Ann: Investor Update, page-4

This sounds good. But I can't take them at their word after so many quarters of flat negative overall margins.


Somebody previously mentioned losing a significant customer/distributor of ebook readers in schools. But I guess VET is more reliable, in that you'll not lose a large portion of schools in any one year? Am I right?

I imagine it's more like -3% school attrition, +5% school additions. If a bad year, maybe -5% and +3%. Not like 1 year losing a distributor worth 30% of ebook sales.


The ebook distributor loss seems to come down to: the product is easy enough to duplicate, and under-cut?

But VET - it's probably not easy to copy VET courses and undercut (still have to keep it good quality, or lose customers before long).

So is it a better quality and more sticky business?



19.4% would be overall, combined businesses including acquisitions?
43% is VET only, including acquisitions.
19% organic growth in VET.

The 19.4% is driven up by the 43% VET number. So 19% organic for VET is above the rest-of-businesses growth rate. So VET is apparently organically growing to become a higher proportion of group revenue. A fine trend. And it's above inflation. I like the idea of being able to upsell too - other courses, within existing schools.

Sounds like a good trend there.



Interesting little point there. 5.3% market share (13k/245k)



This sounds a little inefficient. But they have opportunity to improve it.

But according to them, it's not costly.

And plans for more




But through acquisition. So better prove it over the medium term.



I guess I'll continue to hold and wait.