Curro learner numbers hit 50,000 for the first time
Private education group Curro on Tuesday reported an 18% rise in revenue for the period ended June 2018 to R1.24 billion, as it increased learner numbers by 10% to 50,691.
For the comparative period to 30 June 2017, Stadio – Curro’s private university arm which was unbundled to shareholders in October 2017 – has been disclosed as a discontinued operation.
Headline earnings from continuing operations increased by 22% from R113 million to R138 million during the reporting period.
Headline earnings per share from continuing operations increased by 22% from 27.6 cents to 33.6 cents, Curro said.
Earnings before interest, taxes, depreciation, and amortization was up 31% from R255 million to R335 million.
Salient features:
- Number of campuses – 57 (51 Dec 2017)
- Number of schools – 139 (127)
- Number of learners – 50,691 (45,870)
- Average number of learners per campus – 889 (899)
- Number of employees – 5,710 (5,369)
- Number of teachers – 2,976 (2,778)
- Learner/teacher ratio – 17 (17)
Finance costs increased by 51% from R69 million to R104 million as a result of long-term interest bearing debt increasing from R1.66 billion to R2.31 billion.
Curro said it will invest R400 million in six new campuses at Curro Vanderbijlpark and Edenvale, Curro Academies at Parkdene (Boksburg), Protea Glen (Soweto) and Savanna City (Johannesburg), as well as a Curro Castle at Burgundy Estate (Cape Town).
Major expansion projects are underway at Curro Brackenfell, Building Blocks, Curro Heritage House (previously Curro Embury) and Windhoek Gymnasium. The estimated investment for expansion and replacement of assets is R700 million, the group said.
Curro also acquired Baobab Primary School (Gaborone, Botswana), Cooper College (Douglasdale, Gauteng) and Dot’s Learning Centre. Further acquisitions are being explored, it said.
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