World News – AU – G8 Education (ASX: GEM) stock price on guard after trade update


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The Motley Fool Australia »Stock Market News» G8 Education (ASX: GEM) stock price after trade update

James Mickleboro | 8th. December 2020, 8:56 am | More about: GEM

G8 Education Ltd (ASX: GEM) stock price will be monitored this morning following the release of a trade update.

G8 Education has continued to recover since it released its half-year results in August.

According to the press release, the like-for-like occupancy of the daycare operator is currently 75. 5%. This corresponds to an occupancy gap of 4. 5 percentage points compared to the same period last year. It’s also a 5. 5 percentage points improvement from the April low at the height of the pandemic.

Another positive aspect is that G8 Education has managed to achieve wage efficiency in line with its annual targets. This was driven by the use of the technology platform that is part of the new rusting system.

This means that labor costs have improved significantly compared to the previous year with the same occupancy rate as in the previous year.

Due to the decline in occupancy, the wage hours per booking metric are currently higher than in the corresponding previous period.

The press release explains that the company reported underlying earnings before interest and taxes (EBIT) of $ 98 million for the first eleven months of the 2020 calendar year. USD. This includes the current year employment costs related to the employee payment recovery program.

Management expects 2021 to be a recovery year due to the lack of additional government subsidies and the ongoing impact of COVID-19 on its occupancy.

In addition, the lack of a 2020 fee increase (as set out in the state COVID-19 subsidiary agreements) and lower occupancy rates are expected to result in an increase in wages as a percentage of revenue.

Gary Carroll, Chief Executive Officer, commented, “The progress made in our strategic focus areas has been encouraging. Together with our significantly strengthened balance sheet, this gives the Group the confidence to increase the pace in our strategic priorities, as they will bring considerable advantages in the medium term. Program costs in 2021 are carefully managed to ensure that they do not add a material negative impact on results in the short term. ”

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James Mickleboro, a contributor to the Motley Fool, has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). . Authorized by Bruce Jackson.

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G8 Education, ASX: GEM, ASX

World News – AU – G8 Education (ASX: GEM) stock price after trade update on guard
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