Shares in Navitas Limited
(ASX:NVT) fell to yesterday’s worst performer of the top 200 stocks after the education services provider warned its second half earnings were likely to fall.
Reporting its first half result, the company said net profit grew 9 per cent to $35 million. EBITDA was up 18 per cent to $57 million, but grew at a slower pace than in previous years.
Navitas says it delivered a sound interim profit in a tough external environment.
While earnings in the second half of fiscal 2012 are expected to fall from the year before an improvement is expected in fiscal 2013.
A fully franked interim dividend of 9.4 cents has been declared, up 8 per cent from the year before.
Shares in Navitas fell 10.84 per cent yesterday, closing at $2.88.
In the half year to December 31, 2011 Navitas reported a net profit of $35 million.
