28/07/2009 - 13:49

Navitas student enrolments jump 24%

28/07/2009 - 13:49

Bookmark

Save articles for future reference.

Navitas has posted it third consecutive year of more than 20 per cent growth in second semester student enrolments with the education services provider posting a lift of 2,733 to a reach a new record.

Navitas has posted it third consecutive year of more than 20 per cent growth in second semester student enrolments with the education services provider posting a lift of 2,733 to a reach a new record.

 

The announcement is below:

 

Global education services provider, Navitas Limited (ASX: NVT) today announced a 24% increase in student enrolments for the second semester of 2009 ("200902").

Equivalent full time student unit ("EFTSU") enrolments at the University Programs colleges and managed campuses increased to a second semester record of 14,306, up from 11,573 in the previous corresponding period.

The result is the third consecutive year of more than 20% growth in second semester student enrolments.

Navitas Chief Executive Officer Rod Jones said the strong demand for places in the Company's university programs reflected a recognition of the quality of educational and support services at both Australian and international colleges.

"Under our business model, we partner only with leading universities and ensure we meet the highest educational standards," he said.

"Our reputation for quality is driving demand from key markets and, in turn, increased student enrolments represent continued growth in revenue flow for the Company."

Navitas' University Programs Division operates on a low-capital cost model that provides for increased margins as student numbers increase.

"We have now successfully applied this model to 20 campuses and colleges, and we continue to see new projects move into profitability within two years of start-up."

"This gives us great confidence to continue investing in new operations in established and growth markets."

Established colleges to have grown more than 25% were Fraser International College (FIC), Melbourne Institute of Business and Technology (MIBT), South Australian Institute of Business and Technology (SAIBT), Hertfordshire Institute of Business and Technology (HIBT) and London International College of Business and Technology (LIBT).
Excluding new colleges to have opened in the latter half of 2008 (which have comparatives of nil in the PCP), 200902 EFTSU growth remained an encouraging 15%.

Encouragingly, all recent and new start-ups delivered gains in enrolments, including:

- A 186% (441 students) increase at Macquarie City Campus, which opened in July 2007; and

- Gains at all four new campuses opened in the 2009 financial year, including the enrolment of 617 full time equivalent students at the new Curtin Singapore campus and combined enrolments of 297 students at ICWS and CRIC in the UK.

The increase in enrolments coincides with the 15 year operational anniversary of the Navitas Group, which was originally founded through its first college, PIBT.

"In the early 1990's, we identified a need for new pathways into universities for international students that provided both academic and social support," Mr Jones said.

"Our first operation - a partnership with Edith Cowan University in Perth - opened with 198 students in 1994 - 15 years later, we've got nearly 20,000 students currently enrolled in 20 colleges and campuses in six countries.

"In addition, we've developed three new divisions - English, Workforce and Student Recruitment to complement our core University Programs business.

"With two new colleges opening in the UK in September this year and the continued development of new markets and businesses, we expect to see continued solid growth across our portfolio into the future."

STANDING BY BUSINESS. TRUSTED BY BUSINESS.

Subscription Options