Global education provider Navitas has announced a 10 per cent jump in worldwide enrolments at its University Programs colleges for the second semester of 2010.
Global education provider Navitas has announced a 10 per cent jump in worldwide enrolments at its University Programs colleges for the second semester of 2010.
The number of equivalent full time students rose from 14,306 to 15,724.
"Enrolment growth in the UK and North American markets has been particularly
strong and we look forward to offering courses at our new colleges to students," said
Navitas chief executive officer Rod Jones.
In the last year, Navitas has reached agreements to open four new University Programs in the US, two in the UK and two in Australia.
Seven of these are expected to open in 2011.
The company said that enrollment growth in Africa has been impacted by the teach-out of programs at the Australian Institute of Business Technology (AIBT) college in Zambia.
Excluding the closure of the Zambian college Navitas expects student enrollments to have grown by 11 per cent for this year.
Mr Jones said the rapid maturation of the colleges, as evidenced by the enrolment figures, reinforced the Company's confidence in its latest investment phase.
See full company statement below:
Global education services provider Navitas Limited (ASX: NVT) today announced
continued growth in worldwide student enrolments for the second semester of
2010 (201002).
Equivalent full time student unit (EFTSU) enrolments at the University Programs
colleges increased 10% to 15,724, up from 14,306 in the previous corresponding
period (pcp).
In the last 12 months Navitas has executed agreements to open eight new
University Program colleges, including four in the US, two in the UK and two in
Australia. Seven of these colleges will open in FY11.
Navitas has also agreed to expand its successful QIBT college with a new Gold
Coast campus opening in March 2012.
Enrolment growth in Africa has been impacted by the teach-out of programs at
the Australian Institute of Business and Technology (AIBT) college in Zambia.
After a number of years of disappointing growth Navitas and its university partner
decided to cease offering programs and teach-out plans for existing students
have been implemented to ensure their needs are met. Closure costs will be
immaterial and the ongoing impact on earnings will be positive.
Excluding the impact of the AIBT closure, overall EFTSU growth for 201002 would
have been 11%.
Navitas Chief Executive Officer Rod Jones said this semester's enrolments
reiterated the success of its University Programs educational model and
reinforced the strong outlook for planned new colleges recently announced in
growth markets.
"Enrolment growth in the UK and North American markets has been particularly
strong and we look forward to offering courses at our new colleges to students.
"Our proven business model has seen new colleges consistently move to
profitability within short periods, due to low capital requirements and strong
enrolments," he said.
"As past performance shows, new colleges go on to perform sustainably and
provide a strong revenue base for the Company's growth."
Mr Jones said the rapid maturation of the colleges, as evidenced by the enrolment
figures, reinforced the Company's confidence in its latest investment phase.
"Our business model is founded on driving revenue through offering high quality
education programs in partnership with leading universities," said Mr Jones.
"These latest enrolment figures underline the success of that strategy - the
ability to offer high quality education services to our students and at the same
time generate satisfactory returns for our university partners and shareholders."
"With our new colleges to be opened in FY11 and with consistent growth at our
established colleges we expect to see continued strong expansion in our
University Programs into the future," said Mr Jones.
