Ann: Half Yearly Report and Accounts, page-9

"I think this is now at the inflection point where surplus FCF can be directed to grow the franchises and indirectly grow the revenue from KME.
Given the tailwinds for tutoring in general, this has many years/ decades to come."

Agree.

This, so far, has been the best-quality result of the companies I own.
Not just in and of itself, but what the result portends for KME in the years to come.

In some ways, despite it now being materially higher in price, I see KME actually being a better quality investment today, on a risk-adjusted basis, than it was when I first started acquiring shares around 18 months ago.