G8 Education's CY23 Financial Performance

G8 Education Limited (ASX: $GEM) has reported a 9.1% increase in group revenue to $983.4 million for the 12 months ended 31 December 2023. The company's statutory NPAT surged by 53.1% to $56.1 million, driven by improved operational performance and solid earnings recovery. G8 also declared a fully franked dividend of 3.0 cents per share for CY23, marking a 50% increase from the previous year.

Executive Commentary by G8 Managing Director & CEO Pejman Okhovat

At our heart, we are a people centric organisation guided by our purpose, 'creating the foundations for learning for life'. Our focus on improving the experience of our families, children, and team across a multitude of initiatives throughout the year resulted in higher retention of our team, improved quality ratings of our services, and improved experiences for our families. While this result demonstrates G8's strategic focus is building a stronger and more sustainable business, we know there is more to do. Improving occupancy remains a core focus with our largest states performing in line or above CY22 with further opportunities available in our smaller states. We are also pleased to be in a position to reward our shareholders with a final dividend of 3 cents per share taking the total dividend to 4.5 cents for CY23, up 50 per cent on the prior year.

Summary of G8 Education's Announcement

G8 Education's CY23 results reflect a significant improvement in financial performance, with a strong focus on improving experiences for families, children, and employees. The company's strategic focus on building a stronger and more sustainable business is evident in the 53.1% increase in statutory NPAT and the 50% rise in the full-year dividend. G8 Education's near-term focus includes operational execution to drive performance, disciplined controls on cost and efficiency, and strategic focus areas to deliver a 'Fit Core' in a dynamic and challenging environment. The company remains committed to driving long-term sustainable value for its shareholders and advocates for the sector and its team amidst regulatory focus and workforce shortages.