JOHANNESBURG, March 22 South African private
education group Advtech reported a 24 percent increase
in full-year profit, buoyed by strong performance from its
businesses and expects growth to continue, it said on Wednesday.
* Advtech said basic normalised earnings per share increased
to 66.7 cents in the full-year to end December 2016 from 53.9
cents in 2015.
* The company, which runs 78 schools and 27 tertiary
campuses, said group revenue increased by 24 percent to 3.4
billion rand ($267 million).
* "In our core markets we expect growth to continue despite
the fact that competition has increased and difficult economic
conditions remain," the company said in a statement.
* Revenue from the school division was up 15 percent, while
revenue from the tertiary division grew by 28 percent to 1.3
* The group declared a final gross dividend of 19 cents from
* Advtech has been growing at a lightning-fast rate as
parents frustrated with under-resourced, over-crowded state run
schools splash out on private education.
* In the year, it increased its presence in the Western Cape
with the Glenwood House School acquisition and Elkanah House and
grew its tertiary education by buying a majority stake in
University of Africa in Zambia.
* "The group remains focused on delivering on its strategy.
We intend to generate 30 percent of revenue from the rest of
Africa by 2020," said Chief Executive Roy Douglas. ($1 =
(Reporting by Nqobile Dludla; Editing by Biju Dwarakanath)