Sabien Technology Group (LSE:SNT) — Investor Update

0:01 Good morning, ladies and gentlemen, and welcome to the SABIEN TECHNOLOGY GROUP PLC 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 situated on the right hand corner of your screen. Please just simply type in your questions and press send. The company may not be in a position to answer every question it receives during the meeting itself. However, the company will review all of the questions submitted today and publish responses where it's appropriate to do so. Before we begin, I would like to submit

0:33 the following poll. And if you could give that your kind attention, I'm sure the company would be most grateful. And I'd now like to hand you over to executive chairman, Richard Paris. Good morning, sir. Good morning. Good morning, everyone. Welcome to the SABIEN TECHNOLOGY GROUP investor update. SABIEN is a company focused on making the world a better, cleaner, and safer place through developing and rolling out deployments on a global basis, deployments and technologies that can make the world cleaner, better, and safer through the reduction of pollution, through the reduction of c o two emissions, through assisting the transition to a net zero economy.

1:19 At the moment, SABIEN is focused on two main lines of business. We've had several presentations in recent weeks, and links are available on YouTube, concerning our involvement with City Oilfield of Korea and bringing their technology into The UK and other countries around the world to reduce mixed contaminated waste plastic in volume into high quality fuel oil and naphtha for conversion back into brand new plastics. However, this morning, what we want to focus on is the other line of business that we have been developing over the last fifteen years as a company and probably a line of technology that in our recent communications has been somewhat unsung.

2:07 Even though behind the scenes, we have been making tremendous improvements in both our technology and our go to market strategies for what is called the m two g product. M two g reduces the amount of c o two that is emitted from large scale commercial boilers. To put that in context, if the m two g technology we've deployed universally across The UK, then The UK could save the amount of gas that's burned by a city the size of Manchester.

2:41 And we think that is real impact. And that's the sort of impact that under my leadership, SABIEN is intending to roll out to the world. This morning, we have Tom Sprupp with us. Tom is the managing director of our m two g product line. And Tom is going to drill down into the the background, the markets, and the technology behind the m two g so that you, as investors, can get a clear view on the market potential of the technology that we own business and which has, for a long time, been the mainstay of SABIEN's business. Many of you have commented to me that the revenues we obtained from the n two g product have have been smaller than you would prefer, and I would second that.

3:31 And, again, under my leadership, we've been modifying the technology and our proposition to really make this a volume a volume solution that that can be consumed in The UK and around the world. So without more words, I'm going to hand over to Tom. Tom will make a presentation on the the product set, and then we will take q and a through the through the meeting interface you're looking at. And then we'll be rounding off the meeting before we go into the SABIEN AGM at the top of the hour. Thank you for attending today. Tom, take it away. Thank you, Richard. Thank you for the introduction. And today, I had the pleasure of explaining the product line, m two g Cloud Connect to you. It's a very exciting product line.

4:19 Decarbonation is not about procrastination. It's about visibility actions and collaboration. And that's what the product delivers to the market on time and visibly. Fossil fuel reduction, as you know, is a focus for our organization and also, more importantly, for the world. You can buy electricity in green, but you cannot buy gas in green. It's a point of consumption where the responsibility lies with the board of that building or that organization to reduce. There is no short term fixes for assets in relation to heating and for commercial buildings or in effect domestic buildings currently. So a two g is a great fit to move forward with.

5:08 It's a unique solution as we've developed a a visible option cloud based solution. It gives instant analytics, real time visibility of actual savings for new and existing installations. Anyone can highlight a problem, but we can actually identify the solution. It's when your child is growing up and you see them not just finding problems, but working and solving solutions is when your heart grows and your smile is achieved. And that's what we look to do throughout the industry. We address the 92% of non electrical consumption for heating in commercial buildings. That's massive.

5:55 If you do not address that, you will not solve your building problem. It's as simple as that. It's specifically designed to enhance, complement, and work with existing controls without changing any set points or systems within that preset. An example would be in most buildings, we're seeing an average of 75% savings identified above the building control system that's in place. That's 75 saving identified within each fire. Instant savings, viewing performance from a single building to a single boiler to in a statewide global, whether it be in Honolulu or Hala. You can see it all.

6:46 The acquisition of the data is another strong point. It allows us to basically use API and begin to talk to bureau services and offer significant dashboard enhancements. As I mentioned earlier, it's about solving the problem and knowing the issues, not just presenting the data. Anybody can read a meter, but the question is, can you increase efficiency from that instantaneously? The the CloudConnect, one of the key factors which has come out certainly from all the m and e contractors we've been working with in the high level mechanical teams is it facilitates holistic analytics. It allows you to look at all your plant and see where the problem actually lies.

7:32 The energy in this institute has said that there's over 15% on single opportunities to affect different sets of plants or items within the delivery of the heating system within our commercial building, and we can look at those and produce them visibly. So this becomes an objective, not a subjective discussion. In relation to operational delivery, we've been busy. So with the challenges of the world recently, there's been a lot of downtime in relation to people coming to the office and so forth. We've utilized that time well. So what we've done is we've created a situation where we've designed a new product. So we've designed the I two the m two g CloudConnect system.

8:17 This basically gives us the ability, as I mentioned, to measure live, but it also accelerates the adoption because people can see it more quickly, in fact, instantly. The actual analytics available, as I've mentioned, are key to the success. People are installing these products for analytics alone. The savings is no no longer enough for a energy saving product. It brings stakeholders together. I have a slide on that coming up, and that's the most exciting thing. Go to market. Yeah. We go to market via a direct approach from our direct sales team, but we also go through partners and alliances. Our focus here is for fit drive presence and plan. If a partner has these facets, then we'll definitely be looking to engage.

9:06 From a systems and processes perspective, we've always had a good system and process in place and world class delivery of project management through Cheryl and Lee and the team. But, ultimately, it's a case of data needs to be managed, and what we've done is streamline the process throughout these challenging times. It gives us the availability and the access to market and service expansion. So we're now looking at global accounts. We're installing in Europe tomorrow. We installed last week, and we're looking forward to to moving forward with other European sites with key partners such as Ericsson and CBRE. We provide we develop deliver holistic analytics, which gives the opportunity for a consultancy approach.

9:51 Cloud API, big data, and bureau service are within reach from our, bespoke data, and we also offer a complete energy solution as a result of this visibility and analytical support. From a district heating perspective and a residential, we're working with the government on certain aspects and certain buildings currently. In fact, last week, we were installing in residential government buildings. This is in it follows in through onto the original announcement of SAP, which is driven and with one of our partners, City Energy, and, Nick Pritchard is very focused on that and driven, as mentioned earlier, the go to market slides. It's very exciting for us to be working with CityEngine and BRE and EDF in in relation to this residential SAP approval.

10:44 In relation to the service suppliers, we're effectively becoming a service supplier as opposed to just a capital sale. The big point here would be recurring revenue. And our cloud based solution allows recurring revenue, which, is coming into play now because we've from our installations over a year ago, all our clients are taking this up because they know and see, feel, understand, and more importantly, on their bottom line experience the savings that we're delivering. We're on we're also in the process of creating the next generation solution. This will allow us to go into new markets and also expand in our current markets.

11:29 It's not just a box. It's a three in one box. So currently, we have potentially three units for installation, that all goes into one. An indicative size picture is on the right hand side of your screen now. It includes also bespoke technology, new technology designed and created by our technical director, Tony Willis, and that enables us to expand in our current market onto systems which weren't possible before. In relation to the real estate, clearly, is something for the residential side of the market needs to be smaller. We tick that point as well. But more importantly, well, from a production logistics and installation perspective, this is all beneficial to us and the organization.

12:23 There are challenging headwinds, and there have been and will continue to be shortage was probably one of our major challenges. We we can redesign fit, form, and function products, but the component shortage was across actives, connectors, and, passives, which caused real problems. A processor you can't really design a processor. It takes too long. So as a result, we've been fighting with the market. We have multiple solutions, as mentioned. There's three units in in our ultimate solution, which has caused more with separate processes, different sitchets, different bombs, etcetera, etcetera, which has caused some real challenges.

13:19 And the the industry as a whole, we're not alone. They're quoting fifty two week lead times. I spent nineteen years in that industry, fifty two week lead times mean allocation and who you know to be able to get product. Luckily, we do know a few people. And as a result, we've been managed to continue with our installations throughout this period, but it has been exceptionally challenging, and the board will be very supportive in in ensuring that we align. In relation to the stakeholders move and leave, I'm talking about the client. We've seen a lot recently with basically ground zero project resets. This basically is a result of people leaving or moving around, possibly following their realignment, having been at home in the global pandemic and so forth and so on. But it's very challenging to start all over again.

14:12 The question is, does the person we're speaking to have the authority and the focus? They have the authority, the desire, but do they have the budget? Do they have all the stakeholders bought in? I believe our show our solution actually brings together all the stakeholders, and I'll show you that in the following slide. Organizational synergy. Usually, there's a contrast between what people want and what people are looking for, and that's one of the challenges that hopefully, again, the solution, although an asset, will actually overcome. Industry cohesion, collaboration. Not many solutions collaborate together. They're usually a case of, you know, mine is best and mine can do do all things. Ours ours can't do all things. Ours delivers energy savings, but it also is able to view the other facets within the boiler room so that then they can be maximized. We can look at them and understand exactly what they're doing, how they're performing, and what could be done better by the the for for the client in that particular case.

15:16 Complexity of operational delivery is another one. Even within one organization, they have they have different routes to actually procurement, is always a challenge. These these things exist everywhere, but it's just highlighting again the challenges and the headwinds that we see in this. In relation to client reach, this has been a big focus for us as we've as we've moved out of the COVID, and also with the global component shortages, as you mentioned. Direct sales and marketing versus asset availability. Asset availability is tough. We have discussions with the factory once, twice a week currently. And we also have to balance cost management against contract fulfillment, which we brought in into this fiscal year.

16:04 In relation to the market, how big is our market currently? Well, in The UK, I'm not talking about EMEA, e being Europe, not The UK, and all worldwide. What we're basically saying is we believe the market to be about 2,800,000 boilers, which is a lot of boilers. And as Richard alluded to or specifically stated in fairness, the opportunity for the size of saving is is vast to say the least. We have global reach. So we're in 18 countries across 15 industries. Now with the changes of the work patterns that have been going on, especially in the younger generation, there's you can be based anywhere with this particular system because you can see your global estate.

16:58 So if you're sitting in Australia, you could look at an individual boiler in New South Wales, or you could look at one in Cornwall or Tahiti. It's your choice. But more importantly, you could look at your whole estate too. So for example, one of the benefits that our European partners we're installing with now have indicated is they can see their whole estate for reporting purposes from ESG perspective, from measurement of their asset capacity, their and their and their efficiency overall, and each system, working out what control systems are best for which sites, which ones are working the best, and which ones aren't. Just many of the questions and all at one click of a button. This particular slide shows the it's a unique solution for all stakeholders.

17:51 This was the challenge because normally, you'll have an energy manager who's keen, but then this CFO can't see the saving and the m and e guy doesn't or is concerned about his plant, which is running apparently perfectly and probably is. So at the moment, if we started savings, we offer on on average, we deliver a 12% savings. We see that on our dashboard across our all our EMEA global installations. You get this and from that perspective, everyone's happy. From an organizational perspective, from visibility, the c the CFO is happy. He can see where his where his money is being spent. He can immediately see post installation what his savings are by the day, by the week, by the month, by the year.

18:45 His statewide access. The director of the states can now see exactly what is going on across his state. He knows how the boilers are doing, what his performance is, and all the facets associated with the state management. Then you have holistic and plant analytics and issues, faults, and identification. The chief technical officer, the m and e team, this is a new revelation for them. They can now identify plant issues and resolve them through objective data rather than subjective commentary. It's this, in particular, this particular facet of our technology has been warmly welcomed by the majority of directors in association with the technical team at client level.

19:33 Project management. Well, project management, the chief operation officer, he wants to ensure nice, clean, quick project. This is true. We're in in two and a half hours. You have your solution in place. We're out. The following day, you have your visibility, and we start to measure. And the head of sustainability has a reporting tool now at site and global level for any questions that come his way.

20:01 Distribution channels and customers. Where do we play? Who do we play with? So from The United Kingdom perspective, we have a direct sales force, direct to clients, fertility management or organizations, property management, energy supply organizations, consultancies, data solution providers. Outside The UK, we have tech centers and distribution and installation partners. But here's a here's a slice of of of where we are. So we're in public and private, clearly. Health care, NHS, obviously. Local authorities, you know, there's a couple there, the Lincolnshire Council, Council, Council, Council. There's there there there's there's quite a few we could put on yet. Banking and finance, very pertinent. Bank of England, we're at. The national gov government.

20:48 We're actually in 10 government departmental sites over the last years. But some of the biggest focus is most recently is the Ministry of Justice. And we're also in Bays. We're in Victoria Street on their roof. Estate management and is is is these partners have become very key for us. CBRE is is an amazing partner, and JLL, if you're watching the news, is all about retrofit currently. Circle is is great and NG too. Integral is also one, and Mace is is a supporter. We're a member of Wade's technology circuit, and we are also in their head office delivering significant savings for them.

21:40 Media and technology with Ericsson and and BT banking, and pharmaceuticals,

21:47 which two of the well known brands. In fact, the bug was installed yesterday by some of our engineers as well. And energy providers. So we've chosen, as I mentioned earlier, supporting partners with the direction, a plan, and an enthusiasm. And City Energy bring that to us with a new market in into the residential side of the business. Tutu Energy bring bring with us an international flavor and a complementary analytical huge interest. AMBA Technology is local and very commercial based, and we're working with them on a number of projects currently. Primary Energy, fuels and oils, which is is is high end. That brings us specifically into there. And I mentioned EDF as well, which we then come back to the staff and and and city engine.

22:43 So what do you what do you actually get? I I keep telling you that we install it in two and a half hours and you and and you see it in twenty four hours. Well, here's an example. So this is a this is a a government residential install, and then the next day, they got a 24 2025% saving. It's it's there to see. It it it doesn't get any clearer than that in fairness. So how is the how is the data how is the data calculated? Well, very simply, we measure every second. A load and a boiler changes all the time. The savings will change constantly. And the question is how how how do you measure it? Well, you measure it every second with the bespoke package into g cloud connect.

23:28 And as you can see, for example, in this particular one, the the brown represents the firing pattern of the boiler measured every second and shows you the saving in kilowatt hours. The green sorry. The the consumption in kilowatt hours. The green is the saving. In this case, I think it works out to be 17%.

23:50 But the interesting thing is is the controls. So in this first graph where it says ten twenty, effectively, the number of savings identified within and removed within a fire request by the control system is on 82 of the times that the boiler fires. That's a lot of savings being missed. The 82% isn't the saving. It's the number of

24:16 savings identified within the building control system that's in place, and that's something that we really need to understand. So don't take my word for it. What do our clients say? Our clients the the the the the largest one is the government, which Sorry. I just had a technical. The largest one, h m h m government. They're delighted. We're in discussions now for next year's position. The NHS, their comment was cost savings estimated at over £300,000. The CBRE, energy and sustainable technical director, this really is a no brainer.

25:07 ENGIE, one of the best subcontractors we have worked with. Joan, Jones Lang Lang LaSalle, savings that the MTG can deliver have been fully validated. Wait, this is when we installed into their HQ. This is the best innovation energy reduction product we have installed. Who have just acquired Aquanath. Looking forward to upgrading to the NTG Cloud Connect. The school's immediate savings ever evident. That was on a statewide school and continues to be around about 20%. TUIKNOLO, where we all like to watch the rugby, allows us to identify further savings. This is the thing.

25:53 And the FMI group service, head of m and e contractors and director of ECG maintenance, top of their game in understanding technology and and mechanical engineering, haven't seen like this anything before. Quite incredible. All of these factors, I'm pleased to say, tick, as I mentioned earlier, what we try to achieve and what we are achieving.

26:19 One here's just one of a quick case study to show you. This is a a a a installation we did whereupon everyone in the boiler house said their plant was working correctly. And guess what? It was working correctly, but it wasn't the most efficient interaction between the plants. They were using a tremendous amount of gas. Following the analytics and the consultancy that we do, we do consultancy with most contracts we do now. I would say that 90% involve consultancy now. We didn't we we identified the issue visibly for them. We presented the issue visibly for them, explained exactly what they needed to do. They then went back to that particular control provider, and they changed to what we had recommended them to do. And instantly, they saved 8283% rounded on their gas consumption that day.

27:17 Incredible stuff.

27:21 From an ESG solutions provider, CBRE have us in the on their global platform for all their team to view and to to to understand exactly what we can offer. I hope that gives you a quick flavor of, m two g, the direction we're going, our offering, and our ability to deliver speed and instantly for savings and our clients going forward. Thank you.

27:51 Tom, Richard, thank you very much indeed for your presentation this morning. If I may just jump back in there. 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 team take a few moments to review those questions that were submitted already, I would like to remind you that a recording of this presentation along with a copy of the slides and the published Q and A can be accessed via your investor dashboard.

28:15 Richard, Tom, as you can see, we have received a number of questions during your presentation this morning. So thank you to everyone on the call for taking the time to submit their questions. And guys, if I could just hand back to you to run through the q and a tab to respond to those questions where it's appropriate to do so, and then I'll pick up from you at the end. Thank you.

28:39 So while Tom is reviewing the the q and a, maybe I can just take a a couple of minutes to summarize what Tom has been presenting this morning. And what have we been achieving over the last year, and what can investors expect over the next twelve months? Maybe go down a checklist. We've we've flipped the company from dragging behind electricity savings, and the gas savings, are now predominant in most of our client base, and we flipped from being a a drag behind other technologies to being a leader. We've moved beyond being a incidental discretionary purchase to a purchase that delivers real impact to our customers.

29:26 We flip the business from having nonrecurring capital being a nonrecurring capital equipment spend to being a recurring service spend. We've moved the company from being a direct selling company with all the scalability issues behind that to being almost entirely focused on channel selling through some of the biggest channel partners in the world.

29:53 We have commoditizing our our hardware proposition. We've moved the company from being principally a national distributor and a national supply to being international. We recently announced, for example, that through CBRE, we we are are delivering to Ericsson in multiple countries across Europe, and we also have an active US partner. We've moved from being a as Tom explained, a multi box, a three box solution in many installations to being a single box with all the savings that makes in terms of installation costs and and installation time. So it becomes something which is much more practical for a channel partner to install without our direct intervention.

30:41 And that leads on directly to moving from a solution that required many chips to deliver a solution, which has been challenging at a time of global silicon chip shortages to having fewer chips in a single box. And this means we can make even in a chip constrained world, we could roll out far more installations. We've moved from this being a long term sell by which I mean, historically, our customers often used to spend six months and upwards analyzing and deciding where to move forward with buying an m two g solution to something which can be made almost instantaneously. So it becomes a much faster, deal to sell. And we've moved from, as as I mentioned earlier, from being capital equipment to being energy as a service and c o two as a service.

31:35 And this is something we're finding is is very appealing to to to to our customers. So perhaps, Tom, have you gone through the questions, and would you like to Yeah. I can certainly some thoughts. I certainly look forward to that. So so the the first question that I have here is what are the key catalysts to drive sales as adoption can be slow process? That's exactly the challenge. So the question is, what do you do? Well, you create NGG Cloud Connect. And what does that do? It basically visualizes the chat the the the issues the client's having. But more importantly, it gives something to all stakeholders.

32:22 That's the problem. The process is slow because people don't see the benefit to them, and it needs to be the benefit to them regardless of what your colleague may say. One of the stakeholders may not agree. So as a result, visibility and delivery for all stakeholders should and will and does, in fact, reduce the the the sales process. So thank you for that question. The current the second question is the current environment must be good for MTG, high prices, etcetera. How big is the opportunity and what's missing to execute on it? The current prices the the current factor is is good, the high gas price, but also the high electricity price. Everyone invented invested a lot in in in electric electricity solutions, and now they're actually moving away back to gas because it's cheaper even though it's more expensive.

33:21 The the in relation to how big the opportunity is well, the opportunity I've kinda presented on the slides, the number of boilers in The UK. In relation to the mass in North America and and the rest of the world, then it's it's obviously multiples of that. So the opportunity is huge. However, the CloudConnect allows multisite, multiregional installations. So we can tick those boxes. We can satisfy that demand. We can deliver for the client in across all regions. So thank you for that question. One of the questions is, does the advantage provided by the NTG system versus competition rely on TECH PETERT and by SABIEN?

34:13 The answer to that is yes. It's the the SABIEN technology is an I is is a is the only IP we manufacture in The UK. And I mentioned about the new technology being adapted as well to the new evolution. That is also SABIEN's. So, absolutely, our solution is unique. And this is reiterated by, some of the comments made by our clients. It's all very well me saying it, but, the clients are also seeing that, especially from an analytical perspective. The ability to deep dive holistically, objectively, as exactly as an engineer would want to solve problems now exists for them. And this complements and helps the energy manager get through the solution he needs and delivering gas savings, which is what the organization needs as it being the largest consumer for heating within their organization.

35:10 So thank you for that question. And Tom, a question I'm often asked by investors is, if the future is as bright as your presentation presents and the proposition is so compelling, how come in the last year that our revenues were sub 1,000,000? What's the impediment to growth? The main the main the main challenge we've had is is is effectively the the the capacity in in relation to assets. As mentioned, the the chip components cannot be overestimated. I mean, we're competing against BMW for chips. The electronic the market, the the Europe's largest electronic show, one of the biggest in the world. I spoke to some of my previous colleagues who started poorly on board level within whether it be at mail, whether it be in Farnell, Avnet, and all these places, and they've never seen constraints like this.

36:11 We have to ensure that we deliver for our current clients. We have contracts in place that we needed to deliver. We don't renege. We deliver on time and at speed. And with the assets we had, we had to ensure that that was covered, which which left not so many for the new business as such. We're into we're we're basically working with the clients, obviously, to convert. But some of the time, Richard, was spent bringing on our new partners to on our route to market. That would include, for example, Citi Citi Energy, Tutem, CBRE, Amber, all these all these compatriots, getting them trained, getting them understanding, getting them familiar with our technology, allowing them and facilitating them to expand our sales force as such to be able to deliver for the client and support new and existing business.

37:09 So would it be true to say that subject to getting unlimited chip supplies, we could increase the volume of units installed by at least more than 10? This would be the goal for sure. Ultimately, for me, I think everything's in in in in in place, clearly, the the the size of the unit doesn't allow us to accelerate quite as fast as we like in some of our markets. But that's the commercial market is fast. And our American friends are very excited, and our European business has has just just started to take off. And I'm not forgetting that the business we're installing now has not just the assets installed, but you have a hosting facility, which has a recurring revenue element.

37:58 And 80% of our installs at site level now come with consultancy, which we're delivering as well. So there's a whole new package that we're delivering at speed as of when the the the product becomes available. We have done a lot of work, as mentioned earlier, to ensure that our go to market strategy is right and needs and and can be delivered at speed. Maybe what our investors don't understand, Tom, is that historically, the business we both inherited enjoyed no recurring revenue from its customers. Although we have more than 10,000 units installed in the marketplace, 99% of those units generated no recurring business, no recurring revenue.

38:47 And I believe I'm correct in saying last quarter, we received our first recurring revenue from CloudConnect. So we're now in the recurring subscription revenue market. Is that correct? Abs absolutely. I mean, we're we're we're really in this that that we are, you know, software as a service as well. And that recurring revenue that Rich is mentioning correctly is on on one of the larger UK estates for, a a huge pharmaceutical company that we all know and love following the COVID situation. And it was a discussion directly with their ESG and sustainability manager that saw the value. She looks at the dashboard on a daily basis, which is not an issue for us because we can see that the savings are vast.

39:38 So, yes, it's absolutely fantastic on on the recurring revenue as opposed to a capital capital sale. Sale. Historically, the technology has always worked. There's no question. But the time to market was extended because the visibility wasn't there. But now we have that. We also have the consultancy, which is more than likely to be recurring. If somebody has an upgrade or installs a new product, we can see and measure what actually happens and what that delivers for the client. We now have the ability to see what happens. That value of consultancy is also recurring, Richard, which is excellent place to be. And with that recurring revenue, I think we can expect a reduction in the, let's call it, the lump lumpiness of the revenue driven by relatively small numbers of very big orders, we now expect to see a a more constant flow of units through the channel plus recurring revenue to to to level out the peaks and the troughs. Absolutely. With the increase in sales, we'll see the the that lumpiness as my CFO continually talks to me about as well to stabilize that, and that will be self fulfilling.

40:59 And I'm saying that is because as the sales rise, the recurring revenue will rise. And as a result, that will smooth smooth our process moving forward. So, absolutely, for the first time, we're in a position to be able to deliver this and not just a capital sale, and that is very exciting. So, you know, I I think as we come to a wrap on this session, remind investors that I personally have invested 700 thou approximately £700,000 as a shareholder into SABIEN. That's not just because of the promise I see in some of the new technologies and solutions such as City Oilfield that we are pursuing, but very much because I aspire that we can convert a sub £1,000,000 revenue business into something that that's purchased 10,000,000 in a a small number of years. It's not my job to make a forecast, of course, for what a public company is going to do, but but my belief, as you say, is there's at least 10 times growth in the number of units.

42:02 And at the same time, we're adjusting our unit price upwards to suit the challenges of the opportunity in the market. You know, we we should quite easily see significant growth in proportion or more than proportion to to to our revenue. What what do I see in the future built on this platform? Is this just a a single product company? Well, I actually think we can increase the service proposition that we're selling to start to move into carbon credits. That's relatively straightforward being as we are capturing the amount of c o two emissions that's being saved across all our customer base. And I think that data with that data comes significant revenue opportunities.

42:50 I think we're also moving into an IoT monitoring space through the dashboard. As you as you referred, the the maintenance possibilities, let alone the the energy saving possibilities behind the product are significant. And I believe that is going to enable us to incorporate and and and resell or acquire complementary gas saving technologies that can run alongside m two g that can be monitored monetized using the same IoT dashboards that we built for m two g. So shareholders can view the m two g cloud actually as a platform that has significant growth opportunity here on it. That's absolutely the case. And and some of the partners that are coming to us are coming to us specifically because we are the piece that's missing from their fit.

43:45 And a lot of these are software service suppliers, which is excellent. A couple of our other partners are also they also have products which are gas related, but what we can do is immediately show the client the benefit of that particular product instantaneously. So we're actually getting the competition per se for budget wise coming to us to ask for our support for measurement verification. Because simply put, the measurement and verification we're offering is live. It's at point of consumption and live. You do not need to wait for your thirty days to look before and after and so so forth as per IPMVP, which is a a well known and fabulous process.

44:33 But we've increased and accelerated that process for delivery, which needs to be done because that's what the market and that's what decarbonization, as mentioned in the call, requires. Thank you for that, Tom. So to wrap this call, I'd like to thank shareholders for their support over the the months and years. The future starts now, and I believe the future is very bright. And together, we will make the world a better, cleaner, safer place. Thank you for attending, ladies and gentlemen. Richard Richard, Tom, that's great. And thank you very much indeed for addressing all of those questions that that came in from investors this morning. And of course, we'll publish those on the investment company platform where it's appropriate to do so. So thank you very much for your presentation. I will now look to redirect those on the call for their feedback. So could I please ask investors not to close this session as you'll now be automatically redirected the opportunity to provide your feedback in order the management team can better understand your views and expectations.

45:35 This will only take a few moments to complete, but I'm sure would be greatly valued by the company. Behalf of the management team of SABIEN TECHNOLOGY GROUP PLC, we would like to thank you for attending today's presentation. That now concludes today's session. So good morning to you all.