Ann: App 4E / Full Year Statutory Accounts, page-19

I think the risks highlighted are well and truly price in at this SP. Even if EPS was the same as last FY it is fair value in the low 30s (although the market would hate the result). The amount of potential revenue streams also adds a safety net because only one or two need to come off to make a difference. If they can successfully utilise their South African agreement in schools we could see this market grow quite quickly as technology is incorporated more and more into schools. If it continues to dip I think it is too good to pass. Management are once again "budgeting for profit growth" and that's about all the guidance they give, but they've been true to their word recently.