Education group AcadeMedia sees doubling of fiscal Q1 core profit

AcadeMedia AB

09/10/2020 07:26

STOCKHOLM, Oct 9 (Reuters) - Swedish education group
AcadeMedia  ACADE.ST  said on Friday it had had a stronger than
expected development in its fiscal first quarter, with its core
profit now seen doubling compared with the year-ago period.  
    AcadeMedia said quarterly sales were seen growing 6% to 2.65
billion Swedish crowns ($299 million), from 2.50 billion a year
earlier, while its adjusted operating profit was seen doubling
to 150 million crowns. 
   "Continued high demand for adult education and more vacation
days compared to last year had a positive impact on operating
profit," it said in a statement.
    AcadeMedia said the fast volume growth in adult education
meant costs were still lagging behind, giving a temporary
positive margin impact.  
    The company publishes its full earnings report for the first
quarter on October 23.

($1 = 8.8547 Swedish crowns)

 (Reporting by Johannes Hellstrom; Editing by Simon Johnson)
 ((johannes.hellstrom@thomsonreuters.com; +46850242388; Reuters
Messaging: johannes.hellstrom.reuters.com@reuters.net))