Sharechat Logo

Evolve Education Group Limited (NZX: EVO) Interim Results for Six Months Ended 30 September 2020

Friday 27th November 2020

Text too small?

Evolve Education Group Limited (NZX/ ASX: EVO) has today released its interim financial statements for the six months period ended 30 September 2020.

EVO’s net profit after tax (after IFRS 16) for the six months to 30 September 2020 was NZ$6.23m which was a significant turnaround from the loss of NZ$1.44m for the same period last year.

Revenue for the six months to 30 September 2020 was 6% lower than the prior year attributable mainly to the effects of closure of, and disruptions to, centres arising from Covid-19 and responses by the authorities in New Zealand and Australia.

Underlying EBITDA for six months of NZ$12.4m (Apr-Sep 2019: NZ$3.9m) was recorded despite slightly lower revenue, reflecting operational improvements and efficiencies achieved both at centres as well as at the support office. The 10 Australian centres acquired in calendar year 2019 have traded well.

The underlying EBITDA for six months ended 30 September 2020 is in line with the underlying EBITDA guidance range of NZ$14.4m and NZ$14.8m for the period January-September 2020 provided in the Shareholder Update on 9 November 2020.

The “green shoots” seen in the New Zealand operations, the performance of the Australian centres and a stronger overall financial position provide a firm platform for EVO to recommence its acquisition activities.

See the link below for more details:

EVO interim financial statements for six months ended 30 September 2020

Source: Evolve Education Group Limited

  General Finance Advertising    

Comments from our readers

No comments yet

Add your comment:
Your name:
Your email:
Not displayed to the public
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:

Chatham Rock Phosphate Limited (NZX: CRP) Chatham Successfully Completes Private Placement
Turners Automotive Group Limited (NZX: TRA) Upgrades FY21 Earnings Guidance
Blackwell Global Holdings Limited (NZX: BGI) Restructure of Business Operations
Vista Group International Limited (NZX: VGL) Vista Group appoints James Miller as Independent Director
Rakon Limited (NZX: RAK) Update of FY2021 Earnings Guidance
The a2 Milk Company Limited (NZX: ATM) Organisational Announcement
Reserve Bank of New Zealand Committed to Action as It Responds to Data Breach
MHM Automation Limited (NZX: MHM) Settlement of New Plymouth Building Sale
Napier Port Holdings Limited (NZX: NPH) First Quarter 2021 Trade Volumes
New Zealand Oil & Gas Limited (NZX: NZO) Mahato PSC Update - Oil Production

IRG See IRG research reports