UPDATE 1-Advtech first-half revenue up 28 pct on acquisitions

  • Reuters
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UPDATE 1-Advtech first-half revenue up 28 pct on acquisitions

(Adds HEPS, details)

JOHANNESBURG, Aug 22 (Reuters) - South African private education group Advtech ADHJ.J reported a 28 percent increase in revenue and a 48 percent surge in first-half profit on Monday, boosted by recent acquisitions.

* Headline earnings, the main profit gauge used in South Africa that strips out some one-off items, increased to 36.5 cents per share in the six months to the end of June from 24.6 cents per share a year earlier.

* The company, which runs 43 campuses, said the results were boosted by recent acquisitions that included the Maravest group of schools.

* The schools division, which contributes 50 percent of group revenue, increased revenue by 20 percent to 822 million rand ($60.52 million).

* Interim gross dividend of 13.5 cents compared with 12.5 in the previous year per ordinary share in respect of the half year ended June 30.

* Group revenue increased by 28 percent while trading operating profit grew by 33 percent indicating continued operating margin improvement.

* A decrease in financing costs following a rights issue in 2015 and a steady effective taxation rate increased trading profit after taxation by 54 percent to 161 million rand.

($1 = 13.5820 rand)

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