Full Year 2024 Persimmon PLC Earnings Presentation Transcript

The following is excerpted from the question-and-answer section of the transcript.

Question: Ami Galla - Citigroup Inc. - Analyst : Ami Galla from Citi, a few questions from me. First one was on the margin. Thanks. You've given us some helpful color on the 2024 margin moves. The exceptional that you flagged, is that going to be a tailwind next year? Or are there any one-offs in the pipeline in '25 as well that we need to acknowledge? On the sales and marketing investments that you've made, you touched upon further initiatives that you're talking about into 2025. Can you quantify how much of that would be an investment in our -- in the margin moves in '25? And connected to that on the margin point, can you give us some color as to how have the bulk sales contributed to the margin impact? And should we consider that to be in the numbers now or the incremental mix on bulk sales, i.e., should be broadly stable from here? Another question, if I may, is just on the investment that you've talked about. When we think about the balance sheet and the land investments, is there a level of gearing that you would expect to be in, in the future years? What's kind of the optimal level of gearing, including land creditors as a range? Thank you.

Question: Ami Galla - Citigroup Inc. - Analyst : If I can have a follow-up to that. I mean maybe on the gearing point, what's the threshold that you typically would have in mind, i.e., if you've got land opportunities and you really want to go, what's the sort of optimal rate that you would probably push that gearing to?