Training dragged down EBITDA. Their ability to get meaningful growth from training will be important. Yes, it has "excellent top line growth" but it's coming off a very small base.
Another positive is they are still actively looking at acquisitions. I had expected news of this but I'm happy with them having a judicious approach to any purchases. Good to see lessons have been learnt in that regard.
Ann: Change in substantial holding, page-19
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