Curro, a major listed private school owner, has seen a strong increase in profit amidst a difficult period for private schools.
Listed private school owner Curro reported strong growth in profit for the first half of 2023.
In its financial results for H1 2023, the group said that the number of students at its 78 campuses increased 3% from 70,724 to 72,385.Headline earnings per share also increased by 26% from 27.5 cents in H1 2022 to 34.6 cents in H1 2023,“Our rise in tuition fees by 14% was a result of growing learner numbers and our periodic fee increases. We are pleased with the 31% surge in our ancillary revenue to R223 million,” CEO Cobus Loubser said.
The group invested R312 million during the period, which included the acquisition of Courtney House International School.Despite the strong increase in headline earnings per share, the group’s board decided not to declare a dividend for the period, with it instead opting to pay 20% of recurring headline earnings as an annual dividend.
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