It’s not often that the notes to the financial statements make you question the quality of your education. But note 11 covering the balance sheet line item of intangible assets in Affinity Education’s 2025 full-year accounts, made little sense to any student of finance.
The accounts, which were made available in April and reposted this week to include the auditor’s sign-off, showed deepening losses of the privately owned childcare operator from $27.9 million in 2024 to $85.2 million. That is no surprise given the struggles in the sector and the abuse scandals that have rocked the major providers.
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