IES will receive 21 MSEK in central government subsidy for homework support
Internationella Engelska Skolan i Sverige Holdings II AB (“Internationella Engelska Skolan” or “IES”) as principal will receive 21.0 MSEK in central government subsidy for homework support for the calendar year 2017. Half of the amount will be recognized in the fourth quarter of IES financial year 2016/17 and the remainder in the first and second quarter 2017/18. The corresponding subsidy for the calendar year 2016 amounted to 18.2 MSEK, whereof half of the amount was recognized in the fourth quarter of IES financial year 2015/16 and the remainder in the first and second quarter 2016/17.
For more information, please contact:
Johan Hähnel, Investor Relations, IES
Tel: +46 (0)70 605 6334
Internationella Engelska Skolan i Sverige Holdings II AB discloses the information provided herein pursuant to the EU’s Market Abuse Regulation and the Securities Markets Act. The information was submitted for publication, through the agency of the above contact, on 14 June 2017 at 08:15 CET.
About Internationella Engelska Skolan
Internationella Engelska Skolan, IES, is one of the leading free school operators in Sweden with some 21,400 students in 30 schools in the academic year 2016/17. IES operates schools for students in grades 1-12. Its main focus is grade 4-9, what is often called “middle school”. Within the compulsory school system in Sweden, IES is the leading independent actor, operating nine of the ten largest free schools. IES results on the national tests in grade 9 are far above average in Sweden.
Internationella Engelska Skolan was founded in 1993 and is in its 24th year of operation. It continues to be defined by three strong convictions, established by the founder, Mrs. Barbara Bergström:
- A safe and orderly environment, where teachers can teach and students learn.
- To command the English language—the key to the world.
- High academic expectations.
Up to half of the teaching in IES schools is performed in English, by native English speaking teachers. Over 700 teachers with qualified foreign teaching degrees are currently teaching in IES schools. They are mainly recruited from Canada, USA, UK and South Africa.
IES has shown a strong and consistent growth for a number of years. Average organic growth during the last ten years is 19 % per year. Turnover during the latest concluded operational year, 2015/16, was 1 807 MSEK (growth of 17 % from previous year). As of 31 March 2017, there were approximately 144,000 applications in the waiting list to secure a place for the forthcoming year.
Internationella Engelska Skolan has been listed on Nasdaq Stockholm Mid Cap with the ticker ENG since the end of September 2016. The largest shareholders of IES are TA Associates of the US, which has close affiliations to leading universities and foundations in the US, and IES’s founder Barbara Bergström. Other major shareholders as of the end of April 2017 include Swedbank Robur fonder, investment company Öresund, Norron Asset Management, the Third Swedish National Pension Fund and AMF Försäkring & Fonder (owned jointly by LO, The Swedish Trade Union Confederation and the Confederation of Swedish Enterprise).