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

 


Intueri Education Group Announces 2014 Interim Results

Intueri Education Group Announces 2014 Interim Results


Statutory profit after tax of NZ$1.6 million for the six months ended 30 June 2014, up from NZ$0.5 million for the prior comparable period ended 30 June 2013

Pro forma revenue of NZ$36.2 million and EBITA of NZ$10.5 million tracking ahead of expectations, above the top of the IPO guidance range by 2.3% and 3.9% respectively

International and Online sectors continue to grow strongly, ahead of expectations

New Zealand Domestic sector impacted by softer than anticipated rebound in Christchurch and a later than expected mid-year uplift in domestic enrolments at some campuses

Integration of acquired businesses is progressing well

The company maintains its FY2014 pro forma financial forecasts as outlined in the IPO prospectus

Financial Performance

Intueri Education Group’s (Intueri) financial results for the six months to 30 June 2014 indicate that it is on track to achieve the FY2014 statutory and pro forma financial forecasts outlined in the IPO prospectus dated 6 May 2014.

Unaudited statutory profit after tax (IFRS basis) for the six months ended 30 June 2014 was NZ$1.6 million, compared with NZ$0.5 million for the six months ended 30 June 2013, an increase of 227%. Revenue growth was 71% which reflects the acquisitions of a 50% shareholding in Online Courses Australia Group (OCA) and 100% of Quantum Education (Quantum) during the period. On a statutory basis, OCA has been included from 1 April 2014 while Quantum was included from 23 May 2014.

On a pro forma basis for the six months ended 30 June 2014, Intueri was ahead of expectations with revenues of NZ$36.2 million and EBITA of NZ$10.5 million, both above the top of the IPO guidance range by 2.3% and 3.9% respectively. Net profit after taxation attributable to Intueri shareholders was NZ$3.1 million and NZ$6.4 million when adjusted for amortisation costs. The pro forma results assume the combination of Intueri Education, OCA and Quantum were owned throughout 2013 and 2014 in order to show the performance of the combined business on a comparable basis.

The net assets of Intueri as at 30 June 2014 were NZ$85.2 million. Intueri remains in a negative working capital position and net debt reduced from the IPO debt level of NZ$17.5 million to NZ$15.4 million.

Operational Performance

Pro forma revenue for the six months ended 30 June 2014 was NZ$36.2 million with the International and Online segments performing ahead of expectations. Intueri experienced strong revenue growth in its OCA business and is tracking ahead of its high International revenue growth forecasts. Revenue from the New Zealand Domestic market has been impacted by a softer than anticipated rebound in Christchurch and a later than expected mid-year uplift in domestic enrolments at some campuses.

Pro forma EBITA was NZ$10.5 million, 3.9% above the top of the IPO guidance range. This was driven by the growth in the Online and International segments. The integration of the Quantum and OCA businesses is also progressing well.

Mr Rob Facer, Chief Executive Officer, commented: “We are pleased with Intueri’s progress to date since achieving the milestones of publicly listing the Group and completing the acquisitions of OCA and Quantum. Trading has been broadly in line with our expectations, and we are currently focussed on implementing the strategic initiatives required to deliver our growth targets. These include the establishment of our shared services functions for Group Marketing, Finance & IT, Human Resources and Academic & Compliance activities.”

Outlook for FY2014

Intueri reaffirms the FY2014 pro forma forecasts as outlined in the prospectus. “While trading was slightly softer in the New Zealand Domestic market, the fundamentals of the business in this important market are sound, and we are also encouraged with the strong progress made in our Online and International businesses with the positive momentum flowing into the second half.

“Intueri is well progressed with its integration plans and the full benefits of these will be realised in the 2015 financial year. Our focus is on strengthening existing operations and realising the benefits from our integration program. Acquisitions and organic growth opportunities that make a positive contribution to earnings are also being reviewed and we will update the market as appropriate.” Mr Facer said.

Ends

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Air NZ Wine Awards: Victory For Villa Maria As Pinot Noir Thrills

It was a night to remember as Villa Maria Estate picked up one of the highest accolades of the evening, the O-I New Zealand Reserve Wine of the Show Trophy, at the 28th Air New Zealand Wine Awards. The Villa Maria Single Vineyard Southern Clays Marlborough ... More>>

ALSO:

Future Brighter Money: RBNZ Releases New Bank Note Designs

New Zealand’s banknotes are getting brighter and better, with the Reserve Bank today unveiling more vibrant and secure banknote designs which will progressively enter circulation later next year. More>>

ALSO:

Commerce: Supermarket Inquiry Finds No Breaches By Countdown

The Commerce Commission inquiry into anti-competitive behaviour by Countdown supermarkets, alleged by former Labour Party MP Shane Jones, has found nothing to warrant prosecution, although it warns supermarkets to take care in the way they communicate... More>>

ALSO:

Crown Accounts: English Flags ‘Challenge’ To Budget Surplus

Finance Minister Bill English is warning next month’s half yearly fiscal and economic update from the Treasury may not forecast a budget surplus, saying that returning the government’s accounts to surplus in 2015 will be “a challenge”, given the decline in commodity prices and weak global inflation. More>>

ALSO:

March 2015: Netflix To Launch In Australia And New Zealand

World’s Leading Internet Television Network to Offer Original Series, Movies, Documentaries, Stand-Up Comedy Specials and TV Shows for Low Monthly Price More>>

ALSO:

Price Of Cheese (Is Up): Dairy Product Prices Fall To Five-Year Low

Dairy product prices fell in the latest GlobalDairyTrade auction to the lowest level in more than five years, led by declines in rennet casein and skim milk powder. More>>

ALSO:

Gordon Campbell: On The Australians Scoring Trade Points Against Us With The Chinese

It hasn’t been a great year for Trade Minister Tim Groser... To top it off, Australia has just signed a FTA with China that has far better provisions on dairy exports than what New Zealand currently enjoys in our own FTA with China. More>>

ALSO:

Iwi & Local Consultation: Oil And Gas Block Offer 2015 Begins

Energy and Resources Minister Simon Bridges today announced the start of the Block Offer 2015 process for awarding oil and gas exploration permits. More>>

Get More From Scoop

 
 
Standards New Zealand

Standards New Zealand
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news