I wouldn't over react, the most interesting thing for me was that only 32% are gold partners so far - means that there are still substantial 'free kicks' from the existing base of franchisees as they convert to the 20% share of revenue model.
That's also without the effect of new territory sales.
IMO they've been distracted from the two things above by the kip online launch and conference attendance - some focus on converting more to gold and selling more franchises will yield much better results going forward
Ann: App 4E / Full Year Statutory Accounts, page-3
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