Hi Waiken
Look, best of luck with this and it's great that the management have some skin in the game. ECEs can definitely do well but it is a lot harder than 5 to 10 years ago.

I suppose I am just a skeptic whether a listed corporate model can work in this sector. The other big players are either charities or unlisted - they have been around a bit longer than Evolve and don't operate under the same imperatives (or debt levels).

Your typical ECE centre is usually subsidized by a very hard working owner/operator. If you factor in the cost of their input ( and often their spouse's input) there are many of them that operate at very low EBITDA, sometimes negative.