Good Energy Group (GOOD) — Pre-AGM Investor Presentation & Q&A

0:00 Good morning, ladies and gentlemen, and welcome to the GOOD ENERGY GROUP PLC Pre AGM Investor Presentation.. Submitted at any time via the q and a tab that's just situated on the right hand corner of your screen. Please just 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 will review all questions submitted today and publish responses where it's appropriate to do so, and these will be

0:31 available via your investor meet company dashboard. I would now like to hand you over to CEO, Nigel Pocklington. Good morning, sir. Good morning, and thank you very much, and a very warm welcome to our pre AGM investor presentation. I'm Nigel, and I'm John O'Ruppe Sanderson, who is our CFO. And before we get started, I should maybe just clarify and set some expectations. We're not releasing any new results today, and we won't be particularly offering any additional financial commentary to the material that's already been put into the marketplace, particularly with our preliminary results and annual report. What we are very much focused on is the upcoming AGM, a chance for shareholders to ask us any questions, particularly around the business that we're looking to transact in that meeting and to give you a bit of a short update and reminder as to the direction the company is moving in.

1:26 So I shall speak for about ten to fifteen minutes, and then we will open the meeting for questions. So by way of introduction, and those of you who've been following the company for a while will remember this, Last year, we began to talk about the fact that our... Whilst our overall mission, which is to power a cleaner, greener world, hasn't changed us, our vision for how we can best do that has. And we... The company has very much moved from its roots as an investor in smallish scale renewable generation projects into... And and supply into being a business built on the supply of a properly green renewable products, but but increasingly importantly, energy services, which help homes and businesses make the energy transition to low carbon energy, not just in their, you know, use of electricity, but also in their transportation, in their heating, which is the way in which The UK is going to be able to meet its climate goals. So we are transitioning the business to being one that achieves that mission through an investment in energy services as opposed to our roots original business as a generator.

2:36 And last year was something of a cornerstone year in that in that journey. So to remind everybody, you know, why do we think that? Well, there are four things that are listed as sort of key elements for last year. So the very start of the year, we sold our generation asset portfolio. This is a topic which we have covered a number of times, but just to remind you of the headlines, the assets we actually owned, wind farms and solar parks, generated about 15% of the power we sell. So a minority element of the power we sell, they had considerable debt tied up against them. And, you know, since they were built, significant allocation of capital into this across the country in the billions, not millions.

3:23 And so they weren't necessarily making that much of a dent in terms of our overall mission. So a better allocation of capital was to sell them, to use the money to remove the debt that was associated with them on the company's balance sheet and redeploy that capital both to fund the extraordinary working capital needs we've seen through the energy crisis, but also in our journey to energy services. As part of that, we invested along with Fleetcor in ZapMap's series a fundraise that valued ZapMap at just over £26,000,000, very much reflecting its position as the leading app for electric vehicle drivers in The UK. We also acquired a heat pump installation business from the former energy supply business, Igloo, and that has now given us an in house capability to install both heat pumps and also solar and battery solutions for households.

4:20 And we backed that up with the launch of new tariffs and products aimed at self generators to be it people on the feed in tariff scheme, which is now closed, but also new and very generous rates for exporters, provided they're also on supply with us. So that kind of key year in terms of the development of the company, and it leaves the company, the board feels, in a strong position. First of which is that we've a strong balance sheet. If you're not from a financial background, that sort of maybe sounds like sort of glib words. What it really means there is that we have very little debt now on the balance sheet. We have a small amount of bonds, less than £5,000,000, which we pay an interest interest on. But fundamentally, there is no significant debt burden on the company. In fact, we have a very substantial cash balance at the moment.

5:09 We are investing some of that cash in markets which are likely to grow much faster with more sustainable levels of profitability than energy supply is alone. We can expect comfortably double digit compound annual growth rate from the growth of electric vehicles on The UK's roads from solar panel installation and the transition to electric heat. And in doing that, we are helping people both save money, frankly, but also to decarbonize. And we are, I think we would say, aligning the business behind that vision around energy services. So, you know, we are providing and growing our suite of services both to solar and and some small scale generators, just said increasingly to people who want to deploy electric heating and electric transportation.

6:03 And we've said publicly that we are not stopping with the acquisitions and investments that we've made, and we remain on the lookout for suitable businesses to add to our portfolio of energy services. From a customer proposition point of view, it is still underpinned by our commitment to a genuine renewable supply offer for both the business and domestic customers that we've got. But people for whom this is a sort of a a real consideration in terms of their choice of energy supplier, but one of the very few suppliers in the country who can effectively say to either a business or a domestic customer that they are reducing their carbon footprint considerably by taking half months and supporting small scale generation across The UK. That's one of the founding principles of the company, and it's one that hasn't changed.

6:53 As the year has gone on, we'll obviously talk to shareholders more in our interim results presentation after the summer, but we are seeing good progress against this energy supply vision. That's a real photograph, should add, including, you know, company livery installers and vans. So we are both installing solar and heat, you know, with a lot of marketing to our own customers, particular focus on our sort of strongest geographic base, which is really the South And Southwest Of England. Our supply product is benefiting from stabilizing wholesale market. You will have seen a lot of news coverage of this, and our customers, if they've not already, will be hearing about reductions in our unit rates as the wholesale market declines as well. And ZAPMAP continues to grow as the electric vehicle market grows, and we are seeing both growth in its subscription product, but actually particularly a growth in its sale of data back to the electric vehicle industry. It is very much the most comprehensive and most complete source of data on electric vehicle drivers' habits, and that's fast proving to be an important part of its business case. And it is on track to hit the plan that it did the fundraise with last year.

8:13 So we should turn now for the last couple of slides specifically to the Annual General Meeting, which is coming up next week, which in many ways, of course, is the closing chapter, the closing act of the 2022 financial year because we're asking shareholders to approve the reports and accounts, the remuneration of order system as sort of standard pieces of corporate governance. But there is something out of the ordinary in the resolutions we put to shareholders, which is asking shareholders to support a change in the company's articles association to reflect our desire to gain b corp accreditation. So I'm sure there are varying degrees of understanding of what b corp means. So I'll start with first principles. The b corp movement born in The US initially overseen by a not for profit organization called b labs is one which aims to set a very exacting standard for companies who are able to demonstrate that their business is both run for the bottom line, for its profitability, but also for...

9:13 To have a positive impact on people and the planet. So the idea of a triple bottom line. But many businesses, frankly, would feel that, you know, that's what they're in business for. But b labs enables companies to get a very clear certification. That's... That is how the business is run. In many ways, given GOOD ENERGY's history and its purpose, it is looking for recognition and a legal sort of change to really reflect how the company has been run through much of its history. And that is what we are seeking in our first resolution for the annual general meeting, which is that we need shareholders' approval to reflect that concern for the triple bottom line in our articles of association. And it basically places an obligation on the company's directors to ensure that they are considering both people and planet as well as profitability and returns to shareholders in their decision making.

10:09 There is a lot to be said about this. We've published quite a lot materials. We also hosted a panel event with a... To b corps and a legal expert on this, which can be found on LinkedIn. So there's a lot of material with the URL given there if you'd like to know more about b corps and what they mean and why we are applying to shareholders to change our articles of association. And, you know, why is it important? Well, it is a clear stamp of trust for consumers. And if you've been following our story for a while, you will know that one of the things we are vociferous campaign is about is the whole problem of greenwashing, particularly in the energy market. So too many tariffs branded as green when they aren't particularly. This is another piece of accreditation we can use to point out the difference between our genuinely green tariff package and those of other suppliers. I'm pleased to say there has been some progress on this in the market, and I would single out OVO, who are very large supplier for coming out last month and saying that they were gonna stop branding tariffs as green when they are not... When they're just specific of backed tariffs because, you know, their data showed that actually that was not a way in which you could link a customer's spend on energy to renewables. So the the world is moving slowly in our direction, but the b corp certification will help us stand out in that.

11:35 It's an important employer brand. Retaining committed and dedicated workforce is a harder thing to do in this environment. Anything that helps you stand out as an employer is, I think, useful for business. It's an important community in its own right. B corporations tend to trade with each other a bit more because, actually, an examination of your supply chain and all the elements in that becomes important in maintaining your b corp certification. And since we are one of the few suppliers who can demonstrably reduce the carbon footprint for a company when somebody comes on supply with us. There's a commercial opportunity for us there. And certainly, the evidence, if anything, is that B corporations tend to be sort of newer, faster growth value driven businesses.

12:21 If you look at the three years before the pandemic in The UK, for example, The UK's b corps posted growth rates of around 29 as opposed to sort of the the norm of about 5%. So they are fast... Often faster growing newer companies with whom it would be good to align. So there is a strong business case for getting B Corp certification, and there is an ethical case as well in that it sort of binds us as a company to our underlying purpose.

12:51 And then what does that mean practically? And we've had a couple of questions about this. So we have submitted a series of resolutions to this year's annual general meeting. I would say all of them apart from the first one, which we'll touch in a minute, are very standard resolutions that any public company from the largest underfoot c 100 down would submit to their shareholders. Say, there's sort of corporate governance here and that we have to accept the reports and accounts. We have to accept the payment of the dividend that we proposed, appoint the auditor and pay them. Directors have to stand for reelection every three years or so. So myself and Tim Jones, who's one of the nonexecutive directors, have come up as the directors needing to seek reelection.

13:40 These are all market standard resolutions, which the board of directors is very clear and unanimous in recommending to shareholders that they vote in favor of. There's then a special resolution there, which is point one, which is the point we've just been talking about, which is that as we get closer to getting a b corp certification, we would like to change the articles association to reflect that triple bottom line concern. That also needs approval from shareholders. And we have, again, as a board unanimously recommended that shareholders vote to change the articles to align with the b corp status that we're hoping to achieve. And the deadline for votes is finally on the June 20 before the AGM on the twenty second. If you haven't yet voted, given the possibilities of technical slip ups, I would advise you to vote as soon as you can.

14:38 And that, frankly, is the only formal material we wanted to take investors through. So we have an annual general meeting next week. We are looking for shareholders' support on... Not just on the normal set of resolutions, but also on our progress to becoming a b corp. And we're very happy to take either presubmitted or live questions from investors who are on the call. Nigel, Rupert, that's great. And thank you very much indeed for your presentation this morning. Ladies and gentlemen, please do continue to submit your questions just by using the q and a tab that's situated on the top right hand corner of your screen. But just while the team take a few moments to review those questions that were submitted already, I would 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.

15:30 Rupert, Nigel, as you can see, we have received a number of questions from investors. So if I may just hand back to you to respond to those where it's appropriate to do so, and then I'll pick up from you at the end. Thank you. Will do.

15:45 Right. So I've gone to the q and a tab on the right hand side of the screen, and I suggest we just work through those. I'll read out the questions or summarize them. And depending on the focus, Rupert and I will answer them. So the first question comes from somebody who actually is already on the energy transition journey having got solar panels and is looking for an update as to when we can

16:11 buy surplus power being generated. So there are two things to know on that one. If you're a member of the feed in tariff scheme, we are now rolling out our, what we call, smart export program, which is really a payment on actual generated power rather than a deemed or assumed amount. We launched that in beta at the end of last year. It is now up and running properly and scaling very quickly. So I would expect feed in tariff customers if they haven't already transitioned to that to be contacted us by us by us pretty soon. For customers who aren't part of that scheme, but are on

16:48 supply with us, we have an export product called Power for Good, which we launched in beta at the start of this year. And we are again scaling as we just sort out one or two issues with the way that sort of system works right through our software and into the grid. But we have an ambition to pay a market leading export rate to generators. And as part of the materials for this meeting, I don't think my reading out URL is gonna be that helpful. We will once again remind you as to where you can find more information for that basically on goodenergy.co.uk/powerforgood, and you can find the information on those products. So that's the first question. Second question, I'll take it, and then the third, I'll hand over to Rupert.

17:35 The second question concerns two points, is regrettable we were in the news, which is around two recent fines imposed by Ofgem. So two fines. The first was for £25,000, a relatively small amount of money, frankly, compared with two fines of well over £1,000,000 to two larger companies. And if I'm being candid, I was,

18:03 you know, someone agreed that Ofgem chose to, you know, put our name up in lights, frankly, for a relatively small fine. The issue there was that Ofgem did not approve of the speed or process with which we had closed accounts for customers who wanted to switch away.

18:19 The three companies who were fine, so us, Octopus, and Eon, are all users of the Kraken system, which Octopus themselves developed. And the process that that was following was that we would wait to true up an actual balance before finally closing the account and handing over completely to the new supplier. Ofgem's preferred method is that we use an estimated figure to achieve a quicker closer close, and then if necessary, true up the account after the fact. You may have seen some public commentary from Greg Jackson, who's the OXPUS chief executive. So I agree with that actually we thought that finding was an overreaction and that they aren't necessarily supporting a good outcome for customers. But nonetheless, those are the rules. The Kraken system has now been adjusted to fall into line with that, and that issue is closed.

19:11 The other issue, which was a bigger one for us, was that at the start of the price cap regime, so in 2019, we introduced a manual process to allow customers to switch between monthly billing and direct debit payment. Direct debit carries a cheaper tariff because it has less issues around bad debt and payment failure in it.

19:35 However, that was a manual process, not a not a sort of coded process in the system, and our checks and balances didn't pick up the fact that people requesting to switch between the two weren't actually getting a tariff change coming through.

19:50 For a long while, that was a relatively small price differential, about £30 a year, a typical price... A typical domestic consumption values. And obviously, in the energy crisis, as prices have gone up, a differential has increased. And in the end, just under 6,000 customers were overcharged by an average of £54 through this period. We obviously... Once we once we noticed the issue, notified Ofgem fully complied with them and agreed a package of refunds and compensation for customers. That was all included and provided for in the 2,022 financial accounts. However, unfortunately, what Ofgem looked for from us was an account of all of our tariffs across 14 regions for every period from the start of 2019.

20:40 And our data from the period before we moved to the Kraken system was not in a clear and accessible state state, and we made errors in reporting that data to Ofgem, which is why they then asked us to settle the issue with a larger payment because perhaps understandably a regulator needs kind of quick and clear data from suppliers and on that occasion, we weren't able to supply it. What we've done is now to change our data and reporting processes and sign offs to make sure that doesn't happen again. So we've invested in new roles around reporting data to the regulator. We have a very clear set of internal sign offs for that data to avoid that issue happening again, and the matter is now closed with the regulator.

21:27 And the last point I would offer is that we are now living through a period of pretty activist energy regulator. There's a supplier in the news headlines today with a £5,000,000 fine over customer service issues issues last year. It is very hard, frankly, to name a supplier, which hasn't now had some sort of intervention from the regulation, of course, in the last year. And we've had to invest behind processes and systems to make sure there are no further issues for us.

21:57 Rupert, there is a question there, third one around £4 a share. So As CFO, how are we feeling about that? Yeah. So let me just read the question. So I noticed our share value is still well short of the £4 offer, which the board claimed undervalued the company and we turned down. Please comment. So I think I'll start by just saying the Board remains confident that the right decision was taken. And I'll just add a few elements of commentary around that. So the first would be that the two analysts that cover the company retain a price target and a buyer recommendation in respect to the company with a price target that is above that GBP 4 level in both cases.

22:48 When we announced our 2022 results, we were very clear in our presentation and in our discussions with investors that the Board believes the share price fundamentally undervalued the company. And we pulled out a couple of reference points, And this is based on where we were at the end of twenty twenty two. But the net cash position of the business at the end of twenty twenty two together with the... Our share of the series a valuation, which was completed in August 2022 of the ZapMap business. Those two financial investments effectively alone were greater than and are still greater than the market capitalization of the company.

23:36 I mean, for people who invest in a number of shares, particularly across the AIM market, the AIM market is one... Is not a particularly liquid market in some areas, and that can have an impact on share price. And there are a number of factors which are, a significant extent, outside the control of an individual company, macro events, general market or sector news that also impact share prices from time to time. The Board, I think, sort of reiterates that we'll continue to deliver on our long term stated strategic goals, which we continue to believe will create positive value for shareholders and other stakeholders in the business.

24:26 Thank you, Rupert.

24:29 There's a couple four and five which I might link really, which are asking around whether a B Corp certification is good for the share price of dividends and whether sustainability and social justice are more important than the share price. I think the thing about B Corp certification is that it's saying that you should be able to do all of those things, and it is not any sort of aggregation of the company from its responsibilities to grow its profitability over time and therefore free itself to invest more behind the services we want to offer. So in no sense is this an attempt to sort of duck an obligation to try and grow the business and value for shareholders. It's just saying that in doing that, we need to be mindful of our impact on people and the planet, which frankly, given GOOD ENERGY's underlying business is something that we should find relatively easy to do.

25:22 And as I said during the presentation, if anything, the evidence is that b corps tend to be sort of younger, faster growing businesses. Anything that helps us stick out and have a differentiation in The UK's energy market, I think will be helpful to us as a business and therefore will have a knock on effect on our profitability growth and dividends. The dividend policy, last point, doesn't change. And

25:46 that is one which we are fundamentally saying that we are looking to invest behind the energy services growth of the company, but we are mindful of the requirement of some of our shareholders for a dividend. And therefore, we have been paying a small a smaller dividend than in our previous non services division. But nonetheless, we are paying a dividend and would to retain that policy. Rupert, there's one, can you run company secretary? So you can take that one. I'll summarize the question. So this is a question about four of the resolutions at the AGM. So eight to 11. And the question is a sort of explanation as to as to what they are, why they're important, and and therefore, benefit to the company from shareholders supporting the board's recommendation to vote for them. So as Nigel said earlier, when we went through the overall set of resolutions for the AGM, These are these are standard authorities proposed by the majority of companies across the different exchanges, say, from the FTSE one hundred, FTSE two fifty AIM to their shareholders.

27:06 These four in particular relate to the issue of shares by the company, eight, nine and ten and eleven specifically, the repurchase of shares by the company. And they give directors authority over those actions up to certain limits.

27:26 The issue of shares typically to fund growth, to fund acquisitions, And it is those resolutions that may be used in those circumstances in order to fund growth or acquisitions and help the business achieve its long term objectives again and long term purpose. Thank you.

27:51 So two more pre submitted, and then we can come on to anything that's come up during the meeting. So we have a question there drawing our attention to a heat cell proposition. Obviously, whilst there's a lot of agreement on the fact that we need to transform heating away from being a fossil fuel based technology to a clean fuel based technology, you will, I'm sure, be aware that there are contending technologies in this. This is one mentioned by a shareholder here, which is heat cells. Hydrogen occasionally is discussed as another one. Whilst heat pumps will not be appropriate for every home in The UK, they are, you know, not a good solution, for example, for flats and apartments. We do think that this is the most accessible technology for most people, which is why we backed heat pumps in particular. We think that, you know, we expect this to be a fast growing market, you know, running up to a sort of run rate of installs of well over half a million a year, for example, as we move through the decade. So I'm sure there are...

28:51 There will be other technologies, but I think there is increasing body of evidence that most people heat pumps, which of course are the norm in, say, quite a lot of Nordic markets where, you know, after all, it's a pretty cold place during the winter will be the the the clean heat... The clean fuel heat source that many UK households come to adopt, which is why we are investing behind it as we are.

29:18 Last one is then ripple. And will you about to use your GOOD ENERGY account? So for those who are unaware, I think a great and innovative firm is a Ripple allow people to buy a stake in the development of usually wind farms. They've moved it to solar now as well and recoup some of that through discounted electricity bill. It's something we're aware of and we will continue to look at. We have at the moment just other priorities, which means right now, the answer is you can't. But as this develops, we will keep an eye on it and see where it fits within our development roadmap. So we've got some live questions. Adrian, thank you for your support on the buyback. Was unclear if it's an advantage. Just a simple answer to this. So we'll go back on to sort of them. Yes. So share buybacks are...

30:10 They aren't that common. There's probably a large companies often use them potentially after they have raised money, potentially for growth. And then when they start to sort of pay back significantly, then one of the ways of effectively returning the capital of the organization back to where it had been previously is to use a

30:35 buyback. It's the advantage is essentially to return cash to shareholders at a given point in time, and it can be done for a variety of reasons. But it's not that common. It's more typically used, I'll say, by larger organizations. So... And it's almost there because it's a market standard resolution that in some circumstances might mean that we would want that flexibility. We haven't obviously made any public comment that

31:03 that would be our plan. And it's not actually... If you look at the capital allocation policy we're public with, I see it's it's not one of the things we would want to use capital with. Ben has a sort of a similar flavor of question around, you know, the evaluation of the company, the amount of cash we've got in the market on the, you know, and our belief that the market is therefore missing the correct valuations. Is there anything to add to that, Rupert, to what you said before? No. I think I think I think please

31:33 come back if the question... Sorry, if the answer earlier didn't address it, but I think that we've sort of covered most of the points most of the points within that. You know, obviously, we we spent a lot of time on investor relations matters and continue to try and make sure that there is good investor understanding of the strategy, which eventually, hopefully, will overcome concerns around the sector. I like... Yeah. I mean I mean, I would just... I know I just highlight that within the the different parts of the business. So we have the energy supply business to homes and businesses. We have our feed and tariff business, and we have our stake and growth plans associated with energy services. The energy services of the business is currently in growth and investment mode.

32:20 The feed and tariff business is relatively mature. And the energy supply business has had a profitable year in 2022. We talked about challenges at the back end of 2021. So those businesses are essentially being valued at nil, which the Board, again, believes is a fundamental mismatch in terms of the potential and performance of those parts of the business. Thank you. And actually, there's probably a follow-up for you there, Rupert, in terms of debt and what we're seeing. Obviously, we made some comments on that on the... In the interims. Yeah. So I mean, I think it is fair to say that the government support schemes over the winter did the job that they were intended to do, which was to insulate consumers and businesses from extremely high commodity prices over that period of time.

33:21 The domestic price support scheme is still in place through quarter two. So that's going be in place until the end of June. And that provides a reduced level of absolute support and therefore substantially keeps prices for domestic consumers the same through Q2. The business support packages have fallen away more significantly. And therefore, the overall commodity market is declining, the net amount that businesses are likely to be paying in Q2 has increased. And therefore, it will be something which we monitor pretty closely as we go through Q3 to see if there is any impact from what has been a much more sudden withdrawal of the support schemes into the particularly the sort of smaller business segment.

34:16 Thank you. And then a point from Paul here around the explanation I gave earlier of our recent dealings with Ofgem and whether that actually... That was a sort of right sort of tone. You're quite right to pull me up on that, Paul. I I think just by way of explanation of the previous answer, the question was quite technical. It would ask about operational controls failures and therefore what what are we doing about it?

34:39 We have always seen ourselves as an ethically run business, and that hasn't changed. And it was mortifying to many of us for us to have the company's name put in the public light like that. I would reassure everybody on the call that, you know, error was, I suppose, small, which is the account closing issue. I I stand by my criticism of the regulator that they were frankly looking to make over publicize the issue that was relatively small. The issue around direct debit charging, think, is much more serious, and we're obviously extremely apologetic for it. I can reassure everybody that it was certainly not done for the company's financial gain because the reverse was the case. So customers who switched to monthly billing away from direct debit, they didn't see their tariffs slightly increased to reflect the increased cost of that. So there were some people got a small gain from that.

35:38 It isn't our intention to do anything other than run a company with high standards and high levels of service, which is why we've actually paid more than the required compensation back to consumers that often normally requires. And, you know, we are investing more in our processes and standard and systems to make sure that these things don't happen again. I would say, as I sort of said earlier, unfortunately, we're in a period where a lot of energy suppliers are in the focus of the regulator and, you know, there was a sort of flow of most, if not all energy companies being named. I can reassure you also that the overall level of customer service we're achieving, measured by trust pilots, which is the most sort of robust set of data on this, would suggest that we remain one of the top two energy companies in the country in terms of its customers' attitude to the service we are giving them.

36:41 Nigel, Rupert, if I may just jump back in there and thank you very much indeed for addressing all of those questions that came in from investors. And, of course, if there are any further questions that do come through, we'll make these available to you immediately after the presentation has ended just for you to review and to then add any additional responses, of course, where it's appropriate to do so. And we'll publish all those responses out on the Investor Meet company platform. But Nigel, perhaps before redirecting those on the call to provide you their feedback, which I know is particularly important to yourself and the company, if I could please just ask you for a few closing comments to wrap up with, that would be great. First of all, can I thank investors and shareholders for taking the time to hear this morning's presentation and participate in the way that you have? It's not been a lengthy discussion of our performance this time. We will be back with an update on that in September at the interim results presentation.

37:34 However, we do think that cementing the company's purpose in its articles is an important signal to all of our stakeholders, be they our customers, our employees, or the wider marketplace. And therefore, we would be grateful for your support as shareholders in doing that. You know, all votes count. So if you have not yet voted, can I please urge you to make your? Cast your votes in time for the annual general meeting next week? Nigel, Rupert, that's great. And thank you once again for updating investors this morning. Could I please ask investors not to close this session as you'll now be redirected for the opportunity to provide your feedback in order that the management team can better understand your views and expectations?

38:22 This will only take a few moments to complete, but I'm sure will be greatly valued by the company. On behalf of the management team of GOOD ENERGY GROUP PLC, we would like to thank you for attending today's presentation. That now concludes today's session. So good afternoon to you all.