Martin Young's questions to PNN.L leadership • H1 2023
Question
Martin Young sought clarity on full-year guidance, questioning the impact of lower revenue on operating profit consensus and the accounting treatment of a GBP 20 million bond gain. He later asked directly if the current consensus operating profit is too high.
Answer
Executive Paul Boote confirmed the bond gain is likely a non-underlying item and that lower H2 financing costs will provide some offset. He affirmed that consensus operating profit expectations are likely too high and need to be adjusted downwards to reflect the announced revenue impact from customer water-saving incentives.