Ann: Appendix 4C - quarterly, page-9

You've got to keep in mind that under the old government assistance program (the one active during this quarter), most peoples assistance runs out during this quarter which results in lower occupancy and lower revenues / profitability for childcare operators. So you'd expect this quarter to be nothing to write home about.

Are there there any specific concerns you have around cost control? Or are you just taking a bad quarter as an indication there might be cost control issues? From what I can see costs haven't increases excessively as they've acquired more centres.