It is not bad if you look at Operating EBITDA.
First 6 months of FY 23 was $128.3m.
Full year $273.2m. Which means the last 6 months’ EBITDA was $144.9m. An increase of $16.6m.
Margin Income from CM business should increase again in FY 24 due to increases in UK interest rates. Also, a lot of LNK contracts contain CPI increase clause. Based on that, LNK EBITDA should hit $300m in FY25.