Ann: Trading Update Announcement and Presentation, page-3

Wrt to op leverage, i guess in dentistry if you want to double your revenues you need to double the number of dentists and the number of tooth extractions, fillings and root canal work, and the number of centres (broadly speaking)? So any operating margin expansion will have to come from scale advantages (lower central admin costs, lower consumable costs etc)? But when by far your employee benefits and rental expenses are your largest operating costs, i guess extracting scale benefits was never going to be easy. So no, not much op leverage, but you might appreciate that on the way down... perhaps?

Wrt reducing fees per centre, perhaps we are seeing the flip side of aggressive expansion?