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Evolve Education turns to profit

NZN 22/05/2016 Jonathan Underhill

Childcare operator Evolve Education Group has turned to a profit in its latest year, although earnings undershot the target in its 2014 prospectus.

Profit was $15.6 million in the 12 months to the end of March, from a loss of $8.1m a year earlier, it said.

The childcare operator anticipated profit of $16.6m in its prospectus.

Evolve acquired 20 childcare centres in the latest year, bringing its total to 106.

Evolve shares last traded at $1.04 and have gained 5.1 per cent in the past 12 months. They sold in the initial public offering at $1 apiece.

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