 Thank you. What I'm going to talk about is really in two parts. Firstly, for those people that aren't aware of pragmatic, the first half of my talk is going to be a little bit about what we're doing in the realm of flexible electronics and in particular how we can achieve extremely low cost points that make it viable to deploy electronics into billions and ultimately trillions of smart objects, as well as talking about some of the early applications that are driving adoption of that in areas like smart packaging for fast-moving consumer goods, as well as interactive gaming. Second half, hopefully more interesting for those of you that have heard me talk before, is an update on some recent developments, particularly in the progression towards very high-volume mass market manufacturing, as well as progress along our roadmap towards implementing much more complex functionality in the future. So this slide will be perhaps vaguely familiar for those of you that saw Arm's keynote speech yesterday. He had a variant of this in there, but basically highlighting that while conventional electronics has seen a very exciting progression over the last 40 or 50 years from large computers to laptops to mobiles and now to wearables, essentially it is still a progression of boxes of electronics becoming progressively smaller and that has certain benefits in terms of what we're trying to do, but what we're interested in is how do you extend electronics into everyday objects. These come in a much more diverse range of sizes and shapes, but they also have some quite different characteristics, whereas with conventional electronics products, even wearables that we might have on our wrist, they are fundamentally an electronic product. That is their primary purpose in life, whereas these everyday objects, their primary purpose is not to be electronics. It's to be something that we drink or something that we use on a daily basis and where people are looking to add electronics to it, it's to enhance that experience. So the electronics is supplemental to it, in addition to the functionality, not the core purpose of the product. And that has certain implications. The quantities that these products that we interact with on a daily basis are produced in is many orders of products that are being chewed bigger than dedicated electronics products, comfortably in the trillions of units. However, they tend to be much lower priced and because the electronics is not the core purpose of it, they can't necessarily justify several dollars of additional cost to add a little bit of additional functionality. It needs to be in the range of sense or in many cases, subsent. So this is fundamentally the challenge we're set out to address. So what we make is what we call flexible integrated circuits. So these are extremely thin, flexible equivalents of the silicon integrated circuits that today power most of those electronic boxes in terms of providing the intelligence and the interactivity. So we have it on very thin, flexible plastic. The entire stack is less than 10 microns thick, so quite a bit thinner than a human hair, very flexible and conformable to integrate into any kind of product form factor and is able to meet that requirement for extremely low cost down to the subsent level. So it can actually make viable these kind of markets that need that requirement for ultimately trillions of smart objects. We work with a number of global customers and partners, particularly the brands that are the end customers for this as well as the supply chain to deliver those solutions to those customers. In particular, I mean there's a few listed at the bottom that it's public that we have worked with at various times, all leaders in their fields of whether it's IoT, RFID, consumer goods and so forth. In particular, I might highlight the first two, Arm and Avery Denison, who are actually shareholders in the business now as well. So that's the fundamental technology we have to give an idea of some of the applications. There are a few public projects that we've been working with a number of these partners for a while. One is an EU funded project called Ping, which is looking at how you incorporate NFC-based functionality into both game cards and packaging. That's working with partners like Carter Mundy, global leader in playing cards and games, as well as SmartTrack, who's a leading provider of RFID tags. And it's really looking at a range of different applications where using our technology, you can implement functionality that allows these cards and games to become more interactive either within a game, so having the elements of a board game able to communicate with each other and hence enhance the experience of gameplay, or be able to interact between a card and say a smartphone to actually have a direct interaction with the player of the game. A similar related project is one called Scope, which has quite a large number of partners you see there, including large brands like Unilever, also large gaming companies like Hasbro, so very similar kinds of applications, looking at that combination of how do you integrate this in, focus, I guess, is a little less on the card and board type applications, but more on labelling applications, so it fits into a different category of product form factors, in particular things like bottles, as well as with crown packaging, it's up there, leading supplier of cans and other metal packaging. So you can see that this is very applicable to quite a wide range of different product form factors, you know, regardless of what the type of product is, it allows the electronics to be integrated very easily and provide this kind of interactivity. Final example, just going beyond sort of the RFID and NFC type functionality, is adding functionality that isn't, if you like machine to machine, it's not communicating between devices or between a device and smartphone, but actually directly interacting with the consumer via displays or lighting and sensing. And there have been a number of examples we've done here, but in particular one that had some publicity a year or so back was one of Anheuser Bush's brands who did an illuminated label supplied by Inland, and that was using our technology to provide some dynamic lighting to illuminate the brand. So that's, again, I guess a recap for those of you that know about us and hopefully some exciting new information for those of you that don't. But now on to actually what we're really focused on the moment in terms of how we progress that. And we have two main strands that we're focused on pushing forward in our business. One is how we take the current applications that we've been working on in pilot scale for a while, how do we actually push those into high volume commercial rollout. And the second is how do we continue to advance the roadmap of the sophistication of the functionality that we can deliver so that over time we progressively open up more and more interesting applications. Terms of manufacturing scale up. About a year ago, I think it was at this conference in fact last year, we announced a concept that we developed called FlexLogic, which was the idea of a full semiconductor fab in a box. So it takes all of the process technologies we need to make a flexible integrated circuit, combines those into a single production system, which has fully automated materials handling and process control in order to basically put materials in one end and produce flexible integrated circuits at the other end in a completely automated fashion. That is quite an exciting concept because it changes the model dramatically from what the electronics industry is used to in silicon, where you need a very large, very complicated fab that has a huge capital investment required in order to scale capacity. In our case, the CAPEX requirement for this system was anticipated to be several orders of magnitude lower than a silicon fab, but for an equivalent capacity in the billions of circuits per annum. And that means the combination of that very low upfront CAPEX means it can be scaled in a very modular fashion. And also when you combine that with a very low production cost, it means that actually it can be sufficiently profitable to still get a payback on that equipment in the space of one or two years compared to the many years that's typically required for a billion dollar investment in a silicon fab. So in terms of what that means, in terms of production costs, this is a classic silicon cost curve. The bit the silicon industry tends to operate in is very much towards the right hand side of this curve where there is fairly closely a direct relationship between complexity of circuit and therefore size of silicon area used, which translates directly into cost. The bit where things get difficult for conventional silicon is when you go down that curve to a point where actually the functionality required is not efficiently utilizing the area of silicon and you hit a floor and not be able to make the silicon any smaller and hence no more cost effective. And that largely crosses over with where we see the applications for our technology. This is not trying to compete with silicon in replacing the microprocessor in your laptop or anything like that. It's how you add comparatively simple levels of functionality into these everyday items. And at that end of the spectrum, there is an order of magnitude cost advantage for our technology based on this production method. And that actually extends to surprisingly complicated circuits. I mean, a few hundred thousand gates for those of you that know your silicon history actually took you through to the kind of late 80s in silicon implementations. So there's quite a lot of complexity you can do in that level of functionality. But to make that real, we actually just announced a couple of days ago that this is no longer a concept, this is actually reality. So we've been working very hard over the last 12 months to finalize the design and specification of that equipment. That is now done and all orders for the first system have been placed. It's actually turned out better than our expectations. We're within our original CAPEX budget, but with substantially higher capacity and actually a lower per unit production cost than our original concept model. We also now have the lease facility lined up ready and waiting for that system based in the northeast of England, where our current pilot production is at the National Printable Electronic Center run by CPI. So that system will be installed and commissioned through the balance of this year and will be in volume production from early 2018 with a capacity of over a billion circuits per annum. Now billion circuits per annum in one sense that's obviously quite a lot. It's certainly enough to get us into proper commercial volumes in these applications. But from our perspective it's also just the starting point of that scale up. You know, I talked earlier about trillions of units and that's not just sort of a number we picked out of the air. We have individual customers with single product applications that need a billion units or more. So potentially this could start to scale very quickly beyond that and that's certainly where we have high expectations for ongoing growth in the future is continuing to invest in these modular production systems to scale up that capacity as the as the demand grows. So moving on to the second element, you know, that allows us to drive commercial rollout of the functionality we can enable today. But how do we continue to expand the complexity of the applications that we can address? And again, those of you that saw the arm keynote speech yesterday will have heard Chris talk about the plastic arm project. This is something we've been working on now with ARM for a couple of years and it's fundamentally looking at can you take a standard complex silicon design in this case for a 32-bit system on ship based on the ARM Cortex-M platform and actually implement that in plastic. And Mike Muller, CTO of ARM, first announced this about two years ago but there's been substantial progress since then through a combination of design optimizations that ARM has put in as well as optimizations of the implementation from our side, including progressing down our own version of Moore's law to be able to put more functionality into a smaller footprint. Just in the last couple of years we've achieved a 10x reduction in footprint and we actually see that kind of trend continuing for at least the next couple of years. So that is the V3 version you'd see there. It's a couple of square centimeters so it's still quite large by our standards and certainly for it to be viable as a commercial product that it does need to come down to a smaller footprint but it shows what is possible to implement and certainly with that ongoing progression of being able to shrink that functionality, improve the yield of the process and so forth. We're very excited about where that can that can take us. And just to reinforce that is a 32-bit microprocessor system on ship. It's not just the processor includes memory, general-purpose IO and so forth. So it's comparable in very rough terms to what you might find in a Fitbit for example in terms of the level of functionality that's needed to control those kind of things. So going beyond the smart objects this we think at some point gets us into the realm of actually changing the kind of thing you can think about doing in the wearable space as well. So to summarize what we can do with our flexible integrated circuits is add connectivity and intelligence to a vast range of everyday items easily integrating into the diversity of physical shapes and sizes that you come across in those items and doing that at a cost point that is actually suitable for rolling it out into those kind of everyday items that fundamentally are not expensive electronic products that people are going to pay huge amounts of money for. This is now reality and from next year we will have volume commercial production but continue to watch this space because actually the level of complexity and the range of applications that can be enabled by this technology will continue to advance in the same way that the silicon industry has continually advanced what we can do with silicon chips. Thank you very much. Thank you very much Scott. We have time for one or two questions and if you could please use the microphone if you have a question. The original spec in the first implementation was actually I think two kilohertz performance. It's now substantially faster than that. I don't actually I can't remember off the top of my head what frequency it's operating at but you know we are in various other designs operating into the megahertz range. So whether that's required in the target applications is another matter and just as with silicon there tend to be trade-offs between speed of performance and power consumption so forth. So one of the things that we're starting to look at as this gets closer to becoming commercially viable is looking at well exactly what is the right trade-off of functionality versus performance versus power consumption so forth. But it's only technically quite feasible to do that in the megahertz range. We have shown proof of principle of gigahertz performance in the past. To be honest I don't expect that to be something we'd look to really enable commercially in the near future. It's not required for many of these target applications. So the focus is really on how we optimize the things that have a good fit with commercial drivers. Thank you very much again. We're now going to