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Cape Town – Curro Holdings [JSE:COH], the JSE listed independent school company, maintained strong growth in profits during the six months to the end of June 2014.
Headline earnings per share increased by 76% from 5.1 cents to 9.0c.
The group’s headline earnings in the period under review grew by 95% from R14m to R27 million.
This was on the back of revenue increasing by 54% from R315m to R487m. The group’s earnings before interest, tax, depreciation and amortisation (Ebitda), besides head office cost and product development cost, increased from R75m to R140m.
Announcing the results Curro CEO Dr Chris van der Merwe said the half year figures are very pleasing and bode well for further strong growth.
"Our aim of 80 schools by 2020 is undoubtedly in clear sight. We currently have 32 schools operational with 10 under construction for completion before the end of the year," he said.
"With the acquisition of Waterstone College in May, the total number of schools under the Curro banner will be 43 schools by January 2015."
Since the beginning of the year the number of learners have grown from 27 263 to 28 899 due to new enrolments and with the acquisition of Waterstone College.
The group’s land banking project to acquire premises across South Africa is well under way. This provides Curro with the pipeline to achieve the 80 schools by 2020.
- Fin24
