I wondered about your comments. I tend to agree. I'd like to...

I wondered about your comments. I tend to agree. I'd like to know more. The thing is that Child Care is receiving extra support through the coronavirus period and is due to be removed halfway through June. In the meantime people are beginning to start to return to work but how many jobs will be lost as a result of all of this is still up for grabs. I suspect that ARF have remained in front up until now but the future is still a little uncertain. They may be finding it hard to frame words that represent certainty about the outlook until another month or so has passed. Maybe it's better to say nothing - if they tell the market they're not sure how it's all going to play out, it may create unnecessary doubt. I scan the news to try and gather an idea as to how the Child Care business is travelling relative to pre-coronavirus but can't find any clarity.
What is clear to me now, more than before, is that Child Care is one of the canaries in the coal mine. I think ARF is well run with solid growth and a clean balance sheet but the industry it supports has risk when anything out of the ordinary happens so when I get back in front, I may reduce my exposure. I currently have 8% of my holding in ARF. Maybe 4% is more sensible.