Ann: Market Update - Increase in capacity with SWA partnership, page-2

A lot of positive news coming out from what they seem to be doing in the ME, but hard for the average investor to understand what this translates into for shareholders.

Based on their investor presentation on 30th Mar, it looks like FY2023 is a absolute shocker (just over 2m in revenues) while FY24 is ~$4.3m and then FY25 is ~$6.2m, but impossible to know if this newsflow is part of that target or in addition to it (this seems to suggest that it brings forward some of the FY25 growth).

The confusing part is that on that same slide deck, it says that MENA revenue target for FY25 alone is USD17m, so not sure how that gels with the above for Sire group (perhaps Site group share as opposed to US17m being total training which is shared with their JV partners).

Also not clear on what the profitability is going to look like on $5-6m of revenues (I'd imagine costs are not immaterial providing training to 1000s of students).

Perhaps they will clarify in August when they release results.....but FY23 seems like another writeoff