Navitas to get $5m boost after UK tax exemption

Company News

by Rachael Jones

Education provider Navitas (ASX:NVT) will get a one-off contribution to is full year profit of $5 million after the UK Supreme Court ruled its subsidiary SAE Education was exempt from valued added tax (VAT), the British equivalent of the GST.

The company can now reclaim VAT and legal costs.

Navitas chief executive David Buckingham says "We are delighted with the ruling of the Supreme Court and we have been advised that there are no further avenues of appeal".

The company is currently in a trading halt pending a further release.

Shares in Navitas (ASX:NVT) Last traded at $5.62.