Good Energy Group (GOOD) — Pre-AGM Presentation

0:01 Good afternoon, ladies and gentlemen, and welcome to the GOOD ENERGY GROUP PLC Pre AGM Investor Presentation. Throughout this recorded presentation, investors will be in listen only mode. Questions are encouraged. They can be 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 can review all questions submitted today, we'll publish those responses where it's appropriate to do so on the Investor Meet company platform. And before we begin, as usual, I would

0:32 just like to submit the following poll. And if you'd give that your kind attention, I'm sure the company would be most grateful. And I would now like to hand you over to the executive management team from GOOD ENERGY PLC. Nigel, good afternoon, sir. Good afternoon, Jake. Thank you very much. Well, I'm joined by... You've got two thirds of the executive management team of GOOD ENERGY here. Fran Woodward, the COO, is presenting today. Myself and Rupert Sanderson, the CFO, are both on the call. As you can see, perhaps unusually in these presentations, we are in separate locations, but I think the platform should still enable an effective presentation. By way of introduction, I should just remind investors what the objective today is. This present... This presentation falls between the publication of our annual report and our formal annual general meeting, which is on June 20.

1:24 And the primary intention of this presentation is not to release new information to the market. We gave a fairly comprehensive results presentation in the end... At the end of March. Our primary focus today is on giving investors an opportunity to ask questions in advance of the AGM and the votes that need to be cast in advance of that date. So what we'll do is a very short recap of the main points in terms of our strategy and our financial performance from Rupert and myself. I will then walk through some of the key considerations for investors in advance of the AGM, and then we will take questions. So depending on the number of questions, this may well be a slightly briefer investor presentation than some that you may be familiar with.

2:14 So with that said, let's move on. And I talked at length about this at the results presentation, but I do want to start by emphasizing really the speed and scale of transformation in GOOD ENERGY's business over the last couple of years, particularly the last twelve months, and our confidence in the future of the business and its ability to both fulfill its founding ambition around helping UK consumers and businesses make the energy transition and power a cleaner, greener world, but also to deliver returns to our shareholders. And I make that claim really on... With three elements behind it. One, as Rupert will come on to cover, 2023, so the year for which we've just reported, was a very strong one.

3:08 Financially, our profits were actually ahead of market expectations for that year, and our balance sheet is a very strong position.

3:18 Perhaps more importantly, looking at the the forward looking rather than backwards looking, we've also made two significant strategic strides. The first is that in our real focus area, which is services aimed at The UK's microgeneration community, We have scaled significant improvements to our customer propositions. We are now very clearly the best fit provider in the marketplace, paying higher amounts of people for their generation on that scheme. And we are also a market leader in services to people who've installed their generation after the end of the feed in tariff scheme. And we are now supporting that and aiming to build a significant footprint in terms of helping people install green energy technologies in the first place.

4:08 We are operating a high quality solar and heat pump installation business focused on the South Of England, which we think offers the company and its investors the prospects of attractive growth markets in the future. And behind that, we remain a supportive investor of ZapMap, The UK's leading app for electric vehicle drivers, a key part of the energy transition, obviously, and the app is used by over 80% of people on the roads in The UK today with an electric vehicle. So that is the overview. I'm gonna hand over now to Rupert just to give some of the financial highlights, which we talked about a couple of months ago. Thank you, Nigel. Good morning, everybody. Just by way of a sort of summary of some of the sort of key financial takeaways from the 2023 year.

5:02 As Nigel said, it was a year of strong profit progression. So our underlying profits rose as we came out of the energy crisis of the winter of twenty two and the start of twenty twenty three. And we came through '23 with a very strong cash balance. So we had £41,000,000 of cash at December 23. It's worth reinforcing the board's view of maintaining that very strong capital position both to be able to operate our business effectively today and to be able to invest in the future. And a couple of points I just wanted to sort of refresh back from March.

5:48 We have a number of clients talked about the need to maintain a good working capital and risk buffer within the business. And we also talked about in March a position where we had a higher level of customer credit balances within our domestic energy portfolio as we came into the winter of just going or just gone and with a plan to actively reduce that during the first half of twenty twenty four. We also have started to deploy capital or continue to deploy capital over the last eighteen months. And in the last twelve months period, we've completed the acquisition of two solar installation companies, Wessex Eco Energy based out in Dorset and JPS Renewables, who were based in Maidstone in Kent.

6:43 And as we touched on, that has given us a sort of good footprint across the South Of England in terms of our installation capacity and capability. And the strength of our balance sheet and the cash balance will provide us with future opportunities for growth and expansion of the operating margins in this very attractive energy services sector. And the final point I would make is that we have increased our dividend in 2023 over 2022, recognizing again the strong financial performance. And again, the Board recognizes the importance of the continued payment of a dividend within our broader capital allocation strategy. So just a very brief summary, and I'll hand back to Nigel now. Thank you.

7:32 You, Rupert. And obviously, this is all broken out in considerable detail in the annual report for investors who would like to see more financial reporting. I did want to take the opportunity just to reiterate the strategy that we are well and truly embarked on and why we think it is the right course for good energy. If you've heard us present before, you may well have heard me make this point before, but it does start with a sort of a view of how attractive are the markets we are investing behind. And I would start by really reminding everybody that the nature of all of our relationships with energy companies is likely to change considerably over the course of the next five to ten years.

8:20 So we'll go from a market where, you know, consumers somewhat begrudgingly work with their energy company to one where a large number of households in The UK are engaged in heating themselves electric... Electrically or through microgeneration. And how does that look in numbers? Well, we think that these are likely... Markets are likely to present very high growth markets for the next few years. So the graph you can see there has the yellow bars on it, which is the annual value of the solar panel installation market in The UK. It's worth about £1,900,000,000 in the year just gone. That is a considerable growth, and that growth was fueled by the high cost of energy and obviously a lot of consumers exploring ways of shielding themselves from energy costs as well as the environmental motivation behind adopting decentralized generation.

9:17 We would expect that market to grow comfortably in double digit terms to the end of the decade, and that is because any plan to green The UK energy will depend on a considerable rollout of both smaller and larger scale solar generation. So solar power market large and growing likely to be £5,000,000,000 by the end of the decade. The heat pump market is more nascent. There were about 35,000 air sourced heat pump installations in The UK last year. However, it is very clear that air sourced heat pumps are going to be the main technology that we need to adopt if we are to get anywhere near our climate goals and our carbon reduction goals as a country. I think it's become pretty obvious to anybody watching the debate, for example, that hydrogen is a nonstarter in a domestic heating context.

10:13 And The UK needs to move to installing up to 600,000 heat pumps per year by 2028 if we're to stay on course with our climate goals. That is a considerable leap and much, I think, in getting there will depend on the policy response of the next government. But nonetheless, there are clearly considerable signs that the heat pump market will grow just as the solar panel installation market has grown. GOOD ENERGY is well positioned with operations in both markets. So that, if you like, is an economist or an investor's point of view. Important to stress it from a consumer's point of view. So I said the nature of your relationship with your energy company is going to change. How might that look? Well, if we look at this schematic, let's start on the garage.

10:58 We know that electric vehicles are already the fastest growing category of new car ownership in The UK. They have been for the last two to three years, and EVs are often the first bit of energy transition technology, if you like, that consumers will adopt. We are obviously well positioned in that market through our investment in ZapMap, which has the, by far, the highest penetration of any platform aimed at EV drivers. And we will be innovating with some new tariffs aimed at EV drivers launching in the summer. If you own an EV, and that gives us fantastic data on this, you're seven times more likely to want to install domestic solar panels. Naturally enough, perhaps because your trips to the petrol station have been replaced by domestic electricity use.

11:47 We're obviously now positioning ourselves to be a significant installer of solar panels and a significant and innovative provider of services to people once they have those panels installed. And usually, the technology that follows panels is then shifting to electric electric heating through an air source heat pump. And, again, we offer a high quality business in that area focused on larger and often more rural homes, often helping people who are off the gas grid, get off oil and onto electric heating, for example. And that means we are ideally positioned to benefit from growing trends in consumer demand, but also to explore a future which is really only beginning now around how a supplier can help consumers bring all of this together to consume energy in a more flexible and intelligent way. So helping... Using technology to help make decisions around when to use the power you're generating, when to store it, when to sell it back to the grid, and get energy with assets in all of these places and a significant heritage in my small level solar generation will be well placed to help the early adopting consumer move to this more flexible and greener approach to energy generation and consumption.

13:04 And lastly, from a business point of view, having talked about the market and the consumer, this is why we think it's attractive. We will move from being a supply focused business, which is a market for us, which we think we can run stably and with a reasonable level of profit, but nonetheless, one that historically has relatively low margins into a series of businesses that are higher margin in nature. Installation is higher margin in nature, for example, but also have more recurring revenue streams as people who have solar and heat pumps, for example, take up maintenance packages or work with us to sell their energy back to the grid. And all these things give us longer lasting and stickier relationships and move away from perhaps the unhealthy marketplace that energy suppliers were confronting two or three years ago where it was switching and nothing else. This is a move towards a more long term and stickier relationship, which saves money for consumers and lowers their carbon footprint.

14:08 So if that's the strategy and that's what we're pursuing in terms of our investment and that's what we're hoping... We're seeing... We expect the future growth of the company to come from. I do want to just turn towards the annual general meeting in a couple of weeks' time. So perhaps uniquely... Not necessarily uniquely, but certainly compared with many companies, GOOD ENERGY has a more diverse shareholder base. We have a large proportion of retail shareholders. We have a large proportion of consumers who are also shareholders in the business. And I know that many people have been shareholders for a long time and remember Juliet's founding of GOOD ENERGY and their initial appeals for investment. And that's why we do a session like this and why we open up open up questions on the AGM and resolutions. There are 13 resolutions looking for shareholder support at the AGM.

15:00 The board of directors unanimously recommends that you vote in favor of all of these resolutions. Many of these resolutions are market standards, so you would see these at the AGM of every company from Marks and Spencer's and BP through to aim listed smaller companies such as ourselves. There is one resolution, resolution 13 here, which I do want to dwell on in a bit of detail. And I should also point out that we have a resolution resolution eight here to renew the scrip dividend scheme. That's where investors can opt not to receive dividend cash, but actually to reinvest it in new shares. That is popular with shareholders. 54% of our shareholders, take up the scrip scheme.

15:50 But I want to focus on a couple of those resolutions. The first actually is the reelection of directors just to give you a sense for who the, my colleagues on the board are who are standing for election or reelection. Fran Woodward is the one member of the executive team, full time executive team, who is not represented on the call. She is our COO, our chief operating officer. She has a very long history with the company. She's been with GOOD ENERGY over ten years, initially focusing on people matters through to operations, and she now has an extensive responsibility

16:23 for sales and marketing as well as the operational side of the business. She is a key colleague, and I was delighted that we added her to the full board of the company during the course of the last year. Will is our chair. He has been a fabulous chair for the company through what has been a very taxing time for energy businesses as they... We dealt with the implications of the Ukraine invasion and high cost of energy, and he has helped shepherd the company into, I think, a strategy which has an exciting and growth oriented future. He's a very experienced executive with a real focus on innovation throughout his career, and he is standing for reelection as chair.

17:12 And then finally, Emma Tinker, who is one of our nonexecutive directors, is a sector expert. She has spent her entire career investing in, renewable assets, mostly on the generation side, but other propositions increasingly as well. And she is also chair of not actually the audit and risk committee, but of the nomination and, remuneration committees in addition to her role as a member of the board. We are obviously, as you heard me say, recommending, support for their reelection. I did want to point out, that the energy industry has a very poor track record for female participation in boards and senior management jobs. GOOD ENERGY is managing to buck that trend somewhat despite the obvious backwards step we took in this area when Juliet Davenport finally stood down three years ago and I replaced her.

18:05 We have 43% of our PLC board women and one in three of the executive directors is female. That is a much higher proportion than you will find across the energy industry. We have almost 47% of our head of level arm, people who run the teams in the business are female. Again, that is considerably higher than the industry average. We are called out several times for this in a positive sense by a very recent report that the consultancy Bain has written for the energy industry. So I am very keen to encourage

18:40 support for this position and, obviously, in supporting Fran and Emma's reelections, it will help us cement that. The other side... The other resolution to focus on really, which is perhaps more unusual, is to change the company's articles association to adopt the principles of a b corp. And this came up last year. It was rejected at the AGM last year, not entirely materially because we hadn't yet got through the b corp accreditation process. We now have done so and our confidence that the way we operate the business as you would hope is more than more than meets b corp's standards. So this is now a final step in this process.

19:24 B corps are companies who reflect the sort of triple bottom line principle here that they are concerned, yes, for their commercial performance, their profitability, but also for their impact on people and planet. As you would, I think, hope GOOD ENERGY's founding purpose obviously speaks to that. We would like to reflect that in the articles association of the company to embed that triple purpose, if you like, within the company's articles. And if we are successful in doing so, we would actually be the only listed b corp on the London Stock Exchange. We sit on AIM, part of the LSE. I know this for a fact because I was a nonexecutive director of the previous only b corp listed, which has recently been taken private. So I think that would be good and due recognition for GOOD ENERGY's twenty plus years of operation to adopt that status.

20:21 We recorded quite a lot of material on this last year, and I was on a panel with various other b corps. There's a link to that event there in the presentation. And when the presentation goes online, investors will be able to see that. But I did just want to offer the reassurance that whilst focusing on not just profit, but people and planet within the articles is a change to the sort of the purely value driven purpose in in in most companies' article association. It is by no means inconsistent with strong commercial performance. I'm sitting on that panel with somebody from GIFGAF, which is a very entrepreneurial and fast growing

21:00 mobile telephony provider, for example. In becoming a b corp, we will be joining a significant now community of businesses in The UK. There is a lot of consumer trust and cache attached to b corp, which we think will help us grow our business. B corps are more likely to trade with other b corps. And, you know, we are in the market selling energy and energy services to environmentally motivated businesses, so we think this will give us a commercial advantage there. And generally, as companies run along with these principles, b corp see higher than average growth than most listed or other companies in The UK. So whilst it does embed our environmental and social purpose in our articles, it does not mean that we are excused, if you like, or likely to run the business with less of a focus on the long term growth of the firm's value.

21:54 And I think those are the only points I wanted to make in advance of the AGM. So, that short reminder has been useful and focus on what to do, or what we would recommend you do before the AGM helpful. I know that the company secretarial team are available through the usual contact channels if you need some help in how to vote shares. But I think, Jake, we should now open for questions. Absolutely. Nigel, Rupert, thank you very much indeed for your presentation this afternoon. Ladies and gentlemen, please do continue to submit your questions just by using the Q and A tab that's situated on the right hand corner of your screen. But just while the company take a few moments to review those questions that were submitted already, I would just 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.

22:43 Rupert, Nigel, as you can see there, we have already received a number of questions throughout your presentation this afternoon. And thank you to all of those on the call for taking the time to submit their questions. But Nigel, Rupert, at this point, if I may just hand back to you just to read out those questions and give your responses where it's appropriate to do so, and then I'll pick up from you at the end. Thank you. Thank you. Shall we take you to the questions in turn?

23:06 And I will summarize the question because it's quite a long question, which comes from somebody who sells energy to us, so one of our PPA relationships. And is a concern that we've sort of lost our focus on our support for renewables and that is a USP because as you just heard me talking about, I'm lotting... I'm talking about other markets. We... Actually, I I... Whilst I can understand some of the concern, let me reassure very... In very strong terms. So first off, we continue to sell the greenest energy products in the marketplace. If you look at my previous presentations and our results presentations, you will see the accreditation we continue to get. We are three years running, which is leading eco provider.

23:54 We are the only supplier with a five... With a gold standard on usage for all of our tariffs. We continue to both market and campaign that our tariffs are genuinely in green in nature as opposed to ones backed by certificates. And so, you know, that focus on supporting renewable generation has not gone anywhere and is... You know, underpins our business. What we are saying is that we want to grow that supply business in a sustainable and managed way, and that really just reflects the last few years we've been through whilst we're fully green. We're not immune from the pressures of the supply markets. And if particularly, if you grow a supply business in an unsustainable manner, you will end up potentially with financial problems. So we're growing a supply business focused on that USP very steadily.

24:42 I don't think that the PV market is saturated. It's certainly very fragmented. There are a lot of very small players in the marketplace, which means there is a real opportunity for us to offer a higher quality proposition, and that's what we do. So all of our teams, for example, are fully employed by us. We don't subcontract the work. We tend to focus on larger and more complicated jobs. And, again, this presentation has been focused on the AGM, so it hasn't really covered some of the innovation we are doing. But the innovation we are working on or have have released would include being the only feed in tariff provider to pay people on actually measured exports. So we are the best operator. We are the best products in the fit market. We're one of the highest payers in the other... In the solar ex... In the export market.

25:29 We are about to launch a tariff that sits on half hourly based settlement focused initially on electric beer drive... Vehicle drivers. And so there's plenty of opportunity for in... Innovations, plenty of track record in terms of innovation even before we come to ZapMap. But what we have done undoubtedly is move the business on from its initial roots as an owner of generating assets and purely a supplier because the best roof... Routes to both growing the business, growing value, and providing service to people is is with the addition of these energy services. So next, I have a question from Stuart around proportion... Around sort of communications and communication frequent... Frequency.

26:15 I wouldn't read too much into this. It's important every year that we tell investors about our AGM and that we gain support from our investors. There may just be a different, you know, level of campaign involved. There's no no different from any previous years. What we do have are several new shareholders now, actually, who come into the company in the last couple of years. So we're trying to make sure that we reach them, but there's no... To be read in terms of the frequency communication, just an eagerness that we get the vote out. And obviously, that's a topic in a lot people's minds because it's a general election year as well. Paul asks whether securing b corp status is entirely dependent on voting a favor, and do I think they ever like to do that? So the b corp resolution is a special resolution, not an ordinary resolution.

27:03 And what that means is that it needs a 75% majority to pass it. Ordinary resolutions, which are things like the reelection of directors, the adopt... The exceptions of annual report only need a 50% resolution. And as long standing shareholders will know, Ecotristi, who are a commercial rival of ours, have a 26% holding of GOOD ENERGY's shares. The resolution failed last year, and you can read it. And we and we obviously do have a occasionally difficult relationship with our largest shareholder, we think motivated by their desire to, you know, compete with us, if you like, and not see us gain something that might have a commercial advantage, which challenge electricity, which is a business that is kind of focused on sustainability type concerns to support something that kind of embeds sustainability principles at the heart of GOOD ENERGY. We'll have to see how they vote.

28:00 But certainly, we've made B Labs very aware of the fact that we have a occasionally disruptive shareholder on the books. The more... Majority of g e... Clean energy I buy from GOOD ENERGY is generated through bio generation. Is this Drax? So Rupert, you run the energy I will take... Yes. No. I'm I'm happy to say this. Are you using? Oh, it isn't Drax. It isn't Drax. It is it is correct that the level of biogeneration that we have within our portfolio mix has increased over the last couple of years.

28:33 That's really a shift recognizing some of the sort of risks that we experienced during the height of the energy crisis. We had a higher proportion of wind generation a couple of years ago, and the wind generation is more intermittent. It is more variable typically than something like biogeneration, which may come from farm slurry. It may come from other other sources. And therefore, we have increased the proportion of that within our fuel mix. It is the closest we have to what you would call a sort of baseload level of electricity generation coming into our portfolio. But we don't expect that there's any particular risk associated with its sort of classification or its pedigree in terms of our levels of comfort associated with it being a truly renewable source of generation for ourselves and for our customers.

29:29 Thank you, Rupert. I share that, I think, the spirit in the question, which is that I do think that, you know, the status of DRACs in The UK is highly questionable. But obviously, it's a very large decision for the incoming new secretary of state for energy. Reinhard asked a question about pay ratio, which we have published, but I haven't got on the top of my head. So, Reinhard, we'll have to get your details, and we can write to you after this meeting rather than sort of guess at the numbers. So that's my favorite. I don't know, but it is published, and we'll find that number for you. It will be within the annual report as well. It is it is reported within the full annual report. So... And in fact, Claire, if if if somebody from the team is on the call and can put their hands on it during the course of the rest of the call, then we should publish the answer on on here from general report. Thank you.

30:26 Question from Andre on the ZapMap series a. So just a small point of detail, series b. So there was a successful series a for ZapMap in 2022, raised about just shy of... What was it? £16,000,000. We are currently exploring new ways of funding or sort of additional funding for ZapMap to continue to develop it, and we'll publish the out turn of that as soon as it's done. So, you know, rough timing is, I think I'd said, within q two. So still a few weeks of q two to go, and I'd anticipate as soon as we're ready to announce something, we will do so with that. So Will asks, as you're pivoting to aim for longer customer relationships through installation, what are you doing to enhance your customer service capability?

31:13 So a lot is the answer, I'd start by pointing out that we have a trust pilot rating of 4.8, so that's five star service, and there's only two energy companies in The UK who have that kind of rating. That's rooted initially in our adoption of Kraken, which is the energy utility software platform that's developed by Octopus Energy. That... What that really facilitates is smaller groups of more deeply trained custom service agents dealing not with individual aspects of your relationship with the company, but actually the whole position, which tends to produce better, more accurate answers more quickly. We then continue to work with that team in terms of their training and their standards.

32:00 And I'm sure there's always more to do, but actually, you know, good energy is... The data would suggest, and certainly our aim and strategy is to be a high quality, high service energy provider, and we are buying our... And we are delivering on that promise according to the data we see.

32:19 Paul asked whether we have any thoughts on developing insulation, new and retrofit. Rupert, I mean, partly because you've got a bit of experiences in the past. Do you want to sort of touch on our conversations around why we don't particularly want to add insulation to the proposition? Yeah. I mean, I think the sort of focus has been, for us, very much on sort of energy technology side. It tends to be a much more sort of value add service. It is a sort of trusted installation with very high quality levels of installation. We see some of the sort of retrofit areas as being a bit too far away from that energy technology space.

33:06 And just in terms of the sort of prioritization of our capital and our services, we wouldn't look to go too far away from that. And so energy retrofit and installation is probably not areas that we would would be looking to progress forward on. Thanks, Rupert. There's next question from Andre, which I might also say turn to you because you Yeah. Kept a close eye on this market, multiples and acquisitions and where are we? And actually, we would say our acquisitions stand quite good comparison to some of those other deals. Yes. No, I would agree, Nigel. So there have been a couple of recent acquisitions. And I can't... I think it was the Wix acquisition was at a multiple that was slightly higher than that we have transacted at on JPS and on Wessex.

34:00 There is there is competition for solar installers, but it's... Remains a very fragmented market. And therefore, in terms of people coming into that market and trying to buy big installers or trying to buy a number of installers, it is actually it is actually a sort of strategy that would take quite a long time and would be very complex to manage. So we feel as though there will be opportunities that will come forward for us, ones that we either seek or ones that come to us as part of a on on... Ongoing process.

34:37 It is a market where people are continuing to look at their options in terms of how they want to see their business develop, people who have perhaps developed a business and want to take the opportunity to do something different or slower in their life. And so and so it does remain relatively active, but we don't see opportunities being removed from the market with players coming in and being very active or very aggressive in the current environment. Thank you. Yeah. And I would sort of just add to that that, certainly, the acquisition multiple we paid for JPS in Maidstone was lower than the one that Wix paid for this slightly larger business, I think, which is NextEnergy. So we're... We are comfortable that the acquisitions we've made, you know, past muster with multiples being paid in the marketplace.

35:31 And then two questions here on Ripple Energy. We know Ripple very well, both personally and professionally. For those not aware of the Ripple proposition, it enables people to invest behind building large scale generation and then see return in terms of discounts from their bills from that generation. Obviously, therefore, you need an energy supplier to be part of that. It's on our road map, and watch the space for an announcement on when we will be putting it live. They've recently announced a lot of suppliers are going live on Ripple, but with a very undetermined date, frankly. So the reason we haven't done this so far is just because some of the other innovation that we wanted to work on for microgeneration is closer to our core and closer to our strategy.

36:18 But we, you know, like the Rebel proposition, and I'm sure we'll be adding it when we can. Unfortunately, one of the downsides of my job is to be the person who has to help decide what we do in terms of our development road map and what prioritization calls we make. And it's been a bit painful to reduce the priority on that initiative, which I think is very commendable, but we're aware of it and we're working on it. Nigel, Rupert, if I may just jump back in there. Thank you very much indeed for addressing all of those questions that came in from investors this afternoon. 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 to then add any additional responses, where it's appropriate to do so. And we'll publish all those responses out on the platform. But Nigel, perhaps before really just looking to redirect 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.

37:15 Thank you, Jake. Well, I think, again, the purpose of today was just briefly to refresh the key themes of our strategy and why we feel we are running a company that is both producing strong performance, has a strong financial position, but also an exciting future growth prospects, which will help us both deliver on our mission, but also grow the value of the business for investors. To do that, we are obviously... Or to help do that, we need support from shareholders in the annual general meeting, which is why we have arranged today's call and why there's call our communication going out on that. I hope you feel able to support all of the board's recommendations in the AGM, and I certainly commend the idea that you're... You can be a shareholder in the only listed b corp in The UK and one focused very clearly on a planet, people, and profit mission, and therefore, would encourage and urge shareholders to support that resolution.

38:21 Perfect. Nigel, Rupert, that's great. And thank you once again for updating investors this afternoon. Could I please ask investors not to close this session as you'll now be automatically redirected for the opportunity to provide your feedback in order that the management team can really better understand your views and expectations. 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. Thank you. Thank you.