Technology-based education group Edutech achieved headline earnings per share of 4.64c in the year to end-February, compared with earnings of 0.49c a share for the previous year.
Edutech, or Nova Education & Technology Holdings, has among its subsidiaries online procurement platform Education Internet Portal; online and telephonic student advisory service Edutech Curriculum Services; and financial services company Finsa.
The group incurred an operating loss of R1.9 million, although an inflow of R8.27 million on the tax line helped it report an after-tax profit of R6.37 million.
"It was predicted during our previous report that the 2002/03 financial year would be typified by further investments and the laying of foundations to build upon in future," says chairman Cornelius Booysens.
"We are convinced that the investment phase will be completed during the 2003/04 financial year and that it will be able to generate substantial income from the subsidiaries.
"The board took the strategic decision that it would not be possible to expand all subsidiaries to the same extent on a contemporaneous basis and that a well-considered phased approach whereby priority is given to certain subsidiaries is deemed necessary."
He says priority was given to Bateleur Books as a result of the phasing in of the National Curriculum Statement, which has replaced the aborted Curriculum 2005.
"We are convinced Edutech is poised for a positive future and that we will be able to optimise the business opportunities that exist in the education community while rendering a quality service to education," Booysens says.
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