Group revenue increased by two per cent, due to parcel revenue growth in both UKPIL and GLS. Parcels are the largest contributor to Group revenue, accounting for 51 per cent. Royal Mail is undertaking one of the biggest industrial transformations in the UK in recent history. The UK, like many other countries, is experiencing an ongoing decline in letter volumes. We are focused on leveraging an increasing number of parcels, which in turn is driven by the rise of e-retailing. The parcels market is very competitive. We need to be more flexible and efficient to meet the needs of our customers. We are employing our strong brand and are well placed to introduce new products and services in order to sustain the Universal Service.