Evolve Education Group Limited (ASX: EVO) released its financial results for FY 31 March 2020. Some highlights for the period from 1 April 2019 to 31 March 2020 include:
- Revenue of $140.6 million compared to $137.2 million in FY19
- Underlying EBIDTA of $8.2 million compared to $13.3 million in FY19
- Net loss after tax of $13.3 million including non-cash impairments of $12.3 million. The impairments were assigned to Rights of Use assets on adoption of new IFRS16 accounting standards this FY and leave underlying EBIDTA unaffected
Chris Scott, MD stated that EVO has witnessed stability in occupancy levels, reduced Board fees, streamlined support office and curtailed fee discounting after revamp of its Board in September 2019. The group also expanded in Australia with possession of 10 centres in FY20.
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