Curro reaches campus goal five years early

EDUCATION group Curro Holdings on Tuesday reported a 38% jump in headline earnings per share (HEPS) to 17.7c for the year ended December 2014.

The PSG-controlled company, which operates more than 40 schools around the country, said revenue surged by 52% to R1bn compared with the year-earlier period.

“Curro opened in January 2015 with 42 campuses and the board is pleased to announce that Curro has achieved its prelisting objective of at least 40 campuses, five years ahead of its original target of 2020. Curro has grown by an additional 8,758 learners to 36,021 learners since January 2014,” the company said.

Looking ahead, Curro said it planned to invest about R600m on the expansion of existing campuses; develop three new schools at Waterfall estate, Sitari and Hillcrest; invest R250m in land banking of various key sites and; investigate potential acquisitions.

“As part of the group funding and growth plan, Curro plans to raise R740m through a fully underwritten rights offer. In terms of the rights offer, shareholders will receive, for every 11 shares held, the right to acquire one additional share at R25 per share. The rights offer will take place during April 2015 and information on the rights offer will be communicated in due course. Curro also plans to raise up to R700m in the debt markets,” it said.

Curro said it was “on track” to achieve its target of 80 schools by 2020. Source: BD Live