Evolve posts smaller FY loss than forecast 25 May 2015
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Evolve posts smaller FY loss than forecast as settlements beat expectations
By Paul McBeth
May 25 (BusinessDesk) - Evolve Education Group,
the childcare operator that listed in December, reported a
smaller annual loss than forecast in its offer document as
it settled a series of acquisitions faster than anticipated,
driving higher revenue.
The Auckland-based company
reported a net loss of $8.1 million, or 12.9 cents per
share, in the period May 20, 2014 to March 31, 2015, smaller
than the $9.5 million forecast in its November prospectus.
Underlying earnings before interest, tax, depreciation and
amortisation of $1.8 million was more than twice the
$816,000 forecast, while revenue of $32.9 million was 14
percent above the forecast.
"The result was driven by
accelerated settlement of acquisitions and improved
operational performance at the ECE (early childhood
education) centres," chief executive Alan Wham said in a
statement. "Key metrics of occupancy and wages to revenue
improved versus forecast."
Evolve completed 86 ECE
centres in the period, one more than forecast, and has since
bought another eight centres and has four more under
contract.
The company raised $132.3 million in its
December initial public offering to fund a series of
acquisitions, including Lollipops Educare, the in-home
childcare Porse Group, Wellington-based I-Kids and
Christchurch-based Artemis Learning.
Chair Norah Barlow, formerly the chief executive of retirement village operator Summerset Holdings, said the company is on track to meet guidance for 2016, including its planned dividend intentions. The prospectus forecast profit of $16.6 million in the year ending March 31, 2016 on sales of $136 million, an interim dividend payment of $4.6 million and paying 50 percent of net profit in the 2016 financial year.
Evolve said it is investigating new centre developments and has enough headroom in its banking facility to pay for acquisitions.
The company posted an operational cash flow of $2.5 million in the period, and held cash and equivalents of $4.6 million as at March 31, with $90 million of bank debt undrawn.
The shares last traded at $1, unchanged
from the IPO
price.
(BusinessDesk)
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