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Record

Net margin excluding extraordinary gains floor, year to February 2026 (Mar 2025–Feb 2026)

18.1% Year to February 2026 (Mar 2025–Feb 2026)

EstimateOur model or estimate. Treat it as an order of magnitude.

What this is

Breakeven: ex-gain margin stays below year to February 2022's 20.3% unless tax on the gain exceeds (120,056 − 0.203 × 531,428) ÷ 23,800 = 51%.

Where it comes from

Our calculation from other figures in the trainer’s notes:

Show the working
  1. 96,256/531,428

Where it’s used

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