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Nord Anglia’s half-year results

publication date: Jun 1, 2007
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author/source: Richard Taylor
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In two out of its three sectors Nord Anglia (NA) is doing well. These are International Schools (turnover and profit up 36% respectively) and Learning Services (turnover and profits up 36% and 33% respectively). The anchor holding the company back, as it has been for some time, is its Nurseries Division where turnover fell by £1.4m to £22m and which made a loss of £0.6m. While the nursery sector has been an albatross for NA, they remain the UK’s largest chain with 88 outlets and 9000 places. There may be upside here with confidence returning to the sector after ABC’s £71m purchase of Busy Bees last December and with the prospect of Lyceum Capital selling their Asquith Court nursery business for a rumoured £100m.

With turnover up to £55m and profits up by 56% things are certainly looking better for Andrew Fitzmaurice and his team. However, Brian Myerson of Principle Capital Partners is still in the background and we would not be surprised to see a private equity bid for NA, probably driven by someone who particularly wants to get their hands on NA’s rapidly growing International Schools business which currently has school projects on the drawing board for Singapore, Abu Dhabi, Beijing and Tianjing.

www.nordanglia.com

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