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Learning posts record net profit

ABC Learning posts record net profit

Childcare providers ABC Learning have announced a 76 per cent jump to a record net profit after tax (NPAT) and says it is well positioned for continued growth this fiscal year.

ABC announced a $143.1 million NPAT, up from $81.5 million the year prior.

The company delivered $314.5 million of earnings before interest, taxes, depreciation and amortisation (EBITDA) for the year ending June 30, 2007, up 105 per cent from 2006, exceeding the company's guidance of $295 million to $305 million.

Revenues increased 115 per cent to $1,696.4 million.

ABC chief executive Eddy Groves said the result affirmed the strength of the business and that ABC was well positioned for continued growth.

"This result has been fuelled by contributions from across our business globally and we are exceptionally well positioned for continued growth," Mr Groves said.

"Exceeding our EBITDA guidance and achieving an increase in EPS of 29.5 per cent underlines the success of ABC's strategy."

The company also reconfirmed its earnings per share (EPS) guidance of growth in excess of 20 per cent for the current financial year.

ABC said exchange rates and climbing interest rates could have an impact on the 2008 performance.

ABC said the full year results were supported by strong enrolment and margin improvements in the existing core business within the US market, coupled with successful integration of acquisitions.

The result included a full year contribution from the 2006 US acquisition, La Petite Holdings Inc.

Seniors wise up to consumer rights

Seniors wise up to consumer rights

Older Victorians are a market force that retailers and service providers cannot afford to ignore, says Minister for Senior Victorians Christine Campbell.

Speaking at a Consumer Wise Ministerial Round Table for Older People, Ms Campbell said an increasing awareness of the importance of senior consumers by business also meant that older people also needed to be aware of unscrupulous business operators and their consumer rights.

‘Over 55s account for 21 per cent of Australia’s population but head up households that own 39 per cent of the nation’s household wealth, 54 per cent of our financial assets and 25 per cent of all disposable income.

‘Most seniors have more time and money than at any other stage of their life and have a greater discretionary income.

‘Current trends suggest that seniors are more likely to spend on luxury items, travel and recreation.

‘However, there are also many senior Victorians on low incomes whose financial independence actually decreases with age.

‘Their financial security can be compromised by unscrupulous businesses, scams and ‘get-rich-quick’ schemes.’

Ms Campbell said fraud was the most common crime perpetrated against older people.

Among people aged over 65, consumer fraud is 2.2 times more frequent than assault, 2.4 times more frequent than theft and 13 times more frequent than robbery.

Tabcorp's $150m chill

Tabcorp's $150m chill

Tabcorp estimates that a suspension of thoroughbred and harness racing until next weekend would cost it about $150 million in lost turnover.

"This will translate to an adverse impact on Tabcorp's group earnings of approximately $5 million after tax,'' Tabcorp said in a statement this morning.

No estimate for a more prolonged suspension was made, but it could prove catastrophic for the racing industry, which relies on Tabcorp's wagering revenues for about 80 per cent of its income.

The upcoming spring carnival contributes up to 35 per cent of the betting industry's total turnover.

State governments will also feel the pain as taxes, levies, commissions and fees in the June year absorbed $885.8 million or 60 per cent of total revenues.

Tattersall's, which runs the Queensland TAB business, is expected to lose up to $3 million from the suspension of racing.

Betting companies take about five cents of every dollar that punters bet on races.

"The real issue is really how long it continues," a CCZ Equities' gaming analyst, Tony Waters, said yesterday.

"It seems to be getting worse all the time. It's not panic stations but you would expect the share prices to come off for Tabcorp and Tattersall's."

Tabcorp's wagering division has proved to be its Achilles heel over the last two years because of cost blowouts in the installation of new technology and a dispute over broadcasting rights. Betting comprises about a third of Tabcorp's earnings.

On Thursday - a day before the outbreak was confirmed - the company forecast profits to be flat this financial year, with a rise in earnings not expected until 2008-09.

"It's not great timing, but at least in this case it's outside Tabcorp management's control," Mr Waters said.

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