Meet Embark Education (ASX:EVO), the latest Kiwi company to take the famous ‘Xero route’
Nick Sundich, May 2, 2023
Embark Education (ASX:EVO), once known as Evolve Education, is taking a path once trod by Xero. The company was dual-listed on the ASX and NZX since 2014 but now is exiting the NZX and consolidating its listing on the ASX.
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Embark Education taking ‘The Xero Route’
The NZX is substantially smaller than the ASX, making the investment pool a lot more limited for companies solely listed over the Ditch. That’s why Xero, after initially only listing on the NZX in 2007, dual-listed on the ASX in 2012 and delisted from the NZX in 2018. But while Xero still had some business at the time it exited the NZX, Embark Education no longer does given that it divested its New Zealand assets last year.
‘The board believes that this change will allow Embark to continue pursuing the organic growth of its Australian business in a more focused and tax efficient manner for all shareholders,’ the company said. No doubt this is the right move for the company, but a blow for the NZX even if this was inevitable.
Embark Education (ASX:EVO) share price chart, log scale (Source: TradingView)
A good trading update
Embark Education also released a trading update in which it noted that occupancy of its centres was continuing to grow, reaching 8.18% in April (up from 76.9% 12 months ago). The company said that for the first three months of the financial year, revenue was $13.9m – 31% higher than 12 months ago – and EBITDA was $3m (47% ahead).
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