Good morning, everyone. Welcome to our full-year results presentation for the financial year 2025. I'm also joined by Paul Gaskett, the Chief Commercial Officer, and Andrew Bush, our Chief Financial Officer. I can handle some of your questions as well. Obviously, we're very pleased with the results for this year, a very strong second half especially. Revenue $112 million, up 14%, EBITDA up 10% to $11.1 million, and EBIT up 8% to $8.1 million. As I said, there are two real key features of this result for me. The first one is that 53% of our revenue for FY25 was recurring in nature, largely in service, maintenance, and spares. We've had a distinctively strong strategic push in the business to grow that side of the recurring revenue in the business. I'll talk to you about another slide in a minute about that.
Secondly, to point out that the second half EBITDA was up 86% on the first half. We all know that the first half wasn't great, and we had that one single one-off issue within Baltec, but I think we've proven in the second half that our expectations around waste and water and growth in the business have certainly come through and met our expectations with a spectacular second half to the year. Just broad commentary on the results. We've still got elevated demand for turbines for EGL Baltec, both from the switch to renewable energy and from data centers. I'll talk about that later. That data center consumption of power is ever increasing and really driving demand within that business. The acquisition of Advanced Boilers & Combustion has been a great success for us to expand EGL Energy and certainly culturally have fitted marvelously into our business.
You've seen successful tender wins for both EGL Waste through plants and PFAS extraction technologies. I'll talk to that in some detail. Obviously, we received two orders, one in the last financial year and one straight in the new financial year, which is very significant to us post the EPA approval. We waited a very long time, as most of you are aware, for the EPA approval for the Reclaim Waste Liquid Waste Plant. It finally occurred this half after a couple of years of pulling our hair out. That was great, really, in then being able to engage fully with our clients, and it's generated two plant sales immediately thereafter. Importantly, outside of those plant sales, it'll start to generate that recurring revenue stream within the business as well, which will commence in FY26.
EBITDA growth driven by strong performance in EGL Energy and EGL Waste, as I've mentioned, and greatly improved trading conditions in the second half. When you look at the strategy of what we've implemented now over the last four years, selling shiny new objects is lovely and exciting for engineers, but it's not a good business model in terms of recurring revenues and having that continuous cash flow coming in. It's been a key strategic direction of the board and myself to really transform the business into that recurring revenue sort of nature business, mainly maintenance service contracts and regular service work. Obviously, it's like ad hoc repairs, etc. Now water processing service charges will come into it as well. We've grown from 44% recurring revenue up to 53% in FY25.
Interestingly, the last quarter with Advanced Boilers in, that number grew to 58% of all the revenue within the business now fits within that recurring category. That strategy and strengthening the business and growing our cash flows has paid enormous dividends, and we look forward to continuing to grow that into the future. Our ambition is certainly to grow that recurring revenue stream even further from here. Just in terms of the operating units, I don't think we can understate what we've achieved in EGL Energy. Bear in mind, it's a 130-year-old business selling boilers, which many wouldn't find too exciting. You've got revenue up 42% on PCP, which is an extraordinary result. At the same time, you've got EBITDA up significantly as well at 42% and slight margin expansion.
What's been really important to us is we spoke in the first half about wanting to add further technicians to show the support and growth in the business. Obviously, we said we invested some $350,000, $375,000 in the first half in putting on those additional boiler technicians. You can see the strength of the result coming through with that extraordinary growth we've achieved in the second half. It's delivered that increase in service work and driven the overall growth in the business. We'll continue to see that going forward. Fortunately, we've expanded so much that we could put on literally another half dozen service technicians today to continue to grow that side of the business. I really congratulate the EGL Energy team and what they've been able to achieve.
In terms of its importance to EGL, it's now going to be greater than 50% of all of our revenue and earnings coming through that recurring revenue legislated business. For those of you that don't know, any boiler over 2 MW requires a service technician to sign off on it every five weeks. Under the standards and codes, it means we have to have a service tech out there every five weeks on every single boiler in Australia over 2 MW that we look after. We've just expanded that range with the acquisition of Advanced Boilers as well. That's gone really well. We bought Advanced back in April for $5.5 million. We talked to the market about its FY24 numbers, $16 million revenue and $1.6 million of EBITDA. It's a major expansion in our sales and service offering to the industrial boiler industry in Australia.
If you think Holden and Ford, let's just call John Thompson boilers the Fords and Maxitherm the Holdens, there's clients who simply have preferences between a Holden and a Ford. The simple fact is we now have both those technologies within Australia. They're the two leading boilers in Australia, reputation for long life, reliability, and greatest energy and combustion savings in the amount of gas going through those boiler systems. We've got the number one and number two boilers in Australia, and we own all of that technology. It also brings an incredible amount of complementary expertise in fabrication and boiler fit-outs to our business. Tomlinson's always incredibly strong at service. Advanced Boilers had that back end of being able to do the fabrication fit-out. A really simple example is they're the fabrication facility now for our PFAS plant sales.
In context of that, they're building the pump skids, they're fabricating the whole plant, they're doing the tanks, the blowers, they're doing all the control panels for the entire group. Not only do we pick up the number one boiler player in Australia with the alternate leading boiler to ours, but we've picked up this fabulous ability to internalize all of those fabrication activities as well. We think it might hit as high as $3 million in internal fabrication in FY26, which will be a tremendous result for the business. In EGL Baltec and the gas turbine side of it, it's no secret that we had an issue with one single project in the first half that obviously impacted our margins and our EBITDA.
What's really pleasing to see is we hit our revenue targets that we'd spoken of, up 32% as our fabricators increased their fabrication capacity up in Vietnam, which was great. It was obviously very disappointing that we had that one-off issue with that project. What we're seeing today is we're achieving the margins we always expected in our growth sales and what's coming through on the projects. Put that one cost overrun behind us that was literally a one-off, that should return to normal again in FY26. There is also a margin impact there from a job we're doing at Pelican Point in South Australia. It's a rear installation job for that. When I say there's a margin impact mix, there's nothing negative about it whatsoever because we don't really do installations. We told the client we'd only do it at cost plus a fixed margin.
We were willing to accept that lower margin, of course, because we've got zero risk on that job and it's been a significant part of our revenues coming into FY25. Impacted margin, but a completely different risk profile. Expect to see that return to normal, as I said, in FY26. What we're seeing now in our pipeline coming through is that really strong margin. Strength that I mentioned to you, generated by peaking power stations as renewable energies come online. We all know if the sun doesn't shine or the wind's not blowing, we've got to turn on the gas turbines. In peaking power mode, they can be spun up in about seven minutes for power generation, turned on and off equally as quickly, and we lead the technology around the noise attenuation and being able to deal with peaking load silencers around the world.
That part of the business is going really well. The other bit that's really come to the fore is the power demand undermined by increasing requirements of data centers. As we understand it, around 50% of all turbines on order in the world now are going to data centers. I heard an amazing comment, I'm not sure how accurate it is, but an AI search requires 7x the power of a simple Google search. The demand in those data centers is enormous, and that means we're seeing a big backlog within that industry. A lot of the OEMs are now sort of sold out until 2030, as we understand it, which is a very good pipeline for us going forward.
Our pipeline remains very, very strong and a good auditable because, as we see, we continue to see a good outlook for that business and certainly return to normal margins very, very quickly, which is great. EGL Clean Air, as we've spoken about, I guess for the last 12 - 18 months now, lithium market conditions at industries all that closed developing new refineries in Australia where we do the kiln gas off scrubbing systems. Also, a real slowdown in nickel in Australia with the growing dirty nickel coming out of Indonesia and unfortunately the closure of Kwinana Aluminium Refinery in Western Australia. This is where TAPC has done a lot of its work dealing with chemical scrubbing systems in the past. It's had a tough pathway, but clearly just part of the normal resources cycle that we can't escape as a business.
We're obviously doing everything we can now to diversify away from that. What we've seen is a great pull-through in demand from EGL Waste through new plant installations and new technologies like dry fogging that Paul Gaskett will talk to in a minute. We're actually repositioning that business to make sure we're not as reliant as the lithium sector markets continue to grow. We are seeing the green shoots, of course. You're seeing EBITDA 13% higher in the second half than the first half. We are starting to see that business improve now, which is terrific. I might hand over to Paul, if that's okay, to talk to waste and PFAS for the next segment of the business, please.
Thanks, Jason. As Jason has previously advised, we're reporting waste and water together as one now. We have had a strong result driven by a number of tender wins over the course of the back half of the financial year, which include construction and demolition plants along with material recovery plants, those facilities across Australia and New Zealand. It's pleasing to get a materials recovery plant up and running, which will happen over the course of this financial year. The strong pipeline and outlook for future projects and installations is still very, very strong and pleasing to see that we're going to continue on with our current performance in that area.
I guess a focus over the course of the last 12 months has been in the sale of spare parts, and we've really started to push into that market and have seen that really start to gain momentum over the course of the last half of the financial year. Pleasingly, we did finally receive EGL's approval for the Reclaim Waste facility in Leverton. The EPA approval came through on that, which was fantastic. We also received the U.S.A. patent for removal of PFAS for our plant as well through the course of this year. Further to that, our plant, we've also developed technology for the removal of ammonia, which is an added waste stream that we can treat along with PFAS. Since our new PFAS treatment plant design and construction order received for financial year 2025, year end, we expect it to be operational in financial year 2026.
As we reported earlier in July, the design and construction of the new plant will certainly get underway for this financial year. Service revenue from installed PFAS plants will start to kick in once the plants have been installed after commissioning, and that will then obviously contribute to future earnings of those plants.
I think it's really important to comment that while we were pulling our hair out waiting for the EPA approvals down here in Victoria, and it did take longer than expected, we're working on several other product lines, as Paul alluded to. Those multiple PFAS plants that we sold in the last three months are a very good example of how we're dealing with that. As mentioned, one of those plants can do ammonia removal prior to PFAS. That's really important because in landfill leachate ponds with the organics, there is a buildup of ammonia, and it is a problem waste stream for the liquid waste industry and for those owners of landfills.
To be able to do that in the same process, in the same plant, is a unique offering by EGL, and no one else can do it, let alone the PFAS extraction technology, but do a combined treatment method. The next plant that we announced the sale of, sorry, we didn't announce the sale of that first plant because it was in our budget and within our numbers for the second half of financial year 2025. The next plant we announced the sale of at the beginning of FY26, different plant again. That plant's able to do soil washing facilities, which is a very large-scale plant and a different design, the same processing methodology, but a different design in how that operates.
A really good example there of the three plants that we've now got out there: one's a standard liquid waste treatment plant, one can do ammonia as well as PFAS, and the next one can do soil washing PFAS in a completely different environment. While it seemed frustrating that we're waiting for all those approvals to come through on PFAS, at the same time, we've broadened the markets that we're able to enter into. We've been very, very successful in how we've done that, and now we've already been asked to do a combined trial with one of our clients as well on biosolids for PFAS removal. I think that means going forward, we've got a deeper market to sell into. Since we got approval, the board's gone ahead with our full strategic plan. We've employed direct salespeople now in that PFAS industry selling plants.
The response from the market has been very, very good. As I mentioned earlier in the call, having ABC on board now to be able to fabricate those plants means we can also produce more per annum as required. As Paul mentioned, with the installed plants now coming online later this year, we'll also start to get that recurring service revenue from that business, which will again build up the strategic nature of our recurring revenues within the business. There is a stronger outlook there. As Paul mentioned, we had good sales of recycling plants as well. If I just mention, we talked about this one-stop EGL and how it all fits together. There is one particular client that we're doing a PFAS plant for at the moment. At the same time, they've made inquiries about two separation plants, both construction and demolition separation plants.
They've made inquiries with us about a biomass boiler for dealing with some of their organic waste streams. They've approached us about being able to extract PFAS out of biosolids and have also spoken to us now about how they can find a solution for one of their byproducts out of their plants, which is the soil washing plant, which is a clay byproduct. Could we do something to dehydrate it and grind it to go into a concrete plant as an alternative reuse of that particular waste stream? That's a great example of a client where we've spoken extensively about how our ability to offer solutions broadly into that industry has simply grown from strength to strength. For that particular client, you'd be talking about tens of millions of dollars worth of solutions for them, plus the ongoing recurring revenue streams.
At the same time, another much more simple example, the MERF that we've sold into New Zealand, which is a materials recovery facility that requires a baler just to simply deal with the product at the end of that. We'll have a baler going to there as well. As you know, our sort of standard offering now for when we sell a waste plant is to offer the dry fogging systems, that new technology that we brought to Australia, the dust extraction systems required, any air movements within the facility itself, the balers on the back end of the processors, the structural steels, ladders and platforms to Australian standards. Also, if required, any medical waste treatment we can do, their boilers and autoclaves. We continue to penetrate that industry particularly well.
We're starting to see the fruits of our labor over the last couple of years to see a very, very strong client interface across many of our businesses now into that massive $18 billion per annum waste sector. Just in terms of the outlook, we expect normalised EBITDA to grow in the range of some 15% - 20% compared to FY25. I make the point that each year we've substantially grown the business organically and via acquisitions and have met guidance, if not exceeded guidance. We're quite confident in the position where we're at for this year again. We will continue to reinvest business cash flow into the business. We've grown the business in turnover from $44 million - $112 million over the course of the last four years. Of course, you need to develop your systems such as your ERP along with that.
We're going live in our ERP later in this second half, certainly expanding other areas of the governance within the business. We are recurring, we have built stock, and obviously that impacted cash flow, especially in the final quarter because we had such an enormous last quarter. That's gone into contract assets, which simply means it's work done that we're invoicing. That invoicing is obviously taking place in July and August, so all that cash will come in the door quite quickly now. As I said, by the final quarter of financial year 2025, recurring revenue streams up to 58% within the business, and hopefully we'll continue to see that grow. I guess that's my comments for now. Operator, I'm happy to move to questions.
Thank you. If you wish to ask a question via the webcast, please type your question into the Ask a Question box. Your first question comes from Ben Wilson with Wilson's Advisory, who asks, "Re: FY26 guidance, suspect a bit of conservatism in the growth range. If I think about the various growth drivers across the segment, I assume they're all still intact: Baltec Renewable Energy/ECs, Energy remaining full year impact from ABC , etc. Waste and PFAS contribution from tender wins and plant.
You're not particularly clear in your audio, so thanks, [Jason]. Ben, I'll handle the question. You're just not coming through with great clarity there. Being conservative in the growth range, I've got to be careful. I've got a board member on this call as well. Clearly, in this day and age, we need to take into account what we can see and what we can see going forward. There's always going to be an element of conservatism. You don't want to let the market down. We had that issue with Baltec last year and got absolutely smashed for it. I won't say it's conservative, but I will say we make a clear statement in our outlook that we've met guidance every year. I think we've upgraded three out of four years in a row.
When you look at those drivers, the acquisition of ABC , Baltec going particularly well as if it was renewable energy and the data centers, the increasing amount of internalized work, ABC , PFAS, and waters, we're very comfortable with the outlook for the business and certainly see very strong growth within those sectors. Your question regarding cash flow, absolutely right, was an extremely strong fourth quarter. I think revenues in June were up over $13 million in that month alone. That just has a buildup in contract assets, as I mentioned, where it's simply work done throughout June that hasn't been invoiced, obviously waiting for month end, but that will flow through quickly now. Your question on the Baltec margin, I think I've already addressed that by talking about Pelican Point. It was a big chunk of our revenue in that second half.
I think it might have been a bit in both halves. As I said, that was at a lower margin because we had zero risk on that job. It was around about 6% gross margin that our standard sales and a reasonable chunk of that revenue. That's all it simply was there. I thought we'd previously explained that we'd taken on a job. To be honest, where you've got zero risk earning greater than 20% margins, you'll take that job all day, any day. You'll certainly see FY26 return to normal. Update on PFAS, the two operational plants, so Reclaim's obviously in and running as we speak. The other two plants where we're obviously in the point of fabrication now, I can't give you exact dates, but I'd expect both will be online by the end of the year.
I think we're expecting to deliver one in late October off the top of my head and one slightly after that. They're in the fabrication stage. All the engineering's being completed and hopefully commissioned up later this year. Pipeline for new orders, we've put on two direct salespeople in PFAS since we got the EPA approvals back in, whenever that was, April-ish. We're getting a lot of traction in the market now, which is great. We're getting multiple appointments a week. We've got several other pricing, not tender, it's not the right word. We provide pricing to several other clients on plants. What's really important to me, it's really across a broader sector of the business. We're doing it for water authorities. We're looking at biosolids, landfill leachate, as I mentioned, standard industrial waters. It's a great variety through the industry.
We've really proven how wide we can open that marketplace up. Pipeline for new orders is certainly looking good. Next question, status of the tenders for the waste treatment plants that were mentioned at the Wilson's conference. That's a hard one for me to answer exactly. I'm pretty sure we signed a contract on one of them in that timeframe, which I'd assume is the New Zealand materials recovery facility. There's another construction demolition waste plant that we've been working on for longer than we expected, to be honest. I'd expect that to close out very shortly now. There have been several design changes going through that plant, which means it just has to go back for review and making sure it's achieving the end outcome for the clients. There's always a debate between OpEx and CapEx. That's taken slightly longer than expected, but still absolutely on track.
Next question, contract assets $18.7 million, gross at $23.1 million, liabilities $4.4 million, and usually high leading to negative cash flow. That question is of course accurate, but at the same time, if you're growing the business at the rate we grew in the final quarter, that's going to happen. Our contract assets up year on year, up $10 million. It's obviously just a very temporary cash flow issue. You've done the work, you're then doing the invoicing and all that. The money comes in the door immediately. They have declined post the balance date. I couldn't give you the numbers off today, but I know in July, contract assets were down by more than $2 million, which would go on straight into receivables, if not into cash at bank. The positive cash flow is coming through. It's just simply a timing issue.
If that's the worst thing that happens about growing the business as fast as we did, no issues at all. Next question, EBITDA second half $7.2 million, doubling it will give you $14.4 million. Mid-year going to $13.1 million. What's the difference here? That's a pretty simplistic question, to be honest. Clearly, if you know our business, the fourth quarter of the financial year is extremely strong, especially in the energy business as winter sets in and everything gets fired up. Just taking a number and doubling it is pretty basic analysis. You'd have to understand or talk to the company about a little bit of seasonality within the business. The guidance is a range, of course. It's very early in the financial year.
I guess the difference is what we know that is locked in the bank now and what we might be able to further achieve in the business going forward. There's certainly no business likely to underperform. I'm not sure where that's come from. We've stated very clearly that energy is on an incredibly strong footing. Its boiler sales have been terrific so far this financial year, and it's trading very, very strongly. Service expanding, ABC is shooting the lights out. EGL Baltec, of course, you'll see that return to normal margins without a problem in the world. Air, as we've said previously, we think we've seen the bottom of the market. You start to see some green shoots of growth coming through. I can't agree with your statement there.
If you live in the real world, you know, we're going to make a guidance, provide a guidance that we think is sensible. So early in the financial year, and if we need to adjust that guidance down the track, we certainly will as necessary as we get further visibility into the business over the next few months or six months. What I will say, and I guess it's the problem with using a spreadsheet, our corporate costs are up about $900,000 year on year, and it's something that the market doesn't see. Our insurance bill in the last four years has gone from about $450,000 a year to about $1.5 million a year. I guess they're the numbers that you sort of don't look at and take into account.
The other things are, because we've grown and expanded so rapidly, we're combining multiple premises around Australia in this particular period. In Queensland, we've moved ABC , Airtight , and Tomlinson all into one facility, which of course is a very enlarged warehouse and office complex. We're doing the same in New South Wales right now. I think Airtight has already moved. I think Advanced might be in there with Tomlinson still to come. Simple things again that's not in your spreadsheet, i.e., it means we've got at least double premises for a quarter while we're moving and integrating those businesses together. Clearly, the long-term benefit for us is enormous that you have that cross-divisional cell. Everyone's in the one premise. It lowers your footprint that you need for your warehouse. It lowers all your ESG emissions.
It's a very, very strong outlook for us going forward. The other one I'll comment on, if we put another six service technicians, we know we have to invest into that as well. I think each one costs about $50,000 or $60,000 to train up before we're earning revenue. I think we've got an extremely strong outlook for the business. There's a lot of questions. I'll zip through them as fast as I can. Is 50% of revenue now recurring? Can you explain why work in progress is sitting around 20% of revenue? Very, very simple there. Within that service, doing charge within that energy business, I think there was over $7 million in that alone, which is completely recurring revenue, but it's just getting those jobs completed and invoiced out. I don't see that absolute correlation.
Clearly, there's some project work in there, but there was Andrew Bush, the CFO , on the line. Andrew, am I correct around that level of work within the energy business that's that sort of doing charge up over that $7 million mark?
Overall in the energy business, the contract assets rose from $5.3 million - $11.2 million. That would have been doing charge mixed with project work.
Yeah, but obviously not much project work. There's a couple of boilers that we're delivering and, you know, they're projects below $1.2 million. Most of that is in that service, but same thing as I said, we did about $13 million something revenue in June, and you've just got to get all that invoiced, which is more than likely up by now. Advanced EBITDA margins looked higher in the fourth quarter. Can you elaborate on this? Yeah, as I mentioned, the strongest boiler for the energy business is in the fourth quarter, whether it's public swimming pools being heated or all the businesses turning on their big boilers in the massive buildings around the cities, boilers running 24/7. That is absolutely the strongest quarter.
I think what's also happened within that business is we consolidated New South Wales, where the Tomlinson people are servicing all the Advanced clients in New South Wales because of our massive premise up there. That certainly generated stronger margins. The huge amount of internal work we're doing with building control panels, pump skids, the economizers for Tomlinson , that's certainly driven margin as well. That's probably gone a bit better than expected in all honesty. I guess it's the culture within ABC , we're so incredibly happy with how they've embraced taking on work for other parts of the business and how well they've done it. Sorry, I just muted myself and I coughed and didn't bring it off mute. I'm not sure whether you heard or not, but we're expecting the PFAS plans to be commissioned.
First one up in November, second one in November, December. Both of them in the later part of this year. Which part of the business I'm most excited about? I love the boiler business. When you've got a legislative business that we have to service the boilers over 2 MW every five weeks, it's just a guaranteed recurring revenue stream. We've got the two dominant boilers in the marketplace. We're growing our sales at boilers, so therefore we're growing our service. To everyone else that might be boring, it's going to be north of 50% of the entire revenue of EGL now and certainly well north of 50% of the entire earnings. To me, that is an incredibly high-quality business with phenomenal recurring earnings at very good margins.
You know, I guess the blatantly obvious one is PFAS removal technology looks incredibly adaptable, both in size and volume of what it can do, as well as the different waste streams it could treat. I guess over the coming years, we'll probably see that business expand very rapidly, I would guess, and could well become the jewel in the crown over the coming years within the business. ERP implementation, minimal cost expected. Yes, we're implementing the ERP in November. There's probably, and this is really poor of me, but probably around $300,000 this half, but maybe Andrew, you can comment to that better than I can. Maybe you can comment to that better than I can.
Sorry, Jason, you know.
ERP costs in the.
We're just an issue with the mic there. Yeah, we're looking at around $350,000 to complete the ERP.
Yep. So, that hopefully will be wrapped up this half. Obviously, that's always a pretty thing to say with an ERP, but it is going particularly well. What level of recurring revenue would you like to hit? Unashamedly, I'm targeting 70%, and I think that would be a great growth in our great balance in our business between selling new product and developing more service streams, because don't forget everything we sell, we develop more, but that beautiful balance of recurring revenue. Outlook for PFAS client revenue is pipeline for new clients now that EPA approvals are approved. I think that's well spoken to already that we've already sold two plants and it's been EPA approved. We've got a very good pipeline with direct sales for us out there.
We'd be doing up to six, seven meetings a week now on PFAS plants and explaining the technology to people, which is great. Then we'll get the recurring revenues once those two new plants are commissioned up later this year. Very good pipeline out there for PFAS and growing. Reversal of contracting issue worth $1 million. Isn't the reversal of the contracting issue worth $1 million? So, that's growth of 9%. I'm not sure I completely understand that issue. If you're talking about the reversal of the issue within Baltec from last half, it could be the mass of about 9%. I'll assume that mass is accurate. So, that would be growth in EBITDA, whatever it is. At the same time, as I said, we had a very strong final quarter. You'd have to look at the growth rates in the rest of the business.
I know people are getting hung up on this call looking at that guidance saying it's conservative. Clearly, we look at what we've got on hand at the time. Clearly, we want to make sure that we're in a very comfortable place with the market. You know, it's extremely early in the financial year for a company of our size to provide early guidance like this, I think is really good strength in how we're able to look at the numbers. It's very early in the financial year, so we're not going to go and make big, bold statements with 10 months still to go. How many boilers in the market over 2 MW ? What percentage of the market do you have? Very, very difficult question. I believe, off the top of my head, we service now about 1,100 boilers.
How many in the market in total, I don't know, but certainly that's what we do at this point in time. I'm not sure whether the question refers to percentage of market in new boiler sales or percentage of servicing. I'm not sure I actually want to give away that number. Let's just say between 25% and 50% of the market would be my expectation, both new boiler sales and servicing, and perhaps servicing at the higher end of that range. Right now, that appears to be the questions that I have on my screen. I don't know if you've got any others coming through there.
Nope, there appears to be no further questions at this time.
Okay, thanks.
I'll hand the conference back over to Mr. Dixon.
Thank you everyone so much for your time. We always appreciate it. I see there's a great number of people on the webcast, which we really appreciate. Certainly, any questions, you know, you can always give me a call or send me an email or Paul and Andrew, and we'll get back to you as soon as we can. Thank you so much, and we look forward to seeing you all shortly. Take care.