Malvern, Victoria-based early years childcare provider Mayfield Childcare has reported Mayfield Childcare has reported childcare fee receipts of $9.1 million from its 24 centres in the first six months of the year, down 43% compared to the same period last year, The Sector has reported.
The downturn was blamed on the Covid-19 pandemic. However, the company did receive $3.7 million in Early Childhood Education and Care Relief Package business continuity payments and $3.3 million in JobKeeper wage subsidies which offset revenue losses in the second quarter bringing aggregate half-year revenues to $16.1 million, marginally higher than last year’s revenue.
Earnings before interest and tax was $1.1 million and underlying net profit from continuing operations was $700,000, both about 40% lower than the first half of last year.
Mayfield chief executive Dean Clarke said: “The Covid-19 pandemic is a health and economic crisis the likes of which most of us have never seen. It has confronted all Australians and industries alike. The Mayfield business has responded to the challenge and will continue to do so and I would like to acknowledge and thank our dedicated and passionate team of educators, families and business partners for the amazing contributions and support they have made during these trying times.”
Date published: 20 August 2020