“Q2 EBITDA margin improved to 18.4%, showing continued operating leverage.”
Superuser flags
The margin claim doesn’t reconcile with the supporting numbers. The summary says EBITDA margin improved to 18.4%, but the appendix shows EBITDA of £920k on revenue of £5.4m — an implied margin of 17.0%. That changes the conclusion: the report is using the wrong margin to support a positive operating-leverage story.
Why it matters
A senior reader doesn’t need to find many errors. One unreconciled KPI is enough to make them question whether the whole pack has been properly checked — especially when the mistake supports the headline narrative.
Suggested fix
“Q2 EBITDA margin was 17.0%, based on £920k EBITDA and £5.4m revenue. Operating leverage improved versus Q1, but by less than the original draft stated.”
You can see this issue because we pointed to it. The expensive risk is the one still sitting in the document you’re about to send.
No account. No email. No card. Just see what Superuser would catch.