Johannesburg – Curro Holdings said yesterday that the demand for private school education was on the rise following reports of a 6% increase in learner numbers for the year to the end of December, despite the Covid-19 outbreak.
The independent education provider reported that its learner numbers increased to 60 777 students at the end of December, compared with 57 597 learners a year earlier.
Curro’s learner number rose by 9% to 66 153 at its schools at the end of the last month compared with the same time last year.
Chief executive Andries Greyling said despite the challenging conditions due to the Covid-19 outbreak, and a period when learners were mostly educated remotely, average learner number rose to 60 777 at the end of the year.
“Educational excellence is now more sought after than ever before, and this is why we saw a further increase in registered learners to 66 153 in February 2021,” said Greyling.
The increase in learner numbers did not translate into a surge in earnings, as the group reported a 24% decline in recurring headline earnings per share to 38cents a share.
Its revenue was up by 5% to R3.1billion, and earnings before interest, tax, depreciation and amortisation were marginally down by 1% to R686-million.
The board decided not to declare a dividend, owing to the Covid-19 pandemic and the recently concluded rights offer.
“The board has resolved to not pay a dividend in respect of the year under review in order to preserve cash and to deliberately use capital to fund Curro’s further expansion and growth prospects.
“The declaration of a dividend is suspended for this year, and the board will re-evaluate Curro’s dividend policy at the end of this year,” said the group.
Curro shares closed 2.46% higher at R10.40 on the JSE yesterday.
