Evolve Education signals FY19 profit will be towards top end of range

Listed early education provider Evolve Education Group has today confirmed that its earnings for the financial year ended March 2019 will be in the top half of the guidance range provided at their half year results announcement in November 2018.

 

The company now expects FY 2019 earnings before interest, tax, depreciation and amortisation (EBITDA) to come in between NZ$13.2 million and NZ$13.6 million. This compares to between NZ$12 million to $14 million announced in November and suggests a profit performance towards the upper end of the initial range provided.

 

The confirmation in guidance comes as investors await their full year results, expected in May, and the outcome of a capital management review which was originally expected to have been finalised by 1 March 2019.   

 

The capital management review was announced as part of a broad reaching business update provided at the company’s half year results that also included the announcement of a two-phase turnaround plan to address a slide in business performance and the appointment of two new non executive directors.

 

As at November 2018 Evolve Education Group owned more than 120 centre-based early education and care facilities across New Zealand, operating under brands that include Lollipops, Active Explorers, Learning Adventures, Little Earth Montessori, Little Lights, Little Wonders and Pascals.

 

Evolve Education Group is listed on both the New Zealand Stock Exchange and the Australian Stock Exchange.