Curro ‘on track for 200 schools by 2020’
Curro Holdings said on Tuesday that it has earmarked R800-million for the construction of new campuses and R450-million for the expansion of existing ones this year.
The remainder of the R2-billion the JSE-listed independent school company wants to invest “will be used for acquisitions and land banking opportunities”‚ it said in a statement.
Curro said it had “started 2016 on a positive note amidst trying economic conditions with solid financial results for the year to December 2015”.
Headline earnings per share were up by 67% - from 17.2 cents to 28.7 cents – and revenue increased 38% from R1-billion to R1.38-billion before interest‚ tax‚ depreciation and amortisation.
The group was also encouraged that learner enrolment at the beginning of the school year grew by 16%‚ and added that its 41864 pupils now “might increase with a further 1400 learners in the first term with the expected acquisition of two more schools by Curro”.
“Our vision of 200 schools (80 campuses) by 2020 remains on track. Curro had 101 schools (42 campuses) in operation at the end of 2015 and opened the 2016 year with 110 schools (47 campuses)‚ having added 9 newly constructed schools‚” Curro CEO Dr Chris van der Merwe said.