Embark Early Education signals robust trading in market update

ASX listed early childhood education and care (ECEC) provider Embark Early Education has released a market update in which it confirms a continuation of strong trading conditions and details of its interim 2023 dividend. 

As at 8 October occupancy across the Group’s twenty four centres averaged 86.2 per cent, around 0.5 per cent higher than the same period last year, and 1.2 per cent higher than that recorded in June 2023. 

Weekly revenue over the same week was recorded as $1.367 million, around 13 per cent higher than in 2022. 

Notably, the Group highlighted that staff shortages were impacting centre’s ability to capitalise on demand and that had educators been available occupancy would have been 1.5 per cent higher at 87.7 per cent. 

Workforce constraints continue to be a feature of the ECEC operational environment with other leading providers highlighting similar challenges. Despite this Embark’s high relative occupancy levels signal that it is managing the challenges presented relatively well. 

Embark also confirmed that it has resolved to pay a fully franked interim FY23 dividend of $0.02 per share. The ex dividend date is 6 November and payment date 28 November. 

Embark will release its CY2023 results in February 2023.