Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search

 

Evolve puts Porse unit on the market after strategic review

Evolve puts Porse unit on the market after strategic review

By Jonathan Underhill

April 3 (BusinessDesk) - Evolve Education Group, which raised $132 million in a 2014 public offering to acquire and bundle a group of childcare and home-help businesses, has put its Porse in-home childcare business up for sale after a strategic review.

The announcement follows the company's second profit warning in February when it said net new enrolments didn't meet its target and it was likely to write down goodwill on acquisitions.

"The decision follows a strategic review of Porse and its fit with Evolve’s core activity of centre-based early childhood education," said chief executive Mark Finlay, in a statement. "The review has shown that the two businesses are serving quite different and distinct markets, with limited overlap between the two activities. Consequently, potential synergies between centre-based and home-based early childhood education have been limited."

Porse accounts for less than 5 percent of Evolve earnings, he said. The company will retain its other home-based business, Au Pair Link, alongside its early childcare centres (ECEs) - Lollipops Educare and Leaps and Bounds.

Evolve went public in 2014 after selling shares in an IPO at $1 apiece. They last traded at 52 cents, having dropped about 20 percent following the February downgrade.

(BusinessDesk)

© Scoop Media

 
 
 
Business Headlines | Sci-Tech Headlines

 

'Visionary' Leaders: Primary Sector Council Announced

A group of visionary agribusiness leaders is set to help our primary sector capture more value from its work, Minister of Agriculture and Rural Communities Damien O’Connor says ... More>>

ALSO:

Land Report: Issues With Soil Degradation

An environmental report released today has found we are damaging and losing our soils and our native plants and animals. More>>

ALSO:

Water Quality Report: Cause For Optimism

National River Water Quality Trends released by Land, Air, Water Aotearoa (LAWA) this week, reveal that for all river water quality parameters monitored over a 10 year period, more sites were improving than deteriorating. More>>

ALSO:

IMF Report On NZ: Positive Economic Outlook

Minister of Finance Grant Robertson has welcomed the IMF’s Concluding Statement, released following its annual visit, which provides an independent assessment of the strength of the New Zealand economy. More>>

ALSO:

Retail Power Price: Review Panel Named

The Energy and Resources Minister Megan Woods has released the details of who will sit on an expert advisory panel which is tasked with leading a review into the price of electricity in New Zealand. More>>

ALSO:

Increasingly Disruptive Threats: Govt Cyber Security Refresh

Broadcasting, Communications and Digital Media Minister Clare Curran today announced a comprehensive refresh of New Zealand’s approach to cyber security. More>>

ALSO:


Regional Growth: Action Plan To Modernise Taranaki’s Economy

The Provincial Growth Fund (PGF) will invest up to $20 million to help future-proof the Taranaki region by diversifying its economy, creating additional jobs and leveraging off the strong base the region has established through its oil, gas and agricultural ... More>>

ALSO: