ADvTECH delivers another strong set of results at the half year

ADvTECH delivers another strong set of results at the half year 

Cementing its position as the leading provider of private education on the African continent 

 

26 August 2024: Commenting on the results, ADvTECH CEO, Geoff Whyte, said: “Driven by robust fundamentals in the business, ADvTECH delivered another strong set of results for the six months ended 30 June 2024. This was achieved through healthy growth in enrolments, moderate fee increases and continued margin improvement, despite a challenging economic environment.”  

  

“We continue to invest in the delivery of superior, technology-enhanced teaching and learning, strengthening our competitive advantage and further cementing ADvTECH as the leading provider of private education on the African continent.”   

 

Group: Operational and Financial Performance  

  

  • Enrolments up 6% 
  • Operating profit up 15% to R865m (2023: R754m) 
  • Operating margin up from 19.2% to 20.2%  
  • Normalised earnings per share up 16% to 97.7 cents 

 

The Education divisions recorded revenue growth of 12% year-on-year, due to healthy enrolment growth across both Schools and Tertiary (up 4% and 7% respectively).   

  

Operating margin in the Education business improved to 23.5% (2023: 22.8%) through the benefit of operating leverage and via the Group’s continued drive for efficiency gains. This more than offset the additional costs incurred to enhance ADvTECH’s offering through the introduction of additional global benchmarking measures, artificial intelligence tools to support personalised learning and student information systems.  

  

Normalised earnings for the period increased by 17% to R535 million (2023: R459 million) while normalised earnings per share increased by 16% to 97.7 cents (2023 84.3 cents) per share.  

   

Cash generated from operating activities increased by 12% to R1 959 million (2023: R1 749 million) underscoring the strong cash generating capacity of the Group.  

 

Informed by the Group generating cash in excess of that required to fund its investment programme, the Board decided to increase the dividend payout. Management of the group’s capital structure and optimising return on equity was also considered in this decision. The Board declared an interim dividend of 38.0 cents (2023: 30.0 cents) per ordinary share in respect of the six months ended 30 June 2024. This represents an increase of 27%. 

 

Divisions: Operational and Financial Performance  

  

Schools South Africa  

   

  • Enrolments up +5%  
  • Revenue up 11%  
  • Operating profit up 12%  

  

The Schools division in South Africa continued to enhance its value propositions and to win market share. All the division’s brands recorded volume and operating profit growth.  

   

Revenue increased by 11% to R1 556 million (2023: R1 402 million) and operating profit increased by 12% to R316 million (2023: R282 million) with the operating margin improving to 20.3% (2023: 20.1%).  

   

In response to sustained demand for quality education in the mid-fee sector, a Pinnacle College campus, scheduled to open in January 2025, is currently under construction in Ridgeview, Roodepoort. Furthermore, strong enrolment growth at Pinnacle College Raslouw in Centurion, necessitated the build-out of the balance of the school, several years ahead of plan. 

 

Schools Rest of Africa  

  

  • Enrolments up +4%  
  • Revenue up 11%  
  • Operating profit up 29%  

   

ADvTECH’s schools brands in the rest of Africa continued to experience strong enrolment growth. Revenue increased by 11% to R214 million (2023: R193 million), while operating profit increased by 29% to R62 million (2023: R48 million). Operating margin improved from 24.7% to 28.7% driven by operating leverage. 

   

Construction of the next phase of Crawford International in Kenya will commence in the fourth quarter of 2024 in response to continued strong demand, driven by the school’s market leading academic offering.  

 

The Group’s Cambridge International curriculum offering, that was introduced in 2021, is also experiencing strong demand, with parents increasingly choosing this curriculum for their children. As this offering is at a higher fee, it is having a positive impact on the financial performance of these schools.  

 

Gaborone International School continues to perform exceptionally well, with strong enrolment growth and excellent academic results. The second phase of development to increase capacity to accommodate 3 250 students and to refurbish the pre-primary school has now been completed.  

 

Tertiary/University  

   

  • Enrolments up 7%  
  • Revenue up 13%  
  • Operating profit up 16%  

   

The Tertiary division performed well and continued to grow off the back of a well-established, high quality brand portfolio that offers a comprehensive range of programmes and qualifications. ADvTECH’s ability to provide multi-channel modes of delivery (contact, blended, online, full-time, part-time and distance) is fundamental to enhancing its student value proposition.  

  

Revenue increased by 13% to R1 693 million (2023: R1 500 million) and operating profit grew by 16% to R436 million (2023: R375 million). Benefitting from effective cost containment measures, operating margin increased to 25.8% (2023: 25.0%).   

   

Expansion projects are currently under way at Rosebank College’s mega-campuses in Cape Town, Pretoria and Braamfontein.  

  

A new purpose-built Vega campus is under construction in Pretoria, adjacent to Varsity College, which will be more suitable than the existing premises. In addition, ADvTECH completed expansion projects at the Varsity College Pretoria and Cape Town campuses to increase capacity in response to continued strong demand.   

 

Following the publishing of draft regulations in September 2022 by the previous Minister of Higher Education and Training, which set out the criteria to qualify as a university, amended criteria were published in April this year. ADvTECH submitted its comments in May and await the publishing of the Gazette, which is anticipated before the end of 2024.   

   

“Recognition as a University will ultimately benefit our students who will then rightfully be afforded the same status as their Public University peers. We continue to engage with the Department of Higher Education and Training to move forward on this issue,” said Whyte.   

  

The Group is in the process of acquiring a suitable building to be adapted into a university campus. Should the purchase be approved by the Competition Commission, it will result in a R419 million capital investment over the next two years.   

 

Resourcing  

   

  • Operations outside South Africa continue to fuel growth  

  

Revenue decreased by 3% to R810 million (2023: R837 million), with the decline of 16% in South Africa driven by muted recruitment activity in a challenging trading environment. Revenue in the rest of Africa declined by 1% due to a few low margin contracts coming to an end.  

 

Operating profit increased by 3% to R51 million (2023: R50 million) however. This was achieved due to an increase of 24% in operating profit from the rest of Africa to R55 million (2023: R45 million) driven by low margin contracts being replaced by higher margin contracts, more than offsetting the impact of the loss experienced in South Africa.  

  

Alternative Energy Solutions  

  

ADvTECH is committed to minimising environmental impact across our operations. Notwithstanding the recent suspension of loadshedding, the Group continues to roll out solar solutions to reduce our electricity cost and carbon footprint. In addition to five sites that already have solar solutions, installations are currently under way at three sites with the highest electricity usage. Thereafter, ADvTECH will continue the rollout to all remaining sites where a solar solution is feasible.    

 

Prospects  

   

ADvTECH is uniquely positioned to enrich people’s lives by being the leader in teaching and learning across the African continent. Strong demand for quality education continues across all our chosen markets. 

 

“The Group’s solid balance sheet, strong cash generation, growing scale and expertise in Africa and unrelenting focus on extending competitive advantage in both the Schools and Tertiary Divisions, places us in a good position to maintain our growth trajectory and invest with confidence in areas of opportunity,” concluded Whyte.  


Advtech Updates

Advtech at the Reggio Emilia Conference: Learning Where an Inspiring Global Philosophy Meets Classroom Practice

By Tamara Thomas • April 28, 2026
In April, Advtech was represented at the Reggio Emilia International Conference in Italy, represented alongside delegates from 47 countries and more than 360 participants from across the globe. This gathering offered a powerful opportunity to engage deeply with the Reggio Emilia philosophy at its source and to reflect on its relevance and resonance within Advtech schools. The Reggio Emilia approach, particularly within the Early Years (infant, toddler, preschool, and primary phases), is grounded in the belief that children are capable, curious, and rich in potential. It offers inclusive learning environments that support students’ wellbeing, encourage meaningful social interaction, and foster a strong sense of belonging. Central to this approach is a shared responsibility to the community, one that embraces diversity, promotes collaboration, and nourishes a creative culture for teaching and learning. At the heart of the Reggio Emilia approach lies the understanding that education is not self-sufficient. Learning does not happen in isolation; it emerges through resources, experiences, theories, dialogue, and relationships. Children do not learn by themselves, but through interaction with others and through engagement with thoughtfully designed environments. As a result, classroom spaces are intentionally equipped to reflect what is being taught, ensuring that the environment itself becomes an active participant in learning, often referred to as the “third teacher.” Advtech’s Early Years approach aligns strongly with this philosophy, where the “Hundred Languages of Children” is deeply valued. This metaphor, introduced by Loris Malaguzzi, recognises that children express their thinking, understanding, and creativity in many different ways, through art, movement, speech, construction, play, and inquiry. Children are seen as natural researchers who explore ideas through encounters with peers, materials, and experiences. Through thinking, acting, listening, and questioning with curious minds, they co-construct knowledge together. Accessible, everyday materials, such as paper, natural objects, and recycled resources play an important role in these learning experiences. These materials invite creativity, exploration, and critical thinking. Students engage in practices such as observational drawing, while teachers carefully document learning through photographs, notes, and displays. Documentation makes thinking visible and honours children’s learning journeys, allowing reflection for both learners and educators. A key principle of the Reggio Emilia approach is seeing each child as an individual with rights, resulting in personalised learning being evident in every classroom. The teacher’s role shifts from instructor to guide, listener, and co-learner, creating space for each child’s voice to be heard. As Loris Malaguzzi, founder of the Reggio Emilia approach, famously stated: “There is no learning without joy.”  Learning, therefore, should be joyful, playful, and filled with discovery. Children should experience learning as pleasurable, stimulating, and meaningful. Visiting Reggio Emilia schools demonstrated how this philosophy comes alive through rotational group teaching, flexible learning environments, and classroom spaces that change in response to children’s interests and inquiries. Importantly, learning in Reggio Emilia is a collective journey. Teachers, teaching assistants, and support staff all play an integral role in nurturing each child’s development. Even at a young age, children are encouraged to engage in research, which supports divergent thinking and honours the fact that no two learners are the same. Listening carefully to children’s ideas and theories becomes a fundamental act of respect.

Dealings in Securities by Directors, a Director of a Major Subsidiary, Prescribed Officers and the Group Company Secretary

By Tamara Thomas • April 22, 2026
Advtech Limited (Incorporated in the Republic of South Africa) (Registration number 1990/001119/06) Share code: ADH ISIN: ZAE000031035 (“Advtech” or “the Company”) DEALINGS IN SECURITIES BY DIRECTORS, A DIRECTOR OF A MAJOR SUBSIDIARY, PRESCRIBED OFFICERS AND THE GROUP COMPANY SECRETARY In terms of paragraphs 6.77 to 6.90 of the JSE Limited Listings Requirements (“JSE Listings Requirements”), the following transactions, in respect of which prior written approval pursuant to paragraph 6.83 of the JSE Listings Requirements have been obtained, is hereby disclosed.

Dealings in securities by the Advtech Management Share Incentive Plan 2026 (“MSI scheme”)

By Tamara Thomas • April 21, 2026
Advtech Limited (Incorporated in the Republic of South Africa) (Registration number 1990/001119/06) Share code: ADH ISIN: ZAE000031035 (“Advtech” or “the Company”) Dealings in securities by the Advtech Management Share Incentive Plan 2026 (“MSI scheme”) In compliance with paragraphs 6.77 – 6.90 of the JSE Limited Listings Requirements the following information is disclosed in respect of dealings in Advtech securities by the MSI Scheme:

Publication of Annual Integrated Report

By Tamara Thomas • April 21, 2026
Advtech Limited (Incorporated in the Republic of South Africa) (Registration number 1990/001119/06) Share code: ADH ISIN: ZAE000031035 (“the Company” or “Advtech”) PUBLICATION OF ANNUAL INTEGRATED REPORT, NO CHANGE STATEMENT, NOTICE OF VIRTUAL ANNUAL GENERAL MEETING, AND AVAILABILITY OF B-BBEE COMPLIANCE CERTIFICATE Publication of Annual Integrated Report Shareholders are advised that the Advtech 2025 Annual Integrated Report (“Integrated Report”) and the Environmental, Social and Governance (“ESG”) Report have been published today. Electronic versions of the Annual Financial Statements for the year ended 31 December 2025 (“AFS”) and Ernst & Young Incorporated’s unqualified audit report are available on the Company’s website at: https://www.groupadvtech.com/financial-results and on the JSE Cloudlink at: https://senspdf.jse.co.za/documents/2026/JSE/ISSE/ADH/AFSYE2025.PDF The Integrated Report and ESG Report are available on the Company’s website at www.groupadvtech.com No Change Statement The consolidated AFS contain no modifications to the financial information published on SENS on 23 March 2026. Notice of Virtual Annual General Meeting Notice is hereby given that the virtual annual general meeting (“AGM”) of shareholders of the Company will be accessible on an interactive electronic platform, in order to facilitate participation and voting by shareholders, as permitted by the JSE Limited, the provisions of the Companies Act and the Company's Memorandum of Incorporation, on Wednesday, 27 May 2026 at 10h00, to consider and, if deemed fit, to pass with or without modification all of the ordinary and special resolutions set out in the notice of AGM to be distributed to shareholders on or before 21 April 2026. To this end, the Company has retained the services of The Meeting Specialist Proprietary Limited (“TMS”) to host the AGM on an interactive electronic platform, in order to facilitate participation and voting by shareholders. Our transfer secretaries, JSE Investor Services Proprietary Limited, will act as scrutineer. Shareholders who wish to participate in and/or vote at the AGM are required to contact TMS on proxy@tmsmeetings.co.za or alternatively contact them on 081 711 4255 / 084 433 4836 / 061 440 0654 as soon as possible, but in any event no later than 10h00 on Monday, 25 May 2026.  Shareholders are strongly encouraged to submit votes by proxy before the meeting. If shareholders wish to participate in the AGM, they should instruct their Central Securities Depository Participant (CSDP) or Broker to issue them with the necessary letter of representation to participate in the AGM, in the manner stipulated in their custody agreement. These instructions must be provided to the CSDP or broker by the cut-off time and date advised by the CSDP or broker, to accommodate such requests. SALIENT DATES The record date for the purposes of determining the shareholders of the Company entitled to receive the AGM notice is Friday, 10 April 2026. The record date for purposes of determining which shareholders of the Company are entitled to attend, participate in, and to vote at the AGM is Friday, 22 May 2026. Accordingly, the last date to trade in the Company’s shares on JSE Limited in order to be eligible to attend, participate in and vote at the AGM is Tuesday, 19 May 2026. AVAILABILITY OF B-BBEE COMPLIANCE CERTIFICATE In compliance with paragraph 12.7(g) and Appendix 1 to section 6 of the JSE Listing Requirements, shareholders are advised that the Company’s annual compliance certificate in terms of section 13G(2) of the Broad-Based Black Economic Empowerment Amendment Act, No 46 of 2013, is available on the Company’s website at https://www.groupadvtech.com . 21 April 2026 Johannesburg Sponsor: Bridge Capital Advisors Proprietary Limited

Education: Why Parents Should Approach It As A Long-term Investment

By Tamara Thomas • April 15, 2026
Choosing a school for your child will be one of the most complex and consequential decisions parents will ever make. When parents choose a school for their child, the decision is often shaped by immediate needs: convenience, reputation, or results in the senior years. Yet schooling is not a short-term decision. It is one of the longest and most formative investments a family will ever make, stretching over 12 to 15 years or more, from early childhood development through to Matric and further study. Darren Purdon, Head of Advtech Schools Academics, says the real value of education lies not in isolated moments of achievement, but in the intentional construction of learning over time, and that parents should approach their child’s educational journey intentionally, from start to finish. “Education depends on interconnected building blocks, each phase deliberately designed to prepare learners for the next,” he says. Parents should therefore carefully consider the elements that underpin a successful, lifelong educational journey before making this important decision. FOUNDATIONS MATTER Learning does not begin in Grade 1. It starts far earlier, in Grade 000 and Grade 00, where children develop the cognitive, social, emotional, and language skills that will underpin their entire academic journey, Purdon says. “When these early years are thoughtfully planned, children are more likely to arrive in the Foundation Phase confident, curious, and ready to learn. When they are not, gaps emerge that can widen over time. If the foundations are secure, progress accelerates, as we see in our Advtech Schools where we utilise international best practices and benchmarks to personalise early learning.” THE IMPORTANCE OF BELONGING Academic success is deeply connected to emotional safety and a sense of belonging. Children learn best when they feel comfortable at school, when they feel seen, supported and happy. And when teachers are supported, engaged, and professionally fulfilled, that sense of wellbeing naturally filters into the classroom. When students are excited about going to school, engagement increases, persistence improves and learning deepens. Social and emotional learning and supportive classroom environments with caring teachers underpin deep learning. Advtech schools include experienced psycho-social specialists to continually ensure teachers are upskilled in managing diverse classrooms. RESPONSIVE TEACHING AND TECH Effective education is not defined by what has been taught, but by what has been learned. “At Advtech schools, there is a growing shift toward instructional models that prioritise responsiveness. If learners have not grasped a concept, the expectation is not to move on regardless, but to re-teach using different strategies until understanding is achieved,” Purdon says. Additionally, technology has become a powerful enabler of this responsiveness, but not as a replacement for teachers. “AI-assisted tools, and classroom digital platforms such as Advlearn, increasingly act as classroom assistants, helping teachers identify learning gaps quickly and accurately. These tools provide insight into where students are struggling, allowing teachers to personalise support and adjust instruction accordingly.” INTENTIONAL SUBJECT PATHWAYS Consistency and coherence across subjects are another critical component of long-term value creation in education. “Take Mathematics as an example. Mathematical competence is not built in isolated units or single phases, it requires a carefully sequenced programme that develops conceptual understanding, fluency and confidence year after year,” says Purdon. “An intentional approach ensures that each phase prepares students for what follows, creating a golden thread that runs from early numeracy through to advanced problem-solving in the senior years. Gaps are far harder to close when this thread is broken.” The same principle applies across subjects: literacy, science, languages, and beyond. “Strategic curriculum alignment therefore ensures that learning compounds rather than resets each year, and parents should keep this in mind when strategising their child’s educational journey.” CHOOSING A SCHOOL WITH THE LONG VIEW For parents, the key question should not only be “Is this a good school now?”, but rather “Is this a school that understands the full journey, as well as understands where my child excels and needs support in each subject?” “Advtech Schools value long-term academic growth, student wellbeing, teacher development, and intentional curriculum design offers far more than short-term results. It offers continuity, stability, and a clear vision of success from the earliest years through to matric,” Purdon says.  “And in an education landscape that continues to evolve, the most trusted institutions are those that recognise schooling not as a series of isolated years, but as a curated journey, using regular academic data to personalise learning and shape student success for life.”

DEALINGS IN SECURITIES BY A DIRECTOR

By Tamara Thomas • April 8, 2026
Advtech Limited (Incorporated in the Republic of South Africa) (Registration number 1990/001119/06) Share code: ADH ISIN: ZAE000031035 (“ Advtech ” or “ the Group ”) DEALINGS IN SECURITIES BY A DIRECTOR In compliance with paragraphs 6.77 to 6.90 of the JSE Limited (“ JSE ”) Listings Requirements, the following transaction relating to dealings by a director is hereby disclosed pursuant to the provisions of the ADvTECH Management Share Incentive Scheme (“ MSIS ”). As set out in the SENS announcement published on 6 May 2025, the director had been awarded 730 459 shares in terms of his employment contract, which shares ceased to be forfeitable vested on 1 May 2025 and were subsequently committed by the director to be held in escrow for a period of 12 months towards meeting his minimum shareholding requirements in terms of the Minimum Shareholding Requirement (“ MSR ”) Policy of the Group. The director has on 8 April 2026 re-committed the aforementioned shares to be held in escrow for a further holding period of 12 months towards meeting his minimum shareholding requirements in terms of the MSR Policy of the Group.

Digital Literacy In SA Education Must Go Beyond “Computer Skills”

By Tamara Thomas • April 8, 2026
Key to increasing access to quality education

Dealings In Securities By The Advtech Management Share Incentive Plan 2026 (“MSI Scheme”)

By Tamara Thomas • March 27, 2026
Advtech Limited (Incorporated in the Republic of South Africa) (Registration number 1990/001119/06) Share code: ADH ISIN: ZAE000031035 (“Advtech” or “the Company”) DEALINGS IN SECURITIES BY THE ADVTECH MANAGEMENT SHARE INCENTIVE PLAN 2026 (“MSI Scheme”) In compliance with paragraphs 6.77 – 6.90 of the JSE Limited Listings Requirements the following information is disclosed in respect of dealings in Advtech securities by the MSI Scheme:

Dealings In Securities By The Advtech Management Share Incentive Plan 2026 (“MSI Scheme”)

By Tamara Thomas • March 26, 2026
ADvTECH Limited (Incorporated in the Republic of South Africa) (Registration number 1990/001119/06) Share code: ADH ISIN: ZAE000031035 (“ADvTECH” or “the Company”) DEALINGS IN SECURITIES BY THE ADVTECH MANAGEMENT SHARE INCENTIVE PLAN 2026 (“MSI Scheme”) In compliance with paragraphs 6.77 – 6.90 of the JSE Limited Listings Requirements the following information is disclosed in respect of dealings in ADvTECH securities by the MSI Scheme:

Advtech Posts Two Billion Rand Operating Profit

By Tamara Thomas • March 23, 2026
Double digit revenue growth and margin improvement deliver a 17% increase in earnings