UPDATE 2.30pm Navitas shares fell more than 6 per cent following the education provider's announcement of a 5 per cent fall in annual net profit to $73.1 million after its toughest year on record.
The result was accompanied by a cut in its fully franked final dividend to 10.1¢ a share.
Navitas also said it would reduce its payout ratio to 80 per cent of after-tax earnings with effect from this financial year's interim dividend.
Company co-founder and chief executive Rod Jones said the latest profit was again affected by significant regulatory and policy changes in Navitas' key markets of Australia and the UK, which reduced new enrolments during 2011-12.
"This was probably the toughest year in Navitas' history," Mr Jones said.
However, the group had gone on the front foot with a number of strategies, including tighter cost control.
In addition, a strategic review had identified "potential growth and business improvement opportunities".
Navitas shares closed down 27¢ at $3.88.