Acquisitive Advtech buys more schools, but payout stays at 2017 levels
Advtech appears set on keeping pace with Curro in expanding its private school network via acquisitions.Unlike Curro, Advtech shareholders are receiving dividends, albeit at the same level as in 2017."The group’s expansion plans to be implemented over the next few years require significant funding and therefore, the board believes it prudent to maintain the dividend," that company said in its results for the six months to end-June, which were released on Monday.Advtech held its interim dividend at 15c, the same as in the first half of its 2017 financial year.Echoing past result statements, Advtech’s said organic growth at its upmarket schools was hampered by emigration and financially constrained parents. It has responded by focusing on what it terms the "mid-fee sector" and expansion into the rest of Africa.Acquisitions during the reporting period included 71% of Kenya’s Makini group of eight schools with 3,200 students for R130.8m.This helped Advtech grow its interim revenue by 13...
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