US: Profit increases at Bright Horizons Family Solutions
Childcare and early education group Bright Horizons Family Solutions has reported net income of $24.9 million for the second quarter of 2022, compared to net income of $18.8 million reported for Q2 last year.
Revenue for the quarter was $490.3 million, up from $441.5 million reported for the second quarter of 2021.
The Watertown, Massachusetts-based company also reported results for the first six months of 2022. Net income was $44.4 million, up from $25.9 million reported for the first six months of 2021. Revenue for the six-month period was $950.7 million, up from $832.3 million reported for the first six months of 2021.
Bright Horizons chief executive Stephen Kramer said: “We continued to make good progress in our second quarter with 11% revenue growth and 45% adjusted EPS growth. Occupancy levels improved sequentially and, in June, traditional back-up use eclipsed pre-Covid-19 levels for the first time since the pandemic began. While the operating environment remains fluid, we continue to be very optimistic about our strategy, operating quality and discipline, the strength and value of our client relationships and the commitment of our employees.”
“We are also thrilled to announce we completed the acquisition of Only About Children on July 1st. Our teams have been working hard on the integration and we remain very excited about the possibilities this acquisition brings to Bright Horizons’ global platform.”