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Jansen set to compromise.
"Now that we know that the extra energy costs are capped at £200m until the end of March – I didn't know that in April – I know we will do something. It will be targeted at those who need it most."
Quoted from an " all staff video call".
Looks like compromise is on offer, down to unions to respond/negotiate.
IMV not entirely a good thing in the short term but as I have said before, natural attrition will reduce the workforce by 2/3/4% pa for the medium term. Expect to see 10-15k less employees within 5 years , wage bill falling slightly more as I would guess those higher on the payscales go.

The FT article by John Ralfe needs to be taken in context- that context is that JR has been making the same argument for almost 20 years - he left his position in Boots(See:
https://www.ipe.com/ralfe-to-leave-boots-after-clashes/15706.article
after a disagreement about the structure of their pension fund, his position then , as it is now, was to be anti the now widely used and equally widely accepted principles of a move to bonds from the "risks" of equity investment and the innovation of LDI based investment strategies to match liabilities and assets over the long-term. He is a private pensions consultant who has held a minority view which this article seeks to demonstrate was right all along. Notwithstanding the recent events, the pensions market is still convinced that a hedged, bond-based solution is the right one. The recent scare following an unprecedented 100+ basis point move in gilt yields, was IMV, an anomaly unlikely to be repeated and as I have posted before rising gilt yields are good for pension funds in the longer term.

Look (IMV) surprisingly good, revenues rising , particularly in clothing , debt under control, the OCDO tie-up losing money (but only just )and assuming the usual pattern of a better second half the prospect of a PTP of ~£400mill.Will read more thoroughly to see if there are any hidden nasties, but at first viewing I would say OK.|
Market reaction? who knows??

crossley ...there wasn't any chat about full year totals , the only relevant numbers quoted were
Last 12 weeks 216 sales per week
last 6 weeks 183 sales per week
cancellations ~50 per week

Hi Crossley....jason w spent a few minutes playing down the divi prospects among quotes were"long term sustainability of divi......No overdistribution...., divis must be WELL COVERED....and sustainable." He also said that last June's 110p cost PSN £350 mill and that current cash was £700 mill... so my assumption is 2X cover £300mill on divis..... ergo £1 +/- 20% last the total payout for next FY.
All depends upon the state of the market , cost of cladding, volume and value of sales!!!!

I listened to this AM's analyst call and summarise the main points below:
This was as near to a "kitchen sink " call as I've heard in ages, the board members were brutally honest about the state of the market , the compromises being made, the allowances for the building safety bills arising out of Grenfell... the slow down in mortgage approvals,price cuts to clinch deals, the impact end of "help to buy"and risaaing mortgage rates (latest figs reducing from 6.99% to 6.19% in the last week or so) .........
Specifically they are forecasting a sharp reduction in land purchases, a significant cash allocation for the remedial fire safety work, price cuts (currently ~2%) to clinch sales,50 cancellations per week, sales running at ~200-220 per week , half of last years averages.
Still they quoted an average house sale price of £350k which achieves a 30% margin and confidence that they were on top of issues and foresaw a sticky period over the next six months before a return to normality.
I was reasonably re asssured by their grasp of the situation as were most of the other guys on the call.
I don't expect further sharp sp falls from here unless we have some major bad news, net cash is around £700 mill and tight cash control and a sharply reducued divi mean that PSN's medium term outlook is fraught but not critical. I hold and will continue to hold and add at these or lower levels , confident that the sp will progresss, if not over this winter then within 12-18 months . i expect annual divi's in the range 80-120p next year, fully covered.

TH.......... BUT the major issues surrounding a major competitor are surely relevant?

Cross-posted from a post on the OCDO board.

A major piece in ST business news on Sunday about Johnlewis/Waitrose's problems with a recently introduced stock management software system causing shortages on shelves and delivery issues(failure to deliver on time and substitutions), it also says that Waitrose have gone back to picking from stores and they are suffering from management frictions. Given that Waitrose is the obvious main competitor for the OCDO/MKS tie up the implications are good news for OCDO(and MKS). The piece also quotes OCDO stats of 95.7% of orders delivered on time and 99% without substitutions. I suspect that's at least in part the cause of today's rise.

A major piece in ST business news on Sunday about Johnlewis/Waitrose's problems with a recently introduced stock management software system causing shortages on shelves and delivery issues(failure to deliver on time and substitutions), it also says that Waitrose have gone back to picking from stores and they are suffering from management frictions. Given that Waitrose is the obvious main competitor for the OCDO/MKS tie up the implications are good news for OCDO. the piece also quotes OCDO stats of 95.7% of orders delivered on time and 99%without substitutions. I suspect that's at least in part the cause of today's rise.

The last para of today's RNS essentially says that wef the end of this month the company will be insolvent. That is a position of weakness and any(or no) solution to the problem will be catastrophic for shareholders. If Joul is to survive it will almost certainly be with different ownership.

MD ..... nailed it! LTI may have bought shell at <£9 in march 1995 and BP in the same month or at a fractional low on 1 oct 2020 .........or just maybe ??????? he's telling porkies!

Gary... cost saving for BT is achievable almost exclusively by manpower reductions, made easier by the reliability/durability of fibre . Without redundancies they can allow natural wastage as the workforce retires, with a workforce of 100,000 it is not unreasonable to see a low single-figure percentage retire every yearwith a concomitant reduction in the wage bill.

My summary of the positve elements of the results is this:

They were surprisingly boring , no great alarms or issues, fibre rollout progressing on target (or slightly above)at 62k per week ie 3.2mill pa.
Wholesale pricing cut aimed at squeezing out inefficient competition and many altnets will work unless Gov. orders them to keep prices high!
ANNUAL savings of £1.7bill at a one-off cost of £0.9bill, intended Annual savings raised to £3bill at a one-off cost of £1.6billwill drop through to the bottome line for this and succeding years.
Agreed pricing structure of CPI +3.9 % will have significant effect on cash generation going forward for at least one year and possibly two.
As expected on a down day market reaction is negative, IMV this is a positive report , I have added this am and will do so more at levels below 125p

Ocado are still saying that their build capacity is currently about 10-12 CFC's(average 5 modules)per annum and the costs are let's say £12-13mill each so that's about £120 -£140 mill expenditure pa(that ties in quite well with the last half-year results). From the same half year, it looks like OCDO's revenue per cfc is between £6-8mill pa. which means that build costs are recovered in less than 2 years. It also means that with a revenue stream of ~£200 mill next year and much more in subsequent years, IS can self-fund a 12 CFC per annum roll-out for the future. If we also assume that despite the complexity of CFC creation OCDO can sub-contract some of the work locally , then not only is IS profitable from FY 2023 but it can fulfil the current order book within revenue.It is also fairly clear that OCDO's customers are happy with timescales as no doubt they have similar complexity to manage. I have said before that I am here for the long-term promise of IS and that the MKS tie-up is predominantly a test bed/demo unit.

I listened in to the analysts call this am and it was , as you might expect pretty positive.Numbers all as reported but these are my observations of new/ adjusted info;
Revenues from this deal have been agreed at slightly higher rates than previous ones because OCDO Re-imagined provides lower user costs/more efficiencies and so OCDO earn a greater revenue on sales.
This contract and other prospective deals are within OCDO's current funding plans so no need for more cash.
Each CFC(of 5modules) costs "low double-digit millions to build(new number to me at least!).
EOY revenue guidance remains unchanged.
Finally the rumour I heard last thursday (on which I added) turned out to be accurate!

I have taken an interest in SAE for several years in the belief that tidal will, eventually, be a significant provider of green energy. However, I sold out shortly after the link-up with GFG, who was even then a known crook, since then I have posted occasionally here when the SP was in the mid-teens, around 5p and then maybe 2p always seeking to point out that this company was and is essentially broke, it is money pit which has consumed IIRC over £100mill in its lifetime.I fear that we are nearing the end of SAE's time as a quoted company. To translate the latest news into clear language it means this. SAE have sold off the IP which was their one most valuable asset(which they owned outright!!) for £0.5 mill and a minority share in proteus, their only justification is that it reduces the associated opex though not directors salaries!
SAE is currently losing £16m pa of which £6mill is staff costs and the latest despairing gesture gives management the ability to pay themselves an extra month of undeserved salary. An analogy for this is that management are sitting in the office, selling off the office furniture and computer hardware to pay themselves until they finally lock the door and walk away.
There is IMV, no foreseeable hope of any return for shareholders.
I doubt that I will bother posting here again(and no doubt many here will heave a sigh of relief!)

Further news(from today's DT)
"TalkTalk is now in detailed talks with BT’s infrastructure arm Openreach about a deal to move its four million customers onto its new faster and more reliable full-fibre network in the coming years."

Results are good but carefully massaged to minimise the media and political furore over a windfall tax. As I suggested in a post in May the provision of an easement of windfall liabilities if offset against North sea spending seems to have been taken up fully, see:
"Finance chief Sinead Gorman told reporters that the company had done enough over recent months to avoid the tax, which allows companies to obtain tax relief in exchange for investment. She said:

Heavy capex [capital expenditure] has meant that we haven’t had extra tax coming through in this quarter yet.

I do expect to see that extra tax ... to happen quite early in the first quarter of 2023, but we’ll see what plays out with prices as well."
I also have a sneaky suspicion that BVB actually saw my spoof post on 1 May and has acted IMV, sensibly to try to play down the hysteria which always flows from "excess profits " tho' oddly enough never from losses!!

Bear in mind that an annuity is an irrevocable decision, if you want the security of a lifelong guarantee of a fixed level of income but with the option of exiting your commitment at a later date,(important if, at any stage, inflation/interest rates rise) there are alternatives.

..on the subject of LLOY as an investment ....I have sold out today in the light of LLOY's recent decision to stop funding new developments in oil and gas. To choose to forgo an area of profitable business in order to score few points with the ESG brigade is not only foolish but IMV a dereliction of responsibility as a board.The world needs and will continue to need hydrocarbons for decades, not just as the most effective energy source currently avilable but as a feedstock for thousands of materials without which society cannot easily function. I have held since the lows of 2020 and exit with a profit but am increasingly disillusioned with this company's board (and this board!!!)
GLA all those still owning LLOY stock