That’s all that is available as it’s late November

I thought it was a pretty positive update, what stood out to me was the increased net contribution from the centres. Up a whopping 60% for the first 4 months. Kip is certainly taking a lot more, hopefully with higher lesson fees there's enough in it still for the franchisees. If I do some back of the envelope numbers based on the average franchisee, they do 70 lessons per week and are taking $4 per lesson more than they were last year, over the first 16 weeks of the year that's $4480 increased revenue per centre. Kip are taking about $3800 extra from the average franchise over this period. If the franchise costs are about the same (same number of lessons) then at least there appears to be a little left on the table for the franchisees too. Overall a higher margin business which is what we all needed to see.

Its also encouraging to see the capex number coming down, reaching the end of the recent investment cycle was always likely to be part of any turn around story for KME.

The concerns for me were the lack of data on tutorfly and the US, suggests there's nothing good to report. Plus the risks they mentioned around govt support in UK / US.

I think for a market cap of about 28m (at 50cps) the risks remain weighted to the upside.