Decent FY2019

numbers respectable and TAM massive

will post more later

Much later as it happens.

Latest update shows thesis still intact.

I believe the future of this company is all about the "assessment" section. They expect to pull in 10 countries onto the PISA testing, and are confident that this will expand with time.

Margins are increasing, cash flow break even in sight, ARR compounding nicely, cost of sales and expenses decreasing

The build is complete, so these numbers represent one of those wonderful SAAS moments where each additional customer is money dropping straight to bottom line: the much sought after inflection point.

PISA seems to be gaining traction as a thing. Countries are increasingly bench marking their educational systems against others in the global arms race that is hothousing our children to an anxiety riddled future of short sightedness, a lack of physical development, overachieving and having no fun at all. I am prepared to invest in tobacco companies so this doesnt feel too bad at all.

The other branch of the business (academy) seems much less exciting by comparison.

Havent worked out a valuation yet. will see this bottle of wine takes me, but on previous form I tend to miss something important after the second glass.

Merry Xmas everyone