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First full year results for Graphite Capital-backed Education Personnel

publication date: Jun 2, 2013

Education Personnel Holdco Limited (EPH), the Graphite Capital Partners backed holding company for the Teaching Personnel and Protocol Education groups, has reported an EBITA of £15.5m (2011: £9.3m – 17 months) for the year ended 30 November 2012 on revenue of £105.4m (2011: £72.5m).

In July 2010, Graphite Capital backed a £45m MBO of Teaching Personnel from RJD Partners and in August 2011 acquired Protocol Education from Bridgepoint Capital for £31.0m. The addition of Protocol Education created the number one education recruitment agency covering England and Wales. Post acquisition the two businesses have continued to operate as independent companies, preserving their own brands and branch networks. John Bowman, MD of Teaching Personnel was appointed MD of EPH with Stephen Lawrence, CEO of Protocol Education, becoming an executive director of the holding company.

In FY12, Teaching Personnel delivered an operating profit of £9.7m (2011: £7.9m – 12 months) on revenue up 10.4% to £53.5m (2011: £48.5m). Gross margins improved from 22.5% to 23.1%. Protocol Education contributed £41.9m in revenue in the 12 month period ended 30 November 2012 although like for like comparisons are not available as FY12 was a 17 month accounting period for Protocol Education. Overall, EPH delivered a gross margin of 19.8% (2011: 19.5% - 17 months). After an amortisation of goodwill charge of £3.6m (2011: £3.2m) and interest charges of £8.0m (2011: £7.3m), EPH reported a pre-tax profit of £3.9m (2011: £1.3m loss). The company had net debt of £58.1m (2011: £70.4m) at the year end.

The company reports that during FY12, EPH was successful in increasing the number of long term placements with schools as well as growing its business in special educational needs. EPH believes that growing pressure on schools to perform and teachers to deliver is having a positive impact on the teacher supply sector in general. Teaching Personnel currently operates 22 branches across England and Wales and Protocol Education has 14 branches in the UK and international branches located in Australia, New Zealand and Canada for the recruitment of teachers into the UK.

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