Embark Early Education (ASX:EVO) has announced a fully franked interim dividend of AUD0.015 per share for FY2024. The ex-dividend date is set for May 26, 2025, with a record date of May 27, 2025, and a payment date of June 17, 2025. This dividend reflects Embark’s ongoing commitment to delivering shareholder value.
In addition to the dividend announcement, Embark revealed the execution of conditional contracts for the acquisition of two early education centers in Queensland. These centers boast a combined total of 180 licensed places and generate an annual EBITDA of $923,000. The total purchase price for the two centers is $3.7 million, which will be funded through a drawdown of existing bank debt, currently standing at $4.4 million. The settlements are anticipated to occur in late May for one center and early July for the other, pending customary licensing and regulatory approvals.
Prior to 2024, Embark operated 24 centers. The company acquired 14 centers during 2024. The addition of these two new centers will bring Embark’s total portfolio to 40 centers upon completion of the settlements. This represents a significant expansion of Embark’s footprint in the early education sector. Further due diligence is being undertaken on additional acquisitions, indicating Embark’s continued growth strategy.
