Ann: Trading Update Announcement and Presentation, page-2

This looks like a poor update .... 1) Lack of operating leverage in the business ie ref FY18 forecast for Patient fee growth of 10-15% and only EBITDA growth of +10%, 2) Fees retained by dentists (difference between Patient Fees & Reported revenues) appear to being squeezed, falling from 38.4% in Fy14 to FY17F of ~37.5% ... this can't be sustainable in a professional services business can it?? and 3) Patient fees/centre have fallen each year from ~$2.8m in FY13 to the company's own expectation for FY17F of $1.97m and lower again in FY18F.