Curro reports robust mid-year results21 August 2023
Celebrating our silver jubilee in 2023, Curro marks 25 years of unwavering commitment to educational excellence. In its milestone year, Curro brings with it further reasons to celebrate as the group reports a stellar performance with a 34% surge in recurring headline earnings to R203 million, up from R152 million in the first half of 2022.
CEO Cobus Loubser proudly remarked, "Reaching a quarter-century is a significant achievement. These positive numbers are a testament to Curro's dedication to imparting quality education over the years."
Curro recorded a 3% rise in its weighted average number of learners, bringing the count to 72 385 for the first half of 2023. This contributed to a robust 16% revenue increase, registering R2.4 billion, up from R2.1 billion in the first half of last year.
Headline earnings per share (‘HEPS’) increased by 26% to 34.6 cents. Recurring headline earnings per share (‘RHEPS’) increased by 36% to 34.6 cents (2022 H1: 25.5 cents).
Loubser explained the revenue growth, "Our rise in tuition fees by 14% was a result of growing learner numbers and our periodic fee increases. We are pleased with the 31% surge in our ancillary revenue to R223 million."
The way forward
Reiterating the group's objectives, Loubser shared, "Our primary aim in the foreseeable future is to bolster and enhance the utilisation of our current facilities." The investment of R312 million during the current period included the acquisition of Courtney House International School. Curro envisages investing up to R800 million for the full 2023 year in capital projects.
The company is resilient and in a strong financial position. It commenced a share repurchase programme in June 2023. Loubser noted that Curro acquired 2.4 million shares amounting to R19.3 million by the end of June 2023. “Up to today, we've secured a total of 10.3 million shares for R88.3 million.”
With its strategy firmly set to augment shareholder returns and a growing portfolio of schools, Curro is optimistic about the path ahead. Drawing inspiration from the energy and potential of its learners, Curro remains steadfast in its mission.
Loubser concluded, "Our vision has always been to extend quality education to as many learners as possible in Southern Africa and I'm confident in Curro's trajectory. We're not just celebrating our past 25 years, but looking ahead with the same fervour and commitment.”