Higher abnormal costs drag Stadio to full-year loss

Stadio, a private higher education group that was hived off the well-known private education group Curro several years ago, has swung into a loss after accounting for the adjusted price tag in its acquisition of CA Connect.There was a fair value adjustment of R207m relating to the acquisition of CA Connect — where student enrolments have exceeded initial expectations, and where the performance of the business was part of the sales agreement.

As a result, the net loss was R138m in the year to December, from a profit a R84m a year before, the company said in a statement on Monday. The company also wrote down the value of some of its trademarks after three of its businesses were consolidated under its brand name. Headline loss per share came in at 8.5c, swinging from headline earnings per share of 8.5c a year before. However, core HEPS, the group's preferred measure of underlying earnings and which strips out abnormal items, rose 31% to 14.2c.

Student enrolments increased 10% to 35,031 as of December 2020. Over the same period, distance learning students grew 12% to 28,664 and contact learning students grew 3% to 6,367. “Notwithstanding the challenges presented by the Covid-19 pandemic and the uncertainties created by the second wave of infections, the group is confident and remains committed to achieving its strategic objectives and seeking further growth opportunities,” the company said in a statement.

Source: News Formal (newsformal.com)

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