ASH Training Business, page-3

Good point. If you look at a few education peers, like AKG, RDH, NVT etc (although there is never a perfect peer), EBITDA margins are in the low to mid teens, and this has been growing. Even if margins of 10%-15% are achievable, this still means 10-15% growth in 2018 group EBITDA based on current run rate revenues, which does not factor in anything for the strong underlying revenue growth in both businesses. Ross Shrimpton knows the training sector intimately and in my view would not persevere if he did not see acceptable returns. There are also useful synergies between labour and training businesses as they can build courses to satisfy identified demand in their labour business. In any case, its all just my opinion and the H1 results should give us a better view on these issues.