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Kidicorp: Steady profit in line with appraisal


Steady profit in line with appraisal report says Kidicorp (KID)

The Directors of Kidicorp Group Limited (KID) are pleased to report an interim profit for the first six months. The trading profit to September 30 was $360,000 after provision of tax of $407,000. This figure is in line with the projected profit of $363,000 as indicated in the Ferrier Hodgson appraisal report distributed to shareholders in August

Earnings before interest, tax, depreciation and amortisation increased by 14% to

$2, 73 million for the six months to September 30.

Last year’s interim result included profit of $168,000 from the sale of properties. The company has not sold any property in the first half of the current financial year although properties with a book value of almost $1.8 million will be placed on the market in the next six months. The company acquires properties as part of the development or acquisition of early childhood centres and onsells them in the normal course of business.

Growth

During the first half year the company added 270 new licenced child spaces with new centres in Hamilton and Taupo and the expansion of existing centres in other regions. Developments currently planned or underway will ensure the company exceeds its

15 % growth target for the expansion of or development of new centres for the current financial year.

Since September 30 Kidicorp has acquired its first centre in Dunedin, a Montessori pre-school and is due to open new centres in Inglewood and Auckland. See attached release on this growth.

Information Technology

Kidicorp has made a significant investment in Information Technology Systems so that more timely and accurate information can pass between centres and the Tauranga administration office increasing efficiencies and providing a better service to our families.

Professional Development

There has been considerable investment in training and human resource facilities to support the company’s 1,250 employees. Kidicorp operates the only private support programme to assist teachers obtain teacher registration status with more than 200 Kidicorp employed teachers enrolled in this programme.

The Government has recently extended the deadline to achieve the target of 50% of teachers to be registered to December 2007. While Kidicorp has already exceeded the target in most centres, the breathing space means some relief to the increasing pressure on staffing and has given the sector more certainty.

20 free hours

The Government initiative to make available 20 free hours of early childhood education for all three and four year olds is due to be implemented in July 2007. Little detail is available on this programme however Kidicorp has appointed an internal working party to assess the implications and impact on the company as more details become available.

Wayne Wright, CEO, says, “We expect that the 20 free hours will increase the demand for quality early childhood education at an affordable cost and we are looking forward to it.

“It continues to be the company’s philosophy to invest in the development of quality early childhood centres and systems to support teachers so that we make a positive difference in the lives of children.

“As the demand for quality early childhood education continues to grow, Kidicorp’s objective is to remain a leader in the field, providing the best possible service to families while at the same time improving profitability and shareholder value,” ended Mr Wright.

Ends

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