Crossword Genius

Penny envies hosts (8)

Ross

I believe the answer is:

presents

'hosts' is the definition.

'penny envies' is the wordplay.
'penny' becomes 'p'.
'envies' becomes 'resents'.
'p'+'resents'='PRESENTS'

(Other definitions for presents that I've seen before include "Hands over formally" , "Offerings" , "Introduces" , "Press ten (anag.)" , "Awards formally" .)

I've seen this clue in The Times.
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