Interim report
Page 1
evolve education group Evolve Education Group Level 15 , 16 Kingston Street Auckland 1010 , New Zealand PO Box 105843 , Auckland City 1143 Phone : 09 377 8700 Email : info@eeg.co.nz www.evolveeducation.co.nz 26 August 2021 Half Year Results and Trading Update Listed New Zealand and Australian childcare and education centre operator Evolve Education Group Limited ( ASX / NZX : EVO ) has today announced financial results for the half year ended 30 June 2021 . Revenue for the months ended 30 June 2021 of $ 74.9m was almost 15 % higher than revenue for the statutory comparative period ( 6 months ended 30 September 2020 ) . Loss after tax for the 6 months ended 30 June was $ 0.52m compared to profit after tax of $ 6.23m for the 6 months ended 30 September 2020 ) . ( Note : EVO's balance date changed during calendar year 2020 from 31 March to 31 December ) The table below shows EVO's trading performance for the 6 months ended 30 June 2021. To provide a meaningful comparison , the results for the 6 months ended 30 June 2021 have been compared below with the performance for the 6 months ended 30 June 2020. The impact of the New Zealand and Australia wage subsidies has also been shown separately . For personal use NZD $ ' 000s 1H2021 1H2020 Wage subsidy 1H2020 adjusted Variance % Parent Fees 26,450 16,438 Government Funding 48,441 45,475 45,475 16,438 10,012 61 % 2,966 7 % Total revenue 74,891 61,913 61,913 12,978 21 % Centre wages -43,472 -28,367 -13,505 -41,872 -1,600 -4 % Centre gross profit Centre rent Other centre expenses 31,419 33,546 -13,140 -12,544 -8,381 -7,098 -13,505 20,041 11,378 57 % -12,544 -596 -5 % -7,098 -1,283 -18 % Centre EBITDA 9,898 13,904 -13,505 399 9,4992381 % Corporate costs Support Office cost -581 -731 -731 150 21 % -3,853 -3,169 -678 -3,847 -6 0 % Underlying EBITDA 5,464 10,004 -14,183 -4,179 9,643 231 % Note : Underlying EBITDA is a non - GAAP measure used by EVO to report its trading performance . It is calculated on a pre - IFRS 16 basis and excludes gains and losses on the sale or closure of businesses , acquisition and integration costs , impairment losses , restructuring costs and non - operational items .