Curro revenue soars as learners exceed 52,000
Listed private schools group Curro on Monday reported a 22% rise in revenue R2.099 billion for the year ended December 2017.
The group develops, acquires and manages independent schools for learners from the age of three months to Grade 12. The different school models are Curro Castles (nursery schools), Curro, Curro Academy, Meridian and Select schools.
Earnings before interest, taxes, depreciation, and amortization increased 22% to R594 million, while headline earnings per share advanced 17% to 49.0 cents.
Profit for the year from continuing operations increased 25% to R202 million, Curro said.
In its 20th year of existence, Curro said it passed another milestone with more than 50,000 learners across 59 campuses (138 schools). The number of campuses has climbed from 41 in 2015, and 51 in 2017, while the number of schools is up from 100 in 2015, and 124 in 2017. The average number of learners per campus is 885.
The group reported 52,233 learners at the start of 2018, up 14% from 45,870 in 2017. “We are satisfied with the 14% growth in learner numbers in 2018, considering that 5% of 2017 learners did not enrol in 2018, mainly due to affordability reasons,” it said.
During 2017, Curro said R1.136 billion was invested in the schools business. The capital was deployed in the following projects:
- Construction of five new campuses to the value of R324 million. These campuses include Curro Castle Oakdene (Gauteng), Curro Castle Uitzicht (Western Cape), Curro Academy Mamelodi (Gauteng), Curro Academy Riverside (Gauteng) and Curro Academy Sandown (Western Cape).
- R652 million was invested in the expansion of existing campuses, which included significant expansions at Curro Roodeplaat (high school), Curro Academy Wilgeheuwel (high school), Windhoek Gymnasium (Namibia), Curro Hillcrest Academy and Curro Hermanus.
- R148 million was invested in land banking.
The group said it plans to invest up to R2.3 billion in 2018.
“Curro will continue to take advantage of the significant growth opportunities in the education market both in SA and across our borders,” Curro said.
Shares in Curro declined 4.73% in morning trade on the JSE on Monday, to R36.90, giving the company a market cap of R15.2 billion.
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