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Evolve Education Group Limited (NZX: EVO) Announces Results for Year Ended 31 December 2020

Friday 26th February 2021

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Evolve Education Group Limited has released its audited results for the financial year ended 31 December 2020. As EVO changed its balance date from 31 March to 31 December during calendar year 2020, EVO’s audited results for the financial year ended 31 December 2020 are for the 9 months from 1 April 2020 to 31 December 2020.

Key features of the results:

• Revenue of $102.6m for FY 31 December 2020, i.e. 9 months to 31 December 2020 (FY 31 March 2020, i.e.12 months to 31 March 2020, $140.6m)

• Net profit after tax at $7.6m for FY 31 December 2020 (FY 31 March 2020 loss of $13.3m)

• Underlying EBITDA of $15.7m for FY 31 December 2020 (FY 31 March 2020 $8.2m)

Managing Director Chris Scott commented that 2020 was a challenging year with lockdowns and restrictions in New Zealand and Australia due to Covid-19. The confidence of our families, the support of the Governments of both countries for the sector, the dedication of our employees, the acquisition of Australian centres in late 2019 and action taken to improve operations in New Zealand all enabled EVO to record a better result in the 9 months to 31 December 2020 compared to the previous financial year.

Following a refresh of the EVO Board in September 2019, EVO has experienced a stabilisation in occupancy levels, the streamlining of support office functions, a reduction in Board fees and the curtailment of fee discounting. EVO has also expanded into Australia with the acquisition of 10 centres in the last quarter of 2019.

In December 2020, EVO issued A$35m five-year notes – the proceeds of which were partly used to fully repay bank facilities from ASB and the remainder has been earmarked for future acquisitions in Australia.

“The results reaffirm our action plans in both New Zealand and Australia, and our healthy balance sheet positions us well for acquisitions in Australia while we continue to progress operational improvements in New Zealand”.

Please see the links below for details:

Evolve (EVO) full year financial statements 31 December 2020

Evolve (EVO) results announcement 31 December 2020

Evolve (EVO) full year results commentary 31 December 2020

Source: Evolve Education Group Limited

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