Curro’s online school declared a success
It provided the syllabus for learners from Grade 4 to Grade 9 and more than 400 of them had enrolled
CURRO Holdings said yesterday in its interim results that its launch of an online school, announced in May during the Covid-19 outbreak to ensure that learning continued for its schools, had been a success.
The independent school provider said the online school provided the syllabus for learners from Grade 4 to Grade 9 and more than 400 learners had enrolled with Curro Online by the end of July.
Chief executive Andries Greyling said Curro embraced its vital role during the lockdown period, and committed to continue providing its curriculum through a virtual and remote learning strategy.
“All the years of funding and development of our online offerings paid off during lockdown, as Curro was well-positioned to pivot to an online learning environment. We already had this infrastructure in place that enabled us to prioritise our learners’ education, ensuring that they would not fall behind in their studies,” Greyling said. In the six months to end June Curro increased its learner numbers to 59 967 during the period, up by 5 percent compared to last year’s 57 173 learners.
Its learner numbers increased by 9 percent during the first quarter to end March compared to the end of December, before the Covid-19 pandemic outbreak, while fee collections rose by 24 percent compared to a year earlier.
Curro’s revenue increased by 7 percent to R1.59 billion and earnings before interest, tax, depreciation and amortisation surged by 12 percent to R466 million.
Curro’s recurring headline earnings
KAREN SANDISON
and recurring headline earnings per share both increased by 9 percent to R167m and 40.5 cents a share, respectively.
Its headline earnings per share declined by 23 percent to 38.7c, due to a once-off deferred tax reversal recognised a year earlier while earnings per share declined by 60 percent to 22.5c and the group attributed the decline to an impairment of property, plant and equipment and goodwill amounting to R83m. Curro did not declare an interim dividend.
However, Greyling said despite the impact and uncertainty brought about by Covid-19, Curro remained committed to its value proposition by providing quality education, adding that the academic year would be completed by the end of the year.
Looking ahead,
Greyling
said the future was uncertain, due to the pandemic outbreak, but Curro was well-positioned to fulfil their commitments to their learners, parents, staff and shareholders.
“Due to market conditions, the nursery school market has remained subdued, as this is considered a non-compulsory phase of schooling. Curro is addressing this by converting selected nursery schools to primary schools and assisted learning facilities. We continue to recognise the importance of education to children at this age. Numbers, however, will be limited,” he said.
Curro shares closed 1.74 percent higher at R8.19 on the JSE yesterday.