Ann: Appendix 4E and 30 June 2018 Annual Report to shareholders, page-11

There is no spare cash.

if you look at the cash receipts they are substantially higher than the reported revenue and the in the notes you can see that there is a corresponding increase in the ‘cash held for franchisees’. I have only a slight net cash position. There is also a breakdown of the revenues - as the higher margin franchise business becomes a bigger splice of the pie (now 80%) the COGS drops as does obviously the royalty fees from

the franchise agreement which was bought out. Underlying growth of franchise business is 16% and the buyout of East Midland should improve margins further.

so underlying business growth of about 15-16%, improved profitability and a big chunk of R&D already incurred in getting software up to scratch.