MindChamps reports 2018 results with Australian centre contribution rising
MindChamps PreSchool Limited (MindChamps), the Singaporean based early education provider, has reported that Australian centre revenues now make up 32 per cent of total sales, up from 4 per cent in 2017 in its 2018 full year results.
This increase has been driven by the purchase of seven early learning centres in 2018 for a total consideration of A$21.8 million and four centres that were already part of the Group.
The centres are located in and around Sydney and generated S$11.75 million in revenues and S$2.02 million in EBITDA.
Mindchamps Preschool, originally founded as an educational research centre in Sydney, Australia has since evolved into an early learning business based in Singapore with a growing global presence that includes centres in the United Arab Emirates, Myanmar, Vietnam, Dubai and the Philippines as well as Singapore and Australia.
The organisation now has 74 centres globally, up from 59 in 2017.
Total Group revenues increased to S$37 million up 62 per cent on 2017. This was driven largely by increases in international student numbers and franchise development revenues.
Other key highlights from the results include:
- Operating profits S$8.1 million were reported an increase of 29% and net profits increased 33 per cent to S$6.5 million
- Operating margins fell to 29.1 per cent from 36.2 per cent in 2017 as higher costs incurred in building a platform for global growth were incurred
- Cash generated from operating activities increased to S$7.1m up 30 per cent on 2017
- Total group debt increased in the period to S$20.9 million up from S$7.0 million at the end of 2017 however the Group also had $35.5 million of cash in bank
- A final dividend of 1.34 cents a share was declared
Over the course of the year Mindchamps also signed up two high profile education thought leaders to join their World Research, Advisory and Education Team which is chaired by Professor Allan Snyder, Fellow of the Royal Society and Founder of the Centre of the Mind at the University of Sydney.
Trevor H. Cairney OAM, Adjunct Professor at the University of New South Wales, Department of Education and Libby Gleeson AM, Adjunct Professor at the University of Sydney, Department of Education and Social Work joined the team in September 2018.
Commenting on the results Mr. David Chiem, Founder CEO & Executive Chairman of MindChamps, said “The strong performance of MindChamps throughout 2018 is the result of 20 years of solid research and implementation – which underpins our cutting-edge programmes for both our young Champs and our teachers.”
Looking ahead to 2019 Mindchamps is soon to launch MindChamps Version 2.0 with more details on the program being revealed later in the year.