Auckland-based New Zealand and Australian childcare and education centre operator Evolve Education Group has announced a net profit of NZ$6.2 million (£3.3 million) for the six months ending 30 September 2020, compared to a net loss of NZ$1.4 million reported for the six months ending 30 September 2019.

Revenue for the six-month period was NZ$65.2 million, down from NZ$69.2 million reported for the same period in the previous year.

Evolve Education manging director Chris Scott said: The green shoots seen in the New Zealand operations, the performance of the Australian centres, and a stronger overall financial position provide a firm platform for EVO to recommence its acquisition activities.”

The Sector reported that Evolve has placed A$35 million (£19.3 million) in senior secured Australian five-year notes at a coupon of 7.5% in a wholesale offering, which it said will be used to repay Evolve’s NZ$17.6 million secured debt and provide funding for a phase of acquisitions in Australia.

Date published: 27 November 2020

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