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July 31, 2013

Business

Navitas returns to profit in FY2013

navitas-logo.jpgThe PIE News reports that a favourable trend in the Australian dollar and "a modest recovery in English language demand" are among the factors helping Navitas recover from a tough year in 2012.

International education giant Navitas has returned to profit in FY2013 after a tough 2012, largely due to improved operating conditions in its biggest market, Australia.

The firm, which offers pathway, English language, vocational and corporate courses in a number of countries, saw revenue climb by 6% to AUS$731.7m and net profit by 2% to $74.6m. This follows a 5% profit fall in 2012.

CEO Rod Jones explained: “FY13 was a year of consolidation for Navitas as we continued to recover from the largely policy driven headwinds of the last few years and implemented some major structural changes following our recent strategic review.”

Operational highlights included a return to student enrolment growth in the University Programs division, which offers pathways and degree programmes at 30 colleges spanning Asia, North America, Europe, Africa and Australasia.

Read the full story from The PIE News.

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