Maiden dividend for shareholders of school group

Curro shareholders have something to smile about with the good news that came their way this week. After years of being asked for more money to pay for private school group Curro’s acquisitions, shareholders are getting their first dividend.

Curro declared a maiden dividend of 12c per share in its results for the year to end-December, which were released on Thursday morning.

Its 2018 financial year was its first since separating from tertiary education division, Stadio, which was listed in October 2017.

“Due to both organic and acquisitive growth, more than 57,000 learners across 68 campuses are attending a Curro school in 2019, its 21st year of existence,” chief executive Andries Greyling said in the results statement.

“In addition, Curro extended its brand offering with the opening of Curro Foreshore in Cape Town, with a new tech-focused schooling model. This provides a progressive curriculum focused on mathematics, science, robotics and coding – essential subjects for learners to operate in the fourth industrial revolution era.”

It also launched an educational facility in Rivonia offering national certificate vocational (NCV) matrics, focusing on information technology.

The group segments itself into two: its flagship Curro schools; and 65%owned Meridian schools.

Meridian’s pupil numbers declined by 4% to 9,313 while Curro’s grew 16% to 41,992, helping the group’s overall pupil numbers grow 12%.

Those schools falling under the Curro brand grew revenue 22% to R2.2bn while Meridian’s remained flat at R274m, helping the combined top line grow 19% to R2.5bn.

Net profit grew 20% to R242m and headline earnings per share (HEPS) grew 25% to 60.1c.