This is likely the meaning of the 90% gross margin on VET.
Revenue grew primarily due to VET, so 'Margin after trainers and fees' rose from 50.6% to 53.8% (similar to group Gross Profit Margin).
I guess any expenses listed below that are considered more flat (versus variable). The lower expenses only rose 1%, so pretty flat (when not making acquisitions).
So that is showing the VET 90% gross margins flowing through to the NPAT.
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