Churchlands-based education provider IBT Education Ltd increased its net profit after tax by 4 per cent in the 2006-07 financial year to $36.7 million, the comapny has announced.
Churchlands-based education provider IBT Education Ltd increased its net profit after tax by 4 per cent in the 2006-07 financial year to $36.7 million, the comapny has announced.
IBT Managing Director Rod Jones said that the record profit was a result of improved performances by IBT's existing businesses and the impact of the successful diversification of the IBT Group into new services such as workforce training and student recruitment.
The full text of a company announcement is pasted below
Highlights
- Total revenue up 25% to $282.7 million
- EBITDA up 13% to $54.0 million
- Adjusted net profit after tax up 4% to $36.7 million
- Record net profit attributable to members of $32.2 million
- Adjusted EPS up 4% to 10.6 cents per share
- Final dividend of 5.0 cents per share
- New organisational structure implemented
- Fraser International College and EduGlobal China commence operations
- ACAP, LM Training, SOL and EOL acquisitions continue diversification of Group
The directors of IBT Education Limited (ASX: IBT) today announced a net profit after tax of $32.2 million for the year ended 30 June 2007.
IBT Managing Director Rod Jones said that the record profit was a result of improved performances by IBT's existing businesses and the impact of the successful diversification of the IBT Group into new services such as workforce training and student recruitment.
"All of our divisions reported improved earnings during the year, with our University Programs and English Language divisions reporting very pleasing EBITDA growth. In addition, our new Workforce & Training and Student Recruitment divisions met our expectations and we believe they are well placed to deliver further growth in the future," he said.
"We were particularly pleased this year to see the pay-off from our recent growth initiatives, with Curtin Sydney delivering an outstanding result. This highlights the enormous growth opportunities available to IBT in the education sector, and we believe that similar benefits will accrue from current initiatives such as Fraser International College in Canada."
"New business initiatives and the acquisitions of ACAP, SOL/EOL and EduGlobal China made a significant contribution to operating revenue this year, which rose by $56.7 million to $282.7 million."
"In line with the improved divisional operational performance, Group EBITDA grew a pleasing 13% to $54 million, while adjusted net profit after tax rose 4% to $36.7 million and adjusted earnings per share was up 4% to 10.6 cents per share."
"Based on these results, the Board has declared a final dividend of 5.0 cents per share fully franked, bringing the total dividend for the year to 9.3 cents per share."
"The Board believes that the outlook for IBT is encouraging and expects to report strong EBITDA growth for the full year ahead, with second half growth greater than in the first half."
During the year, IBT implemented a new organisational structure. IBT now operates four divisions - University Programs, English Language, Workforce & Training, and Student Recruitment. In accordance with this new organisational structure, IBT's financial statements now include segment information for each of these four divisions.
"Our new organisational structure enables us to better manage growth as we diversify geographically and into new educational services," Mr Jones said.
"There is a wealth of new opportunities available for IBT in the global educational services market and we remain committed to pursuing those growth initiatives to maximise returns for shareholders."
