Over the past five years, we have elevated our product offer and brand positioning to reflect Burberry’s unique qualities and extraordinary heritage. In the next phase of our strategy, we are focusing on revenue growth and acceleration. In November 2022, we set out the next phase of our strategy to realise our potential as the modern British luxury brand. In the medium term, we are targeting revenue of £4 billion (at FY 2021/22 CER). Our longer-term ambition is to develop Burberry into a £5 billion revenue brand. This will drive significant operating leverage, increasing our adjusted operating profit margin well above 20%. Building on a very strong platform, we have identified opportunities across the business to unlock growth.