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Evolve says first-half profit dropped as expected

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Evolve Education said first-half profit more than halved as occupancy rates dropped and it took a $3 million GST impairment. The early childhood education centre operator maintained its forecasts for the full year.

Consistent with previous guidance, net profit fell to $4 million in the six months to Sept. 30, including the impairment which related to historic GST treatment of payments to home-based workers. Excluding that, profit was $7 million, compared to $8.8 million in the previous first half. Revenue rose 7 percent to $81.3 million.

When Evolve warned of the expected fall in August, chair Alistair Ryan said it was disappointing and the company had been slow to react but was confident it could........

© The National Business Review