To get an average convert to a base unit number. I would use Hour({Field}) * 60 + Minute({Field})
Then create an average of that number and convert back:
myHour := Fix(Sum((FormulaAbove}) / 60);
myMin := Remainder(Sum({FormuaAbove}),60);
ToText(MyHour,0) + ":" + ToText(MyMin,"00")
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