Mr. Neil Pakey:

I would not have joined the company if I had not believed that this was the right way forward for the business. I had seen similar business models in different circumstances work successfully elsewhere so I felt that it was a good thing. In terms of the challenges, there are challenges about growth, investment and the ability to generate enough profit to reinvest in the businesses. Clearly, there are good investment opportunities out there. It is a matter of identifying the right opportunities and stimulating the market. The biggest challenges are probably related to growth and investment and having a business model that is fit for purpose.

We will not be able to rely on grants. I spent three years in the European Commission so I am well aware of state aid rules. We need to be stand-alone business entities going forward so there will be equal focus on the performance and accountability of each of the business units to make sure they work and generate enough return to be able to invest in the respective businesses.

If I may just find my note on the €1 million restructuring costs.