Embark releases upbeat trading statement as part of AGM proceedings

Embark Early Education has released a trading statement as part of its Annual General Meeting proceedings in which it confirmed that year to date performance of the Group has been “robust” given a “strong start to the year.”

“2024 has started well for Embark. The capability of our senior leadership team is really starting to shine. As we move through the year we anticipate the strong operational performance to continue supported by contributions from recent and future acquisitions,” Chris Scott, Managing Director said. 

Embark generated revenues of $21.4 million and centre earnings (EBITDA) of $4.8 million in the four months to April 2024, up 15.7 per cent and 20.0 percent respectively on the same period last year, and showing a margin increase of 78 basis points from 18.4 per cent to 19.2 per cent.  

The Group’s network now stands at 29 centres, with an extra two added since April 2024 and five added since last year. 

On a weekly basis Embark confirmed average occupancy across the network stood at 81.1 per cent, down slightly from last year due to educator shortage related room closures however, overall weekly revenues came in at $1.524 million, a 27 per cent increase from the same week in 2023 with earnings up 34 per cent. 

In Chairperson Mr Hamish Steven’s address it was noted that the company is in the final stages of confirming a long term debt facility that will support further acquisitions and that the Group will continue to target regular quarterly dividend distributions to shareholders. 

To review the Embark AGM address please click here and their trading statement click here.