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Navitas group revenue exceeds $1bn in FY16

Navitas’s group revenue exceeded $1bn in the past financial year, up 3%, the company has announced in its FY16 results. It also reported a 1% growth in EBITDA, totalling $164.6m, while net profits overall rose above $90m after tax – a growth of 25%.

Full-tiome equivalent enrolments in North America university partnerhsips were up 10%, despite drops in other regions. Photo: Navitas.

“Navitas has delivered on expectations, meeting our FY16 earnings guidance"

This is despite a 2% decline in EBITDA to $137.2m from the university partnerships division due to the ending of the group’s contract with Macquarie University, which was completed in February this year, and the teach-out of Curtin Sydney.

“Regulatory environments in the US and Canada remain supportive, Australia is undergoing further positive reform and the UK continues to be restrictive”

As a result, global enrolments including college closures were also down by 8% in university partnerships, Navitas’s largest division, owing to a 13% drop in Australia and New Zealand due to the closures, and a 14% drop in the UK. North American enrolments, however, grew by 10%.

“Regulatory environments in the US and Canada remain supportive, Australia is undergoing further positive reform and the UK continues to be restrictive,” commented Rod Jones, Navitas CEO.

EBITDA was buoyed up by the professional and English programmes division, which accounted for $35.1m, and the SAE division, which accounted for $28.5m – both of which were an increase on the previous year.

“Navitas has delivered on expectations, meeting our FY16 earnings guidance,” said Jones.

“Despite the teach-out of two key colleges, this result demonstrates solid underlying growth as well as the pleasing results of our continued focus on academic quality.

In addition to the FY16 results, Navitas has also announced its chairman, Harvey Collins, will retire after the company’s annual general meeting in November.

He will be replaced by Tracey Horton, non-executive director.

“I am honoured to succeed Harvey as chairman and look forward to continuing his excellent work supporting Navitas to achieve leading academic outcomes and growth,” she said.

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