Kip McGrath’s Online Education Business Soared

  • May 29, 2020 AEST
  • Team Kalkine

Kip McGrath Education Centres Limited (ASX:KME) provided a market update on COVID-19 impact and financials-

  • Noteworthy rise in the online business of KME amid COVID-19 crisis. The Group disclosed that prior to the crisis, the education institution delivered 550 online lessons a week, and now this has jumped to 20,000 online lessons.
  • For the 10 months to 30 April 2020, the Company generated revenue of $14.3 million, up by 12.4% on pcp, and despite the effects of COVID-19 pandemic KME anticipates remaining ahead of the previous year.
  • Though, due to the continued uncertainty and duration of the pandemic, the Board has cancelled the interim dividend of 1.5 cents per ordinary share.

Post announcement KME shares climbed by 12.432% to $1.040 on 29 May 2020 (at AEST 11:58 AM)


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