Curro Foundation School in Roodeplaat, Kameeldrift North of Pretoria. Picture: SUNDAY WORLD/TSHEPO KEKANA
The company, which operates schools and colleges in SA, Botswana and Namibia, has joined a list of at least 30 JSE-listed stocks that have reached new 52-week lows in recent trading days. SA-focused companies are battling to grow earnings amid the country’s economic malaise. The company also said it had to restate its previous set of interim results to align them with new accounting standards. Earnings were revised slightly upwards. Curro said it would probably publish its results on August 14.
Independent analyst Anthony Clark said that since Curro’s stock had been “highly rated” by the market, it was being punished for the earnings miss. But a slowdown in earnings was expected, as Curro was having to spend large sums on building new high schools to cater for pent-up demand, Clark said.
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