Navitas Ltd (NVT) is an education services provider for university programs, language training, workforce education and student recruitment and operates in cities around the world.
NVT has been a hot stock lately and announced a 31% rise in net profit to $64.3 million, from $49.2 million a year earlier. The result also beat consensus estimates of a $62.1 million profit.
University Programs was the NVT’s strongest performing division, with revenue increasing 22% thanks to a surge in student numbers in the UK, Canada, and Singapore.
NVT expects solid earnings growth in FY11, although growth in FY12 is expected to take-off as the group realises the earnings from the colleges it is opening over the next year.
NVT declared a final dividend of 10.7 cents, up from last year’s 8.8 cents.
Australian share price for NVT jumped 6.1% on the back of the news to settle at $6.47.