Nexus Infrastructure (LSE:NEXS) — Full Year Results

0:00 Good afternoon, and welcome to the NEXUS INFRASTRUCTURE 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 Charles Sweeney, CEO. Good afternoon, sir. Thanks, Ali, and good afternoon, everybody. Thanks very much indeed for attending this presentation of the NEXUS full year results for FY '25. Myself and Dawn will be running through first and introductions in NEXUS.

0:48 We'll then look at strategy and progress. Dawn will pick up on key financials. We'll have a review in the markets. We got some case studies, and we'll take a a look to the future, and then we'll wrap up with a summary and close. So for those people not familiar with NEXUS, we've got two operating subsidiaries, Tandem, mainly focused in the house building sector, and Coleman, mostly active in water and rail. I've got a couple of things to say about them. So Tandem, celebrating fifty years this year in in business, is recognized for his experience and capabilities in large complex multi phase developments in the housing sector. And you can see in the listing below that it's basically working for all the big players, national players in housing development, Taylor Wimpiksen and Belvoye history and so on.

1:44 Turning to Coleman. So Coleman's main, as I said before, main activity in the water sector, has been in business for twenty five years, has some activities in rail also, but the main thing we'll be talking about today will be its activities in water and the opportunities looking forward. So with regards to our strategy and progress, so two years ago, we set out a new path for NEXUS, one which would basically stabilize the operations and give us a chance to get back to growth and profitability for the group overall. So I'm pleased to say that the approach we have taken has been bearing fruit. So these are our three strategic objectives. So first was to be able to grow with our customers. So we set about customer focus, paying great attention and listening to feedback and doing what we could to service those key customers. And that's basically about born fruit. And you can see FY 2023, the amount of work won was just £32,000,000 In FY 2024, that grew to £56,000,000 But even better is that in FY 2025, we secured just about £89,000,000 of new business.

3:03 And that at a time, as we'll touch on when we look at the market sectors, when the house building sector has been pretty much in a very poor condition, flat at best. So we've done very well with that. The second one was expanding our market. And in this instance, we wanted to look towards other sectors whereby these would be countercyclical, that we would not have the problems of the ups and downs only in the house building sector. And we also wanted to have sectors which would have higher margins. So with that strategic objective, we acquired Coleman at the beginning of FY twenty five. I'm pleased to see that during the course of FY twenty five, the gross margin delivered 31%, very much higher than that which is possible out of the house building sector.

3:49 And then finally, on the matter of focusing on financial delivery by basically driving operational improvements and making sure that we're maintaining a tight control of costs. You can see that the tantamount business, we've been able to nudge up on the gross margin, 13.5% to 14% year on year there. And then looking at the NEXUS overhead costs, the central costs. And these are exceptions. It's it's excluding costs associated with the Coleman acquisition in particular. And you can see there, FY '23, 2,400,000, down to 1,900,000 and then 1.5 in FY 2025. So okay, that's just a snapshot. I mean, we're really excited by the progress that we've achieved.

4:38 We still got a long way to go, but I think there's many reasons for us to feel positive about the progress so far. Dom's gonna talk now in more detail on the financial figures. So we were really pleased to see an improvement in the key financial indicators during the year. This was due to a mix of operational improvements in Tandem, the acquisition of Coleman and the continued focus on reducing our overhead costs. Group revenue increased by 16% with tamp downs revenues up 6% to 60,000,000 and Coleman adding 10% of the to the group revenue at £6,000,000. Gross margins for the group improved by 2% during the year.

5:25 This was partly through an uplift on turn downs gross margins by half a percent, which improved from 13.5% to 14%. And then Coleman's gross margins, come in plus 30%, which helped to demonstrate the positive impact that diversification is having on the group's performance. We continue to focus on managing central costs and reduce these by 390,000 in the year and over 900,000 in the last two years, despite the increase in the size of the group. Each of these factors contributed to the reduction of the loss in the year to 1,100,000. And as expected, H2 performed at breakeven.

6:12 Our exceptional items in 2025 related to the acquisition of Coleman and was split between adviser costs and accrual for the deferred consideration, which is based on earnings targets over the next two years. NEXUS continues to have a strong balance sheet with net cash of $10,900,000 at the end of the year. This puts us in a strong position to manage the working capital requirements from both Tamdow to support its increasing order book and Coleman as AMP8 work releases. Tamna's order book increased by 62% in the year to eighty to eighty three point four million and is actually up 81% over the last two years.

7:03 And this has given us good visibility on future revenues over the coming year. An improvement in the debt position continues. With Tam now seeing the benefit of a commercial director and their overdue debt improving by 39%. Common are paid to predetermined payment terms, minimizing the risks to payments not being received, and all of that contributes towards our improving cash position despite having spent and having had an outflow of cash of nearly £4,000,000 for the acquisition. The board are then recommending a final dividend of 2p per share to maintain the dividend level of the last two years. Charles will now sort of take a review of the markets.

7:52 And so so, yeah, first off, for those that have sat in our presentation previously, you would be familiar with this. So it's a house building sector, and we're looking at the the government target, 370,000 homes a year for England. And you can see that the gap remains significant. In fact, the gap the gap in 2025 worsened slightly. So So that's not a good position to be in for the sector overall. However, the the reasons for optimism behind this would be that the changes that they brought in with regards to prime regulations will be now finding them work their way through the system and should be having an impact. And then, okay, subject to what's been going on in The Middle East recently, we expect to see the reduction in mortgage interest rates with the Bank of England rate at the moment at 3.75%.

8:45 Anticipation was that we would see that decrease further, during the course of the year. And finally, I mean, the spring statement, I have that on or on the corner over here. Spring statement, so the chancellor has finished the spring statement. So but not expecting too much to come out of that. But I think there is significant political pressure building, on the government, and they will want to see something that they can headline. And the house building sector is is certainly something which, would be key for them in turning around their, their position and winning votes. So that's a possibility. If if we look at the circumstances we find the sector, residential planning approvals, look at it, just like disappearing off the chart, and that's through to the third quarter in twenty twenty five.

9:38 However, seeing that there is a positive light on this, I could say, is that we could question, are we reaching a point, an inflection point? Looking where we were back in the days of 2012 on how the sector was able to build from there, we could question whether we are at that sort of position right now. And as I say, reasons for that would be the changes to planning regulations and the reduction in the mortgage interest rates. So we will see, as we go forward whether that is actually an inflection point. I've got a couple of other slides to show on this, food for thought. This is an HPC warranties, so the number of registrations of new homes. So they're up 12% in the private sector, 11% overall in 2024.

10:30 But that doesn't mean too much. You can see across the chart there, that could just be an anomaly and doesn't really tell us a picture overall. So if I step to the next slide, this one is information from the planning portal operated by TerraQuest. It's public information. And here, what we're looking at is the number of proposed units in planning applications. So these aren't plan these are not applications that have been approved. It's one step earlier. It's the number of actual units which are being applied for planning applications. And see how from 2022, this was definitely in decline. But there, 2025, the number of applications is significantly up.

11:17 It was 210,000 in 2024, and it's 335,000, still short of the the overall targets the government has got, but 335,000 in 2025. And if I don't kill everybody with too many slides, if I present one further here, you can see this on a quarterly basis. So testing eyesight here, you can see in the beginning of 2024, the quarterly number is very low. Except if I see that, it looks like 40 something thousand, very low number. And then over those quarters, it's just been picking up. And in particular, the last two quarters of twenty twenty five, we saw a significant increase. Those are there in the bright green histogram shown there. So do do we think that this is necessary, the recovery of the housing sector? I don't know. I mean, there's lots of different factors, isn't there? However, looking at it from the other angle, if this was just a flat line, we would be certainly thinking doom and gloom. To see that there is such an increase in planning applications is certainly something which is of interest.

12:31 So I'll leave that as food for thought for now. Strategy and actions. Have a look just at a a couple of examples of what would be a typical good sized projects for Tandem. So this one is Vistree, Tovelkent in Maidstone, pounds 17,000,000 for the last four years. Project commenced in April 25. Overall, 270 ish units six and a half kilometers of roads, etcetera, etcetera. It's a it is a civil engineering challenge because there are, in addition, large underground storage tanks, 13 of them, which will be used to capture flood rainwater to prevent flooding. So significant project and and the sort of project that Tandem excels at.

13:21 And there's good words there written by Brendan Evans, the regional MD of Vistra Group shown there. Got a second example similar to INSIGH, pounds 16,000,000, this time for Bloorhomes, and it's in Basildon, Essex. A little bit longer duration, currently planned at five years. Project commenced in November 24, two sixty nine residential units, etcetera, etcetera. And it also has the sustainable urban training system. In this case, it's mainly a large basin, which is partly shown in that picture, but it's one underground storage tank. Seven areas of Section 278, that's where we're actually building roads and altering the existing highway like roundabouts or bell mounts to get access to the site.

14:11 So two good examples of the type of jobs that Tundel takes on. And even better so is when, as we've said, when these are a phase of a project where there may be several phases and these the overall maybe ten years in length. So it's a great opportunity when we get the early phases of such a development. With regards to the water sector, so the story we know is it's all driven by nondiscretionary spend. These are projects which are driven, unfortunately, by climate change. So to ease the problems of flooding that we've been experiencing, so how do we deal with that? And then also the matter of droughts, how do we maintain it's hard to imagine droughts right now, the winter that we've just had. But yes, the subject of drought is high on the general it's not so it's not down to whims.

15:06 We have to do this expenditure. So the AMPEG program, as approved, is £104,000,000,000 versus the previous five years, 61,000,000,000. The one thing I will say about this, and again, we can talk about this in a little bit more detail, is that the AMP programs, as projected, they started from first of April last year. They've been slow to get off the ground. It's pleasing to see that it's now coming through, but it has been slower to come off the ground, not not just in the water companies that we deal with, but across the country. We'll say that, but it has been slow to start slower to start. Magnitude of the of the project still the same, but the timing for when they're getting underway has been slow to start. So our acquisition, Coleman, that we mentioned previously, it's a great business, great team led by Barry Coleman, and there are some words given there about his excitement of joining the group so that we can able to help the business flourish further and develop and grow. So a couple of things that we've done during the course of the year. The integration has gone very well.

16:16 Super, as I say, great, great team. But we we run a program building sustainable growth, and this was basically to look at every aspect of what the business will face as a result of what is going to be quite a significant growth in revenue. So we looked at such matters, well, obviously, the obvious things of the recruitment process, making sure the right number of project managers in place, commercial people and so on and so forth and site personnel. But in addition, through to the whole matters of how we'd be communicating, what systems should we use, and and, of course, finally, working capital requirements and making sure we've got the the cash for the working to support the working capital. So it's gone very well. Looking forward to the second half of the year when we'll see that really pick up.

17:07 So just here was a snapshot of from Southern Waters information that they present. This is why it's it's, again, it's exciting to be involved in this. It it's a twenty five year horizon they're talking about. Difficult to read off despite, I guess, but along the top is AMP8, which runs through to 2030. But then the following ounce through to 2035, 2040 and so on and so forth through to 2050 are all part of the plan. And it as I'm gonna use this term again. It's just not discretionary spend. So this is has to be done. We're gonna be able to deal with the droughts, deal with the floods and deal with preventing the pollution of the rivers and the beaches and so on and so forth, all of this has to be spent. From a water bill payer, it's not exciting for any of us. But from a construction contractor point of view, it's a very good sector to be involved in.

18:03 So an example project here for Coleman, so this £2,000,000 just over £2,000,000 at Tunbridge Wells. There's reference to the new pumps and pipe work, very congested areas, difficult working conditions, but there's the final settlement tank, 24, 25 meters in diameter and the client absolutely thrilled with the work that was done. So and it's highly valued experience and and rare. There are not that many contractors that have this capability. So I think the immediate customers that we have and those that we will have in the future will certainly value the experience and capabilities that Coleman has. So as a summary, so we set out the strategy we say, it was a couple of years ago to stabilize operations and then have this new path for NEXUS going forward. So we would be introducing growth and getting the group back to profitability.

19:03 So here we are two years down the track from that. And the revenue is up year on year 16%, gross margin 15.6% from 13.5%. We've reduced the central costs excluding the exceptionals, to 21%. The order book is up 62%. I mean, that's terrific to see. The operating loss is on the right path being reduced down further by 42. And we're saying that the outlook is really promising for the long term for the house building sector and in Water, AMP8 has a doubling of expenditure for the next five years along and it's a twenty five year horizon. So based on this, with a position that we're in with a strong order book, I think we've got the foundations in place for this current year FY 2026.

19:52 It will be seasonally H2 weighted, but we've got a promising future ahead of us with, what we have in place. So with that, we come to end of the presentation, and we'll hand back for questions and answers. That's great. Thank you very much for presentation. 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 slides and the published q and a can be accessed via investor dashboard. We have received number of question questions today. And if I may just start off with the first question here, which reads as follows. Can you improve liquidity of NEXUS stock? Other than the routine compulsory announcements, could you issue contract news via RNS?

20:45 There's only two parts to that to that question. I guess on the if I heard right, the liquidity of the stock. Then there are options from a corporate point of view, I guess, which would be issuing of new shares, but that's not part of the plan at the moment. So with the shareholder base that we have, what we have started is a process of trying to get the word out there more, spread the word of of, what NEXUS is up to. So we had an event, Mellow Monday, which was in October, which we presented at, And it's our intention to continue to attract new shareholders, which would improve liquidity, with a particular event that we're planning for the summer amongst other things.

21:33 I don't Dawn, is there any other thoughts you might have on that? No. I I think it's very market driven, the liquidity on our shares, and we have to reach out and continue as much engagement as we possibly can do to reach new shareholders. The second part was the matter of presenting information. I think we've had that before. I'm I'm conscious of that. It's something that we need to follow-up on. We take advice, of course, from from Alma, who's our adviser on the whole matters with regards to investor relations. So, yes, we'll take a look into that to see whether we could engage more and provide information at times of, let's say, when we are awarded significant contracts. So that that's that's a takeaway.

22:29 That's great. The next question we have here reads, when do you expect to report a profit? A current research out there shows us a breakeven in f y twenty six, and then we expect profitability to be on a continually improvement line over the next few years. Thank you. Have you pitched for any local authority contracts? No. Not as yet. It's not part of our strategy at the moment. So we as we've said, we are looking to diversify the business, but local I think it's that you said local authority work is not something that we have a strategy at the moment.

23:15 Thank you. Why has the number of NEXUS site workers reduced? It's the way it's presented because it actual fact, the number of site workers has increased and and will be significantly increasing during the course of h two. It's the number of directly employed personnel. So we took a view, not this last year, but the year before, about the way that Tandem would go to to deliver its work. So we have a higher percentage now of self employed subcontracts subcontractors and agency personnel compared to the number of people that we have as direct employees.

24:01 So if you actually went and you can't tell the difference when you're on the site, You would just see that the percentage is a small percentage now are directly employed. So we actually have more people on-site now than we'll have in the second half. That's great. Are you contemplating further acquisitions? Well, at the moment, we're certainly ambitious. It's the second, as we said, the strategic objectives, which I'm partly repeating, is this idea of diversifying and reducing cyclicality, and in particular, to get to these higher margin sectors. So at the moment, we're driven by that. We'll see and we'll view shareholder feedback.

24:51 The board will consider opportunities, and we'll take into account, how we're doing with the current strategy. So that's all I could say at this point on that. Thank you. Just turning to the next question. How do you attract new institutional investors? So I think we're partly, touching back on what an earlier question. So I think what we have to do is to continue to present the long term attraction of the sectors that we're involved in, which is where institutional investors are often into long term returns. So if we present the sector information and we present the performance that we're achieving with the businesses that we have and our strategy, I think then we should get a good level of interest from institutional investors.

25:44 Thank you. In addition to CMPD, who do Coleman work with? So there are both in Southern Water, there are other tier one contractors, which Coleman is able to work for. And in addition, just in this last eight month period, there have been a number of other water companies. I mean, you don't have to go too far out of the geography. You would see Southeast Water and also Thames Water, which, you know, can set some alarm bells ringing, but but they they've they've equally got huge amount of expenditure. So they are within the geographic patch that Coleman has at the moment, which runs along the South Coast, and many exciting opportunities.

26:35 So we will just on the water side of things, we will ensure that we stick close to the customers that we served over the recent years, and we'll build upon that looking to other water companies via their main tier one contractors. And you'll see that in our results in the coming years as to how we've achieved that. Thank you. Within those early phase awards, are they generally structured with clear pathways to subsequent phases, or are they more standalone in nature? The majority of the work that, Tam Down seeks and does get involved in is multiphase, developments. And it's there's no guarantee. If if it ends up, there's gonna be eight phases. There's no guarantee that just because you get in the first phase, you're gonna subsequently get positions on the second, third and so on.

27:31 However, for sure, it's the case that deliver according to plan, provide a quality service and a service which the customer can feel assured about does give an edge, and it only makes sense that that customer is likely to give an opportunity to tend down to continue onwards. So yes, ideal if we and there are some around where we see there are the value overall is £30,000,000 £40,000,000 just in the primary, let's say, three phases, and we can see that in front of us. But the overall development perhaps goes to like 10,000 units. Those are around, and it's great to be involved in those at the early stages because you've got a ten year horizon in front of you, as you say.

28:22 Thank you. Just moving to the next question. Over the past five years, how have face to face conversion rates and scope expansion on multiphase projects trended? Oh, I'm sorry. I didn't catch that. Over the past five years, how have face to face conversion rates and scope expansion on multiphase projects trended? Another thing I'd I'd say is probably partly in line with I've said before is that there hasn't been a particular trend. And what I can say is that the the win rate for Tandem is being consistent at around 30%, a little bit better than that, 35%. And the work tends to be multi phase development, so maybe you can put the two together. But I don't think there's been a trend in one direction or another.

29:11 So perhaps doesn't fully answer the point. No. I can add in some other things, be Tandem, for those not familiar, Tandem is definitely the first on-site. So when the housing sector is picking up, then the Tandem is the first to experience that, being the first, you know, trade on-site, if you like. Second thing I would say is that to the end of January, we were looking at the time down, the volume of invitation to bid, invitation to tender levels, significantly up on the previous four years. So that's a good indicator. I think it's two fifty million, I think we're right. And the number of tenders that we've actually submitted because we don't we don't respond to every invitation to tender.

30:04 So that was at a 150,000,000. So a 150,000,000 of good quality tendering has gone on just to the end of January. And that again is up on what we've experienced in the past four years. Again, who knows how things are going to turn out? You never quite know. But these are all sort of positive leading indicators that I can refer to. Thank you. Are you seeing any changes in client behavior around project timing or scope? So we do have examples. Both ends of the scale is not not gonna be helpful to whoever asked the question. We've got examples of both ends of the scale. May maybe the first side, which is the most interesting, of course, would be more typical when the when the market is buoyant, And that is we've been through the cycle of the invitation to tender the negotiations and so on and so forth, and then we get the award. And then it gets started on-site as soon as you possibly can, which can be within a week or a couple of weeks.

31:08 And that would be more typical of, say, a buoyant market. So we do have some of that going on. But there's also been a few examples of where we have been given the award and a couple of examples where those the the activity level has actually been quite slow, and the client has actually gone through the execute execution phases in a in a, yeah, more pedestrian way than we we might have liked. And there's one particular example where the award was made at the early part of the of this financial year, yet the project didn't actually get underway until January. So and that and that was, again, while the the client was satisfied with the pricing, satisfied with time down to go ahead with it, award was given, but start on-site was held back while they considered the how the market was going.

32:08 Thank you. One customer accounts for the vast majority of Coleman's revenue. Are these multiple projects provided to a single customer or one large project? So, again, if I heard that correct. The the the Coleman projects are multiple projects. The the vast majority of those, not all, but the large majority of those have been through the entity. There's a joint venture between Costain and MWH, so that's CMDP plus but not in its entirety. Have worked on for others as well. And in addition for Coleman, currently about is it 20%, Dawn? The revenues is is rail? Yes. Yep. But as I say, in the last eight months, the the inquiry levels on the work activities is now spread.

33:05 So doing far more work for other than CMDP plus, but I'll reemphasize this point. Building sustainable growth is built around the concept that we'll keep the core activities and focus on CMDP plus some broader, and we'll build out from that. So because we do wanna re retain our close relationship that's been successful over the last year five to ten years with CMDP. Thank you. Just moving on to the next question. Do you expect Coleman to represent a larger proportion of group revenue over time? That's a good one. I'd like to see definitely in the near term is that Carman will double in size.

33:57 What we're very conscious of, don't know if if you don't mind me saying this, Don, long in the tooth, being in the construction business a long time, I'm very, very experienced. So what we won't do is we're not gonna overstretch because that is just a nightmare. You know, three or four years down the track, you've got problem projects, quality has slipped and so on and so forth. So we won't be doing that. But we will see in the near term, we will see a doubling of Coleman's size. And even within Coleman, that diversification will come into play as well. So Coleman on its own with that trajectory in the sort of time frame of, like, two to three years is definitely not going to overtake TAM Down. TAM Down is gonna be growing itself.

34:54 So after that little bit of a waffle, the straight answer to the question that was asked would be no, not in the short term. Thank you. Specifically for TALM DOWN, how many bidders are you seeing on average per contract today versus pre pandemic levels? Don't think it's any different. Perfect. What type of central overhead are you aiming to achieve? Can it go further down from where we are today? I think it's probably as low as we can get it, but it is not something we ever take our eye off. We're conscious that a lot of money has to go into the regulatory space and make sure that we're compliant in all cases Order gets more expensive every year. So it's something we continuously keep an eye on, and if we can get it lower, we certainly will do.

35:49 Perfect. Thank you. With your view and contracts in the water sector via Coleman, you do think there might be possibilities for the tamp down Earthworks team with respect to the new reservoir schemes being talked about at the moment for the first time in about thirty years? Certainly, we have plans in place for seeing what we can do for the businesses in improving the integration of I don't actually mean no. Said integration. I don't actually mean joining the business together, but there are some aspects, so where we can benefit from, you know, such as procurement or access to career development, we can swap people around and so on and so forth, sharing of resources. But as things stand at the moment, operating in the water sector sector requires a certain level of experience and background and capability and as they call it, tickets for people that work in the water sector.

36:46 So for sure, if we saw that there was a need from a group point of view, from a size of business point of view to approach some of this larger work, the reservoirs that's been referred to there, then we could do that. But as things stand, I really do see that both Coleman and Tundown for the periods ahead, we pick up in the second half of this financial year and then beyond, are gonna find themselves quite busy as they are. So we'll we'll we'll certainly looking at the the reservoirs and seeing if there are opportunities. Mainly, it's large earthworks development activity, but something that we'll keep our eye on.

37:34 Perfect. And just one final question to wrap up on. Why would this be a good time to invest in NEXUS? Well, I'd say, well, first of all, it would be for somebody looking across opportunities of which sectors to be involved in. If you have a belief in the house, housing situation in The UK and that we're at a low point now in terms of delivery and sector activity and that the sector overall has got a significant increase ahead of it as an opportunity. And equally, on the water side, the water sector, for the things I've said, And business is really very pleased lot we've made the sectors and where they are in the cycles past. Will be a starting point. Second thing probably would be should be that you take a look at how we're doing. You know, what we've done with Tandem, the Tandem guys, the Tandem leadership, what they've been doing to turn the business around and to achieve what they have done in terms of the growth and that significant order book growth of 60 odd percent.

38:52 And equally, looking at the what we've done in terms of bolstering and assisting Coleman. So from a sector's number one and individual businesses, number two, be reasons why you would consider investments in NEXUS. The third thing would be, do you believe in what we're saying? Do you think that the sector that the strategy that we presented as NEXUS overall has got merit? If we're if we're doing the right thing, and I absolutely 100% believe we are, we're on a path and we see huge opportunities. And the way NEXUS is approaching this in a measured way with a strong robust order book, giving us many opportunities and flexibility for for options going forward, but also ensuring we're here for the long term, then those will be reasons why someone might consider investing. It's not for me to advise whether you should or shouldn't, but, hopefully, sectors, the companies themselves, and NEXUS strategy and overall view for the future.

40:00 If they're ticking the boxes for you, then, you know, go on. I I think it's the right thing to do. So that's all I could say. That's great. Thank you 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 InvestoMeet company platform. Just before redirecting investors to provide you with their feedback, which you know is particularly important to the company, Charles, could I please just ask you for a few closing comments? Well, I thank everybody for attending this presentation. Hopefully, we've given you an overview of where we've got to, the progress that we've made. I've got a couple of other points again written here. The order book's up 62%.

40:45 Central costs are down 21%. Gross margin's 15.6% from 13.5 got a 16% increase in revenue. And we've achieved this in what has been a flat market, difficult market in the house building sector. H2, in particular, is going to see the businesses' opportunities flying. So yeah, I'll just say thank you very much, for attending and and for your interest. Thanks very much. Charles, Dawn, thank you for updating investors today. Can I please ask investors not to close the 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 will only take a few moments to complete, and I'm sure will be greatly valued by the company. On behalf of the management team of NEXUS INFRASTRUCTURE PLC, we'd like to thank you for attending today's presentation, and good afternoon to you all.