Evolve Education (ASX:EVO) reports $13.3M loss

Company News

by Katrina Bullock

Evolve Education Group (ASX:EVO) has reported EBITDA of $8.2 million for the financial year ended 31 March 2020.

Revenue came in at $140.6 million, beating last year’s $137.2 million.

The company made a net loss after tax of $13.3 million. This loss however, is dwarfed by the previous year’s loss of $101.6 million which prompted the company to revamp its board to reduce board fees, streamline its support office and reduce the amount of fee discounting.

During the 2020 financial year Evolve expanded into Australia by acquiring 10 new centres.

Shares in Evolve Education Group (ASX:EVO) are trading 4.55 per cent higher at 12 cents.