Evolve Education turns to full-year profit, misses prospectus target
Profit was $15.6 million in the 12 months ended March 31.
Childcare operator Evolve Education Group [NZX: EVO] turned in a profit in its latest year, although earnings undershot the target in its 2014 prospectus.
Profit was $15.6 million in the 12 months ended March 31, from a loss of $8.1 million a year earlier, the Auckland-based company said in a statement. Total expenses were $116.7 million, compared with a prospectus forecast of $110.8 million. Revenue jumped to $139 million, ahead of its prospectus forecast, from $32.9 million. The childcare operator anticipated profit of $16.6 million.
Evolve acquired 20 childcare centres in the latest year, bringing its total at March 31 to 106. The company said acquisition costs of $1.2 million and integration costs of $700,000 were incurred and expensed in the latest year and, excluding that one-time cost, profit was $16.8 million, beating its prospectus target. The newly acquired centres would contribute earnings without those associated costs in 2017, it said.
The company will pay a final dividend of 2.38c a share, fully imputed, bringing the total payment for the year to 4.76c. The record date is June 8 and the payment date June 20.
Evolve shares last traded at $1.04 and have gained 5.1% in the past 12 months. They sold in the initial public offering at $1 apiece.
(BusinessDesk)
Jonathan Underhill
Mon, 23 May 2016
Mon, 23 May 2016
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Evolve Education turns to full-year profit, misses prospectus target
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