Private education specialist Advtech has reiterated that its "stretch target" for normalised earnings of 100c per share in the 2018 financial year is achievable. On Wednesday, Advtech — which owns prominent private education brands such as Crawford College, Trinity House, Abbotts College, Varsity College and Rosebank College — reported strong results for the year to end-December. Revenue was hiked 24% to R3.4bn, with enrolments up 13%. Operating profit before interest grew 36% to R608m, while normalised earnings came in at 66.7c per share (up 24%) and yielded a final dividend of 19c per share. Most impressive was Advtech’s free operating cash flow before capital expenditure, which topped R478m, or 90.9c per share. Advtech CEO Roy Douglas said the robust performance demonstrated that the company was on track to reach its growth targets. The star performer was the revitalised tertiary segment which turned a 28% gain in revenue to R1.25bn into a 67% increase in operating profit to R223...

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