G8 Education Ltd Rise in fee and acquisition
Rise in fee and acquisition: G8 Education Ltd (ASX: GEM) reported full year results for FY16 entailing a revenue growth of 10.2% to $778.5 million. Operating revenues growth was driven by growth in LFL parent fee revenue of $27.9 million and acquisitions. Underlying EBITDA rose 11.3% to $172.4 million while underlying NPT was up 7.1% to $93.3 million. Underlying EPS grew 3.4% to 24.68 cents. However, there was about 9% slip in profit for the year. The company has announced an equity placement of $212 million at an 8% premium to a subsidiary of China First Capital Group. The company intends to use the funds for repaying bond and bank debt facilities as well as assisting in funding the growth of child care center network. Raising funds will enable GEM to deliver on an additional $100 million of network growth opportunities. The company has operated 490 centers in Australia and 20 centers in Singapore bringing the total licensed places to 38,713.
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