Childcare and early education group Bright Horizons Family Solutions has reported net income of $27 million for 2020, down 85% from net income of $180.4 million reported for 2019.

Revenue for the year was $1.51 billion, down 27% from $2.06 billion reported for 2019.

Bright Horizons fell 2% to $166.13 per share.

The Watertown, Massachusetts-based company also reported results for the fourth quarter of 2020. Its net income for the period was $2.6 million, down 95% from $47.8 million reported for Q4 2019.

Revenue for the fourth quarter was $377.1 million, down 28% from $520.6 million reported for Q4 2019.

Bright Horizons chief executive Stephen Kramer said: “While 2020 was a challenging year, it highlighted the best of Bright Horizons. Our employees heroically rose to the challenge, with an unwavering commitment to children, families and learners.

“I am excited to turn the page on 2020 and begin 2021. The depth and breadth of our client relationships, along with the increased awareness of our high-impact service offerings and differentiated value proposition, position us well to capitalise on the growth opportunities that lie ahead. We believe Bright Horizons will successfully emerge from this challenging period a much stronger and more agile organisation.”

Date published: 23 February 2021

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