Ann: Appendix 4D and FY17 Half Year Report, page-4

You may be right, but the result was presented with such managerial poetic licence being taken as to render it almost not worth the effort. For example:

- No effort made to translate the like-for-like impact of rephasing of Reading Eggs on APAC ARPU. My guess is ARPU actually grew more like 4%, rather than headline 6%. Given that there's apparently very little subscriber growth across any of APAC or US judging by the last few years, a very large piece of the whole value equation is a clear-headed assessment of latent pricing power in their core Mathletics product...and management are deliberately obfuscating that.
- Backing out 185k ME licence renewal to show higher than actual EMEA licence growth.
- Quoting the US ARPU decline of 5%, based on post exchange rate effects, when the constant currency decline in ARPU in US was actually a more severe 8%. This point particularly annoyed me given that the UK figures were quoted constant currency (obviously as they assisted). The US business, frankly, looks highly challenged - ARPU is slipping suggesting no pricing power in highly competitive environment, no subscriber growth in two years, and they can't figure out how to distribute and sell product here - i'd be very skeptical of their plan to phone in sales from India into the US.
- How much non-recurring profit was banked in 1H via cessation of sponsorship of World Education Games? I see revenue slipped by $0.5m but marketing costs slipped by $0.8m, so that's $0.3m non-recurring EBIT they banked on that.
- Carrying value of Desmos torched by 2/3rds after investment only two years ago, and there's about five words in the results talking about that.

All too hard for me.