It depends on what happens to the interest rates & what happens with the facilities to a certain extent. SVR are saying there's a delay between interest rate increases & the ability to pass those onto customers. FY23 should be the bottom for margins unless they increase the hedging dramatically. If they don't change the hedging & rates fall there could be quite a dramatic change in margins in theory, all be it not as big as you pointed out as previously as thet are funding more with debt intentionally. The management should be in the best position to predict these things but as they got this year so wrong I also have significant doubts that FY25 will be a 'historically high' profit level. Certainly analysts forecasts are no where near that prediction for FY25.
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