Curro (COH) 1H23 – Results Snapshot

Diluted HEPS 34.6cps (+25.8% y-y).
Turnover increased by 16.0% y-y to R2 389m.
OPM increased by 170bps to 17.0% from 15.3%.
Expenses increased by 13.6% y-y with expense to sales decreasing to 83.0% from 84.7%.
No dividend.
Average learners for Curro schools increased by 3.7% y-y to 62 940 learners for the period end. Average learners for Meridian schools decreased by 3.9% y-y to 9 445 learners for the period end.
Cash generated from operating activities up 1.5% y-y to R607m.
Curro’s tuition fees increased by 14% while discounts granted decreased to 7% of tuition fees from 8% in the previous period.
The company acquired and cancelled 2.4 million of its shares for R19.3 million up to 30 June 2023.