Navitas Limited renewed its partnership agreement with the University of Canterbury until 10 December 2023. It includes the continuation of pathway program at UC International College in Christchurch, New Zealand for a further term of 5 years.
The extension of Navitas’ partnership with University of Canterbury underscores their long term work relations into the education services industry. Through UCIC pathway program they enable international students to study in New Zealand’s premier institution University of Canterbury.
The program focuses on preparing the international students to get transferred to undergraduate programs in commerce, engineering, science and product design at University of Canterbury. It also assists the international students to better adapt to the living and studying challenges faced in a new country.
Navitas Group Chief Executive Officer, David Buckingham stated “Navitas is delighted to be extending its partnership with the University of Canterbury and look forward to continuing to support the University’s International Growth Strategy.”
Recently, the company inked the new pathway college agreement with The Hague University of Applied Sciences, Netherland. The agreement will see the pathway college providing the English proficiency courses and other skills under the university transfer program into Dutch universities. This partnerships agreement had been signed for the term of 5 years. Moreover, the success rate is broadly depending upon the student’s enrolment level, regulatory conditions, and ranking of the partner university among others.
Let’s take a recap of financial health of the company
For the year ended 30 June 2018, Navitas reported heavy loss in the bottom line of the company driven by the rationalization cost charged during the year. This translates a loss of $55.84 million in FY18, compared to the profit of $80.33 million in FY17. But on the positive side, the company has witnessed a growth of 6% in its University Partnerships Division that is ahead of its 2020 target of 5%.
Moreover, these partnership agreements seems to bring Navitas closer to its 2020 target. Well, the target explains the company’s aim to achieve revenue CAGR of 5%, sale EBITDA margin of 20% and Group EBITDA margin of 18%.
In today’s trading session, Navitas has been seen trading at lower levels. The share price of Navitas Limited (ASX: NVT) dropped by 0.584% to last trade at $5.110 on 4 December 2018. Overall, the stock price has fallen by 3.02% in the past one year, but it has been gaining positive momentum since the last three months.