Curro reports double-digit half-year revenue growth
Curro have released their latest set of results for the first-half of the year and it says it has finally navigated operations through the worst of Covid-related impact. Headline earnings per share jumped just over 40 per cent while student numbers have also climbed, breaching the seventy thousand learner mark. CNBC Africa’s Tania Habimana spoke to Andries Greyling, CEO, Curro to unpack the numbers.
Fri, 19 Aug 2022 05:48:49 GMT
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AI Generated Summary
- Curro navigates through Covid-related challenges to achieve double-digit revenue growth
- Significant increase in learner numbers driven by reputation for quality education and expanding campus network
- Focus on cost control, optimizing capacities, and digital innovation for future growth prospects
South African private education group Curro has reported a strong performance in the first half of the year, with headline earnings per share jumping over 40% and student numbers breaching the 70,000 learner mark. CEO Andries Greyling discussed the company's positive results and growth prospects in an interview with CNBC Africa.
Greyling highlighted the challenges faced during the early part of the year due to the lingering impact of lockdown restrictions. Despite these initial uncertainties, Curro managed to operate its campuses fully as normalcy returned. The focus was on enhancing the quality of education, including academics, sports, and cultural activities. Greyling expressed satisfaction at the return to a sense of normality and the ability to make more informed decisions based on data.
The increase in learner numbers was a key highlight for Curro, with a significant uptick in grade eight enrollments in the past two years. This growth was attributed to the company's reputation for quality education and expanding campus network. Greyling emphasized the potential for continued growth as younger students progress through the school grades.
Addressing cost inflation, Greyling mentioned that Curro had managed to pass on these increases to parents by adjusting fees annually. The company's focus on filling up campuses and optimizing class sizes has helped in cost savings. With an eye on the challenging economic environment, Greyling acknowledged the need for cost control to prevent price increases from deterring parents.
Looking ahead, Curro's growth prospects lie in maximizing current capacities and expanding digital offerings. The company has invested in technology to enhance learning experiences, including a hybrid offering that allows students to choose subjects digitally. This innovation is expected to improve the overall educational quality and potentially lead to cost efficiencies.
In terms of future expansion, Curro's immediate focus remains on optimizing existing campuses rather than opening new ones. Greyling mentioned that capital allocation is prioritized towards reaching full capacity at the current 27 campuses. However, potential new campus openings could be considered in the future if cash generation remains strong.
Overall, Curro's positive financial performance and strategic focus on quality education and digital innovation position the company well for sustained growth in the competitive private education sector.