The following is excerpted from the question-and-answer section of the transcript.
(Questions from industry analysts are provided in full, but answers are omitted - download the transcript to see the full question-and-answer session)
Question: Michael Benedict - Joh. Berenberg, Gossler & Co. KG, Research Division - Analyst
: Just a couple for me. Firstly, on the U.K., you mentioned that the performance there has been better than expected, particularly in the last couple
of months. I wondered if that's a function of the environment or you're stabilizing your market share here, please? And then the second one in the
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Question: Adam Stuart Tomlinson - Liberum Capital Limited, Research Division - Analyst
: Just 3 questions from me, please. I'll give you them all at once. Just first question is on the U.K. I'm noting the improving trends you talked about,
particularly in March and April there. Just the consistency of those trends, the exit rate, any comment around that? And your overall confidence
that the underlying profitability improvement in the U.K. can be sustained, please? That's the first question.
Second question, just on the Nordics. You previously talked about the situation there being in terms of the challenging market being temporary,
albeit visibility low on when that recovery comes through. So has anything changed in terms of your view that this should prove temporary over
time? And the final question, just on the balance sheet, the fixed charge covenant renegotiation there. It sounds like that's happened in pretty
short order. So just any comment you can give around how smooth those discussions with the banks were. And a reminder of how many banks
are in the RCF that have agreed to that renegotiation?
Question: Tony Shiret - Panmure Gordon (UK) Limited, Research Division - Analyst
: It's Just a quick question for Bruce. So just circling back around the question on the mobile revaluation and mobile debtor revaluation. I must admit
I am -- the impression of that, that would normally be classified as an adjusting item rather than the headline PBT I just wondered, is it equivalent
to the GBP 22 million last year? And if so, is it included in the headline PBT guidance? Or is it going to be an adjusting item this year?
Question: Tony Shiret - Panmure Gordon (UK) Limited, Research Division - Analyst
: It does equate to GBP 22 million?
Question: Tony Shiret - Panmure Gordon (UK) Limited, Research Division - Analyst
: GBP 22 million was an adjusting item last year.
Question: Paul Rossington - HSBC, Research Division - Analyst
: I just -- sorry to labor the point about the Nordics, but I was just wondering what would actually need to happen or how bad would it need to get
in the Nordics for you to consider whether you actually need to be in that market anymore or not? Is there a point or where do you potentially
draw a line? Or might you kind of consider drawing a line simply exiting the market because it does otherwise distract from the investment case.
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