Secondly it's not like rates are dropping to 0 and float income...

Secondly it's not like rates are dropping to 0 and float income will disappear. We will likely see interest rates moderate over the next 1-2 years and reduction in interest revenue will ideally be offset by the cost optimisation programme leading to reduced overheads and modest organic growth.

The new board and management have delivered on a number of key objectives (as listed below) in the past 12 months with the cost optimisation a key focus area for H2 FY24 and FY25 - i am optimistic they'll come good on this.

Deliverables Achieved
✔ PCSIL wound up and losses stemmed
✔ Sentenial divested ($54m)
✔ Reduction in PFS Vendor Liabilities by $15m
✔ PFSUK growth cap lifted

✔ Balance Sheet strengthened - from Net Debt $27m to Net Cash $50m+ (post Sentenial sale & vendor payment reduction)

Deliverables YET to be achieved

• 5-10% reduction in overheads by H2 2024
• Net FTE reduction of 10% by FY25 (as per H1 FY24 employee costs annualising at $90m+ but that's including PCSIL and Sentenial)
• Optimisation activities to improve Interest yield on float - most recently reported @2.54%