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Evolve Education Group Limited (NZX: EVO) Announces Interim Results for Half Year to June 2021

Thursday 26th August 2021

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Listed New Zealand and Australian childcare and education centre operator Evolve Education Group Limited has today announced financial results for the half year ended 30 June 2021.

Revenue for the 6 months ended 30 June 2021 of $74.9m was almost 15% higher than revenue for the statutory comparative period (6 months ended 30 September 2020).

Loss after tax for the 6 months ended 30 June was $0.52m compared to profit after tax of $6.23m for the 6 months ended 30 September 2020). (Note: EVO’s balance date changed during calendar year 2020 from 31 March to 31 December).

Comparison of the trading performance compared to the six months to June 2020, adjusting for wage subsidies received in the prior period, is included in the market release and investor presentation.

As advised previously, the change in balance date has resulted in significant seasonality in the results in both NZ and Australia. One third of full year EBITDA is expected to fall in the first half of the year and two thirds in the second half. This is due to:

-In New Zealand 8 of 11 public holidays fall in the first half of the year. Government funding is not provided for public holidays.

- In Australia older children depart for primary school in February of each year.

This seasonality must be taken into account when extrapolating first half year results.

Given the uncertainty about both the quantum of support available in NZ and the length of the current Covid lockdowns, the Board has determined that it is prudent to withdraw guidance for CY2021.

However, guidance for 2022 is confirmed at underlying EBITDA of $23m to $25m –subject to there being no material Covid 19 related issues in CY2022.

Please see the links below for details

EVO FY21 Interim Appendix 1

EVO FY21 Interim Results Investor Presentation

EVO FY21 Interim Financial Statements 30 June 2021

EVO FY21 Interim Market Release

Source: Evolve Education Group Limited

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