Ann: Trading Update, page-11

Some observations:

• The number of shares on issue is now 125.5m compared with 74.9m at this time last year. While profits should have Increased following the Prime Turbines acquisition in late February, the full benefit on a EPS basis won’t be fully evident in the June 20 financial year results due to only a part year contribution. My expectations on the amount of the final dividend are tempered accordingly.
• On-going uncertainty on the future impact of COVID-19 on PTB may also mean that a conservative approach to the final dividend is prudent.
• The 26 June trading update detailed the current cash position and also noted this placed PTB in a strong position to execute further growth opportunities. Given my faith in management, I would prefer that cash was used to further grow the business rather than being used to pay a dividend at a level that left PTB short of cash that it could otherwise usefully deploy.