Asquith bucks trend on doom and gloom
Asquith Nurseries, the third largest nursery group in the UK and Ireland, made £8.2 million during the 2008/09 financial year.
Although occupancy has fallen slightly, the group saved thousands by setting up its own 'in-house recruitment centre'. The group, which runs 86 nurseries, said it had performed well despite the economic downturn.
Asquith said its earnings for the first quarter of this financial year (March to May 2009) were £2.73m before interest, tax, depreciation and amortisation, or EBITDA, which was up by 8.3 per cent on the same period last year. In 2005/06 the nursery group made total earnings of £2.4m, the year before new management took over the business.
Last May the group spent £150,000 on recruitment agency fees, compared to just £675 for May this year.
Managing director Andy Morris said, 'We are delighted with our results. We have continued to perform above expectations despite the tough economic climate and this is largely due to our attitude towards quality. We continue to invest in developing well-trained, highly-motivated staff and nurseries that are properly maintained and resourced.'
Asquith said it had invested £15m in the past four years on renovating and refurbishing its nurseries and buying new toys, resources and furniture.
Eight nurseries in the group now have 'outstanding' grades.
Mr Morris added, 'Our focus on quality has been recognised by parents who have been willing to pay more to place their children at an Asquith nursery. While we have achieved some excellent results we are not complacent and recognise that the general climate will continue to be difficult.'
