LONDON - Fairview International PLC, an operator of international schools following the International Baccalaureate curriculum, has reported a 12% increase in student enrollment and a 32% rise in gross profit for the 12-month period ending June 30, 2024. The company, which recently underwent an initial public offering (IPO) in October 2024, disclosed these figures as part of its pro forma financial results.
The enrollment at Fairview's schools climbed to 773 students, up from 689 the previous year. This growth has been a significant factor in the company's financial performance, with gross profit reaching £2,395,000 compared to £1,814,000 in 2023. Profit before tax also saw an increase, rising by 4% to £1,897,000.
These pro forma results are based on the combined financial statements of Fairview's two Malaysian subsidiaries, known collectively as the Operating Group. The subsidiaries' financials have been audited locally under International Financial Reporting Standards (IFRS) and reviewed by the company's UK auditors.
Daniel Chian, Chairman of Fairview, expressed satisfaction with the results, noting that they reflect the company's performance and the financial potential of its schools. He attributed the success to an increase in student numbers, which he described as the "key driver" for the business. Chian emphasized the scalability of Fairview's business model and the stability provided by the long-term nature of student enrollment.
In addition to the educational offerings, Chian highlighted the company's ability to generate additional revenue through extra-curricular activities, reinforcing the notion that schools can be both nurturing environments and successful businesses.
These financial results represent Fairview's first since its IPO and provide insight into the company's operational success post-Covid restrictions. The details of Fairview's acquisition of the two Malaysian schools were made available in the company's prospectus dated October 4, 2024.
The information in this article is based on a press release statement from Fairview International PLC.
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