At the end of 2021, the Group's various franchises had 972,000 subscribers. Since then, there has been a severe drop, with just 592,000 subscribers at the end of the last quarter.

Compared to the same time last year, subscriptions are down 36% and average revenue per subscriber is down 16%; cash flow is in the red and the Group continues to slash costs, jeopardizing its future hopes of a rebound.

Fiscal 2024 will mark the fourth consecutive year of declining sales. This painful sequence has logically led to a change in management, but more through a game of musical chairs than through the injection of new blood or the impetus of a genuine strategic pivot.

A mosaic of various franchises with sometimes questionable editorial integrity, MarketWise failed to move upmarket, and missed the millennials' boat. Three-quarters of its audience is over fifty-seven, and a good third of this cohort is over seventy-six.

Our analysts were naturally following developments in the company's business with great curiosity. In addition to their reservations about its editorial strategy, its opaque accounting and curious organizational structure - the group's various subsidiaries capture almost all the economic value - had always left them on the defensive.

With hindsight, their reservations appear amply justified.