Private education investor Curro Holdings has reported flat first-half earnings as learner numbers fell 1.4%, it said on Wednesday.
The company’s revenue increased by 4.7% to R2.7bn for the six months to end-June.
Lower enrolment numbers were partly offset by higher school fees, which saw school fee revenue rise 4.1% year on year, while ancillary revenue was 10.8% higher.
Headline earnings per share (HEPS), a measure that strips out one-time items, increased 0.2% to 40.3c.
The company reported earnings before interest, tax, depreciation and amortisation (ebitda) of R625m, unchanged from a year ago. However, a writedown in the value of land, which was intended to be used for future school development, resulted in an impairment of R74.1m, which weighed on earnings per share.
Earnings per share fell 36.1% to 25.7c.
Curro laid out plans to invest R630m back into the business by the end of this financial year, having already recorded a capital expenditure bill of R264m in the first half.
The investment will go towards maintaining, replacing and expanding its facilities to accommodate the strong demand for private education, particularly high school tuition, said the company.
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