For me, the report showed a solid 2nd half improvement (albeit...

For me, the report showed a solid 2nd half improvement (albeit off a low base) indicating the worst may be behind us. I don't think there's much chance of a huge capital gain on GEM, more of a steady dividend payer hopefully...but even that - for me - is losing its appeal given climbing interest rates. This remains a highly regulated industry. Trying to find efficiencies with expenses is limited given the main expense is wages and trying to manage/reduce those is tough with:
1. The worker vs kids ratio requirements
2. Trying to find good staff anywhere at the moment is tough - so to fulfill point 1, they have to use more expensive agencies
3. Child care workers aren't one of the higher paid industries out there and the challenge here is that their better workers might be able to get better paying jobs elsewhere - especially given point 2

I was a bit surprised with a 10% increase in SP. It's nothing to do with the buy back- that's been going for ages. Maybe a bit of relief from holders that there weren't any negative surprises in the update. That was my reaction anyway.

Hope that helps.