Navitas earnings hit $37m in FY08

Education group Navitas Ltd has posted record earnings for the 2008 financial year with a substantial increase in student enrolments underpinning the group's success.

The company reported a 16 per cent increase in net profit after tax to $37.4 million on the back of a 22 per cent rise in total group revenue to $345.4 million.

Earnings before interest tax depreciation and amortisation rose 17 per cent to $63.4 million while adjusted earnings per share was up 15 per cent to 12.2 cents.

Navitas declared a fully franked dividend of 10.9 cents, up 17 per cent from the previous financial year.

"Since 1998, our student numbers have increased from 1666 to 15,058 and we currently account for more than 10 per cent of all international higher education students commencing study in Australia," chief executive Rod Jones said.

"This growth is being principally driven by an increasing recognition from students that Navitas colleges provide a high quality educational service and are committed to delivering successful outcomes for students seeking to study at university."

Mr Jones added that the outlook for FY09 was very positive, with the Group budgeting for continued strong growth in EBITDA and earnings per share.