32.5c

Full-year dividend per ADvTECH share declared

share was 39 percent higher at 71.1 cents a share as compared to 51c a share.

The board declared a fullyear dividend of 32.5c a share, up from 29.5c a share compared to 2015.

Douglas said the results showed the group was on track to reach its growth targets.

Mergence Investment Managers equity analyst Nolwandle Mthombeni said ADvTECH needed to inject more capital into the rest of its African operations in order to increase revenue streams.

Mthombeni said as the company funded its acquisitions with cash from operations and debt, it may require additional funding to fund the expansion plans. She said, however, the company would not struggle to secure funding as it had a strong balance sheet.

“If it continues to see strong growth in enrolments in South Africa, it will be difficult to reach that target,” Mthombeni said. “As it currently stands, revenues of both the schools and tertiary divisions are growing in excess of 15 percent per annum and it will be a challenge to expand that fast in the rest of the continent.”

ADvTECH shares dropped 1 percent on the JSE yesterday to close at R19.80.