CURRO HOLDINGS LIMITED - Results For The Six Months Ended 30 June 2023

Results For The Six Months Ended 30 June 2023

CURRO HOLDINGS LIMITED
Incorporated in the Republic of South Africa
(Registration number: 1998/025801/06
JSE Equity Alpha Code: COH
LEI: 378900E237CB40F0BF96
ISIN: ZAE000156253
JSE Debt Alpha Code: COHI
(“Curro” or “the Company”)


RESULTS FOR THE SIX MONTHS ENDED 30 JUNE 2023


1.   SALIENT FEATURES

     Curro’s average learner numbers for the first half of the 2023 year increased by 3% to 72 385
     learners, whilst revenue increased by 16% to R2 389 million, from R2 060 million in the prior
     corresponding period.

     Earnings before interest, taxation, depreciation and amortisation (“EBITDA”) increased by
     21% to R566 million, from R467 million in the prior corresponding period.

     Recurring headline earnings increased by 34% to R203 million, from R152 million in the prior
     corresponding period.

     Recurring headline earnings per share (“RHEPS”) increased by 36% to 34.6 cents per share,
     from 25.5 cents per share in the prior corresponding period.

     Headline earnings per share (“HEPS”) increased by 26% to 34.6 cents per share, from
     27.5 cents per share in the prior corresponding period.

     Earnings per share (“EPS”) increased by 21% to 33.4 cents per share, from 27.6 cents per
     share in the prior corresponding period.

     The board resolved not to declare a dividend for the six months ended 30 June 2023
     (June 2022: nil). It is the board’s policy to pay 20% of recurring headline earnings as an
     annual dividend on the premise that growth in cash generation shall continue in future.

     In evaluating these results, shareholders should take into account that Curro’s Meridian
     subsidiary received non-recurring long-overdue education subsidy income of R25 million
     during the previous comparable period, which was treated as non-recurring. This subsidy
     income was included in the calculation of EPS and HEPS but was removed for purposes of
     the calculation of RHEPS in the prior period and thus represents the key difference between
     RHEPS, HEPS and EPS in that period.


2.   SHORT-FORM ANNOUNCEMENT

     This short-form announcement is the responsibility of the directors of the Company. It
     contains only a summary of the information in the full announcement (‘Full Announcement”)
     and does not contain full or complete details. The Full Announcement can be found at:
     https://senspdf.jse.co.za/documents/2023/JSE/ISSE/COH/HY_23.pdf

     A copy of the Full Announcement is also available for viewing on the Company’s website at
     https://www.curro.co.za/investor-relations/financial-results/financial-year-2023/ or may be
     requested in person, at the Company’s registered office or the office of the sponsor, at no
     charge, during office hours.

     Any investment decisions by investors and/or shareholders should be based on
     consideration of the Full Announcement, as a whole.

     The results have not been reviewed or audited by the Company’s auditor.


3.   RESULTS PRESENTATION

     Curro will be hosting a virtual presentation at 10:30 SAST on Monday, 21 August 2023 to
     present the results to investors.

     Presentation details:
     -   View and listen mode

     Please register at:
     https://attendee.gotowebinar.com/register/1021204840681415253

     After registering, you will receive a confirmation email containing information about joining
     the webinar.

     Presentation slides will be available on the day of the presentation on Curro’s website at:
     https://www.curro.co.za

     Questions and Answers facility:
     -  Q&A facility will be available during or after the presentation.

Durbanville
21 August 2023

Equity and Debt Sponsor
PSG Capital  

Date: 21-08-2023 07:05:00
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