Ann: Half Yearly Report and Accounts, page-2

Result not quite as strong as it first appears due to $247m insurance claim settlement booked as income.
Still, normalising for that still results in a 24% increase in Profit Before Tax.

And with the fast-growing Franchise Fees now dwarfing the contracting Student Lesson Fees in quantum, overall revenue growth for the group will continue to be rapid, especially as it is clear they have well and truly cracked the Franchising nut.

While the company has been around for a long time, it has only really started its journey of success in recent years; unless they do something dumb, there is no reason that earnings can't continue to grow at double-digits for many more years to come.

Maybe not always at 24%pa clip, like the are doing at the moment, but certainly in the high-teens.

And being a negative working capital model, the acceleration in the already high levels of free cash flow the business currently generates, will be quite significant I think.