Navitas posts 31% revenue growth
Navitas, which offers university preparation, English language training, workforce training and migrant settlement services, has reported a 31 per cent increase in annual net profit and expects strong earnings growth in financial year 2010-11.
The private education provider said its net profit climbed from $49.2 million in the previous corresponding period to $64.3 million for the year to June 30.
It declared a fully franked final dividend of 10.7 cents, which brings the full year dividend to 18.8 cents, a rise of 14.3 cents the year before.
Chief executive Rod Jones foresees solid earnings increase in the year ahead, even as investment in new university programs rises from $3.8 million to between $6 million and $10 million.
Earnings before interest, tax, depreciation and amortisation for the year to June hit $96.7 million, an improvement of 25 per cent from the previous corresponding period's $77.1 million.
Navitas's university pathways programs division steered earnings growth, with EBITDA climbing 31 per cent from the previous corresponding period to $101.7 million.
Student enrolments in the second semester of 2010 grew 10 per cent from the previous corresponding period to reach 15,724 equivalent full time students.
According to Navitas, that upswing was steered by solid demand for education services in Navitas's markets in Australia, the United States, the UK, Africa, Sri Lanka, Singapore and Canada.