Curro (COH) FY24 – Results Snapshot

Diluted HEPS 73.2cps (+20.0% y-y).
Turnover increased by 14.6% y-y to R4 764m. Turnover growth was supported by an increase in ancillary revenue, which was R120m and up 33% y-y.
OPM increased from 15.5% to 17.8%.
Expenses increased by 11.6% y-y with expense-to-sales decreasing from 84.5% to 82.2%.
Dividend of 14.64cps (LY: 11.08cps)
Average learners for Curro schools increased by 2.8% y-y to 62 619 learners for the period end. Average learners for Meridian schools decreased by 3.8% y-y to 9 412 learners for the period end.
Cash generated from operating activities up 9.4% y-y to R875m.
Curro recognised impairments of R378m (2022: R127m), net of tax, relating to lower-yielding school assets.
Tuition fees increased by 12% y-y due to the growth in learner numbers, coupled with price mix across grades and annual fee increases.