Third quarter (January -
- Net sales increased by 9.3 percent and amounted to
SEK 3,591 million (3,284). Organic growth, including bolt-on acquisitions and adjusted for currency effects, was 7.3 percent. -
Operating profit (EBIT) amounted to
SEK 345 million (309). -
Adjusted operating profit, adjusted for items affecting comparability and effects of IFRS 16, amounted to
SEK 278 million (224). Items affecting comparability amounted toSEK 6 million (36). -
Net profit for the period amounted to
SEK 190 million (161). -
Diluted earnings per share was
SEK 1.80 (1.53). Adjusted for IFRS 16, diluted earnings per share wasSEK 2.02 (1.83). -
The average number of children and students in preschool, compulsory school, and upper secondary school during the third quarter was 89,691 (82,940), representing an increase of 8.1 percent. Adjusted for the acquisition of
Swedish Education Group , the increase was 5.1 percent. - The pandemic continues to impact our operations, distance education has in part or in full continued at the upper secondary schools and compulsory schools. Activities have been cancelled or postponed.
First nine months (
- Net sales increased by 6.9 percent to
SEK 9,668 million (9,044). Organic growth, including bolt-on acquisitions and adjusted for currency effects, amounted to 7.3 percent. -
Operating profit (EBIT) amounted to
SEK 840 million (639). -
Operating profit, adjusted for items affecting comparability and effects of IFRS 16, amounted to
SEK 653 million (449). Items affecting comparability amounted toSEK 7 million (36). -
Net profit for the period amounted to
SEK 414 million (252). -
Diluted earnings per share was
SEK 3.92 (2.39). Adjusted for IFRS 16, diluted earnings per share wasSEK 4.62 (3.25). -
The average number of children and students in preschool, compulsory school, and upper secondary school during the first nine months was 87,087 (82,245), representing an increase of 5.9 percent. Adjusted for the acquisition of
Swedish Education Group , the increase was 4.9 percent.
The complete report will be made available at https://corporate.academedia.se/en/financials/reports-presentations/
Comments from CEO
The third quarter of the financial year developed in line with previous periods, with continued high demand for adult education and good student growth in the school segments. Group turnover increased by 9.3 percent, of which acquisitions contributed 3.1 percentage points. Margins increased in all segments. During the quarter, we also continued to develop our digital strategy and a small EdTech acquisition was completed in early April.
The acquisition of
Campus strategy continues in the Upper Secondary School Segment
During the spring, it was decided that we will establish a new upper secondary school campus, Campus Södermalm, in
The campus strategy will provide students and staff with newly renovated premises with large common areas such as libraries, dining halls and sports facilities. Areas such as laboratories can be upgraded to a higher standard. We can make larger rental commitments and investments with reduced risk, as several schools, often with different focus, share the cost. As with opening new units, the investments we are now making in the Upper Secondary School Segment will negatively impact the segment's margin over the initial two-year period.
EdTech - a new business opportunity
For many years,
Until now, digitalisation was seen mainly as an internal focus area where we streamlined work and improved quality using smart solutions, however we are now seeing digital education services as a business opportunity. Our aim is for a number of these products and services to begin a growth journey, but in terms of
The acquisition of studier.se in
The pandemic is impacting our German preschools
Our German preschools have been under pressure for the last year, as a result of varying degrees of lockdowns due to the pandemic. The financial development has been affected and several factors combined make the situation difficult. Some parents have been cautious to start a new preschool place, while others who have a place but have not been able to attend, are unwilling to pay the full parental fee. It has also taken longer to fill new preschools and on-board children to existing preschools due to the enforcement of strict schooling in rules allowing only one child at a time. In addition, our new establishments have been delayed and it has been more difficult to recruit staff, as many people are cautious about changing jobs. All in all, this has resulted in lower capacity utilisation, at 89.5 percent (90.5), and slightly reduced parental fees.
As long as society remains partially closed, this situation will continue. However, the underlying need for new preschool places remains high and we hope that the vaccines will reduce the spread of infection and give parents, children and our employees a better situation. Once that happens, we expect a gradual return to normal schooling in routines and fee levels. The plan is to open about 15 new preschools during the next financial year.
Adult education important for the development of the skills of
Swedish higher vocational education colleges have undergone a major expansion, doubling their number of places since 2014. The planned level of 50,000 annual places has now been reached, and it is expected that this level will maintain in 2022. No further expansion is planned, which means that the allocation in
A reform of the
Satisfied students and staff despite the pandemic
These efforts were clearly and gratifyingly rewarded when the results of the survey came in and we saw improved results in both surveys. It is pleasing, and it is with pride, that we present the results in more detail on page 12 of this Interim Report.
Marcus Strömberg
President and CEO
Presentation of the report
A web-cast telephone conference will be held at
To participate in the conference call, and thereby be able to ask questions, call one of the following numbers ten minutes before the start of the call:
SE: +46 8 566 426 92
US: +1 833 2498 404
You can follow the presentation and the conference on the following page:
https://tv.streamfabriken.com/academedia-q3-2021
The presentation material will be available before the conference begins on
It will also be possible to access the recorded version of the webcast after it is finished on this page.
For more information, please contact:
Marcus Strömberg, CEO
Telephone: +46 8 794 4200
E-mail: marcus.stromberg@academedia.se
Telephone: +46-8 794 42 91
E-mail: katarina.wilson@academedia.se
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https://news.cision.com/academedia-ab/r/academedia-s-interim-report-july-2020---march-2021,c3341536
https://mb.cision.com/Main/14380/3341536/1413516.pdf
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