Bright Scholar Education Holdings Limited announced its unaudited financial results for the first quarter of fiscal year 2025, ended November 30, 2024. Effective this quarter, the company changed its presentation currency from Renminbi (RMB) to Great Britain Pound (GBP) to better align with its business activities and performance. Total revenue from continuing operations for the quarter was GBP44.7 million, a 16.1% decrease year-over-year from GBP53.3 million.
Despite the overall revenue decline, the Overseas Study Counselling business showed resilience, with revenue increasing by 5.8% year-over-year to GBP9.6 million. A key highlight was the significant reduction in Selling, General and Administrative (SG&A) expenses, which decreased by 33.0% year-over-year to GBP8.4 million, primarily due to improved operational efficiency in the Schools business. Net income for the quarter was GBP4.0 million, with adjusted net income at GBP4.4 million.
The company's Board of Directors authorized a share repurchase plan on January 22, 2025, allowing for the repurchase of up to US$1.2 million of its American Depositary Shares (ADS) over the next 12 months. This initiative underscores management's confidence in the company's growth strategies and commitment to enhancing shareholder value. As of November 30, 2024, cash and cash equivalents and restricted cash stood at GBP47.5 million.
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