On almost every measure of activity, MYD achieved positive growth in FY22. Gross sales more than doubled. The number of active customers rose by 83%. There were more repeat visits. Customers transacted more often. Operating expenses increased too and, as a result, there was a $4m EBITDA loss, in line with our forecast. MYD had $42.7m of cash and is well able to absorb such an investment. We think there’s a lot of opportunity for MYD to drive its advantage further in FY22. With a broader range of private label products, a recently launched mobile app and the introduction of a number of well-recognised brands to attract people to the site, we expect topline growth to continue strongly in the year ahead. With this note, coverage of MYD transfers to Alexander Mees.