Mixed.
PISA is definitely a bad. Revenues there has halved, so it's become a real sink. It's really negligible now.
They're nearly free cashflow positive for the year, which is a huge turn around in 2H. So at least the business appears sustainable going forward and dilution from a heavily discounted capital raise should be now off the table.
The green shoot is probably the Solutions business which grew revenues up 21% half-on-half. Probably mostly driven by the Cambridge and Oxford deals.
Hopefully they can continue this traction into the next financial year and demonstrate some better top line growth.
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