Speedo calibration

Now that the car is running I need to calibrate the speedo to get it road legal. I have a Smiths (Caerbont) electronic speedo and instructions to calibrate. I am using a sender that screws into the speedo drive on the ZF. i.e. tongue of speedo drive slots into groove in sender which, I guess, generates pulses via the Hall effect when it turns. Instructions state that calibration number is cable turns per mile x number of pulses per cable turn. If my transaxle has a speedo drive ratio of 2.4 on the plate, am I correct in assuming that the cable will turn 2.4 times for each revolution of the crown wheel?