EML Chart, page-885

https://www.openbriefing.com/AsxDownload.aspx?pdfUrl=Report%2FComNews%2F20210820%2F02409792.pdf

do a control + F & search ‘margin’

tldr: over time gp margins should normalize to 70-80% and ebitda margins to 30-40%. These figures are skewed from acquisitions and take time to normalize with in-house processing

what you need to consider are the uncontrollable variable elements impacting gross profit - negative interest rates. Controllable synergies - in-house processing to the TRACE processor (programs are moving to this slowly and targets for $6m in cost out of the Pfs expense line) and Uk faster payments (>$1m annual saving from august onwards and will increase and transactions increase). In short when bought Pfs their gp% was high 50% but with the above and over time it should move back in line with the original Eml business of 75% gp margin. It’s a bit miss leading to look at the headline figures so need to drill down into the make up of it.

also to be fair, don’t waste your time trying to look at the margin per program within the gpr / g&i or vans segment, too much work. Most programs within the segment is constant with few exceptions to the rule