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: Lushanthan Mahendrarajah - Joh. Berenberg, Gossler & Co. KG, Research Division - Analyst
: I've got a few, if that's okay. The first one really is, obviously, you talk about sort of regulation in the New Build side, in particular. But can we get an
idea of perhaps the upsell from a gross profit perspective, as you sort of move up that value chain more to heat recovery, for example?
The second question was obviously, great margin performance, but clearly, Europe really stands out, 26%, you sort of touched on it in the call. But
is there any reason structurally why the U.K. and Australasia couldn't get there in the midterm?
And then the last one was just on Project Liberty. If we can just get an update on that? And how that's perhaps helped your RMI sales as well, that
would be great.
Question: Lushanthan Mahendrarajah - Joh. Berenberg, Gossler & Co. KG, Research Division - Analyst
: Rates.
Question: Christen David Hjorth - Numis Securities Limited, Research Division - Analyst
: Three questions for me, please. First of all, you mentioned you've done your largest deal to date quite recently. I was just wondering what sort of
the view was potentially of looking for more transformational deals, given that, that deal was not the largest in terms of your market cap, for
example. And also I [saw you've] seen the multiple move up and potentially could leverage equity for something transformational. So that's the
first one.
The second one, just with Australia. Could you just remind us of market structure over there, where you sit currently. And I [think] this is longer-term
opportunity for Volution there?
And then just a final one on margins. I know you've been asked a lot on this. But I suppose if you look back from the IPO and just ignoring Reading
and the impact there, and as you've alluded to, there was sort of a slight sort of fall of the margins just over time. Just kind of looking back, what
was the driver of that? And how comfortable are you that, that won't happen again from this great base that you've got back to?
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