Ann: CY20 Full Year Results Investor Presentation, page-41

correct me if I am wrong, but the major difference between previous lockdowns and the current spate of lockdowns is that previously the governments great idea of "free" childcare meant that the sector was bearing the full brunt of costs without the normal marginal revenue of parent contributions.

pretty sure ppl are still paying for their childcare place at the full rate this time around so no revenue loss.

yess there may be some occupancy lag but I'd say there's also a bunch of parents out there who would utilise their spaces if they are not returning to the office but working from home, or, lets be honest, just had their kids locked in with them for the past two weeks! I would.

I don't think it will set the world on fire this year but I think last year covid and this year covid are different beasts.

At sub $1 I wish I had a bit more free cash.