ADvTECH blames emigration for tepid growth in South Africa

Aircraft (pixabay.com, 2019)

We’ve had over 500 withdrawals [due to emigration] during this year … We had 940 odd departures last year…

Roy Douglas, CEO - ADvTECH

ADvTECH reported subdued growth in South Africa for half-year to 30 June 2019, blaming emigration and the weak economy.

The company reported a 15% rise in revenue (to R2.5 billion).

Operating profit before interest and non-trading items are up 6% (to R428 million).

Operating profit for its South African schools increased by 2% (to R175 million).

Headline earnings per share rose 28% (to 43.4 cents).

Normalised earnings grew 8% (to R229 million).

ADvTECH declared a15 cents per share interim dividend.

The Money Show’s Bruce Whitfield interviewed Roy Douglas, CEO at ADvTECH.

Listen to the interview in the audio below (and scroll down for more quotes from it).

There is still growth in private education… but consumers are forced to examine alternatives…

Roy Douglas, CEO - ADvTECH

Demand used to exceed supply… now your application is likely to be successful…

Roy Douglas, CEO - ADvTECH

We’re encouraged by our performance in the rest of Africa.

Roy Douglas, CEO - ADvTECH

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