The Global education service provider, Navitas Limited (ASX: NVT) made an announcement on 13 February 2019 stating that it has renewed its agreement with the University of Plymouth to deliver university pathway programs at the University of Plymouth International College (UPIC) until 2029. The University of Plymouth International College was formed in 2009, and it offers pre-university, pathway and pre-masters programs to its students. Following the release of this news, Navitas’ shares increased by 0.178% in the intraday trade as on 13 February 2019.
The University of Plymouth, which is known for its internationally-leading education, has 21K students, and a further 17K student which are studying at partner institutions in the UK and around the world.
According to the company’s Chief Executive Officer, David Buckingham, the extension of the partnership with the University of Plymouth will allow overseas students to study in Britain’s Ocean City and pursue a degree from one of the largest university in the UK. Navitas is looking forward to developing its relationship with the University of Plymouth which is going to support the university’s internationalization ambitions as well as it will provide global students with an exceptional learning experience.
For the half year ended 31 December 2018, the company has reported revenues from ordinary activities of $477.4 million which is 5% higher than the previous corresponding period (pcp). For the same period, the Earnings before interest, tax, depreciation and amortization (EBITDA) decreased by 25 percent to $49.8 million as compared to pcp. For the half-year period, the company has reported Profit after tax from ordinary activities attributable to members of $21.4 million which is 14% less than pcp.
Recently, Navitas entered into a Process and Confidentiality Deed with the BGH Consortium on 14 January 2019 regarding the BGH Consortium’s non-binding proposal to acquire all the shares in Navitas by way of a scheme of arrangement (Scheme) for $5.825 per share. The board declared no interim dividend in respect of the six months ended 31 December 2018; however, it is intending to declare and pay a dividend prior to implementation of the Scheme, in order to distribute available franking credits.
While commenting on the half-year results, Mr. David Buckingham told that the company’s University Partnerships operations performed strongly in the first half, particularly in Canadian and United Kingdom operations. During the period, the company continued to recruit strongly across the globe as well as expanded its college pipeline. He further told that the performance of the Careers and Industry Division has benefited from the decision to rationalize the company’s US SAE portfolio and close a number of unprofitable operations.
Meanwhile, in the last six months, the share price of Navitas Limited increased by 27.79 percent as on 12 February 2019. NVT’s shares traded at $5.620 with a market capitalization of circa $2.01 billion as on 13 February 2019. It has 52 weeks high of $5.675 and 52 weeks low of $3.870.
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