Sale of Ukranian Schools38663Nord Anglia Education PLC ('Nord Anglia' or 'the Group') announces the sale of its effective 75% interest in the International Schools in Dnipropetrovsk and Kiev, Ukraine, ('the Ukraine Schools') to Advanced British Education Limited anentity controlled by Nord Anglia's local business partner, for a cash consideration of £1.34 million. The Ukraine Schools operate from three separate leasehold sites, with aggregate Full Time Equivalent pupil numbers of approximately 475. During the year ended 31 August 2004 the Ukraine Schools generated an operating contribution for Nord Anglia before central costs of £206,776 on turnover of £1.91 million. Unaudited management information for financial year 2005 indicates a broadly similar performance to 2004. Aggregate assets of the Ukraine Schools included in the sale were £625,000 at 31 August 2004. Specific issues have meant that the commercial outlook was likely to deteriorate and as the Ukraine Schools did not meet Nord Anglia's operating criteria in terms of commercial and regulatory risk and potential financial return, it was decided to sell them. The Group remains optimistic about its International Schools Division and is committed to its expansion. This term it has opened a new extension to its 420-pupil international school in Bratislava, Slovakia, and a new 750-place school in Shanghai. Enquiries: Nord Anglia Education PLC - 0161 491 4191 Andrew Fitzmaurice, Chief Executive Officer Stephen Hyde, Finance Director College Hill - 0207 457 2020 Gareth David |
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