KME Online is the 'pie in the sky opportunity', this might be...

KME Online is the 'pie in the sky opportunity', this might be material in FY16 or 17 I am doubtful that meaningful traction has been gained to date to benefit FY15.

The investment case in the short term rests on managements ability to 'up sell' existing franchises to gold class, % rev model or other individual services. Momentum and up take of these services may have continued, Pie certainly believe so.

To put things in perspective gold class franchises increased 52% in OZ and 73% (including contracted & operational) in the U.K over FY-14. The full benefit of this will be released in Fy15 and is likely to be material.

AKGs down-rating is completely independent, if it has an impact on sentiment this would be an inefficiency to capitalize on.

Storm has been doing a stellar job. My only concern is how profitable the franchises are after they adobt gold class and % of rev models. Does anyone have a comment to this affect?