Speeches by Davies.

“Not £1?”

“Yes, but you are making a profit, which is fine, but are you choosing areas based upon maximising profit?”

“Mr Burt, do you agree with that?”

“You have mentioned the profit share back to the Home Office. Can you each tell me how much money you have paid back to the Home Office in profit share each year for the last few years, please?”

“Do you agree with the National Audit Office figures, or are you just relying upon them?”

“When was the last year that payment covered?”

“Is it not the reality that you go into areas that are on the whole cheaper, and in those areas you go to the bottom end of the market to maximise your profit? Why would you not do that? As companies, you are incentivised by your shareholders to make a profit; there is nothing illegal about making a profit in this count…”

“£385 million on the National Audit Office figures. What about your figures? What is your estimate to your shareholders, internal executives and so forth? What is the profit expectation on this contract to date?”

“Okay, but you have not paid anything back and the assessment has not been agreed with the Home Office yet?”

“Please do.”

“You have not paid £1 back to the Home Office yet?”

“Mr Burt, what is your assessment of how much money you will have to pay the Home Office back once they finish their audit?”

“Is it not astonishing that you would rather rely on the National Audit Office to tell you how much your company has made in profit rather than tell me what your estimate of profit is on this contract?”

“As a company, you must know how much profit you have made from this contract.”

“This is over multiple financial years, is it not?”

“Why is there such a differential in terms of profit margins across each of the regions and across the different contracts? Can you just explain to the Committee and to the people in the country who are listening why there are such different sets of profits across a number of areas which also change over time?”

“You do not rely on the National Audit Office?”

“How much profit have you made up until this point on the contract?”

“Do you not believe that is true?”

“You have not made enough profit yet?”