IDP Education (ASX:IEL) lifts revenue by 47%

Company News

by Lauren Evans

IDP Education (ASX:IEL) posted “record” half year revenue for the first six months ending December 31, with an increase in placements across the Northern Hemisphere.

The company’s revenue rose 47 per cent from the prior year period to $397 million, while earnings before interest and taxes jumped 61 per cent to $77.9 million.

Total student placement was up 33 per cent for the year, with a growing demand for Northern Hemisphere countries driving a 63 per increase in multi-destination student placements. 

While Australian student placements remain subdued, there has been early signs of a rebound in interest, which has coincided with the relaxation of border restrictions and an extension of post-study work rights, the company said. 

“Our growth has accelerated, with strong volume increases in IELTS and Northern Hemisphere study destinations, which is evidence of the momentum we have built over the past six months,” chief executive officer Andrew Barkla.

“Crucially, our ongoing program of innovation reinforces IDP’s industry leadership position. Our unique combination of digital and physical solutions is underpinning our competitive advantage in a growing industry with supportive regulatory and policy settings.”

Shares in IDP Education (ASX:IEL) are trading 3.2 per cent lower at $30.65.
 

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