Average deployed personnel

71

126

145

158

168

Revenue per deployed officer, R’000

480

521

558

600

638

Revenue

34.08

65.60

80.96

94.76

107.17

Direct cost of services

(20.95)

(40.42)

(50.08)

(58.90)

(66.98)

Gross profit

13.13

25.18

30.88

35.86

40.20

Gross margin

38.5%

38.4%

38.1%

37.8%

37.5%

Total operating expenditure

(14.53)

(18.96)

(21.74)

(24.05)

(26.09)

EBITDA

(1.40)

6.22

9.14

11.81

14.11

EBITDA margin

-4.1%

9.5%

11.3%

12.5%

13.2%

Pre-opening and accreditation

(2.67)

—

—

—

—

Depreciation

(3.08)

(3.44)

(3.88)

(4.08)

(4.48)

Finance costs

(2.29)

(2.81)

(2.97)

(2.92)

(2.78)

Taxation

—

—

(0.12)

(0.26)

(0.83)

Profit / (loss) after tax

(9.44)

(0.03)

2.17

4.55

6.02

Cash generated from operations

(6.96)

1.08

6.52

9.30

11.26

Free cash flow to the firm

(7.56)

(0.72)

4.32

6.80

8.46

Free cash flow to equity

(6.09)

(0.97)

1.01

3.06

4.36

Closing cash

1.31

0.34

1.35

4.41

8.77

Trade debtors

5.79

11.14

13.75

16.10

18.20

Total assets

21.57

24.74

26.89

30.91

35.87

Term loan

14.61

13.69

11.64

9.30

6.61

Debtor facility drawn

3.76

7.24

8.94

10.46

11.83

Total liabilities

19.06

22.26

22.23

21.70

20.64

Shareholders’ funds

2.51

2.48

4.65

9.20

15.22

Term debt service

2.01

2.90

3.80

3.80

3.80

Term debt service coverage

n/m

2.14x

2.41x

3.11x

3.71x

Coverage on total finance cost

n/m

1.67x

1.82x

2.25x

2.58x