As I consider the size of these different segments, without exact numbers, I assume volumes are more commercial. But we care about profit. From a profitability standpoint, is commercial the most important, then heating oil, or the other way around?

Commercial provides 80% of volume, but the other two generate the money. For clarity, using rough figures, the margin on a commercial customer is minimal, maybe 2 pence. A good customer might yield 2.5 to 3 pence, but billions of liters are turned over. In commercial, including agricultural, retail margins are 3 to 4 pence. Domestic fuel varies widely. Certas used a pricing mechanism, a tool guiding agents on pricing, with six cohorts, which we can discuss further.

As I consider the size of these different segments, without exact numbers, I assume volumes are more commercial. But we care about profit. From a profitability standpoint, is commercial the most important, then heating oil, or the other way around?

Your top-end margin might be 35 to 40 pence for a loyal customer, while the bottom end, if you are trying to acquire business, could be as low as 4 pence, which you then try to build up. Customer segmentation includes new customers, which cost about £200 each to acquire. You also have shoppers, whom you aim to convert with four deliveries a year from a domestic customer.

Let's discuss the competitive dynamics. What are Certas' competitive advantages? I assume they are larger than most competitors. Could you talk about their operations, scale, and the advantages and disadvantages they face?

The disadvantages often involve dealing with people, which is a common issue in most situations. It is about the economy of scale. They have all the tankers and the majority of the driving fleet, giving them the ability to switch focus. For instance, if commercial customers aren't generating enough margin from a spot buy deal, they can redirect resources to more profitable areas. They also have the capability to move resources, like fleet and drivers, to different regions based on demand. For example, if the north of Scotland is warmer than the south of England, they can relocate resources accordingly to meet demand efficiently.