Private education group says disruptions caused by the pandemic lockdown have affected all of its divisionsPrivate education group AdvTech expects a drop in earnings of up to 27% for the first half of 2020 driven by disruptions to schooling caused by Covid-19.
Aside from the effects of the pandemic, schools were further affected by the loss of fees for additional educational services such as boarding, aftercare and extra-curricular activities as well as withdrawals of students, particularly at preschool level. AdvTech, expects to report normalised earnings per share — which eliminate the effect of one-off transactions — to be between 0% and 5% lower than the previous comparative period or between 40.4c and 42.5c per share as compared to 42.5c previously.