D2 test year to March 2025 operating profit against ceiling, FY Mar 2025 (12m to 31 Mar 2025)

What this is

Net-asset rise (15,255,273) equals PAT exactly (no dividend), so PBT 17,762,679 = OP 16,794,888 + interest receivable 1,245,009 - interest payable 277,218; the net-asset rise does not by itself reveal a higher operating profit.

Where it comes from

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

• EstimateOperating profit ceiling and incremental operating margin year to March 2026, year to March 2025, year to March 2025 vs year to March 2026