3P Learning Limited (ASX:3PL) provided a business update related to its pipeline of high sales prospects. The company has signed an agreement with National Ministry of Education in the Middle East worth USD 10 million to provide Mathletics licences and professional development services.
- Majority of the services shall be performed in FY21 and expected to contribute USD 10 million in revenue in FY21
- Costs related to obtaining the agreement shall be documented in FY20 and shall reduce EBIDTA for FY20 but the EBITDA for FY21 is expected to increase
- Agreement is for a period of roughly a year with a potential for further extension.
US has been particularly impacted by COVID-19 resulting in budget uncertainty for schools and delays in buying decisions. This has resulted in moderate revenue growth and lower EBIDTA expectations in FY20 for US.
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