Childcare and early education group Bright Horizons Family Solutions has reported net income of $26.8 million for the third quarter of 2021, compared to a net loss of $6.7 reported for Q3 last year.
Revenue for the quarter was $460.3 million, up from $337.9 million reported for the third quarter of 2020.
The Watertown, Massachusetts-based company also reported results for the first nine months of 2021. Net income was $52.8 million, up from $24.4 million reported for the first nine months of 2020. Revenue for the period was $1.29 billion, up from $1.14 billion reported for the first nine months of 2020.
Bright Horizons chief executive Stephen Kramer said: “I am pleased to report a solid quarter as our team continues to demonstrate resilience and agility in responding to ongoing changes in the working environment due to Covid-19. We continued to make good progress in the quarter including the reopening of 23 centres and welcoming 19 new centres to the Bright Horizons family.”
“The importance of childcare in the nation’s recovery has never been more evident, with recruiting challenges impacting all sectors of the economy, and employees struggling to balance new work and life demands, as well as career growth goals. We are proud to be an integral and responsive partner in providing solutions for so many employers and working parents who need and expect high quality early education and care for their dependents, and for workers looking to build skills to serve the evolving needs of our changing economy.”
Date published: 3 November 2021