Where is the downside?, page-6

@RiverSheep the percentages can't be added that way because the base changes. Its more like a 26% reduction in commission revenue across the 3 years from the FY17 base.

179M * 0.9 * 0.9 * 0.9 = 130.491M (~26% reduction 48.51M).

Also, as this is on commission revenue which is a smaller percentage to total revenue the actual affect on total revenue is lower than 10% assuming non-commission revenue remains constant.

Assuming non-commission revenue remains constant over the period, the cuts will represent a 7.5% reduction in total revenue (48.51/645 = 7.5%).