ADvTECH delivers strong revenue and operating profit growth. Double digit growth in both schools and tertiary divisions.
Commenting on the six months ended 30th June 2025, ADvTECH CEO, Geoff Whyte said: “Healthy enrolment growth, moderate fee increases, improved debtors control and continued margin improvement contributed to ADvTECH delivering another strong set of results.”
“In the six months under review, we continued to build competitive advantage by investing in superior technology to enhance teaching and learning, further cementing our position as the leading provider of private education on the African continent.”
Group: Operational and Financial Performance
- Revenue up 10% to R4 683 million (2024: R4 274 million)
- Operating profit up 14% to R982 million (2024: R865 million)
- Operating margin improved to 21.0% (2024: 20.2%)
- Normalised earnings per share increased by 16% to 113.0 cents (2024: 97.7 cents)
Group revenue grew by 10% to R4 683 million for the six months ended 30th June 2025 (2024: R4 274 million), driven by a 13% increase in the education division.
Group operating profit increased by 14% to R982 million (2024: R865 million), with the education division’s operating profit increasing by 15%, supported by strong enrolment growth. Group operating margin improved to 21.0% (2024: 20.2%).
Operating margin in the education divisions improved to 23.8% (2024: 23.5%) through the benefit of operating leverage and a continued focus on efficiencies. This more than offset the additional costs incurred to strengthen our brands through the introduction of additional global benchmarking measures, artificial intelligence tools to support personalised learning and enhanced student information systems.
Normalised earnings for the period increased by 16% to R620 million (2024: R535 million) while normalised earnings per share increased by 16% to 113.0 cents (2024: 97.7 cents) per share.
A continued focus on collection processes has seen gross trade receivables increasing by only 3% compared to a revenue increase of 10%. Loss allowances decreased to R488 million (2024: R494 million), due to improved collections and favourable aging of the debtors’ book.
Cash generated by operating activities increased by 18% to R2 303 million (2024: R1 959 million). Capital expenditure of R327 million was focused mainly on increasing capacity at existing sites to meet incremental demand.
Dividend Announcement
The board is pleased to declare an interim dividend of 45.0 cents (2024: 38.0 cents) per ordinary share in respect of the six months ended 30th June 2025.
Divisions: Operational and Financial Performance
Schools South Africa
- Robust enrolment growth driving strong financial performance
Revenue increased by 11% to R1 722 million (2024: R1 556 million) with all brands showing enrolment growth.
Operating profit increased by 12% to R354 million (2024: R316 million) with operating margin improving to 20.6% (2024: 20.3%), benefiting from scale leverage.
Strong enrolment growth at Pinnacle College Raslouw has necessitated the accelerated build out of the school. Pinnacle College Ridgeview opened in Roodeport in January and is performing in line with expectations.

Schools in the Rest of Africa
- Growing our footprint
Our existing brands in the Rest of Africa continue to experience strong enrolment growth. This, together with the November 2024 acquisition of Flipper International School, resulted in revenue increasing by 31% to R281 million (2024: R214 million) and operating profit increasing by 34% to R83 million (2024: R62 million). Operating margin improved to 29.4% (2024: 28.7%).
Driven by continued strong demand, construction of the next phase of Crawford International School in Kenya will be completed by the end of August.
ADvTECH’s international brands now serve just under 12 000 students in three countries.
Our international schools operation will be further enhanced by the recently announced acquisition of the Regis Runda school in Nairobi, Kenya for approximately R172 million. The school has immediate capacity for 2 000 learners.

Tertiary/University Division
- Accelerating demand for our well-established brands
Revenue increased by 13% to R1 911 million (2024: R1 693 million) and operating profit increased by 14% to R496 million (2024: R436 million). Operating margin increased to 25.9% (2024: 25.8%) benefitting from operating leverage and efficiency gains, partially offset by significant investments to strengthen our brand propositions.
Rosebank International University College (RIUC) in Accra, Ghana was inaugurated in August 2025. Student registrations have commenced in preparation for the new academic year, which begins in January 2026.

Strategically located in Accra’s prestigious Airport Residential Area, the RIUC campus will deliver a diverse portfolio of high-demand qualifications. These range from diplomas to bachelors, masters and doctoral degrees, catering to both local and regional market needs. To date, fifteen qualifications have been accredited across disciplines including Business Administration, Digital Marketing, Information Technology, Service Management and Hospitality.
The new RIUC campus builds on ADvTECH’s existing international presence, reinforcing its commitment to providing quality education across the African continent.
The relocation of our Rosebank College Cape Town mega campus has been completed, whilst expansion projects for the Braamfontein and Polokwane campuses are currently under way.
In 2024, we acquired a 47 000m² property off Grayston Drive in Sandton. This is being developed into a brand-new campus with initial capacity for 9 000 students. This development is in line with our intention to become a fully-fledged university. Varsity College Sandton and Vega Bordeaux will relocate to the site in time for the start of the 2026 academic year.
A draft Policy for the Recognition of South African Higher Education Institutional Types was released in August 2022 setting out the criteria to be recognised as a university. Following the submission of comments, a second draft was published in April 2024. We submitted our comments on the second draft in May 2024 and await the gazetting of the policy and criteria.
Recognition as a university will ultimately benefit our students who will rightfully be afforded the same status as their peers who obtain identically accredited qualifications through a Public University. In this regard, we continue to engage with the Department of Higher Education and Training (DHET) to bring this to fruition.
Resourcing Division
- Resourcing South Africa returns to profitability
Driven by a focus on efficiencies and diligent cost management, the South African resourcing business has returned to profitability.
The unexpected closure of USAID has had a negative impact on our Rest of Africa business. Around 10% of our client base (NGOs and the charity organisations they service) was impacted in the period by the sudden withdrawal of their funding. Despite this setback, the business delivered a creditable performance and continues to secure new contracts.
Prospects
ADvTECH’s intent is to lead in every market segment in which we choose to operate and to become the employer of choice in the Resourcing and Education sectors.
“ADvTECH is uniquely positioned to enrich people’s lives through being the leader in teaching and learning across the African continent. Our sound balance sheet, strong cash generation, growing scale and expertise in Africa and our unrelenting focus on extending competitive advantage position us well to maintain our positive growth trajectory and invest with confidence in areas of opportunity,” concluded Whyte.
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