IDP Education Reports Strong Profit Growth Following Covid Travel Restrictions

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IDP Education, an ASX-listed company that specializes in student placements and English-language testing, has announced a significant increase in annual profit. The company’s net profit for the 12 months ended in June rose by an impressive 45% to 148.5 million Australian dollars (US$95.4 million), compared to 102.6 million Australian dollars in the previous year. This positive performance can be attributed to the recent relaxation of Covid-era travel restrictions, which led to a surge in student activity.

In addition to the rise in profit, IDP reported a substantial increase in revenue, which grew by 24% to reach 981.9 million Australian dollars. The company’s underlying earnings before interest and tax also experienced remarkable growth, rising by 40% to 227.8 million Australian dollars. Adjusting for currency fluctuations, this increase reached an impressive 38%.

To reward its shareholders, IDP’s directors declared a final dividend of 20 Australian cents per share, compared to 13.5 Australian cents in the same period last year. This decision reflects the company’s confidence in its future prospects and its commitment to delivering value to its investors.

The strong financial performance of IDP Education aligns with the average analyst forecast, which predicted a net profit of 150.7 million Australian dollars on revenue of 983 million Australian dollars.

Looking at specific business segments, student placement volumes experienced a remarkable year-on-year increase of 53%, reaching a record high of 84,600. Furthermore, IDP administered a record-breaking 1.93 million English language tests and witnessed a 35% increase in English language-teaching enrollments, with a total of 94,300 students.

Overall, IDP Education has demonstrated impressive growth and success, driven by the improving circumstances around international travel and its ability to adapt to changing market conditions. As the world continues to recover from the Covid-19 pandemic, IDP Education is well-positioned to continue its upward trajectory.

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