Australian childcare provider, G8 Education, has announced statutory net profit after tax of A$25.1 million (£13.3 million) for the first half of 2021 compared to a $244.1 million net loss reported for the first half of 2020.
Revenue rose by 36.8% on the prior corresponding period to $421.5 million for the half year.
G8 managing director Gary Carroll said: “During the half, our operating performance continued to recover, driven by our strategic change programmes and a particularly strong performance from our regional centres. Costs were well-managed, and we remain concentrated on maintaining our balance sheet strength and flexibility. After an encouraging first half, since June, we have started to see some impact of Covid-19 lockdowns on occupancy in the eastern states. We have the right settings and systems in place, and are well-capitalised to weather this period and emerge in a strong position.
Date published: 25 August 2021