Navitas hits billion dollar revenue level and record profit

Tuesday, 2 Aug 2016 09:27:01 | Stephen Letts

Two men study for an exam (www.sxc.hu: Gonzalo Silva)

Global private tertiary education provider Navitas has reported a 25 per cent lift in full year profit to $90.1 million driven by a record $1 billion revenue stream.

The record result was delivered despite Navitas losing two key contracts, including what had been its largest with Macquarie University, during the course of the year.

Enrolments in its University Partnerships program were up by 11 per cent in Australia and New Zealand and 10 per cent in the North American market, but fell 14 per cent in the UK.

Navitas chief executive Rod Jones said he was pleased with the result which was in line with previous guidance.

"Despite the teach-out (loss of contacts) of two key colleges, the result demonstrates solid underlying growth," Mr Jones said.

"Demand for international education continues to grow. Regulatory environments in the US and Canada remain supportive, Australia is undergoing further positive reform and the UK continues to be restrictive," Mr Jones noted.

Nativas sources 63 per cent of its earnings in Australia, 10 per cent in the US, while the UK and Canada with 9 per cent and 8 per cent are its other significant markets.

Mr Jones said 2017 earnings should remain broadly in line with this year's result.

The company paid a full-year dividend of 19.5 cent a share, a 94 per cent increase on the previous year.

Navitas shares opened stronger, up 1 per cent to $5.95 at 10:20am (AEST).

AustraliaPlus

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Navitas hits billion dollar revenue level and record profit

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