Tertiary unit boosts Advtech school division
Advtech CEO Roy Douglas believes the slower growth in the school segment is a temporary issue
Private education conglomerate Advtech experienced a marked slowdown in growth in its core schools division, but this was offset by an excellent result from its tertiary division. In the half-year to end-June results released on Monday, Advtech’s schools division reported a 10% increase in revenue to R904m with operating profit creeping up 5% to R172m. The schools division — including brands such as Crawford College, Trinity House and Abbotts — is the biggest operating segment for Advtech, accounting for 45% of revenue and half of operating profit. This performance lagged rival Curro, which last week reported its school division growing revenue 28% in the same period. Advtech CEO Roy Douglas believed the slower growth in the school segment was a temporary issue, pointing out that new enrolments were still in line with expectations. He conceded, though, that the difficult economic climate and unsettled sociopolitical environment had a more significant effect on enrolment numbers than...
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