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Childcare company G8's profit soars

 

Childcare centre operator G8 Education's annual profit has soared after buying more than 200 centres in 2014.

The company bought 203 centres in the year, taking its portfolio to 455, with a capacity for almost 33,000 children each day.

The expansion increased G8's revenue by 79 per cent, and contributed to net profit growth of 70 per cent, to $52.7 million.

But G8's shares were down 28 cents, or 5.9 per cent, at $4.50 at 1200 AEDT, as the results failed to meet market expectations, Quay Equities head of trading Tristan K'Nell said.

Managing director Christopher Scott said there were significant opportunities to buy more centres in the year ahead, as the childcare sector remained highly fragmented.