Navitas posts 3pc profit lift
UPDATE 1.25pm: Education services provider Navitas has posted a modest increase in first-half profit, up 3 per cent to $36.1 million.
The company delivered revenue growth of 19 per cent to $421.9 million for the half.
On an underlying basis, revenue for the half was up 14 per cent, after adjusting for favourable foreign exchange movements.
Navitas declared an interim fully franked dividend of 9.4 cents a share, up from 9.3 cents previously.
Chief executive Rod Jones said the result demonstrated the recovery taking place across much of the group, but in particular the University Programs Division, following ongoing improvement in new student enrolments over the past year.
"As previously flagged, group revenues are increasing strongly but earnings have been impacted by significant investment in systems and people as we invest for future growth," he said.
The company reiterated its full-year guidance of EBITDA in a range of $138-$148 million.
"With building momentum in all three divisions, especially University Programs, we expect strong growth in full-year 2015 and beyond as margins improve and benefit is realised from significant investments made this financial year," Mr Jones said.
Navitas shares closed up 14 cents, or 2.18 per cent, at $6.57.
