Evolve AGM completed as Chair recaps previous year and all resolutions pass
Evolve Education Group have completed their Annual General Meeting at which Chairman Hamish Stevens recapped the prior years performance and three resolutions tabled for voting were passed by participating shareholders.
In his address Mr Stevens highlighted the significant leadership and operational changes made in 2019 as the organisation moved to stem an increasingly precarious financial position brought on by falling occupancy and a relatively high cost base.
Mr Stevens noted that the actions taken had been sufficient to stabilise the business and that Group underlying EBITDA in the six months ended March 2020 was higher than the same period in the previous year for the first time in several years.
In addition Mr Stevens did also refer to the Group’s Australian acquisition strategy which saw 10 centres acquired in the period with expectations that once more clarity of COVID-19 and its consequences are known the Group will recommence purchasing centres.
With respect to COVID-19 Mr Stevens provide some detail as to how the Group responded to the pandemic and that despite not being able to make any financial predictions that the Group was cash positive, operating at positive earnings before interest tax, depreciation and amortisation (EBITDA) levels and had low levels of overall borrowing.
Commenting Mr Stevens said “The directors are confident that the improving trend in centre profitability ratios seen up to March 2019 will resume once we are free of further COVID-19 restrictions.”
The three resolutions tabled and passed saw Grant Thornton appointed as auditors and Kim Campbell and Adrian Fonseca reappointed as Directors.
To read the AGM Chairman’s address please click here.