I think the PPSC figures illustrate the efefcts of JAR.
Post tax profit margins quoted in the liquidators' report were as follows:
1998 - 1999 16%
1999 - 2000 19%
2000 - 2001 A post tax loss of 39%
The figures for 1998-1999 and 1999-2000 were of course distorted by the fact that lots of students were rushing to complete their national exams before the introduction of JAR.