Ann: H1FY24 Investor Presentation, page-22

Yes, that is correct. The overheads at the moment are significant due to PCSIL and they are included in underlying EBITDA (approx $20.5M). Even with PCSIL removed, I estimate the remaining biz ex-Interest income is loss making.

That said, you have to look at it more like an insurance company, where the underwriting business is breakeven, with the profits coming from the float. For EML, the float ex-PCSIL is ~$1.9Bn. They are currently only earning 2.5% on this amount. If they can get it up to a more reasonable 3-3.5%, then that adds $9.5-19M straight to the bottom line. Also, with more focus on the core biz, they should be able to win biz at a high incremental margin, therefore that should also flow straight to the bottom line.