ADvTECH delivers another strong set of results, increases normalised earnings per share by 16%

Double digit 2025 growth in both schools and tertiary divisions takes total enrolments above 100 000 students for the first time

 

24 March 2025: Commenting on the year ended 31 December 2024, ADvTECH CEO, Geoff Whyte said: “Healthy enrolment growth, moderate fee increases and a further improvement in margins contributed to ADvTECH delivering another strong set of results. In the year under review, we expanded operations in our home market and across the African continent whilst continuing to invest in superior technology to enhance teaching and learning.”

 

“In the current year, we are also pleased to report double digit enrolment growth in both our schools and tertiary divisions and that our education business has broken through 100 000 students for the first time.” 

 

 

Group: Operational and financial performance

 

·      Revenue up 8% to R8 521 million (2023: R7 860 million)

·      Operating profit up 14% to R1 791 million (2023: R1 577 million)

·      Operating margin improved to 21.0% (2023: 20.1%)

·      Normalised earnings per share increased by 16% to 202.5 cents

 

Group revenue grew by 8% to R8 521 million (2023: R7 860 million), driven by a 13% increase in the education division and an 8% contraction in the resourcing division.


Group operating profit increased by 14% to R1 791 million (2023: R1 577 million) with the education division’s operating profit increasing by 15%. Whilst the resourcing division’s performance regressed, this had minimal impact on group profitability.

Group operating margin improved to 21.0% (2023: 20.1%).


Operating margin in the education division improved to 24.2% (2023: 23.8%) through the benefit of operating leverage and our continued drive for efficiency gains. This more than offset the additional costs incurred to strengthen our offering through the introduction of additional global benchmarking measures, artificial intelligence tools to support personalised learning and enhanced student information systems.

 

Normalised earnings for the year increased by 17% to R1 109 million (2023: R950 million) while normalised earnings per share increased by 16% to 202.5 cents (2023: 174.2 cents) per share.


The strong cash generating capacity of the group is demonstrated by cash generated  from operating activities increasing by 16% to R2 250 million (2023: R1 941 million).


Capital expenditure of R982 million focused mainly on increasing capacity on existing sites to meet incremental demand (R328 million), the development of a new school (R64 million), acquiring new sites for future expansion (R238 million), procuring equipment to enrich the group’s teaching and learning through technology and enhancing business systems (R78 million) to facilitate efficiency improvements.


The Board is pleased to declare a final gross dividend of 63.0 cents (2023: 57.0 cents) per ordinary share in respect of the year ended 31 December 2024.

This brings the full year dividend to 101.0 (2023: 87.0) per share.


Divisions: Operational and financial performance

 

Schools South Africa


·      Good enrolment growth and strong financial performance

 

Revenue increased by 11% to R3 120 million (2023: R2 810 million) with all   brands having shown enrolment growth. This reflects the increasing appeal of ADvTECH’s strong portfolio of education brands as we continue to gain market share.


Operating profit increased by 12% to R640 million (2023: R570 million) with operating margin improving to 20.5% (2023: 20.3%), benefitting from scale leverage.


Academic performance improved across key metrics year-on-year. Our 2024 matric students achieved a 99.4% pass rate, 94.5% bachelor’s degree pass rate and 3 317 distinctions at an average of 2.1 distinctions per student.


Strong enrolment growth at Pinnacle College Raslouw has necessitated the accelerated build out of the school, which is currently under way. A new Pinnacle College campus also opened in Ridgeview, Roodepoort, in January 2025. 


Schools in the rest of Africa

 

·      Growing the group’s footprint

 

The group has expanded its footprint in Africa with the acquisition of Flipper International Schools (FIS) group in Addis Ababa, Ethiopia, adding five schools and over 3 000 students. The division now serves over 11 500 students across three countries.


Our existing brands in the rest of Africa continued to experience strong enrolment growth which, together with the inclusion of the FIS group from November 2024, led to revenue increasing by 18% to R449 million (2023: R381 million). Operating profit increased by 28% to R146 million (2023: R114 million) and operating margin improved to 32.4% (2023: 30.0%).


Construction of the next phase of the Crawford International School in Nairobi, Kenya, will commence in the second quarter of 2025. This is in response to continued strong demand driven by their market leading offering.


Our higher priced Makini Cambridge International Curriculum continues to experience strong demand, with parents increasingly choosing it over the Kenyan national syllabus. This is having a positive impact on the overall financial performance of the schools.


Gaborone International School in Gaborone, Botswana, continues to perform well and deliver good academic results. The development to increase their capacity to 3 300 students and to refurbish the pre-primary school has been completed.


Tertiary/University division


·      Growing demand for the group’s well-established brand portfolio

 

Revenue increased by 14% to R3 401 million (2023: R2 988 million) and operating profit increased by 15% to R903 million (2023: R787 million). Operating margin increased to 26.6% (2023: 26.3%) benefitting from operating leverage and efficiency gains, partially offset by investments to strengthen our brand propositions.


Our tertiary division continues to perform well and to grow on the back of a well-established brand portfolio that offers a comprehensive and expanding range of programmes and qualifications. In line with our strategy, the division is also achieving strong enrolment growth in its distance offering.


Our throughput rates improved to 80% (2023: 78%) and on-time graduation completion rates were more than double that of public universities.


The expansion of our Rosebank College sites in Braamfontein and Polokwane is currently under way. A new purpose-built campus has also been completed for Vega Pretoria adjacent to Varsity College.


During the year, we acquired a 47 000m2 property off Grayston Drive in Sandton. This is being developed into a brand-new campus with initial capacity for 9 000 students. This acquisition is in line with our intention to become a fully-fledged university. Varsity College Sandton and Vega Bordeaux will relocate to the site in time for the 2026 academic year.


Rosebank College will launch its first international tertiary institution in Accra, Ghana, in September 2025.

 

Resourcing division

 

·      Improved profit and operating margin in rest of Africa

 

A lower number of placements, due to the challenging economic environment, led to revenue and operating profit declining in South Africa. In the rest of Africa, the replacement of low margin contracts with higher margin contracts led to a decline in revenue but an improvement in operating profit and margin. 



Prospects

 

ADvTECH’s intent is to lead in every market segment in which we choose to operate and to become the employer of choice in the resourcing and education sectors. The group is uniquely positioned to enrich people’s lives through being the leader in teaching and learning across the African continent.


“ADvTECH’s sound balance sheet, strong cash generation, growing scale and expertise in Africa and our unrelenting focus on extending competitive advantage, position us well 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
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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