Navitas Limited, a leading global education provider, announced financial results for its fiscal year ending June 30, 2018. FY2018 profits cut to negative reporting after tax loss of $55.3 million compared to profits of $80.9 million in previous fiscal year 2017. The steep decline in profits of the company mainly reports to Career and Industry Division rationalization charges of $123.8 million. However, in FY 18 enrollments grew by 6% following the increased demands in Australia, New Zealand, and Canada education business, the group earnings fell by 1% to $142.1 million from 16.3% in previous corresponding year.
Over last fiscal year, Navitas reported significant progress in their education business with progression rate of 94%, University Partnerships Pass rates of 84% and retention rates 90%. NVT also entered into new agreements with Virginia Commonwealth and Dubai’s Murdoch University. Although company’s negative profit wiped out investors expectation, NVT announced final dividend of $0.08 per share, franked to 70%, in addition to fully franked interim dividend of $0.094 per share paid in March 2018. The dividend declared is slated for distribution on September 17, 2018 to the shareholders recorded as on September 3, 2018.
The statement reported to prioritize FY19 for the completion of the Career and Industry Division rationalization and stay committed to achieve 2020 KPI target of 18% group EBITDA margin. Despite negative financials update, NVT stock continued to upsurge by 2.98% to $4.315 on August 07, 2018.
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