Diluted HEPS 40.3cps (+0.2% y-y). Impairments of R74.1m (1H24: nil) recognised on land previously acquired for future school development included in DHEPS.
Turnover increased by 4.7% y-y to R2 709m. Total school fee revenue increased by 4.1% from the prior period, reflecting the impact of the reduction in learner numbers, which offset a portion of the annual school fee increases. Ancillary revenue increased by 10.8% from the prior period.
OPM decreased by 90bps to 17.1%.
Expenses increased by 5.9% y-y with expense-to-sales increasing from 82.0% to 82.9%. No dividend.
Average learners for Curro schools decreased by 1.5% y-y to 62 338 learners for the period end. Average learners for Meridian schools decreased by 0.5% y-y to 9 411 learners for the period end.
Cash generated from operating activities up 38.5% y-y to R864m.
Refinanced and secured new debt facilities. R1.4bn of term loans with maturities in four and five years and R1.0bn of revolving credit with maturities in two and three years.
