For the 1HFY2022 ended June, MindChamps saw $1.5 million in earnings, 7.3 times higher than the $203,000 reported in 1HFY2021.
Earnings per share for 1HFY2022 stood at 62 cents, up from 8 cents for 1HFY2021.
Revenue was at $31.8 million up 2% y-o-y from $31.1 million in 1HFY2021. This is in light of an overall increase in school fees, royalty revenue and childcare enrolment services income for the financial period. This was offset by an $800,000 decrease, attributable to the translation of MindChamps’ Australian operations upon the depreciation of the Australian dollar against the Singapore dollar in 1HFY2022.
Cost of sales remained at $16.3 million for 1HFY2022.
The group saw a gross profit of $15.5 million for 1HFY2022, up 4% from $14.9 million in 1HFY2021.
Other income was at $2.2 million, up 10% from $2 million in 1HFY2021. This is mainly due to higher interest income, training and other service income from the group’s operations in 1HFY2022.
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Gain from corporate transactions was at $1.3 million, up from $258,000 in 1HFY2021, in addition to an impairment gain of $16,000 as compared to a loss of $312,000 in 1HFY2021. The increase was mainly due to the divestment of subsidiary corporations in 1HFY2022 on a turnkey basis to franchisees to continue to operate such preschool centres under the MindChamps PreSchool brand name to achieve the company’s desired mix of company-owned and franchised centres via divestment of brownfield centres.
Cash and cash equivalents at the end of the financial period was at $3.0 million, down from $5.3 million in 1HFY2021.
Moving forward, MindChamps will soon be offering franchise opportunities in the US, beginning from the final quarter of this year, considering its existing Australia franchise going according to plan.
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As at end June, MindChamps sees 15 new franchisees in Sydney, Melbourne, Canberra and Perth, Australia.
At present, the MindChamps Music programme has patents pending in the US and Singapore, in addition to the Children’s Nutrition Literacy Programme.
Shares in MindChamps closed at 18.5 cents on Aug 10.
