I mean they clearly include in the preliminary final report that...

I mean they clearly include in the preliminary final report that the Interest Expense as a percentage of underlying volumes has changed reflecting increase in base rates across all markets. Considering interest expense is also a cost of sales - its actually very reasonable that interest expense would increase as transaction volumes increase as well.

The following quote is all i could find related to interest rates with larry from November 2022 and he conceded that a rise in 25 basis points of interest impacts costs by about 2 basis points per transaction.

Regarding to the above comment - reading the preliminary report, Interest expense directly attributable to sales through cost of goods was actually only 116.2% rise and overall cost of sales as a percentage of underlying volumes decreased in the previous financial year from 5.3% to 5.1% due to the decrease in bad debts and expected credit losses. So 16% growth in revenue saw 0.2% decrease in COGS.

One off payments for corporate financing and paper losses like depreciation, impairment and fair value loss have also had an effect as well on bottom line which i assume is part of their plan to track towards profitability in 2024.

It should be noted that where the base interest rate is now is much more reasonable than what we saw over the covid period and seems like what we will see most of the time moving forward.

But it does seem like its going in the right direction especially if they can keep bad debts at their target. If they can't, thats where things will start to blow out again.