CARLSBAD, Calif. — MaxLinear Inc. shares skyrocketed more than 66% in morning trading Friday, surging to around $56.99 after the semiconductor company delivered a strong first-quarter earnings beat and raised its full-year outlook, driven by explosive growth in its optical data center business fueled by artificial intelligence demand.

The stock (NASDAQ: MXL) opened sharply higher and maintained massive gains throughout the session on April 24, with trading volume exploding well above average. The dramatic move followed late Thursday’s report showing revenue of $137.2 million, up 43% year-over-year and beating analyst expectations. Adjusted earnings per share of 22 cents also topped forecasts of 18 cents.

MaxLinear’s infrastructure segment, which includes high-speed optical connectivity products critical for AI data centers, delivered the standout performance. Revenue in that category surged 136% year-over-year to become the company’s largest end market. CEO Kishore Seendripu highlighted “solid traction from optical products” at multiple hyperscale customers across scale-up and scale-out AI platforms.

The company raised its 2026 optical data center revenue target to $150 million-$170 million, up from previous guidance, reflecting improved visibility and production ramps. For the second quarter, MaxLinear guided revenue between $160 million and $170 million, signaling continued acceleration.

Wall Street responded with swift upgrades. Needham raised its rating to Buy from Hold, citing an infrastructure “inflection point.” Other firms followed with higher price targets, pushing consensus well above previous levels. Analysts now see MaxLinear as well-positioned in the AI infrastructure boom alongside bigger names like Nvidia and Broadcom.

The surge marks one of the largest single-day percentage gains in the company’s history and pushes shares to multi-year highs. Year-to-date, MXL has more than doubled, reflecting growing investor conviction in its pivot toward high-growth optical and connectivity markets.

MaxLinear, a provider of radio frequency, analog, digital and mixed-signal integrated circuits, has benefited from the AI spending wave. Its products enable faster data movement in data centers, an area seeing massive investment as hyperscalers build out infrastructure for training and inference workloads. Management noted multiple high-value products entering meaningful production ramps across its portfolio.

Financially, the company reported GAAP gross margin of 57.5% and non-GAAP operating income of 16% of revenue. While it posted a GAAP net loss of $45.1 million due to stock-based compensation and other items, the underlying operational strength and forward momentum overshadowed those figures for investors.

The results come as the broader semiconductor sector navigates a recovery phase with AI tailwinds providing clear differentiation. MaxLinear’s focus on optical DSPs (digital signal processors) and PAM4 technology for 400G and 800G deployments has resonated strongly with customers, leading to design wins and production ramps that are now translating into revenue acceleration.

Challenges remain. The company continues facing GAAP losses and integration costs from past acquisitions. However, leadership expressed confidence in improving profitability as revenue scales. Supply chain investments and wafer prepayments were highlighted to secure capacity for expected demand growth.

Analysts now forecast sustained growth through 2027, with next-generation platforms like Rushmore and Annapurna expected to contribute meaningfully. Panther SoC family revenues are projected to at least double year-over-year, adding diversification beyond optical.

The stock’s reaction reflects relief and excitement after a period of building anticipation. Shares had already climbed steadily in recent weeks on pre-earnings momentum, but Thursday’s beat-and-raise ignited a full breakout. Options activity and short covering likely amplified the move.

For a company with a market capitalization now exceeding $4 billion, the earnings report validates CEO Seendripu’s strategy of targeting high-value AI-adjacent markets. Investors appear willing to reward the transition despite historical cyclicality in the chip sector.

Looking ahead, the coming quarters will test MaxLinear’s ability to execute on its raised guidance. Analysts will watch gross margin trends, customer concentration risks and any updates on additional design wins. Broader AI spending trends and potential macro slowdowns remain key external variables.

The impressive intraday surge caps a remarkable run for MaxLinear, transforming it from a relatively obscure analog chip player into a notable beneficiary of the AI infrastructure buildout. While valuation multiples have expanded significantly, many bulls argue the growth trajectory justifies the premium as the company hits an inflection point.

As trading continued Friday morning, MXL shares consolidated some gains but remained sharply higher with elevated volume. The move stands out in an otherwise mixed semiconductor tape, highlighting the market’s hunger for compelling AI-adjacent growth stories backed by strong execution.

For investors, MaxLinear’s performance underscores the power of earnings surprises in a market rewarding visibility into high-growth segments. With optical data center momentum accelerating and a diversified portfolio providing ballast, the company appears poised for what management calls a “multi-year growth phase.”

HOUSTON — Houston Texans defensive end Will Anderson Jr. became the highest-paid non-quarterback in NFL history Thursday with a three-year, $150 million contract extension, then opened his news conference with a heartfelt prayer giving all glory to Jesus Christ and emphasizing that the massive payday was never about the money.

The 24-year-old All-Pro, the No. 3 overall pick in the 2023 draft, secured $134 million in guarantees in the deal that keeps him under team control through 2030. His new average annual value of $50 million tops the previous mark held by edge rusher Micah Parsons. The contract includes a rare no-trade clause for a non-quarterback and a $32 million signing bonus.

Moments after the agreement was finalized, Anderson took the podium and immediately bowed his head in prayer. “Thank You, Jesus — Jesus, I owe all I am to You,” he said. “Thank You for blessing me and keeping me and holding me together all these years. Without Jesus I am nothing.” The powerful opening set the tone for an emotional press conference focused on faith, family and gratitude rather than dollars.

Tears flowed as Anderson described the moment his agent called with the news. “I literally just started crying,” he said. “We FaceTimed my parents… my whole family just went crazy. It was a big moment for us. It was bigger than me. I think about my family, everything we’ve been through, to be able to bless them just as much as they’ve blessed me.”

Anderson, a devout Christian who has spoken openly about his faith throughout his career, credited God for the journey from Alabama standout to NFL superstar. He referenced a recent visit to a prison ministry that deepened his walk with Christ. “Walking into that prison and seeing how strong their faith was — these guys facing life sentences, don’t get to see their kids — but their faith in Jesus Christ was so strong. It literally changed my life,” he said.

The extension rewards Anderson’s rapid rise. In just three seasons, he has established himself as one of the league’s most dominant pass rushers, earning Defensive Player of the Year consideration and helping transform the Texans into contenders. His combination of speed, power and relentless motor has drawn comparisons to some of the game’s all-time great edge defenders.

Texans general manager Nick Caserio praised Anderson’s character as much as his on-field production. “Will is not only an elite player but an elite person,” Caserio said. “He leads by example, he’s humble, and his faith is at the center of everything he does. We’re thrilled to have him locked up long term.”

The deal comes after the Texans exercised Anderson’s fifth-year option earlier in April, setting the stage for the extension. With the new contract, Anderson is now tied to Houston through the 2030 season at a total potential value of $177 million when including previous rookie deal earnings.

Financially, the extension resets the market for elite pass rushers. Anderson’s $50 million AAV surpasses Parsons’ previous benchmark and reflects the rising value of defensive stars in today’s pass-heavy NFL. The massive guarantee provides security while giving the Texans flexibility in future salary cap planning.

Anderson’s teammates and coaches expressed excitement. Quarterback C.J. Stroud called him “the heart and soul of our defense” and praised his leadership. Head coach DeMeco Ryans highlighted Anderson’s work ethic and commitment to excellence both on and off the field.

Beyond football, Anderson has used his platform for faith-based initiatives. His recent prison visit with agent Nicole Lynn was part of broader efforts to share his testimony. In the press conference, he encouraged young athletes to keep God first. “Put Him at the center of everything,” Anderson said. “Success means more when your foundation is built on faith.”

The contract news spread rapidly across social media, with many praising Anderson’s humility and faith-first approach in a league often defined by flash and materialism. Hashtags like #GloryToGod and #WillAnderson trended as fans and fellow players shared clips of his prayer.

Analysts view the deal as a win-win. The Texans lock in a cornerstone defender during his prime years, while Anderson gains financial security to support his family and pursue off-field passions. His emphasis on gratitude and faith resonated deeply in a sports culture hungry for authentic voices.

As training camp approaches, Anderson will report as one of the league’s highest-paid players with expectations to continue his ascent. The Texans, fresh off strong recent seasons, see him as central to their Super Bowl aspirations.

For Anderson, the moment was never just about the money. “This is about family, about faith, about what God has done in my life,” he said. “I’m just trying to walk in my purpose and glorify Him every step of the way.”

The record-breaking extension and faith-centered celebration mark another chapter in Will Anderson Jr.’s remarkable journey — from Alabama recruit to NFL superstar — all while keeping his eyes fixed on what he believes matters most.

SANTA CLARA, Calif. — Intel Corp. delivered a blockbuster first-quarter 2026 earnings report that sent shares soaring more than 22% on Friday, reigniting the long-running debate over whether the chipmaker represents a compelling buy for investors or remains a risky turnaround story best approached with caution.

The semiconductor giant reported revenue of $13.6 billion, topping Wall Street expectations of around $12.4 billion, and adjusted earnings per share of 29 cents versus forecasts near 1-2 cents. Data Center and AI revenue jumped 22% to $5.1 billion, driven by strong demand for Xeon processors in AI infrastructure. The company also raised its second-quarter guidance, projecting revenue between $13.8 billion and $14.8 billion.

The massive post-earnings rally pushed Intel shares toward $82, extending a strong recovery that has seen the stock more than double year-to-date in 2026. Yet Wall Street’s consensus rating remains a Hold, with an average 12-month price target around $50-$70 — well below current levels after Friday’s surge.

Bullish analysts argue Intel is finally hitting an inflection point. CEO Lip-Bu Tan’s leadership has stabilized operations, improved yields on the critical 18A manufacturing node, and secured partnerships with hyperscalers. The foundry business is gaining traction with external customers, and AI tailwinds provide a clear growth runway. Several firms raised price targets post-earnings, with some seeing upside to $90-$110 if execution continues.

“Intel is no longer just surviving — it’s showing real signs of thriving in the AI era,” one analyst noted after the report. The company’s U.S.-based manufacturing push, supported by CHIPS Act incentives, also aligns with national security priorities and could drive long-term contracts.

Bears, however, point to persistent challenges. Intel still reports GAAP losses, high capital expenditures, and intense competition from AMD, Nvidia, and TSMC. Valuation multiples have expanded rapidly, leaving limited room for error. Some forecasts see the stock struggling to hold recent gains if AI spending moderates or foundry losses persist.

Consensus among roughly 40 analysts leans Hold, with a mix of Buy, Hold, and Sell ratings. The wide dispersion in targets — from lows near $30 to highs above $100 — reflects deep uncertainty about Intel’s ability to sustain momentum.

For investors considering a position in 2026, the case for buying rests on several factors. Intel’s Data Center and AI segment shows genuine acceleration, custom ASIC opportunities are expanding, and the 18A node is in high-volume manufacturing with improving yields. The balance sheet provides flexibility, and geopolitical support for domestic semiconductor production remains strong.

Risks include execution on foundry external customers, margin pressure from competition, and potential macro slowdowns affecting broader chip demand. Short-term volatility remains high, as evidenced by Friday’s dramatic move.

Longer-term bulls see a path to $100+ if Intel captures even modest share in AI infrastructure and foundry markets. Bears warn that history is littered with turnaround stories that faltered after early promise. Most advisors recommend sizing positions carefully and maintaining diversification.

Intel’s transformation under Tan represents one of the most watched corporate turnarounds in tech. The company has delivered six consecutive earnings beats, rebuilt credibility with investors, and positioned itself at the center of AI infrastructure and sovereign manufacturing trends. Yet the stock’s rapid run-up means new buyers are paying a premium for future success.

Institutional ownership has increased, and retail interest remains elevated following the earnings reaction. Options activity shows bullish sentiment, though implied volatility remains elevated.

Ultimately, whether to buy, sell, or hold Intel in 2026 depends on individual risk tolerance, time horizon, and conviction in the company’s ability to execute. The latest results provide encouraging evidence of progress, but sustained delivery across multiple quarters will be required to justify current valuations.

As the semiconductor cycle evolves and AI spending patterns clarify, Intel stands at a critical juncture. For patient investors comfortable with volatility, the company offers exposure to multiple secular growth trends. For those seeking stability, other names in the sector may present lower-risk opportunities.

Friday’s surge serves as a powerful reminder of the market’s willingness to reward positive surprises. Intel has momentum, but turning that into sustained outperformance remains the central challenge — and opportunity — for the rest of 2026 and beyond.

MILWAUKEE — Sensient Technologies Corp. shares skyrocketed more than 15% in morning trading Friday, climbing to around $114.75 after the specialty ingredients maker posted a strong first-quarter 2026 earnings beat, highlighted by robust growth in its natural colors business and upbeat commentary on full-year momentum.

The stock (NYSE: SXT) opened sharply higher and held strong gains on April 24, with trading volume well above average. The move reflects investor enthusiasm for Sensient’s execution on its strategic shift toward higher-margin natural ingredients, particularly colors used in food and beverages amid growing consumer demand for clean-label products.

Sensient reported first-quarter revenue of $435.83 million, beating analyst expectations of about $411.39 million. Non-GAAP earnings per share reached $1.04, significantly topping consensus estimates around $0.80 to $0.83. The results marked a solid rebound from the previous quarter’s miss and demonstrated improving profitability despite ongoing cost pressures.

CEO Paul Manning highlighted strength across segments, with particular emphasis on the Color Group. “We continue to see accelerating conversion to natural colors, and our capacity expansion projects are progressing well,” he said during the earnings call. The company’s $250 million investment in natural color production capacity is beginning to yield returns as food and beverage manufacturers shift away from synthetic alternatives.

The Flavor & Fragrances segment also contributed positively, benefiting from pricing actions and volume recovery in key markets. Operating income growth outpaced revenue, signaling improved efficiency and margin expansion that impressed investors.

Sensient reaffirmed its full-year 2026 guidance, projecting mid-single to double-digit local currency revenue growth and adjusted EPS in the range of $3.60 to $3.80. Management expressed confidence in sustained momentum from natural color trends and operational improvements.

Wall Street responded positively. Several analysts raised price targets following the report, with consensus moving toward $118–$125. The strong beat helped alleviate concerns lingering from the Q4 2025 miss and validated the company’s long-term strategy in premium, natural ingredients.

Sensient Technologies, a global leader in colors, flavors and fragrances used in food, beverages, pharmaceuticals and personal care, has positioned itself as a key beneficiary of the clean-label movement. Consumer preference for natural ingredients has driven steady demand, and the company’s investments in capacity and innovation are paying off.

The surge marks a significant rebound from earlier 2026 levels, pushing shares toward multi-year highs. Year-to-date performance had been choppy amid broader market volatility, but Friday’s reaction underscores renewed investor confidence in Sensient’s growth trajectory.

Financially, the company maintains a solid balance sheet with manageable debt levels. It recently declared a quarterly dividend of $0.41 per share, payable June 1, reinforcing its commitment to returning capital to shareholders while funding growth initiatives.

Challenges remain. Input cost inflation, currency fluctuations and competitive pressures in certain markets continue to require careful management. However, pricing discipline and operational efficiencies helped offset these headwinds in the first quarter.

Analysts view Sensient as well-positioned for sustained mid-single-digit growth. The natural colors expansion project, expected to add meaningful capacity over the next few years, should support further market share gains as regulatory and consumer trends favor cleaner formulations.

For investors, Friday’s move highlights the market’s reward for earnings surprises in the specialty chemicals space. While valuation multiples have expanded, many see justification given the company’s defensive characteristics, consistent dividend and exposure to secular consumer trends.

As trading continued Friday morning, SXT shares consolidated some gains but remained sharply higher. The reaction stands out in an otherwise mixed market session, drawing attention to smaller-cap names delivering strong results amid broader economic uncertainty.

Looking ahead, Sensient will focus on executing its capacity expansions and capitalizing on natural ingredient demand. The second half of 2026 will be critical as new production lines come online and the company navigates any potential softening in consumer spending.

The impressive intraday surge caps a positive earnings season chapter for Sensient and reinforces its reputation as a reliable performer in the ingredients space. With a strong balance sheet, strategic investments and favorable industry tailwinds, the company appears poised for continued progress through the remainder of the year.

This refers to your edit ‘India needs new banks’ (ET, Mar 4). Financial inclusion and financial literacy will be the paramount objective while implementing reforms along with UID project to protect the interests of poor. Modern banking system has lost apersonal touch. Even citizens from semi-urban areas are reluctant to use ATMs. NextGen banking may fail in rural areas. It’s true we need more banks and innovative way of thinking, competition will drive away inefficient players.

ET has also suggested the perfect solution to the problem in the same edition, ‘Before they compete, let banks consolidate’. Narasimhan panel too has suggested to have less number of banks with more branches at the national level. The author has pointed out that of 9,000 private bank branches, just 1,138 are located in rural areas. This means they are not keen to go rural.

Shishir Sindekar,

Nasik, March 4

SAN ANTONIO — Victor Wembanyama remains in the NBA’s concussion protocol and is listed as questionable for Friday’s Game 3 against the Portland Trail Blazers, though the Spurs phenom traveled with the team to Portland as he continues progressing through league-mandated steps following a scary head injury in Game 2.

The 22-year-old Defensive Player of the Year suffered the concussion in Tuesday’s 106-103 loss when he was fouled by Jrue Holiday, tripped while driving to the basket and fell hard, hitting his jaw and face on the court. He appeared dazed, left the game early in the second quarter and did not return as the series evened at 1-1. Spurs coach Mitch Johnson confirmed the diagnosis immediately after the game.

Wembanyama reported to the Spurs’ practice facility Wednesday for light cardio work without worsening symptoms and returned Thursday for further evaluation. He was cleared to travel with the team for Games 3 and 4 this weekend in Portland, a positive development that signals stabilization. However, he cannot engage in unrestricted basketball activity until he completes multiple cognitive, neurological and exertion tests under medical supervision.

NBA concussion protocol requires a minimum 48-hour period before full participation can be considered, along with a graduated return-to-play process monitored by team doctors and league specialists. The median absence for concussions in the NBA is approximately seven to nine days, though some players recover faster and others take longer to ensure full safety.

Coach Mitch Johnson described Wembanyama as “progressing” on Thursday but stopped short of confirming availability for Game 3. “We’ll see how he feels and continue to follow the protocol,” Johnson said. The team is preparing as if he may not play, leaning on its young core including De’Aaron Fox, Keldon Johnson and Stephon Castle to compete on the road.

Wembanyama’s absence was noticeable in Game 2. He had dominated Game 1 with a franchise playoff debut record of 35 points, showcasing the length, shot-blocking and perimeter skills that make him a generational talent. Without him, Portland exploited interior gaps and rallied late behind Scoot Henderson’s strong performance.

Medical experts emphasize caution with young stars. A second concussion in quick succession carries amplified risks, and studies show elevated chance of musculoskeletal injuries in the 90 days following a head injury. The Spurs, known for conservative player management, are prioritizing long-term health over short-term playoff urgency.

Game 3 tips off Friday night at Moda Center in Portland. Even if Wembanyama is cleared, many insiders view participation as unlikely given the timeline and the organization’s approach. A return for Game 4 on Sunday or Game 5 back in San Antonio appears more realistic if symptoms continue to improve.

The series backdrop adds pressure. The Spurs earned the No. 2 seed in the West and returned to the playoffs for the first time since 2019 largely thanks to Wembanyama’s meteoric rise. His playoff debut already created franchise lore, but the injury tests San Antonio’s depth and resilience in what many viewed as a winnable first-round matchup.

Portland senses an opening. With home-court energy and experience, the Trail Blazers will look to capitalize on the Spurs’ temporary vulnerability. A win in Game 3 could shift momentum dramatically toward an upset.

Fan reaction has been overwhelmingly supportive, with calls for caution dominating social media. Supporters emphasize protecting the franchise cornerstone over rushing him back. The organization has echoed that sentiment, stressing that Wembanyama’s long-term health remains the priority.

Wembanyama has shown eagerness throughout the process, reporting to the facility daily and pushing to travel. His competitive drive is well-documented, but medical staff hold final say. Further evaluations in Portland will determine the next steps in his recovery.

Broader NBA concussion management has evolved with greater emphasis on safety. The league’s protocol includes baseline testing, independent neurological oversight and a step-by-step return process. Teams increasingly err on the side of caution with young stars, understanding the risks of repeated head trauma.

For the Spurs, navigating the series without their best player tests coaching ingenuity and depth. Home-court advantage from the regular season provides a cushion, but extending the series without Wembanyama would strain resources ahead of a potential second-round matchup.

As Game 3 approaches, pregame updates will provide the latest clarity. Whether Wembanyama suits up or watches from the sideline, his presence looms large over the series. The basketball world watches closely as the Spurs push forward in what promises to be a memorable postseason.

Wembanyama’s rapid ascent since being drafted No. 1 overall in 2023 has captivated fans globally. This early playoff injury tests both his resilience and the Spurs’ ability to compete at the highest level without their transcendent talent. For now, cautious optimism prevails as the organization balances competitiveness with care for its cornerstone.

TORONTO — POET Technologies Inc. shares surged more than 30% in midday trading Friday, climbing to around $15.33 as investors piled into the photonics innovator amid accelerating AI-driven demand for its optical interconnect technology and positive updates on financing and strategic positioning.

The stock (NASDAQ: POET) opened sharply higher and sustained strong gains on April 24, with trading volume exploding well above average. The dramatic move extends a powerful rally that has seen shares more than double in recent weeks, driven by growing excitement around POET’s role in solving critical data transfer challenges in next-generation AI systems.

POET Technologies develops photonic integrated circuits and optical engines designed to move data at dramatically higher speeds and lower power consumption than traditional copper-based solutions. Its technology is particularly relevant for AI infrastructure, where hyperscale data centers require ultra-fast, energy-efficient optical connections between chips and servers.

Recent catalysts have fueled the surge. The company has secured significant orders linked to major players, including connections through Marvell Technology following its acquisition of Celestial AI. POET’s chief financial officer Thomas Mika confirmed progress on these fronts in recent interviews, noting strong customer validation and production ramps.

POET also raised substantial capital recently — more than $225 million in Q4 2025 plus an additional $150 million in early 2026 — building a robust war chest of approximately $430 million. This financial strength positions the company to scale manufacturing and pursue commercial opportunities aggressively.

The company is advancing plans to redomicile its headquarters to the United States, a move intended to simplify tax structures for American investors and mitigate Passive Foreign Investment Company (PFIC) concerns raised in a recent short-seller report. POET’s management responded forcefully to the report, providing clarity on QEF elections and calling many allegations a “nothing burger.”

Analysts and retail investors have embraced the AI optics narrative. POET’s hybrid integrated photonics platform aims to address the “laser problem” in AI hardware by enabling more efficient light-based data transmission. As AI models grow larger and data center power demands escalate, optical solutions like POET’s are gaining traction as a potential differentiator.

The stock’s momentum has been amplified by heavy options activity, with call volumes far outpacing puts in recent sessions. This speculative fervor echoes earlier meme-like runs but is increasingly underpinned by tangible business progress, including design wins and partnerships in the optical communications space.

POET reported its Q4 2025 results in early April, showing a narrower net loss and progress on commercialization. While revenue remains modest as the company transitions from development to execution, management expressed confidence in scaling production and securing additional hyperscaler customers.

Challenges persist. POET is still pre-revenue at meaningful scale, faces execution risks in ramping manufacturing, and operates in a highly competitive sector dominated by larger players. Short-seller scrutiny highlighted governance and tax issues, though the company’s proactive responses appear to have reassured many investors.

Wall Street coverage remains limited but generally constructive on the long-term opportunity. Price targets vary widely, reflecting the speculative nature of the stock, but recent momentum has pushed sentiment higher. The company’s market capitalization has grown rapidly but remains modest relative to the potential addressable market in AI infrastructure.

For investors, POET represents a high-risk, high-reward bet on the optical revolution in AI. Supporters point to the technology’s differentiation, strong balance sheet and timing with massive data center buildouts. Skeptics caution about dilution risks, execution hurdles and the company’s history of volatility.

As trading continued Friday afternoon, POET shares held most of their gains amid elevated volume. The surge stands out even in a broader semiconductor rally, highlighting investor appetite for pure-play AI infrastructure stories.

Looking ahead, key milestones include production ramps, additional customer announcements and progress on the U.S. redomicile. The company’s next earnings report in May will be closely watched for updates on commercialization timelines and cash utilization.

POET Technologies’ rapid rise underscores the market’s fascination with innovative solutions to AI’s physical constraints. Whether the company can translate technological promise into sustained commercial success remains the central question, but Friday’s move shows investors are increasingly willing to bet on that potential.

Bertina Engelbrecht
CEO & Executive Director

Good afternoon. Thank you for joining the webcast of our Interim Results for the 6 months ended 28th February 2026. I’m Bertina Engelbrecht, Chief Executive Officer of the Clicks Group. I am joined by Gordon Traill, our Chief Financial Officer, who is in a completely different time zone. Gordon and I will take you through the presentation of our interim results, and we’ll respond to any questions you may have after the conclusion of our presentation.

This slide sets out the outline of our presentation. I will, as usual, kick off with a review of our performance of the past 6 months. Gordon will then present an overview of the financial results. I will walk you through the trading performances of our operating business units, starting with Clicks, followed by UPD. And I will then close with the outlook for the group.

Please feel free to submit any questions you may have via the webcast platform during or after the conclusion of our presentation. Sue Hemp will read out your questions to which Gordon and I will respond.

I will now take you through the review of the period. It has been a tough 6 months. Despite some interest rate relief and signs of a slow recovery in the economic environment, trading conditions remain constrained, especially for middle-income households. Competition intensified as new players entered the market. Traditional players extended into health and beauty categories, giving rise to heightened levels of promotions aimed at capturing a greater share of the consumer’s wallet.