Navitas profit falls 14 per cent to $21 million

Company News

by Anna Napoli

Adult education provider, Navitas (ASX:NVT) has reported its profit after tax fell 14 per cent on HY18 to $21 million for the 6 months to December 31 2018.

Revenue strengthened over the period, and lifted almost 5 per cent on the same time last year to $477 million.

Its earnings before interest and tax (EBIT) decreased 31 per cent on the prior year, to $36 million.

The company has not declared an interim dividend.

The company is in the midst of a $2.1 billion non-binding takeover proposal from private equity firm BGH, which is currently completing its due diligence.

The Navitas Board intends to recommend the scheme of arrangement to shareholders subject to certain terms and conditions.

Shares in Navitas (ASX:NVT) are trading 0.18 per cent lower to $5.62.