Third quarter (January -
- Net sales increased by 5.9 percent and amounted to
SEK 3,802 million (3,591). Organic growth, including bolt-on acquisitions, was 4.7 percent. -
Operating profit (EBIT) amounted to
SEK 313 million (346). -
Adjusted operating profit, adjusted for items affecting comparability and effects of IFRS 16, amounted to
SEK 264 million (279). Items affecting comparability amounted toSEK -27 million (6) and related to a fire in a compulsory school in the first quarter and restructuring expenses in the Upper Secondary School Segment. -
Net profit for the period amounted to
SEK 155 million (191). -
Diluted earnings per share was
SEK 1.47 (1.80). Adjusted for IFRS 16, diluted earnings per share wasSEK 1.67 (2.02). - The average number of children and students in preschool, compulsory school, and upper secondary school during the third quarter was 93,092 (89,691), an increase of 3.8 percent.
-
After the end of the reporting period, two preschools in
the Netherlands were acquired.
First nine months (
- Net sales increased by 8.5 percent to
SEK 10,488 million (9,668). Organic growth, including bolt-on acquisitions, was 5.7 percent. -
Operating profit (EBIT) amounted to
SEK 887 million (843). -
Operating profit, adjusted for items affecting comparability and effects of IFRS 16, amounted to
SEK 722 million (657). Items affecting comparability amounted toSEK -50 million (7) and include costs and insurance compensation received in relation to a fire in a compulsory school, VAT-expenses relating to the Adult Education Segment and restructuring expenses in the Upper Secondary School Segment. -
Net profit for the period amounted to
SEK 441 million (418). -
Diluted earnings per share was
SEK 4.17 (3.92). Adjusted for IFRS 16, diluted earnings per share wasSEK 4.78 (4.62). - The average number of children and students in preschool, compulsory school, and upper secondary school during the first nine months was 92,295 (87,087), representing an increase of 6.0 percent.
The complete report will be made available at
https://academedia.se/en/investors/reports-and-presentations/
Comments from CEO
As expected, the quarter's results were affected by volume reduction in the Adult Education Segment and higher costs in
A large and growing independent school sector
Today, some 400,000 children and students attend independent preschools, compulsory schools and upper-secondary schools. The possibility to choose a school for your child was introduced in 1992, and the proportion of families taking advantage of this has grown every year since. The independent school reform was and is a good reform, but has not significantly evolved over the last 30 years and needs to be modernised to suit today's conditions.
An example of development that
In the spring, the Swedish Parliament will vote on several proposals put forward by the social democrat led government. These include changes to the financing system (school voucher funding) and the free school choice. The likelihood that the proposals will be voted through is slim, as a parliamentary majority already has said that they will say no. However, I hope that, after the elections in September if not before, the parties can meet union representatives and the industry and come up with a new agreement for independent schools. Such an agreement should benefit both the individual and society, and preserve the great freedom of choice we have managed to create.
The number of Ukrainian children and young people applying to Swedish schools is low, but the commitment of our staff and students to
Stable operations even in the face of rising inflation
Despite the recent rise in inflation, with higher electricity and food prices,
Preschool Segment expands into
We are very pleased to announce that we have now taken the next step in our international expansion and made a platform acquisition in
Adult Education Segment is changing
The strong labour market and lower immigration are now clearly reflected in the number of participants in our adult education programmes. The trend is particularly evident in our municipal operations, where we are actively working to adjust our capacity to more normal levels. Although volumes are now going down, it is worth remembering that this decline is from very high levels. We have a strong underlying operation that is now focusing on expansion into new markets. In the coming years, we will see an increased focus on skills development, including discussions about more people being entitled to financial support for further training, and if implemented, would increase demand for many of our courses.
Positive results in this year's student and employee surveys
Every year,
Marcus Strömberg
President and CEO
Presentation of the report
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For more information, please contact:
Marcus Strömberg, CEO
Telephone: +46 8 794 4200
E-mail: marcus.stromberg@academedia.se
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https://mb.cision.com/Main/14380/3560616/1574821.pdf
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