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<\/a><\/figure>\n\n\n\nThe group said that tuition fees also increased by 12% due to the growth in learner numbers, price-mix improvement across grades, and annual fee increases. <\/p>\n\n\n\n
Revenue growth was supported by an increase in ancillary revenue, which was R120 million and 33% higher than in the previous year. Discounts were well controlled.<\/p>\n\n\n\n
Other notable results included:<\/p>\n\n\n\n
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- Schools\u2019 EBITDA increased by 21% to R1 448 million in 2023, while group EBITDA (after head of\ufb01ce expenditure) increased by 25% to R1 155 million (2022: R926 million).<\/li>\n<\/ul>\n\n\n\n
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- Headline earnings per share (HEPS) increased by 19% from 61.4 cents to 73.2 cents. Recurring headline earnings per share increased by 32% to 73.2 cents (2022: 55.4 cents).<\/li>\n<\/ul>\n\n\n\n
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- Earnings per share (EPS) of 7.0 cents for the year under review was impacted by impairment charges and decreased by 83% from the 40.1 cents in the previous year.<\/li>\n<\/ul>\n\n\n\n
Curro also noted impairments of R378 million (2022: R127 million), net of tax, relating to lower-yielding school assets. <\/p>\n\n\n\n
Nevertheless, the board declared a final dividend of 14.64 cents per share (2022: 11.08 cents), reinforcing its confidence in Curro\u2019s growth trajectory and commitment to delivering shareholder value.<\/p>\n\n\n\n
Outlook<\/strong><\/p>\n\n\n\n
Curro is in a healthy \ufb01nancial position after another credible operating performance and strong cash \ufb02ows during the 2023 \ufb01nancial year.<\/p>\n\n\n\n
Despite higher tax and interest payments, the group generated R875 million in cash from its operating activities, 9% higher than in the previous year.<\/p>\n\n\n\n
The group also noted it invested R715 million back into the business in the year, reinforcing its commitment to enhancing its educational facilities.<\/p>\n\n\n\n
Curro CEO Cobus Loubser highlighted that the 1.6% increase in learner numbers since the end of 2023 \u2013 amid the challenging economic conditions for constrained consumers \u2013 reflects its customers’ strong confidence in Curro’s education and facilities.<\/p>\n\n\n\n
He added Curro also plans to invest up to R700 million in 2024 to enhance and expand its facilities, meeting the growing demand for private high school education.<\/p>\n\n\n\n
\u201cWith a mature network of schools and serving a diverse community, Curro is poised for continued success. <\/p>\n\n\n\n
“Our strategic investments and innovative responses to market dynamics will ensure we remain at the forefront of independent education in Southern Africa,\u201d he said. <\/p>\n\n\n\n
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- Earnings per share (EPS) of 7.0 cents for the year under review was impacted by impairment charges and decreased by 83% from the 40.1 cents in the previous year.<\/li>\n<\/ul>\n\n\n\n
- Headline earnings per share (HEPS) increased by 19% from 61.4 cents to 73.2 cents. Recurring headline earnings per share increased by 32% to 73.2 cents (2022: 55.4 cents).<\/li>\n<\/ul>\n\n\n\n