Hunting (LSE:HTG) — FY-2025 results

0:00 Good afternoon, and welcome to the HUNTING PLC 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 Jim Johnson, CEO. Good afternoon, sir. Hi. I wanna thank everybody for tuning in or logging on today, and I wanna thank Investor Meet company, the the crew there for putting this all together. I think we've got some exciting things to update everybody on if you've been following the company. And if you haven't, well, you're gonna find some new information that I think should be exciting for you to look at for an investment case.

0:52 There's the disclaimers. I'm gonna blast through those. Kind of our investment proposition. The company has been around for over a hundred and fifty one years now. And throughout its history, it has always been very nimble and on its feet looking for ways to continue to grow, expand, and go where the market's going. Today, we're primarily an oilfield service company. Oilfield services represent well over 90% of our revenue, and it's really the key area that we focus on with global ambitions covering onshore, offshore, and literally every market in the world where there's hydrocarbons. Our core competency is works. We're very high end manufacturer, and we focus on IP and technology development for our clients to help them extract hydrocarbons more efficiently.

1:44 Our portfolio, as I mentioned, is diversified. I'm actually based in Houston, Texas. I'm joined here with Bruce Ferguson, who's based in The UK, leading up our finance team. Again, we have a a great team scattered across the globe in all the areas where the oil field service market is important. We cover not only oil and gas, we try to grow our energy transition business with a focus on geothermal and carbon capture as it relates to tubulars. And in the non oil and gas side, our biggest area is in aviation, defense, some medical, as well as, gas fired generation equipment. Our financial returns have been great. We had a wonderful year last year. Went through some, challenges, obviously, with the downturn that we've seen in The UK sector of the North Sea. But overall, we delivered on what we said we were gonna do, and we're excited about the future going forward.

2:42 Breaking down the company in our portfolio overview, I'll start with perforating systems that we call that our Titan business. Depending on the, the month or the quarter of the year, we're the largest independent supplier of perforating guns and explosives and other downhole tools for the completion of oil and gas wells. Our largest market is in the unconventionals where wells have to be fracked in order to free up the hydrocarbons for production. We manufacture all of our products in Texas, and we export globally with big markets such as Argentina, Saudi Arabia, Mexico, and and other areas. Subsea has been the fastest growing part of our business and the one that's really been the basis of our acquisition dollars since 2019.

3:34 We'll talk a little bit more about that later. But, literally, we focus on deepwater. We focus on high technology, proprietary technology, and we have a customer base that's a blue blue ribbon with the key projects going on across the globe. On OCTG, for those that don't know what that means, it stands for oil country tubular goods, and that is tubing and casing, but more specifically, the premium connections on the ends of those tubing and casings in which we machine them with our proprietary connections. These are connections that extend that handle extreme loads of pressure, temperature, as well as tensile strength as operators are working deep offshore or three mile long lateral wells onshore in The USA.

4:21 Along with the tubulars, we also make accessories from operations in Houma, Louisiana, Houston, Texas, Aberdeen, Scotland, and Singapore to supply the bits and pieces needed to assemble all of these units as they go into the ground. Advanced manufacturing, really two areas. It is the bulk of our non oil and gas business. It is, one facility focusing on high-tech machining. It's our machine technology center, which is outside of Portland, Maine. The focus there, as I mentioned earlier, is on aviation, commercial space. We supply to to the people like, SpaceX and Blue Origin, some medical business, military, but also recently an expansion into the nuclear business, as well as still having a background in high-tech tools for customers like Halliburton and Schlumberger when they're needing things like MWD housings.

5:18 On the other side of the business, we are in the electronics business where we make high mission critical electronic components and boards for downhole tools and now also some military and medical applications. And lastly, I briefly already talked about energy transition. That's really a subset of our OCTG business focusing on carbon capture and on geothermal where metallurgical issues play into the design and performance of the connections, which we focus on developing. Customer base, pretty blue chip. We're proud to have all these companies as customers of ours. You'll see from large independents or or large super majors like the Exxon and the Chevron's, service companies like Halliburton and Schlumberger. And I guess we need to add Buccaneer. We haven't had them on there. So our latest success story onshore with our organic oil recovery product line.

6:12 2023 strat our objectives are lay are are are highlighted on what we did. We delivered strong results in 2025. The key parts key moving parts of the story were two acquisitions accomplished. One of them, flexible engineered solutions engineered solutions based in The UK. It adds another pillar to our subsea offering and allows us a even bigger focus on FPSOs, which are the floating production, since supply units offshore for offshore developments in places like Brazil and Guyana. We also purchased for $18,000,000 the organic oil recovery product line, taking full control of a business that we nurtured for a few years and got to the point of commercialization, and we needed to expand and secure further technology so we could grow that business.

7:05 We completed $231,000,000 worth of orders for KOC in Kuwait, biggest OCTG order in the company's history. I'm fortunate that right now we're not waiting on any of that pipe to go through the Strait Of Hormuz, but those orders are complete, and we're now anticipating further business in the year ahead. Our perforating system company, the Titan business, was one of the stars of the year. We saw a significant turnaround in profitability with a focus on costs. We did some restructuring in the past year and a half, but we've also been focusing on those clients that really value the technology of our products for these longer laterals where failure is not an option. And for that, we're thankful as well as the growth we've seen in the international marketplace.

7:53 In Dubai, we've opened up a new facility this year. That is also kind of a consolidation move. We shut down two facilities in The Netherlands, moved some product lines to Dubai in order to be closer to the climate to the customer, I'm sorry, and have a better, cost basis. And we're excited about our opportunities in the, Middle East going forward. And lastly, we sold our drilling tools business that we were a joint venture partner with. We had, started a JV a few years ago in a consolidation move in the downhole tool business, so we were happy to get that business sold, use that cash for better things like an investment in the subsea business. Our cost efficient moves, we we're always focused on lean manufacturing.

8:40 We're always looking on how to do things quicker, faster, and better. We've announced that we're focusing on an additional $15,000,000 of cost savings over the next two years. That'll have a lot of moving pieces to it. A lot of it based on, shared services amongst our group as well as things like in continued focus on lean manufacturing. One of the biggest things that we've also had in the last year, year and a half and has been a kind of a new change in our capital allocation policy. We're fortunate with the earnings that we've had for the cash we've generated, and the outlook that we've had for m and a to be able to secure a lot of firepower to do future m and a, but still be hopefully benefit our shareholders either through dividends for those that see that as an important factor of their investment thesis as well as for the share buyback.

9:36 So we've we're about to complete basically $60,000,000 worth of buybacks, and we've announced a further $40,000,000 that we wanna start for over a two year period, which will start in March. Again, it shows the strength of the company and I think the confidence we have in our future earning earnings potential. Some financial highlights there. The key number I wanna focus on is the 135,700,000 in EBITDA, up year over year, and not actually, a challenging market. And if you look at industry activity, subsea activity was kinda quiet for 2025 as far as awards go for new business. North American land was fairly flat. We were still getting over the transition of our of our work as far as EMEA goes and how we need to transform that business.

10:25 So I take my hat off to the team. I think it was a very strong performance year over year. Again, we talked about the dividend, declared, and the rest of it is just some industry comments about oil prices and the like. Our scorecard, we we we measure ourselves to what we said we were gonna do for our 2030 strategy. I think the biggest point on this whole chart that you'll you're seeing right now was the fact that our cash generation, we ended the year with $63,000,000 of cash, but that was after spending a $145,000,000 on acquisitions, dividends, and share buybacks. Again, progression in our EBITDA margin going the right direction. More comments there that I've already talked about as far as acquisitions and the like that we made.

11:14 EBITDA growth, this next slide just really shows you where the earnings are coming from. OCTG at 19%, that's probably record or near record EBITDA performance for us, really highlighting the fact that our technology combined with our service capabilities have delivered some excellent results. Subsea at 17% still has a way to go, we think, and there's there's a good bit of upside because this has really little of a, contribution from the FES business for 2025. Advanced manufacturing still has also a way to go. The Dearborn business, where we do the machining, is performing better than the electronics. So it's our hope with some new customers involved and some, increased oil field activity that that number will increase. And then a big turnover a big increase from from our Titan business, which is perforating, which prior to 2025, the the EBITDA margin was zero. So it was nice to see that get to six, and we're planning to get to double digit this year.

12:18 Couple updates on two of the acquisitions there. A few more things you can see. The picture on the left from flexible engineered solutions shows the DBSC connectors attached to an FPSO. One of the key parts of our strategy was to be able to play in every FPSO application. In 2019, when we bought RTI, which put us in the titanium stress joint business, that has been a massive home run for us, probably the best acquisition ever. But the key is there's some applications where clients don't need or don't wanna use that product for their FPSO. Instead, they'll use umbilicals, for example, to attach to the the ship. With the FES acquisition, every FPSO was a marketplace for us. We can see a potential purchase order exceeding $100,000,000 as a potential per FPSO.

13:12 So we're excited about that acquisition, plus it also brings a small degree of offshore wind exposure to us as some of those same connectors are used for floating wind applications. Organic oil recovery, good things are happening right now. A lot of trials out with with some high end clients, and I'm talking people like Exxon in Angola. We have the, the prop the thing going on right now in The UK on the capture field with Harbor, and we've recently talked about, again, Buccaneer's great success onshore. I think the key with that is prior to the acquisition, we were not allowed to touch the product in the Western Hemisphere. So what we have done is invested in the laboratory equipment that we needed to accelerate results back to our clients as well as investing in the human capital that makes it all happen. So we're excited about the opportunity for OOR going forward.

14:08 OCTG, that is the first business hunting was ever in in the oil field. It's it's our core business related to tubing and casing. Graph on the left shows our Tek Lok, which is primarily our onshore shell related connection, that we've developed over the years. The the key with it is it'll it is a high torque connection with high ceiling capability, and it allows people to go three and four miles out and not have to worry about their well construction. In The US today, 40% plus of all wells being drilled now exceed three miles, and this is it's critical to be able to have the right connections to hold this together. We also, on the other side of it, on the very high end, provide premium connections for some of the deepest wells that were drilled in the Gulf Of America and the high performance material critical wells in places like Kuwait.

15:02 Other things we talk about there, Jindal Hunting, our joint venture in India, had a very profitable year. It continues to be very busy. And with India's need for domestic hydrocarbons, we think this is a home run that'll keep delivering for years to come. Non oil and gas, I talked about briefly. I'm not gonna spend a lot of time on that, but it shows where the bulk of it has been the Dearborn business. We're we continue to focus on some things that are really in the news right now, like power generation, like the resurgence in the nuclear industry. So we think that or we have the right kit, the technology, and also the track record of supplying those industries, and we think that'll continue to grow as well as time goes on. Cost savings, we talked about it. I mentioned that a little bit earlier. There's a few details on that. We're in the seventeenth year of our lean manufacturing program or lean journey.

15:57 That has been key to literally every year driving, 7 figure returns to the company, and it's a process that, far as I'm concerned, won't never end because you can always learn something new and drive better results. Balance sheet efficiency, you know, it is what it is there. I think it's been a very, very strong year, generated a lot of cash. I like seeing our inventory turns improve. I'd love to see it before, but a lot of our inventory is based on the Titan business where our distribution centers drive a lot of our interface with our clients and provide a good avenue for us to gain sales. And so the other side of it is if whether it's Dearborn or some of our, connection or accessory business, the inventory cycle is a bit longer. But the key good news is we've done a good job. We reduced inventory year over year, and, the trend that trend should continue. And then the there's the dividend numbers I already had mentioned earlier.

16:57 Product group review, again, just touching a little bit. Connection business, you'll see, in 2025, we'll show you that the number is down on sales sales order book, but that's because of the size of the $231,000,000 Kuwait order. It has nothing to do with what we feel is the strength of the business. We're waiting on further business in The Middle East. Not sure how it's gonna play out given the geopolitical issues now, but it's a great business. Our technology is second to none out there, and we continue to design new connections for tougher applications the the clients have. If you look at our subsea, mentioned order book is up. We're excited for the outlook for q two. We have a number of large, tenders out right now in places like Brazil and the Gulf Of America and in Guyana, and we think a lot of those will be crystallized in q two. Again, good percentage increase in the sales order book. We did have a bit of a drop last year on the revenue side, but I think as I mentioned earlier, that had to do more with the cycle of subsea.

18:03 And if you talk to people like FMC, for example, that were making trees, it was kind of a down year, but that has accelerated again, and the outlook is very, very bright. Titan, as I mentioned, great great opportunity for future growth. I wanna remind everybody that the most common sedimentary rock in the world is shell related, and there's shell resources globally that are massive. And I think we're in the early days of places like Libya, Algeria, Turkey, Australia, Mexico, The Emirates, Saudi Arabia. There's a huge resource out there that will be harvest and especially as energy security becomes an issue. And then our the key home market that we've always had in North America, I think that'll remain very, very steady. One of the one of the topics or one of the things that we I've read in the last couple weeks is in the Permian Basin, the oil production per foot of completion in a wellbore is down 20% from what it was three or four years ago. So for an operator like a Chevron or an Exxon, that means you gotta drill more wells.

19:11 Gotta You have longer laterals to keep that economics working right, and that's perfect for us to supply more perforating guns and charges. Advanced manufacturing, there's some of the data points on that. Again, '25 was a good year for Dearborn, not so good for our electronics business. But if the capital spending cycle of our OEM clients picks up, that would have a big positive impact on this segment of our business. And the Dearborn side seems very, very positive right now. We're actually talking to some new clients about new jet engine, components that we could manufacture, and I think they're gonna have a very good year in '26. Other manufacturing, small part of the business that I'm not gonna spend much time on except that is where the organic oil recovery business was.

20:01 Starting in January, it will be top it'll be put under the subsea business because most of the opportunities are for offshore as far as where the bulk of the dollars would be just just due to the size of the fields and the impact it can have on areas where customers may want to, as we say, kick the can down the road for decommissioning in places like the North Sea or the shallow waters of the Gulf Of America. And with that, I'm gonna turn it over to Bruce. Thanks, Jim. We have a number of slides here just going through the a really good set of strong set of results in what was a challenging market. We've got we are our EBITDA was up 7% year on year to a 135,000,000 EBITDA. That gives a margin of 13%, getting close to the 50% margin we're we're targeting.

20:50 Great to see a non oil and gas up 10% to 83,000,000. Our EPS with our increased profit after tax, now up 9% to 34.1¢. Order book saying it's 358,000,000, and we have a billion dollars of time pipe tender pipeline behind that as well, which is great to see that's a real strength there. Return on capital employed, improving up to 10%, up from 9% last year. Dividend is a key to returning, funds to shareholders. We got 13% increase there up to 13¢. Our working capital is a real focus. We've now got that down to 33%. Back in 2020, that ratio was up at 70%. That means we get more cash, more cash to deploy into m and a, more cash to return back to shareholders as well. We also took the opportunity to return, to extend the RCF, which is our borrowing facility, and that's up by 20 by twelve months to October 2029.

21:45 This next slide highlights the importance of our OCTG and how well that's performed. Again, over 46 of our business is OCTG, and that is really been a strength behind the results we've seen through 2025. In terms of a p and l, we see revenue is flat year on year, but we see improved metrics across gross profit up to 27, EBITDA margin at 13%, and adjusted operating profit of 9%. That gives us a profit after tax of 58, EPS of 34.1, and we can see a total dividend per share declared of 13¢. This next slide gives a we're very keen to make sure that we've got transparent presentation of all the companies, how we're doing in terms of whether that segment or by product line.

22:32 As Jim touched on, our OCG and subsea have performed very well, well above the 50% metric at nineteen percent and seventy percent respectively, perfecting systems at 6%. That's not where we want it to be, but that's a great recovery from where we were last year when it was 0%. So that is a recovery story. It's it's performing very well, and we anticipate that performance to continue into this unit and beyond. Advanced manufacturing at 9%. Electronics has had a tough year. We've got some restructuring going on there just now, and that we'll see as a recovery story as well. But all in all, blends together to get 13% group group profit. We see the EMEA Group there. That has had a, reflects the disruption with the the major restructure. We went from five facilities to one facility, and we see a much better performance coming through in '26.

23:21 In terms of balance sheet, we're very proud of our balance sheet. We've got 885,000,000 of assets. 250,000,000 of that is in real assets in terms of property, plant, and equipment. We've got goodwill of 165, which has increased by 80,000,000 by through the two acquisitions that were deployed in 2025. Working capital has trimmed by 20,000,000, which is good for cash, and we've got cash on on our bank at the end of the year of 63,000,000. Just another slide to demonstrate the the really good performance in terms of working capital. In 2020, we see that that percentage of working capital to revenue of 75%. We're now down at 33%. So all that cash that was tied up in working capital, we've exited some high capital, low performing businesses.

24:07 We've been very smart in terms of working capital instruments, and that allows us to return a lot more cash back to shareholders or deploy that into acquisitions. This slide shows that we have 63,000,000 of cash at the end of the year, and that's and that is despite the 145,000,000 of outflows for the acquisitions, which was 73,000,000, with 33,000,000 in terms of the share buyback and 90,000,000 in terms of dividends and 80,000,000 for treasury shares for the shareholder program. We now look at order book visibility. We're now sitting at 358,000,000. We do believe that will replenish the quarter two. We do got a very strong tender pipeline, looking at specifically on the subsea, also HTG and international markets, and we believe that will strengthen throughout quarter two as well, which will then support our '26 and '27 earnings.

24:59 We then finish with the in terms of the finance slides with the the guidance. Our guidance remains unchanged. We're looking at EBITDA for the year at one forty five to one fifty five. We're showing improving EBITDA margins from 13 to 14%, effective tax rate of 25 to 28%. Little bit more CapEx. Traditionally, we're down between 13 and 40,000,000. We're seeing that fourteen and fifty. A lot of that is robotics, automation, and building some capacity in our our Chinese spending plant. Free cash flow conversion remains strong at least 50%. And with that, I'll hand back to Jim. Thanks, Bruce. So I'm gonna flick to the next slide. It just talks about, you know, some of the things we're wanting to do. New technology is important for us. International with Titan, OCTG, a lot of these I've talked about. One of the key things that we are emphasizing is our subsea bundling ability.

25:50 So when we bought FES, for example, they really didn't have much of a Salesforce. Their technology and reputation is what they went sales wise and grew their sales. And now because of all the other products we had, we can take the f e FES with the existing hunting products and really have a broader offering to sit in front of a client and talk to them about what they need to solve their problems. I want the new technology, subsea, and number of products there. The most important new one, I think, is in the bottom. It's called the stack fam. It goes with the original fam family, which allows basically a quicker, better utilization of the subsea tree without having to do a lot of specialty designing. The stack fam is really focused on increasing tiebacks in on brownfield sites. OCTG, we're literally constantly designing connections. In in my career with the company, we've had hundreds and hundreds of different products developed for different applications, grades of material, and the like, and that's something that won't stop as engineering challenges continue.

26:55 Well intervention, really areas there focusing on more intelligent tools, getting more data back to the slick line operator or the workover company operator. The opto valve on the bottom is really more to reduce the footprint at the rig site for safety reasons, and then it is a more lightweight product. Perforating systems, those are two items that are rentals for us. We've upgraded those to make the repairs after so many times down the hole, really make it a more cost effective tool for us, but it also provides amazing technology for our customers that allows them to, again, analyze wells and operate and complete better. So Titan slide here on international, that only shows Argentina and Saudi Arabia shows some projections from where we started at, but I think that is gonna be minuscule compared to what the opportunities are over the next five years. I mean, in Algeria alone in unconventionals, that could rival what we're seeing as far as potential in Saudi Arabia because of gas.

27:57 So upside, more to come. We're well placed to take advantage of that that business. OCTG, just kind of a chart showing you all the places where we do provide product. Pretty much anywhere that there's a oil development going on, we've been there. And, we continue to look at working our virtual mill concept where we're not tied into any one steel mill to be able to deliver the best products to our customer at a at a value point that makes sense for them and for us. Nonoil and gas upside, a number of areas talked about there. As I mentioned on the far right, nuclear is a relatively new business as far as what we've seen in the last couple years, but it's one built on a legacy of work that was done over twenty years ago in the nuclear industry that the Dearborn operation has a high reputation and respect level in the world for doing that kind of work. Nuclear is in its early stages, but we expect that to accelerate in decades to come. Obviously, in today's world, defense defense is a big area. We provide parts to Sikorsky helicopters as an example, but we see further opportunities in the defense area, in aviation, in the rocket business.

29:11 And as I mentioned earlier with FBS, we have some new opportunities now in offshore floating wind. Subsea bundling I mentioned, that just shows you a couple of the areas and the opportunities we've been able why we why we put the organic oil recovery into Subsea is because our relationships with people like ExxonMobil and Braava opened up immediate opportunities for OOR, talking to the same people, talking about their reservoir. Other pictures you see in the top are showing things in Guyana and up on a picture of actually what we're doing making parts in Guyana in our Spring, Texas location. In summary, shares are on sale today, so you should be buying. I mean, this is like a raving time to be buying HUNTING shares. I've never been more optimistic about the company's future. I've been with the organization for thirty eight years, Bruce over thirty.

30:05 We've seen a lot of changes over the years. I like to highlight the fact that you look at our product offering today versus ten years ago. It's a dramatic change in what we've been able to adapt to the and send into the marketplace. I like the famous Wayne Gretzky comment. We're skating to where the puck's going, not where the puck is. And so we're looking ahead to how we can do things better. In our summary, though, financially, I mean, we're returning a lot back to shareholders in the form of dividends and in share buyback. Our guidance at this point remains the same for an uptick in '26. EBITDA margins were on our way to that 15% more, EBITDA margin through improvements, pricing, and just growth in the business.

30:50 So we're happy of where we we were last year. We're never content, which is one of the great traits about the team at HUNTING, but I think the better days are still ahead of us. And with that, I think I'm done. So we can go to here, and we can look for questions, I guess. That's great. Thank you very much for presentation this afternoon. Ladies and gentlemen, please do continue to submit your questions just by using the q and a tab situated on the 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 recording of this presentation along with a copy of the slides and the published q and a can be accessed via investor dashboard. As you can see, we have received a number of questions throughout today's presentation. So 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. K. We had one. Are you able to name a few large customers of the OOR product? Yeah. Exxon, Harbor.

31:45 Who else was some? Petrogas. Petrogas. CTO. So, yeah, ExxonMobil was one of and Harbor are the two biggest ones right now. And are you in touch with the Trump administration? No. I'm not we I don't talk to Donald. We don't talk to them right now. So who knows? Maybe they'll get the news in the future. I I do know Chris Wright and have met him, but I haven't touched base with him on organic or recovery. Next question. Do you see a risk of equipment such as perforating guns meant for The Middle East being rerouted to other markets pushing pressure on prices? The answer is no. I don't think, at this point, you can really tell what's gonna happen in The Middle East. Last year, it was about a fifth of our business counting the KOC orders that we shipped. It is important. It's an area where we're hoping to see growth.

32:31 But at this point, in the geopolitical situation out there, I think it's too early to talk about. You still have a significant family shareholding. Can you explain how actively the family are involved in the business? The HUNTING family is still, correct, a major shareholder. They are not actively involved in the business. They're not in employed in the company in in any management role. There's no board members. They are very supportive. We talk to them and treat them like any other shareholder, so they obviously are interested to make sure that the company performs and that their shareholding continues to increase in value. But a good bunch of people, and, that's all I can really say. You got anything else to add on that? No. I'm good. Could tensions in The Middle East impact orders or project timing? Absolutely. I mean, one of the things that we've seen, there was supposed to be another tranche of KOC tenders come out. The original date was, I believe, a submittal in the end of February.

33:30 Then for some technical reasons, it got pushed out to early March. Now with the war, it's been pushed out to late March. So, yeah, if there's no doubt. If I think I think people in Kuwait are more worried about air air defense systems they are now than putting holes in the ground through drilling, I mean. So that's, you know, that's that. Let's see. What else do we have? How strong is the current pipeline? How do I make those? Oh, there we go. How strong is the current pipeline compared to last year? You remember were coming in? That we are we've got a stronger pipeline as we sit here than twelve months ago. A good depth to that pipeline in terms of the subsea OCTG as well. So we're sitting here with a big core or two in terms of converting that pipeline into orders.

34:17 So well positioned. You can take the next one. Yeah. In terms of the question around OR, when we'll do about the trials for Exxon and Harbor, What does that time look like? And how is the early feedback? Well, the feedback is we're expecting that in mid April for the the Harbor, and that's the capture trials. So that's what it's looking like. It takes a number of months for the the nutrients to flow through the reservoir. The first treatment went back in June last year. The second was in September. So the timing that we've been advised that we should get the breakthrough in mid April for harbor. Exxon will take a little bit longer. They they're keen to accelerate that program, but that's gonna take a number of months as well. But we've got a number of customers around the world up to twenty, thirty customer engagements, so these will come in over the next the next few months.

35:09 That's great. Thank you guys for answering 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 meet company platform. Just before redirecting investors to provide you with their feedback, which I know is particularly important to the company, Jim, could I please just ask you for a few closing comments? Yeah. I've been very, very fortunate and very blessed to work for this company for thirty eight years right now. And every day I come to work, I am constantly impressed by the team and all that they do to deliver the results that they have. I do firmly believe these shares are on sale right now. I don't say that in a in a funny way. I think there's great value ahead for us when you look at the diversification of our product line and the fact that we embrace things like new technology and things like OOR. So I'm excited to be here. I think, it's a great place. We have a great balance sheet. We have the funding available to do more growth if needed.

36:00 So I don't know how there's anything wrong with this story today. That's all I got to say. So thanks for tuning in. That's great. Thank you for updating investors today. But please ask investors not to close this session as you'll now be automatically redirected to provide your feedback in order that the management team can better understand your views and expectations. This may take a few moments to complete, and I'm sure will be greatly valued by the company. On behalf of the management team of HUNTING PLC, we'd like to thank you for attending today's presentation, and good afternoon to you all.