earning guidance - looking good, page-8

bigane - that is my point. There is substantially little difference between the 2 announcements. The market has just mis-interpreted it.

If anything, my reading of the most recent announcement is actually more positive than the December announcement.

The key thing is the update pre-Christmas may have been subject to some discussion about contract renewals that didn't happen pre-31 December. If these slip into the new year, then they impact the December figures, but not the overall figures. As schools have gone back in February, they probably have better guidance around renewals, hence the announcement to in effect say, December may on the face of it look lower than the previous year, but in reality the business is not in a worse position.

Regards
Marv

DISC: I hold plenty (and the market is still stupid).