Friday 27th November 2020
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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.
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