The recent acquisition of the Trinityhouse schools on the West Rand demonstrates Advtech's expansionary ambitions. With present and potential parents of private-school pupils increasingly getting under pressure because of high levels of household debt, prospects of growth from higher fees are limited. The best route will be through acquisition.

Trinityhouse joins strong brands such as Abbotts and Crawford, but appeals to a broader market, "specifically in areas where a more traditional, Christian ethos is preferred". CEO Frank Thompson says: "There's no such thing as free education. All we have to do is work out how to pay for it". He notes that, historically, South Africans have always valued education, and there is a culture of paying for it.

Parents are prepared to offer a great deal of money, with personal sacrifice if necessary, as long as they are confident that they will get value for their child. An education is not a product that can be exchanged if it fails.

"Though Advtech is found in the listed retail sector," says Thompson, "our revenue should be seen as coming from investment rather than consumption expenditure. Whatever the stage of the economic cycle, we don't see the education market as cyclical. It has to be an investment for the long haul."