MindChamps reports 15% drop in FY17 earnings to $4.6 mil on IPO and M&A expenses

SINGAPORE (Mar 1): MindChamps PreSchool reported a 15% drop in FY17 earnings to $4.6 million from a year ago on in its maiden set of results following its Nov 2017 listing.

MindChamps says it maintained an operating profit of $6.3 million, before taking into consideration $1.1 million spent on merger and acquisition activities and one-off IPO expenses.

The group saw revenue grow by 24% to $22.8 million from $18.4 million. This was mainly due to an increase of $3.2 million in school fees, resulting from higher number of enrolled students following the acquisitions of two centres, MindChamps PreSchool @ Zhongshan Park and MindChamps PreSchool @ Serangoon in FY16, the commencement of  business operation of MindChamps PreSchool @ Leisure Park Kallang in Jan 2017 and the  acquisitions of four preschool businesses in Broadway, Eastwood, Cherrybrook and Hornsby in Australia in Nov 2017.

---

Related Stories

• MindChamps enters into JV to open preschool in Malaysia's Sunsuria City
• MindChamps enters into JV with performing arts school
• MindChamps earnings dip 5% in 1H20, affected by Covid-19

---