Key points
- 29% revenue growth to $81.6 million
- 26% increase in underlying centre EBITDA to $21.6 million
- 14 new centre acquisitions, portfolio now at 38 centres
Full summary
Embark Early Education Ltd has reported its full year 2024 results, highlighting strong financial and operational performance. Revenue grew 29% to $81.6 million, driven by operational efficiency, new centre acquisitions, and fee increases. Underlying centre EBITDA increased by 26% to $21.6 million. The company appointed a new Chief Operating Officer, Greg Scott, to oversee operations. Embark completed 14 centre acquisitions throughout the year, taking its portfolio to 38 centres. An institutional placement in October raised $18.2 million to fund these acquisitions, and the company also secured a $25 million borrowing facility with National Australia Bank. Embark benefited from the Government's Wage Retention Grant, which it started receiving in December 2024. The company's financial position remains strong, with $13.3 million in cash and low borrowings of $4.2 million at the end of the year.
Guidance
Embark expects to continue its growth trajectory in 2025, with January/February 2025 revenue approximately 58% higher than the same period in 2024. The company plans to integrate new acquisitions, implement the government wage retention grant, and implement a small fee increase in February 2025 to offset increased costs. Acquisitions will continue with multiple opportunities in the pipeline.