Sharechat Logo

Evolve says on track for 1H profit of $7m before non-recurring items

Tuesday 7th November 2017

Text too small?

Evolve Education said it is on track to post a first-half profit of $7 million not including a non-recurring expense item of $3 million. 

At the annual shareholders meeting in August, Evolve Education forecast first-half profit of $7 million, down 14 percent from a year earlier. 

According to the early childhood education centre operator, its Porse In-Home Childcare subsidiary had been in discussions with Internal Revenue regarding the GST treatment of certain payments made to home-based educators and nannies. "The directors have resolved to make a provision for $3.0 million in the interim financial statements in anticipation of resolving this historic matter," Evolve said.

However, as the Porse GST provision does not relate to underlying earnings or prospects of the business going forward it will be excluded from net profit for dividend considerations. Evolve expects its interim dividend to be paid on Dec. 20 at 2.50 cents per share, in line with the commitment made at the 2017 annual meeting and in line with last year’s interim dividend, it said. 

Evolve is due to release its half-year result on Nov. 20. 

The stock last traded at 78 cents and is down 22 percent this year. 

(BusinessDesk)

  General Finance Advertising    

Comments from our readers

No comments yet

Add your comment:
Your name:
Your email:
Not displayed to the public
Comment:
Comments to Sharechat go through an approval process. Comments which are defamatory, abusive or in some way deemed inappropriate will not be approved. It is allowable to use some form of non-de-plume for your name, however we recommend real email addresses are used. Comments from free email addresses such as Gmail, Yahoo, Hotmail, etc may not be approved.

Related News:

Arvida gets 87% uptake in $92 mln rights offer
NZ dollar weakens after US retail sales boost greenback
17th July 2019 Morning Report
Dairy product prices gain for first time in five auctions
MARKET CLOSE: NZ shares fall in listless trading; power companies gain
Gold Report 16th July 2019
NZ dollar rises after CPI meets expectations; US dollar weakens
Yili's Westland takeover gets OIO approval
Govt eyes 2025 for farm-level emissions pricing
Govt won't "die in a ditch" for 100% renewable target

IRG See IRG research reports