Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search

 


Intueri triples 1H profit as earnings helped by acquisitions

Intueri triples first-half profit as earnings boosted by acquisitions

By Tina Morrison

Aug. 25 (BusinessDesk) - Intueri Education Group, New Zealand's largest private training company, more than tripled first-half profit as it benefited from its acquisition of a half-share in an Australian online education service and from its purchase of New Zealand education provider Quantum Education Group.

Profit rose to $1.6 million, or 4.21 cents a share, in the six months ended June 30, from $491,000, or 4.67 cents, in the year earlier period, the Auckland-based company said in a statement. Revenue increased 71 percent to $24.4 million.

Intueri, which listed on the New Zealand stock exchange in May, expanded in the first half of its financial year by acquiring a half-stake in Online Courses Australia Group, and the New Zealand-based education provider Quantum Education Group. The company said today it is currently assessing a number of acquisition opportunities, without providing specific details.

"Intueri is well progressed with its integration plans and the full benefits of these will be realised in the 2015 financial year," chief executive Rob Facer said in the statement. "Acquisitions and organic growth opportunities that make a positive contribution to earnings are also being reviewed and we will update the market as appropriate."

In the first half, the company's international unit which delivers tertiary education to international students in New Zealand, and its online unit, which offers tertiary online education to domestic students in Australia, were ahead of expectations. Its domestic business, which provides tertiary education to domestic New Zealand students, was impacted by a softer than anticipated rebound in Christchurch and a later than expected mid-year uplift in domestic revenue, Intueri said.

Revenue from the domestic students rose 85 percent to $12.6 million, international student revenue rose 41 percent to $8.3 million while revenue from its newly acquired stake in the online Australian business added $2.7 million to revenue, the company said.

Intueri said it is on track to meet its prospectus forecast for full-year earnings. Shares in Intueri last traded at $2.90, ahead of their $2.35 initial public offering price in May. The company won't pay a first-half dividend.

(BusinessDesk)

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Scoop Business: RBNZ Keeps OCR At 3.5%, Signals Slower Pace Of Future Hikes

Reserve Bank governor Graeme Wheeler kept the official cash rate at 3.5 percent and signalled he won’t be as aggressive with future rate hikes as previously thought as inflation remains tamer than expected. The kiwi dollar fell to a seven-month low. More>>

ALSO:

Weather: Dry Spells Take Hold In South Island

Many areas in the South Island are tracking towards record dry spells as relatively warm, dry weather that began in mid-August continues... for some South Island places, the current period of fine weather is quite rare. More>>

ALSO:

Scoop Business: Productivity Commission To Look At Housing Land Supply

The Productivity Commission is to expand on its housing affordability report with an investigation into improving land supply and development capacity, particularly in areas with strong population growth. More>>

ALSO:

Forestry: Man Charged After 2013 Death

Levin Police have arrested and charged a man with manslaughter in relation to the death of Lincoln Kidd who was killed during a tree felling operation on 19 December 2013. More>>

ALSO:

Smells Like Justice: Dairy Company Fined Over Odour

Dairy company fined over odour Dairy supply company Open Country Dairy Limited has been convicted and fined more than $35,000 for discharging objectionable odour from its Waharoa factory at the time of last year’s ”spring flush” when milk supply was high. More>>

Scoop Business: Dairy Product Prices Decline To Lowest Since July 2012

Dairy product prices dropped to the lowest level since July 2012 in the latest GlobalDairyTrade auction, led by a slump in rennet casein and butter milk powder. More>>

ALSO:

SOE Results: TVNZ Lifts Annual Profit 25% On Flat Ad Revenue, Quits Igloo

Television New Zealand, the state-owned broadcaster, lifted annual profit 25 percent, ahead of forecast and despite a dip in advertising revenue, while quitting its stake in the pay-TV Igloo joint venture with Sky Network Television. More>>

ALSO:

Get More From Scoop

 
 
Computer Power Plus

Standards New Zealand

Standards New Zealand

Mosh Social Media
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news