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| Learning posts record net profit |
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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. It also said voucher income streams were going well, and this now was the standard means of payment from clients. "Interest is earned on vouchers and additional income is earned from unredeemed vouchers," it said. ABC chairman Sallyanne Atkinson said the result affirmed ABC's confidence in its future. "The successful implementation of our growth strategy over the last 12 months is demonstrated by this result," Ms Atkinson said. "ABC is creating the world's best early childhood centres and continues to grow without compromising the quality of its services." As a result of the acquisitions of La Petite Holdings Inc (US) and Busy Bees Group Limited (UK), ABC as of June 30, 2007, had 1,050 centres in the US and UK, versus 1,188 centres in Australia and New Zealand. ABC declared a final fully franked dividend of nine cents per share, up from eight cents per share in 2006. ABC said its dividend reinvestment plan (DRP) would be available to shareholders for the current dividend payment. "Shares issued under the DRP will be issued at a 2.5 per cent discount to the weighted average trading price for shares sold on the Australian Securities Exchange (ASX) on the first day on which those shares are quoted ex-dividend and on the following four trading days, rounded up to the next full cent," it said. |
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