Converting time from text to hours and minutes in Excel

With data in A1, in B1 enter:

=TIMEVALUE("00:" & SUBSTITUTE(SUBSTITUTE(SUBSTITUTE(A1,"m",""),"s","")," ",":"))

and apply the proper format:

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EDIT#1:

If you have only seconds in a cell like:

28s

Then I would use:

=--SUBSTITUTE(A1,"s","")/86400