The results see group revenue dip back under A$1bn after exceeding the figure in FY16, settling to $955.2m and pushing overall net profits after tax down 11% to $80.3m.
“The financial results are in line with our guidance”
Overall, the report details a mixture of positive and negative results across the company, with significant 22% growth in its professional and English programs revenue, a modest 1% decline in its EBITDA, and an expansion of its pathway partnerships in the US.
“Navitas has once again delivered strong academic and experience outcomes to students and partners while delivering financial results that are in line with our guidance,” chief executive Rod Jones said.
While meeting expectations, Jones said group revenue had declined for a number of reasons, including the final closure and teach-out of Navitas’s Macquarie University and Curtin Sydney colleges.
Enrolments, which grew 5%, were similarly not immune to the variances, with Australia and New Zealand numbers surging 16% despite the closure of the two Australian-based colleges, North America flattening, and the UK declining 3%.
Uncertainties around Trump and an increasingly restrictive regulatory environment were both highlighted as reasons for declines in the US and UK, respectively.
While the 2016/17 results were mixed, Jones said a shoring up of Navitas’s operations meant the future remained bright for the company.
“We have significantly simplified and streamlined the company’s global operating structures to provide the best platform possible to execute our strategy and deliver on the growth opportunities that lie ahead,” he said.