Jeepers Goddamit | Tim Worstall
Take UK Power Networks, the National Grid power distributor. Last financial year, according to Companies House, it made a staggering £1.3bn pre-tax profit. Billions in profit, bonanzas for the executives and shareholders, while there are only real pay cuts on offer for workers.
Err, no, no it didn’t. And this is a union leader trying to tell us stuff.
EBITDA and profit really are not the same thing.