Navitas NPAT and EBIT fall in FY17

Company News

by Jessica Amir

Navitas (ASX:NVT) has reported its net profit after tax, attributable to members fell to $80.32 million for FY17, compared $90.08 million in FY16.

The company says its results were impacted by the closure of Macquarie and Curtin Sydney colleges and a tough UK environment, coupled with adverse foreign exchange movements.

The education provider’s underlying EBITDA fell 11 per cent to $155 million in FY17, down from the prior corresponding period.

Meantime its revenue also saw weakness, dropping 10 per cent on the prior corresponding period to $574.1 million.

It also declared a full year dividend of 19.5 cents per share for FY17, on par with last years (FY16). 

Shares in Navitas (ASX:NVT) are trading 14.29 per cent lower to $4.26.
 

Jessica Amir

Finance News Network
Jessica joined FNN in January 2017 after having worked in financial advising for seven years and in TV journalism for seven years, specialising in finance, equities and analysis. She has interviewed former Prime Ministers of Australia, Tony Abbott, Julia Gillard and Kevin Rudd and ex Treasurer Jo Hockey. Jessica has worked as a journalist with Sky News Business, ABC 1, ABC's The Business, ABC24 and has also been a regional Channel 7 and 9 TV reporter with Prime7 and Win News.