DURBAN - STADIO Holdings yesterday reported double-digit growth in full-year earnings, boosted by a 10 percent increase in student numbers, while its peer AdvTech also expects annual earnings growth despite the Covid-19 pandemic.
The JSElisted investment holdings company, which has investments in institutions such as Milpark Education, Stadio Higher Education and AFDA, grew its student numbers to 35 031, while distance learning students increased by 12 percent and contact learning students were up by 3 percent.
Its core headline earnings increased 33 percent to R117 million, and core headline earnings per share increased 31 percent to 14.2 cents a share. Revenue surged 14 percent to R933m.
Chief executive Chris Vorster said the growth in student numbers was pleasing given the extreme Covid-19 conditions during the year.
“We are very excited about these results given the Covid-19 outbreak. We are firmly positioned for growth having just completed the consolidation phase. “We were able to successfully complete the 2020 academic year on time with drop-out figures of 2.5 percent for contact learning and 6.1 percent for distance learning, the lowest since we started with operations in 2017,” Vorster said.
Its earnings before interest, taxation, depreciation and amortisation declined by 75 percent to R46m as a result of an accounting fair value loss adjustment relating to the acquisition of the CA Connect. Stadio acquired accounting educator CA Connect in 2018 for R32.3m.
BUSINESS REPORT