This figure has been replaced. See Operating profit test of D2 and RT9 and incremental margins, year to March 2025, year to March 2025 vs year to March 2026.
What this is
Net assets movement = PAT + equity injections - dividends. If the +£15.26m is retained profit alone, PBT ~ £20.3m (25% UK CT) and, with net interest expense (charges registered), OP_FY3/25 >= ~£20m, so year to March 2026 OP £35.1m is 1.7x, not 'more than doubled'.
The values
- Net assets increase GBPm: 15.3
- Implied PBT at 25pct tax if all retained profit GBPm: 20.4
- Operating profit year to March 2026 over implied PBT year to March 2025: 1.73
- F D2 ceiling GBPm: 17.6
Where it comes from
Our calculation from other figures in the trainer’s notes.
Show the working
- 15.26/0.75 = 20.35
- 35.1/20.35 = 1.73 < 2.0