Private education group Advtech reported a 67% increase in after-tax profit for the year to end-December, to R377.9m, swelled partly by receipt of a R23m settlement of a long-running lawsuit. Excluding that item, after-tax profit was up 55% to R350.4m. Revenue rose 24% to R3.35bn. The group’s 78 schools — which include the Crawford, Abbotts College and Advtech Academy brands — remained the primary source of revenue, at R1.64bn, which was up 15% from the year before. Tertiary education revenue grew 28% to R1.25bn, accounting for 37% of group revenue.
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