Ann: FY21 Results Presentation, page-106

What I found interesting Whytee was to listen to the Analysts in action. You could almost hear the collective groan when they realized that no guidance would be forthcoming, and they might actually have to get pencil and paper out and do some calculations. What is more interesting is some of the strategies used to illicit a response that might force a comment on guidance. My two favourites are:

1. Let's all ask the same question in slightly different ways even though Mary from Bank of America was told "no guidance"... but my favourite is;
2. Let's say something outlandish and leave it hanging out there so they have to correct it. In point:

The guy from Ibbotson's who wanted his FY22 staffing number projection, so starts the bidding at 180 - even I sat up and went "Mate, what are you thinking...were you even listening" - but Jan's body language changed instantly, and he could not let that pass uncorrected without throwing a number (140ish) - hence guidance.

Good on Paul, Jan and David for making them work...Guidance is a noose that most companies have learnt has no value and fails completely to account for the nuances and vagaries of fickle socio-economic times courtesy of the pandemic.