Private provider Navitas could not repeat its 2016 $1bn sales achievement, announcing a 5 per cent decline in revenue in its 2017 annual report. Income is $955m, down from $1010m last year. Profit is also down, from $90m last year to $80m this.
The company attributes the decline to a range of factors including “the final closure” of Macquarie and Curtin U colleges in Sydney and “the de-recognition” of $17m revenue, as the company converted its Edith Cowan College into a JV with that university. These factors plus currency movements and “the continuation of the restrictive UK international student visa regime,” led to a 10 per cent decline in university partnerships revenue, to $574m.
However the company reports, “confirmed continued strong growth in demand for both international and tertiary education across many of Navitas’ core markets. An evolving sector will provide extensive growth opportunities for a nimble, well-funded and high-quality education provider like Navitas.”
The company adds it is investing in “the next generation of education focused initiatives for growth.” This includes investing in Studylink, “a leading provider of unaccredited management programmes.”