Good article, thanks for writing and sharing.

Green shots are certainly appearing now that the company has found religion again, though it needs to continue on this path and not be subject to yet another of Storm's forays of fancy.

Thanks for the article!

I'm wary of KME's revenue growth. Revenue has been growing so substantially because of the corporate centres (and tutorfly), but the corporate centre revenue is in my rough estimate only worth 20% of what revenue from the franchisees is worth (as they handle costs), assuming they can get these centres to reasonable to profitability.

So I feel with KME it is actually the bottom line that matters more than the top. Hopefully this improves with those cost saving mechanisms you mentioned.

I appreciate the discussion of the corporate cost cutting. I'm wondering either what they were doing with those excess costs, or what they sacrificed to do that and if it will bite them in the future.

I probably should go in and read this report properly.