Ann: Appendix 4E and 30 June 2021 Annual Report to Shareholders, page-8

hi Skint9

A provocative post ... always useful to have contrary perspectives. Thanks for posting.

Have you looked at the presentation "Investor Update" released this morning, as it contains a few facts relevant to your concerns (but not all of them).

eg, you say online is not growing and highlight the 40,000 online students number and the online proportion being 40 or 50% of total lessons BUT this graphic from today's presso shows strong online lessons revenue growth. Ie, up 119%, 172% and 73% YoY depending on the region.



The page prior says there were "654,000 Online lessons in FY2021 (FY2020: 295,000), an increase of 221%. that's strong growth IMHO.

you also highlight the apparent delay in rolling out some of that new software. are you sure the comments from different dates refers to the safe software upgrade? Could it relate to subsequent changes? And even if you are right and it does relate to lengthy delay of a single upgrade, I note they have appointed a new Chief Tech officer - perhaps to sort this out. Assuming this is now on track, mightn't that provide potential further upside in the quality and perhaps quantity of online lessons?

be interested in your views.