REG is forecasting 2.9% growth in FY14 to FY15 year end places,...

REG is forecasting 2.9% growth in FY14 to FY15 year end places, corresponding to 5.5%, 3.8% and 3.2% growth in revenue, EBITDA and EBIT respectively. ie there is not much difference between FY14 and FY15 number due to the low growth in centres/places.

Estia however is forecasting 36 centres at the end of FY14 and 44 centres at the end of FY15, growth of 22%. Obviously a CY15 forecast captures more of that growth in centres while the average number of centres on a FY15 basis is weighed down given it only started at 36. So future maintainable earnings are best represented by the CY15 numbers.