Getech Group (LSE:GTC) — Interim Results

0:00 Good morning, and welcome to the GETECH GROUP PLC Interim Results Investor Presentation. Throughout this recorded presentation, investors will be in listen only mode. Questions are encouraged and could be submitted at any time via the Q and A tab situated on the right hand corner of your screen. Simply type in your questions and press send. The company may not be in a position to answer every question it receives during the meeting itself. However, the company can review all questions submitted today and publish responses where it's appropriate to do so. Before we begin, I'd like to submit the following poll. I'd now like to hand you over to Richard Bennett, acting CEO. Good morning,

0:31 sir. Good morning, and thank you. I'm Richard Bennett, and welcome to GETECH's, interim results. Today, hopefully, I'm gonna talk to you about, three things. I wanna talk to a little bit about GETECH for our new followers, about what we do and how we make our money, talk about the interim results, and talk the bigger issue really is the the refocused business strategy and what we see as the outlook for the business so over the remainder of this year and going into into next year. So firstly, I think the news that you will have seen this morning is is I've become active acting CEO and Michael Covington has become the the the chairman active the chairman designate of the of the company. And I think as many people know, the the the previous CEO left in in earlier on in the in the middle of h one.

1:25 And and after that, you know, as my role as chairman was very much to do two things really, and that was one, number one, was to make sure that we maintained business continuity, but some two, to really also undertake a bit of a strategic review of the business, and ensure the company is focused on the right opportunities, and above all else, I think, GTC makes sure the company got its costs under control. And after that review, it's decided for me to act as CEO so that I could really implement these changes and for Michael to become chairman designate so that we can really maintain court good corporate governance as we move, forward. And what we're expecting to do is to formalize these positions, in in in in due course. So for new people to to GETECH, let me just tell you about what we do. We operate squarely now in the energy transition.

2:16 This is a a 1,000,000,000,000 market at the moment for for as we said, transfer transfer from the old oil and gas industry to to a low carbon and cleaner energy future. So GETECH's history was it was very much providing data and services and expertise to help oil and gas companies, well, will find oil and gas. And what we're trying to do now or what we are doing now is is utilizing the skills and services to sort of find and work with people on the finding new energy solutions, particularly around sort of the the subsurface world where we actually have our expertise.

2:57 So the mission for us is is very much finding the subsurface resources that are vital to the energy transition. So I said, you know, we very much work still with the oil and gas companies to help them, well, find oil and gas. That has been, you know, the core business for for GETECH for the last thirty years. It's the cash cow. It's what we really have to milk and make sure we get as much revenue out of this industry as as we can and use that money to help fund the transition of the of the of the business. And as we're doing that, we're adding new business lines, the other things that are all vital to the subsurface. So one of the key areas here is or the early areas is is carbon storage. You know, this is what is a necessary ingredient for the for blue hydrogen to to really make North Sea oil and gas actually have a future whereby the, particularly gas will be they'll separate the, the hydrogen from the the carbon and the carbon will be stored underground and and the hydrogen will go on to be used as a clean low carbon fuel and thus extending the life of of North Sea gas.

4:01 We're also actively looking for geothermal projects around the globe. Geothermal is obviously a great alternative to to using gas as a as a heating within business for and for industrial solutions, and it's very much renewed prominence for people looking to explore for these these global projects. And lastly, critical minerals. You know, there is a huge market now for for critical minerals. The units are vital that we these are vital ingredients of the, you know, electrification of our cars in the industry and vital for the energy transition that we sort of discover the amounts of copper and lithium and cobalt and all these materials that are actually required to develop the business as we move forward into the in into the future.

4:46 And often these assets are actually in remote locations, so we're also involved in energy storage and and the production of green hydrogen, and that was through our subsidiary, h two green. And this, you know, what the idea is there is it would allow companies to monetize the stranded or sort of hard to reach remote sort of assets. One of the key things I think we've learned we were beginning to learn at the end of last year, and it really came sharply into focus in in h one, is the CapEx that's required to develop these type of projects that we're involved with was really, really quite intensive. And with the current sort of market conditions with with interest rates, people seem to be really delaying these decisions on on CapEx. So one of the things that we've been doing, one of the things I've done is is to make sure that we actually are sensible in the way that we develop this business, and we're now switching to develop this business through partnerships.

5:39 And I'll come on and talk to talk about more of that as we go through the through through the presentation. The other part of my strategic review is to really put GLOBE back at the at the center of of of GETECH. This is a GLOBE is this sort of it's our geoscience data platform, and it's it's really been the core of the GETECH business. You know, for the last thirty years, the teams have been collecting all sorts of sort of sort of raw data, you know, from gravity and magnetic and and sort of earth observation data. And using supercomputer, they've they've really stitched this into a global map, a global map, a global database of data that helps facilitate exploration.

6:26 And beyond that, we then sort of use various sort of machine learning techniques to interrogate that and help people understand, you know, sort of make use of that data. And we have a lot of geoscience experts that can then really help further interpret that and sort of help people help our clients to maximize that and and and use it to to extract value in in their exploration process. And really, I'm bringing sort of the the focus of the business back around the the GLOBE platform. And you'll see that very much in in our revised re re research and development plan that we're actually implementing for for GETECH at the moment. So so we've really prioritized the teams to acquire more data, more earth observation data. You may have seen it wasn't an r and s, but it was out on the on the on the news wires, our relationship with Planet to to actually bring more satellite data in into the product.

7:21 And what we're going to be doing with that is to make it more relevant to a broader set of markets. It's, what we're doing is extending our sort of algorithm taxonomy to to search for more minerals. So, yes, oil and gas, very much the unconventional gas and and natural hydrogen, white hydrogen. Yeah. You may have also seen that as a press release from us over the summer, which got a lot of interest. Carbon storage, geothermal, and, again, critical minerals, the copper, the lithium, the cobalt, phosphates, and and so on. But I'm also bringing into it much more AI to accelerate the the research for these critical resources and minerals. GETECH was always using, you know, sort of a lot of computational work, and it's quite a step change to go from computational algorithms to to to a AI AI.

8:09 The the where we were with our algorithms before, we were kind of distilling the expert knowledge into into algorithms. And now we're actually sort of letting the the computers use their AI to try and pattern match where there have been sort of mineral occurrences or oil and gas occurrences and see if we can find the patterns and similarities of where they might exist elsewhere in the world. It's quite early stages for this at the moment. It's very intriguing, the results that I think we're we're actually getting out of it. It's a great interest, and and hopefully, it's something you we're gonna be building upon, and you'll hear from me talking about that more over the over the coming year.

8:49 But I think most of all, what most people are interested in is is how do we make money? And and we've got three ways that we're actually looking to make money. The first one is the core part of the business, the traditional part of the business where we're working with explorers, large organizations that are exploring for for resources around the world, oil and com oil and gas companies, you know, clients include people like Petronas and and Shell, Minex, the mining exploration companies. We recently added Nitsetsu to to our client range, and we've just been you may have seen some releases that we we were working on with projects with them in Peru, and geothermal explorers, you know, companies like EVO. We also are then selling our services to what we term as decarbonizers.

9:35 These are large organizations that are looking to achieve net zero, and we're helping them screen for various projects that are actually going to to reduce their emissions footprint, you know, how to actually do renewable heat from geothermal, carbon storage, green hydrogen, and and and so on. And the third area that will be sort of new, I think we've talked about it in previous meetings, but we're looking at assets, how to actually take a revenue share or participate in in some of these these projects. This is where we've now seen h two green sit within the business, and we're looking at other ones that I will just come on to in in a couple of couple of seconds.

10:21 So revenue from explorers, as I said, you know, we're we're targeting large global explorers with with our products. We're providing them the the globe platform, our data platform, our geoscience services in that. And that's the core part of the business, and we're continuing to really focus on the oil and gas companies, but really also sort of divest on that and bring into play the the mining companies, the geothermal companies, the carbon storage companies, and all the other companies around the world that are now looking for subsurface assets that they need to make the energy transition transition work. We're also how we're making money from decarbonizers, we're actually taking we're going out to these these companies very much looking at how to actually take them on a journey, really. The first one is to actually screen their sites so we can look for what resources they they have around them, particularly with geothermal. This is where where where most of the popularity is at the moment and the most of the interest.

11:25 And then take them on a journey to actually see, well, if we found a subsurface resource, how do we actually make it sort of economic viable? How do we take it into the the feasibility and into the feed side of the the business, the front end engineering and design? And what we hope to be doing is look at actually the implementation of these projects so that we will actually be looking at actually developing these and asset managing these in the future. For those that followed our June, July last one, I was very much talking about a case study that we were doing for a large global FMCG company where we just recently completed screening of of around a 130 of their their locations around the globe. So please report that's still a very much an ongoing, project, and we're very optimistic that that's actually going to lead into, into more work, and hopefully, they're gonna then actually be one our first clients to actually go through this this journey journey with us.

12:23 And as we go through the rest of this year, I hope to be giving you more information on that. Looking at the asset development, this is a very new this is new for us and how we're restructuring the business to to drive our way forward. We're actually looking at how we can actually sort of be sort of participate participative equity, participative model with what we're actually doing. So from GETECH's point of view, I think what we're very good at is we're good at finding projects, we're originating projects. But rather going off and looking at these large CapEx installations ourselves, actually working in partnership to go off and deliver these projects. So we'll be looking at development partners, finance partners, and operations partners to go off and and deliver them.

13:09 So this will allow us to actually remain to retain our stakes within these within these within these projects that we're developing, but really reduce the the current costs that were associated with the the development of these these projects. So specifically, what that means for h two green is is this is gonna be our effectively our SPV for for green hydrogen projects. We're carrying on with the work at the the Port Of Shoreham. We're carrying on with Highlands Council. We're carrying on with SGN and Inverness, but we're looking to do this now in partnership with other companies. And, and I think you'll hopefully see news on that, sort of sometime in in within h '2 or or early into into next year.

13:55 So so very much how do we preserve the asset value of these and actually grow those assets, but in a in a way that's actually consistent without having to go out and raise new money into GETECH at this this this point in time. I think some of the Eagle eyed people had had also spotted that we've got a geothermal subsidiary now and a critical minerals and a lithium subsidiary. And this is gonna be the SPV holding companies that we anticipate putting our our equities or royalties that we develop from these businesses from the current things that we've actually got in in in our pipeline. And really, the goal that you'll see from me, particularly a little bit in h two of this year, but certainly going into next year, is to start adding lots of projects to these these buckets and increasing, you know, the value of the business with with j GETECH, either as the equity stakes or royalties and all these things that will help build up the balance sheet or or bring in sort of sort of recurring revenues as we move into in into the future.

14:58 So let me talk very briefly about our interim results. I think as I started off as sort of after the strategic review, what we've been really what I've been really doing is is now refocusing the the business, as I said, very clearly, I think, the presentation around locating subsurface resources and how to actually get those into a into a definite development methodology. Working very much with GLOBE to make sure that we can extend the range of products and services or some resources that can actually find underground. And key to that was that natural hydrogen was when we announced. We're very much working on things like lithium and and phosphates and copper and and cobalt and so on. One of the big things here, and I think probably should've been in bigger letters, is that reduce the cost base by 2,000,000 by really changing the way that h two green is actually working within the business. I I think people that saw the cash balances at the end of the year last year, we'll know exactly why, I I've been through and actually done that very much about taking the business into getting it to a place where in this economic environment, we're heading to actually get it ourselves to cash flow positive in the in the very near term as quickly as we can.

16:21 And what else do we have? Just reading my bullet points. And very much the other thing that you'll have also noticed, hopefully, you've noticed is we've been investing very much in the the sales and marketing, particularly PR, and really trying to sort of hone the sales team and structure the sales team so that we can go after these different different verticals that we've got in the business now, maintaining our growth in oil and gas, going after the critical minerals, going after geothermal, and going after our our decarbonizer market. And to deliver that strategy, as said, I've looked at very much taking the role now as the, acting CEO of the group to really drive through these changes. And Michael Covington is stepping up to to be the chairman designate again so we can really maintain that strong corporate governance within the within the business.

17:11 So so in numbers, the turnover to the revenue to end of end of June was 1,900,000. That's down from 2,700,000 of the same period last year. But the the period last year also included a 700,000,000 transfer payment, which was an exceptional revenue item that actually came in at that time. So so broadly speaking, the the the revenue in in terms of GLOBE and data sales was was pretty much on par with where it was last year. The loss is 2,700,000 against naught 700,000 for last year. And, I think sort of you can really see in that why we've actually said gone through and gone through a restructuring and rechange and refocus of of the business.

18:00 Pursuing these CapEx businesses with with an h degree was becoming very, very expensive. So of that 2.7, naught 0.7 was related to restructuring charges. And as I've said, I've taken 2,000,000 of actualized costs out of the business. That has been things like reducing headcount. It's been closing down the Edinburgh office and really getting the business streamlined around actually heading to make itself breakeven and focus around the core activities of the business, the globe, the the the data sales, and and and so on. On the good news front, and I'm sure that was sort of looked pretty ugly maybe or or not the best of news above, but on the good news, we've got 4,400,000 of order book, which is roughly the same as where we were last year.

18:50 At the end of the period, we had 2,200,000 of cash on hand at the bank, and we still have the asset of kits in house, which we are we are very much proceeding with the sales. I I think it's fair to say this challenge of closing property sales with these high interest rates at the moment is challenging, but it was very we are very much in process and and driving that to try and bring that to a conclusion and release that money back into into the into the business. So the outlook just on on the order book for the rest of this year, we we know we have 1,400,000 of revenue for for h two and 1,500,000 for for h one of next year. The annualized recurring revenue was 2,600,000, and this is based on a new GLOBE sale that we we won in h one and five new software customers that came in in h one and and some other software sales that are actually been will will be recurring sales, which was around the the sales of the the unconventional gases.

19:59 So from an outlook point of view, very much focusing the business completely now 100 on the energy transition. From the business point of view, I'm pretty confident I've now got costs under control and we'll still make sure that we do sell kits in house. It as I said, it's a challenge, but we will actually get there. I'm really investing our time and resources now into the technology platform back into GLOBE, really to make it get ourselves making yourself very useful and valuable to the people that are in CCS, the critical minerals, the geothermal space, and how we can use AI to to to leverage, you know, how leverage our data and make it even more meaningful and quicker results for for for these people. Very much focused on the explorers, the oil and gas, critical minerals, da da da, and the geothermal, as I said, focused on the decarbonizes that is is there and added that new product line or the new line for us, new sort of value line, if you like, which is the assets.

21:00 So how we'll actually now look to be an equity participant or get royalties from the projects that were actually originating within the within the business. I promised everybody that I would increase news flow, and we've really been investing in the IR and and press process for for the business, and that's beginning now to get traction. Some of you may have seen in the mining press, you know, there was quite a nice feature on the work we did with the mining company, Netsu, for looking and searching for copper in Peru. We have, the work that we've been doing for with with the unconventional analyst analyst of of finding these unconventional gases, and some very nice work, some pieces got written.

21:47 I think it the telegraph and the Guardian picked up amongst others, our work in the search for natural hydrogen or white hydrogen or geologic hydrogen of of many names and of of how that may be. So that brings today my conclusion to the investment presentation of the interim results. So so so thank you. Richard, thank you very much for your presentation. Ladies and gentlemen, please do continue to submit your questions just by using the q and a tab situated on the top right hand corner of your screen. Just while the company take a few moments to review those questions submitted today, I'd like to remind you that a recording of this presentation along with a copy of the slides and the published q and a can be accessed via your investor dashboard. Richard, as you can see, we have received a number of questions throughout today's presentation.

22:33 Could I please ask you to read out the questions and give responses where appropriate to do so? And I'll pick up from you at the end. Brilliant. Thank you. So of the questions, the first one, have you received government funding for Inverness yet? The answer to that is yes. We we've accepted the the base grant. It's a on the basis of spend and reclaim. So so we're in the process of working that one through. And to achieve that, we're we're also looking at working with partners to develop that that project site so that it doesn't all the cash flow doesn't fall onto onto GETECH. Next question.

23:22 Your share price continues to be hit hard now as an all time low down 50% this year. The market clearly has little faith in your ability to to meet profitability and not run out of cash. What are your plans to to restore this this faith? I think this the the fight back really starts here. I think what we have very much identified and why we've made a number of changes across the business was number one, to stop the cash going out out of the business. And number two, to really focus on the areas where people are actually spending money, how we can make money to to do that. So the the spending review taking 2,000,000 out of the business, getting the costs really firmly under control is very much being taken place and very much now focusing the the sales teams on revenue generating opportunities as well as asset development opportunities.

24:14 And after that, we expect to see news flow. And as that go into into the share price, that I really will hope will drive the I think I don't think it's gonna take very long and with some of the potential transactions to to really to to move that share price again to move that forward. Can you update on Kitson House? When do you really expect to to to dispose of it? It's I think any of it's following the property market will know that these high interest rates are making it hard for people to to get mortgages. There remains significant significant interest in the business, mostly from including our our neighbor that's looking to actually acquire the whole of the building so that they can extend on it. It it really is very much work in process with Andrew and the estate agents.

25:00 And I think, you know, we're certainly not holding out for for some crazy valuation. We really are just trying to find a way to to clear that to to to move that property on. And for two reasons, really, it is one one, we want the cash back in the business. And secondly, I'm really trying to pull forward a a cultural change within so GETECH to make it, much more tech focused. And I think we need to be much more back in the center of leads, back in the heart of the innovation with the university to drive these things. So so it is it is an absolute priority to to get that get that get that sold. You mentioned in the results that you would look to, both revenues and project participation.

25:45 How how do you see this this working?

25:47 Well, I think how we see this working, this is, again, part of what came out of it very much had changed the business. When the history to GETECH is we're working with large oil and gas companies. They have huge budgets, and they pay very good fees for for for their data. The new people, the emerging companies that are looking for for for subsurface assets, the the mining companies, the geothermal companies, the the carbon storage companies. They're all well funded, but they don't have the same level of budgets as the as the the oil oil majors. So what we're doing with them is we're coming up with more creative business models that are actually a mix of both revenue and carried interest within the product.

26:33 And that carried interest is being negotiated on individual basis. So we're looking at some cases equity, some cases it's a it's a royalty and and so on. I think that's gonna be very much key to the business. The balance I'm trying to strike is is bring revenue in that's certainly gonna cover our costs, but make sure that we have a share of the value of it going forward. And that will actually hopefully build up the balance sheet and then as we progress with the development of the business model to bring in recurring revenues within to the business and and make GETECH a much, much, much more stable company as we move into the into the future. HD Green only has 120 of revenues in 2022 and losses increased to 1,300,000.

27:18 Does the company regret paying 1,000,000 for an unproven company that was early incorporated six months prior to GETECH purchasing their initial stake? I think the what do I think about h two green? I came into h two green after this this transaction in the companies after this transaction had happened. And clearly, at that sort of point going back two or three years ago, there was a lot of enthusiasm around what hydrogen could be doing as part of the energy transition. At that time, the government was very much focused. You know, we had the the energy white paper that included a large I forget the number of of megawatts that the government wanted to see green hydrogen production going into the into The UK system.

28:09 But it was substantial enough to fit for many people to look at business models too. But as we've seen, you know, there's been quite a change of heart from from our current government at the moment. They're they're not nearly as pro green hydrogen as maybe the European Europeans and the Americans anymore with with the current change of government. And there is no clear line sight of customers of where it's going to, so it's very hard business to actually to I don't think any or I say, there's very few green hydrogen companies that are getting to to FID. So so it's not so much regret, but I think it's really much a case of realism. I I think hydrogen will be part of the energy transition. What we have to do, the secret for for us, is to make sure that we can actually do it within our means.

28:59 And so what we've done is what I hope we've done is struck in a really good balance where we'll continue with these these projects, but we're gonna do it in partnership. So we're not gonna be on the hook for for all of these development costs directly on the hook, these development costs and and the these CapEx raisings as we go forward. I suspect my personal view is is hydrogen comes in and out of fashion over over the last twenty years. You know, with the change of government, you know, I think when you hear Ed Miliband's talking about green hydrogen, I suspect green hydrogen may well very much come back into fashion again. So so, again, I think taking this pragmatic approach of slowly slowly developing it in partnership is the best option for shareholders in making sure that we can actually get the benefit of any upside to this market as we move in into the future.

29:54 A number of questions here about sort of Graham Cooley. What was that? I think so, again, I know I've probably sort of caused, and I apologize, caused some confusion in in the last investment each we say in in, you know, we very much expected or we were quite optimistic we were moving forward in a very specific direction of travel. I think when I came in as as sort of executive chairman in the middle of h one, we could very see the problems of of of the challenges that were there for facing for h two green. And one option was to use the skill sets of of a number of people that were around us to see if we could spin h two green out into its own public market vehicle.

30:45 But I think by sort of time, sort of, you know, I think people very optimistic that we were hoping that the markets would open and you'd see more fundraisings coming back in, and it might be possible. But as we progressed, you know, and it wasn't we didn't have to progress very far to really see, you know, and you can see it absolutely clearly today, you know, it's still not just June, July. The markets, you know, just are not they're closed for for for IPOs. It's the worst IPO market in the history of it. And Graham and and and the other associated people were all very pro being in the public market, not within a private company. So so I've changed things really to make sure that I protect the value of these assets for for GETECH's shareholders and basically live to get the upside of this another day. So, you know, the as I said, I think energy policy may well pivot again, and these assets will become likely become much more valuable as we move forward into the into the future.

31:46 And it will be the time to look at sort of spinouts or public offerings, you know, a good period into the future from now, certainly not in the current market conditions. Should we attach value to Shoreham and Inverness given the exclusivity periods are very short? Yes. I think so. So I think, as I said, I I think the hydrogen market is uncertain. You know? You you look at what Rishi Sunak has been saying about low carbon transportation over the last few months is confused. The there's many headwinds in that in that marketplace, you know, with with interest rates where they are and inflation. Projects like this are just not getting to financial closure at this point. And I think everybody in all the way through this, you know, from from from the GETECH people to the SHORAN people to the Inverness people, they all know what headwinds we're facing, and they're all very pragmatic in the way that we're actually looking to move these these these projects forward.

32:47 So so, yes, I am I am I'm certainly not writing off the value at this point. I I'm optimistic that we will find a way to to bring that value back to to to shareholders. Got what is your cash runway based on your reduced spend, and do you need to sell kits in the house to avoid running out of cash? I think very helpfully published their their research on that this morning. The as I said, you know, sort of we are in a difficult market conditions at the moment with with our interest rates and inflation and so on, so there's never any certainties. But where GETECH is, where we're operating, These are growing markets. The the hunt for critical minerals is huge. The hunt for geothermal is huge. You know, we've got a really healthy, product pipeline.

33:37 We we just got to get out there and and convert it. So so so at the moment, we we've got no plans to raise cash. I I'm really trying to work through on controlling costs and sort of doubling down on our efforts on on sales. And that, I believe, brings following alright. Last question. Following the strategic review, if you put h green into administration, are these parent government guarantees, or will losses at h two green be ring fenced? There is no intention for h two green to go into administration. As I say, it's becoming like a holding company for the these assets, and we're gonna pursue the development of these assets within partnership. So so hopefully, that will clear clear that up.

34:23 So hope few more questions have popped up. So how much costs are you adding to to sales? It is the only area where we're investing. I'm I've invested we're we're increasing our sales headcount and we are increasing our IR and PR budgets. We've getting a lot of I subtraction within the IR and PR. And I think that in the modern world, that's a really driver, the bigger driver, a much more bigger driver of of sales leads. Consequently, I think, so GETECH was spending, you know, sort of approximately about a 120,000, a bit more maybe, or on attending exhibitions and things like that. That budget is really being slashed and and and really being reused in terms of sales headcount and IR and and PR.

35:14 So so, thank you. I believe that brings all the questions to conclusion. Thank you. Richard, thank you. And I think you've addressed all those questions you can from investors. And, of course, the company can review all questions submitted today, and we'll publish those responses on the Investor Me company platform. Before redirecting investors to provide you with their feedback, which I know is particularly important to yourself and the company, Could I please just ask you for a few closing comments? Well, thank you. Well, hopefully, we the real big takeaways that I hope I've given to everybody is that we're really out there to to focus on the subsurface market. This is all growing market sectors, which is, you know, quite unusual for where the where the world is at the moment. I'm very much gonna be advancing our technology to expand how many minerals and things and subsurface assets that we can find and and trying to leverage, bring AI more into focus within the the business.

36:04 Very much reduced costs within the business and still very much the main goal is to get us to a point of being sort of cash flow sort of break breakeven. So so from my point of view, I've really stepped into the role as CEO, and I've done that because I'm actually really confident in in the future potential for where we are actually heading. Yes. There's headwinds with inflation and and and high interest rates, which makes it very hard to actually sort of close financial close on some of these big projects. But by having that partnership strategy in place, I think that's gonna make that really irrelevant to to us. So so, yeah, I'm overall very, very confident within the business. And as we start building up our list of new customers and adding sort of assets and revenues in into our SPVs, I I really think you'll very, very soon see that reflected into the share price, and, and and GETECH will be very successful as we move forward. So so thank you.

37:09 Richard, thank you for updating investors today. Can I please ask investors not to close this session and should now be automatically redirected to provide your feedback in order that the management team can better understand your views and expectations? This will only take a few moments to complete, and I'm sure will be greatly valued by the company. On behalf of the management team of GETECH GROUP PLC, we'd like to thank you for attending today's presentation. Good morning to you.