This paper builds upon an earlier analysis presented in this journal. Using official figures for school compositions and for outcomes at KS4 from 1997 to 2007, this paper considers each of the annual cohorts of new Academies in England, from 2002 to 2006. It shows that their level of success in comparison to their predecessors, national averages, their changing compositions and their changing exam entry practices are insubstantial. Of course some schools are gaining higher scores since Academisation, but others are gaining lower scores. Using the most recent results available there is no clear evidence that Academies produce better results than local authority schools with equivalent intakes. The Academies programme therefore presents an opportunity cost for no apparent gain. (Contains 16 tables and 1 figure.)