Embark Education 2023 Full Year Results Overview

Embark Education Limited (ASX: $EVO) has released its 2023 full year results, showcasing a notable 16% revenue growth to $63.1 million and a 30% increase in underlying centre EBITDA to $17.1 million. The company also highlighted key events such as new board appointments, delisting from NZX, and changes in CFO positions.

Executive Commentary on 2023 Performance

The 2023 financial year has been a period of significant growth and strategic changes for Embark Education. We are pleased to report a strong 16% revenue growth driven by increased occupancy and fee increases. The addition of new board members and the transition to ASX listing mark important milestones for the company. We are committed to maintaining our strong financial position and pursuing growth opportunities in the education sector.

Summary of 2023 Results and Outlook

Embark Education's 2023 full year results demonstrate robust financial performance with a 16% revenue increase and 67.6% higher profit before net finance costs and income tax. The company's balance sheet remains strong with no borrowing at the end of 2023 and cash reserves of $26.8 million. Looking ahead, Embark Education anticipates encouraging occupancy levels in 2024, despite ongoing staffing challenges and weather-related impacts. The company aims to offset increased costs with small fee adjustments and expects revenue for January/February 2024 to be approximately 10% higher than the same period in 2023.