducted to identify where there was more scope for value delivery to accelerate the development of the business.

King Tide Carbon was an early-stage carbon removal company building on an experienced team that has decades of experience working with biologically enabled carbon sequestration and the sourcing of CDR contract opportunities in the growing carbon markets. A clear opportunity was identified for the Company to bring its experience in biosynthetics to enhance sustainability practices to King Tide Carbon and deploy biosynthetic technology R&D to supply partners to increase yield, hardiness, and Co2 capture properties of kelp and algae to optimise the generation of reliable, scalable, and sustainable high-quality oceanic carbon removal credits ("CDRs") as a service. By 2050 the global CDR market is forecasted to increase by 300 times and the value of the carbon offset market could top $500Bn in 2050 (source:Bloomberg NEF).

Biosynthetics for carbon capture properties in kelp and algae is still at an early stage but has shown potential as a viable commercial-scale technology and is a sector with a large market opportunity, offering potential for high and sustainable long-term growth as well as being complementary to our current activities.

The Company's innovation continues to be centred around harnessing biosynthetic technologies in the development of next-generation biosynthetic products that improve people's lives and combat climate change. We are committed to our mission to develop a responsible approach to ingredient sourcing using sustainable production methods to create science-backed, efficacy-led formulations that never compromise on quality, safety or efficacy and really make a difference.

The market value of the shares issued for the KTC acquisition was £569,940 which is accounted for as a loss for the financial year 2022-2023. Reported losses at the financial year end 2023 are £3,309,721; however, the actual operating loss without this adjustment was £2,739,781, a reduction of 54% from the previous year.

Cannabinoid market opportunity

The global cannabidiol ("CBD") and CBG (cannabigerol) market size was valued at USD 6.4 billion in 2022 and is expected to grow at a compound annual growth rate ("CAGR") of 16.2% from 2023 to 2030. The growing interest in the potential health benefits of cannabidiol has led to increased investment in research and development to understand its effects better and develop new products. The demand for CBD/CBG for health and wellness is the primary factor driving the market growth. Furthermore,

CBD/CBG is growing in popularity as an ingredient in skincare products for treating acne and wrinkles. (Source: Grand View Research)

The CBD/CBG market is a large and growing industry, but despite the demand it also faces several difficult challenges and significant headwinds, with heavy regulation being the main one. The establishment of a clear and detailed regulatory framework for the CBD/CBG industry to operate within is an ongoing process. In the absence of comprehensive regulation, the industry continues to grow and develop, but further regulatory changes are required to unlock its full potential.

We believe that the operating environment for CBD and CBG-infused skin care products in the UK and USA remains impacted by a glut of niche brands and products. This has prompted fierce competition for both online and offline retail space where expected consolidation has not yet occurred, and we are witnessing attrition in both suppliers and consumer facing brands in the space.

Voluntary carbon dioxide removal ("CDR") market opportunity

The International Panel on Climate Change ("IPCC") has made the requirement for emissions reductions and carbon dioxide removal extremely clear. Limiting global warming to 1.5 degrees C above pre-industrial levels requires significant carbon reductions and 6 to 10 billion tonnes of carbon dioxide removal per year by 2050. The voluntary carbon market ("VCM") is a key mechanism to scale those solutions. The VCM allows for the transaction of carbon credits between carbon project developers and buyers with each carbon credit representing an equivalent tonne of CO2 reduced, avoided, or removed.

The demand for high-quality, durable carbon removal credits has increased alongside global climate commitments. The majority of these credits are still in development and are limited in number as per BCG 2022 insights and trends report on voluntary carbon markets. Due to this limited supply, organisations that are working to reach net zero by 2030 or 2050 increasingly recognise that they need to secure the necessary volumes of carbon dioxide removal in advance, alongside large-scale emissions reductions.

In 2021, the global voluntary carbon market grew at a record pace, reaching $2 billion-four times its value in 2020-and the pace of purchases is still accelerating in 2022. By 2030, the market is expected to scale to close to $40 billion. (Source: BCG 2022 insights and trends report on voluntary carbon markets)

However, achieving the goals outlined by the Paris Agreement requires the rapid scaling of high-quality removals across nature-based, hybrid, and engineered solutions.

We are on the verge of a once in a generation growth cycle, and King Tide Carbon will aim to be a leader in delivering carbon removal as a service.

Operational review

The Company expanded its 'Look Better' skincare range with the launch of three new products in the Rejuvenating Range of skincare products, containing the Company's proprietary blend of cannabigerol ("CBG") and cannabidiol ("CBD"), using a campaign fronted by international supermodel Helena Christensen in September 2022. With a substantial and dedicated following in the United States, she played a pivotal role in driving the Company's growth, contributing to a considerable increase in US sales, accounting for 22 % of the Company's total sales for the fiscal year ended August 2023.

Our retail strategy received another boost in May 2023 with the launch of the Company's 'Look Better' skincare range and selected products from its 'Gift Better' line on Sephora.co.uk. A total of ten products are available with the UK high street retailer in the Company's third major retail distribution deal after Amazon and Debenhams, providing further validation of our premium product strategy. We are working closely with Sephora.co.uk to participate in selective marketing activities to drive sales and continue assessing the potential to open other retail opportunities in additional Sephora geographies.

The Company has taken a two-pronged approach to its marketing strategy this year to drive trial of its core products and expand its sales channels, and encourage conversion of the consumer recognition of our brand into an initial purchase. Having significantly raised awareness in 2022, our refocused marketing strategy this year was centred on driving near-term sales with lower acquisition costs.

Function Better movement range

As noted in our half-year results, the Company postponed the launch of the 'Function Better' movement range to focus its resources on strengthening the market presence behind its existing 'Look Better' and 'Gift Better' ranges before further expansion. The prohibiting of advertising cannabinoid infused products on leading online platforms and the imposition of new rules governing the sale of novel foods led the Company to perform a review of the portfolio and narrow its scope to exploring alternative opportunities for ingredient sourcing whilst strengthening the existing ranges. The Company remains in communication with potential distribution partners for the launch of the 'Function Better' range and will provide an update in the event an agreement is reached.

Cannaray Brands acquisition

On 26 September 2022 the Company announced its intention to acquire Cannaray Brands Ltd. and Love CBD Health Ltd. from Cannaray Ltd. ("Cannaray"). Cellular Goods' Board of Directors entered into negotiations with the intention of generating value for our shareholders by creating an enlarged business with significant growth opportunities and an enhanced market presence. As negotiations progressed and changes to the deal were made, it became clear to Cellular Goods' Board and senior leadership team that the updated transaction terms were not in the best interests of the Company's shareholders. The negotiations were not able to reach a deal structure and terms that worked for both parties, and as such we terminated the discussions as announced on 8 February 2023.

UK patent application Status

On 28 April 2022, the Company disclosed its initiation of a UK priority patent application centred on the utilisation of CBG for skin brightening. Subsequent to a thorough internal examination, the application has not been pursued further. The decision to not proceed was based on the realisation that the formulations encompassed by the priority patent did not align with the Company's current product offerings and were constrained in their applicability to the future product pipeline. Consequently, it was determined that the return on investment and cost benefits did not meet the established standards of the Company.

Marketing focus

The Company started the financial year with a focus on building a clear brand plan and ensuring investment was only made once the strategy was defined and could be executed. The investment that was made focused on shorter sales driving activities and leveraging of the partnership with Helena Christensen across the UK and USA.

Apple's privacy changes, particularly the introduction of App Tracking Transparency ("ATT") and Mail Privacy Protection ("MPP"), have had a significant negative impact on direct marketing return on investment. The industry is therefore in a state of ongoing adaptation and innovation as marketers strive to maintain effective campaigns in the face of evolving privacy regulations and consumer preferences.

In light of these changes, the Company has refocused its marketing strategy to be more cost efficient and effective in adapting to these challenges. These include focusing on first-party data collection and building stronger relationships with our audience, as well as exploring partnerships with online marketplaces and influencers that are privacy-compliant.

The Company continues to focus its marketing efforts on delivering short term sales activity by utilising owned channels and earned channels through product gifting and e-commerce initiatives.

Post-balance sheet milestones

Since the year end, the Company has continued to enhance its retail strategy and drive growth by expanding its sales channels and increasing its collaboration with established online and high street outlets. In the first quarter of the 2023-2024 financial year, we announced a further retail partnership with Chill Brands Group PLC, the online shop for wellness and relaxation products. The Company's partnerships with e-commerce websites help to improve market awareness and distribution of our skincare range whilst building on our brand profile and broadening our accessibility to customers.

As well as establishing new partnerships with high street outlets, we continue to grow our existing sales channels by participating in their seasonal promotional campaigns and events. As the first CBG-based skincare brand to be offered as part of Sephora UK's beauty box and subscription platforms over the Autumn 2023 season, we continue increasing our brand awareness and our products gain more visibility and traction with new and existing customers.

In addition to growing our existing sales channels, we have continued our commitment to expanding distribution of our 'Look Better' skincare range into new markets. Following the opening of Cellular Goods' e-commerce site to our French and German customers in November 2023, we also launched shipping of our products to Austria, Italy, Portugal, Spain, Denmark, Belgium and the Netherlands in November 2023.

The Company will continue to assess online traffic and new market sales to identify potential market demand for growth into additional territories as it remains focused on driving distribution of our breakthrough anti-inflammatory CBD/CBG powered products to CBD/CBG friendly markets to deliver incremental revenue growth.

Through the Company's wholly owned subsidiary King Tide Carbon, we aim to deliver cost-competitive carbon removal credits ("CDR") through the integration of multiple synergistic elements within the 2023-2024 financial year. Our approach involves extracting valuable compounds prior to submerging biomass, enhancing ocean alkalinity to leverage existing infrastructure, and exploring alternative pathways like biochar and biosynthetic algal growth. This multifaceted strategy empowers us to optimise carbon sequestration and therefore optimise the price of carbon sequestration.

As we position ourselves at the forefront of carbon removal solutions, we are focused on scaling-up the Company's joint venture agreements with diverse carbon capture projects over the next twelve months. The first of which are with Springtide Seaweed, as announced in the first quarter of the 2023/24 financial year. As part of the joint venture agreements, the partnering companies will use their combined efforts to identify, analyse and select kelp species, cultivation techniques and harvesting techniques to maximise carbon sequestration and removal services through sustainable kelp farming. By growing partnerships with suppliers across multiple geographies, we can access different strains of product, increased amounts of data and more proof of concept allowing the Company to effectively develop and broaden its range of products and services, complementing our current activities and helping to tackle climate change.

Additionally in November, King Tide has achieved a milestone in the production of kelp-derived biochar with 28% carbon content, propelling the company forward in its commitment to sustainable carbon removal. This innovation utilizes the carbon-rich properties of kelp, a rapidly renewable marine resource, for biochar production, recognised for its potential in soil improvement, carbon sequestration, and enhanced agricultural productivity. As global scientific consensus grows on biochar's viability for permanent carbon sequestration, King Tide aims to scale up its carbon removal efforts and generate high-quality Carbon Dioxide Removal ("CDR") credits. The kelp-derived biochar not only contributes to long-term carbon storage but also promotes environmental stewardship through circular economy principles, reducing waste and maximizing resource utilization. With a notable 28% carbon content, the biochar demonstrates efficacy in carbon sequestration, soil fertility enhancement, and potential industrial applications. This achievement aligns with King Tide's dedication to a sustainable future and collaborative interdisciplinary efforts with experts in marine biology, environmental science, and agriculture. The success holds promise for advancing agricultural practices, promoting scientific collaboration, and ushering in a new era of oceanic carbon sequestration innovation.

Outlook

We are continuing to assess strategic opportunities to deliver long-term shareholder value and will assess each opportunity on its individual merits. In the meantime, our focus will continue to be to execute the Company's existing business model and position it for long-term growth.

The growth of the Company's wellness for good product pipeline and wellness for the environment sustainability strategy are the core areas of development. We plan to continue expanding distribution of our 'Look Better' skincare range into new markets to deliver revenue growth.

The Company continues its focus on bringing deep expertise in biosynthetics to the kelp industry through King Tide Carbon and its joint venture partners, assisting in early-stage investigations on the extraction of high value ingredients from algae and seaweed for use in the biosynthetic product industry. As we continue harnessing the potential of CBD/CBG, we are also investigating the ability to harness the high value ingredients that can be extracted from kelp and analysing their use in future product lines.

The Company's move into the carbon removal industry is a continued focus for our strategic direction as biosynthetics for carbon capture remains a sector with a large market opportunity and offers potential for high and sustainable long-term growth as well as being complementary to our current activities.

I would like to thank our loyal shareholders for their support and patience while we navigate the challenging macro environment and current industry challenges and look to an improvement in growth and performance in the year ahead.

Darcy Taylor

Chairman

21 December 2023