IQE
21/05/2015 08:31
ADDRESS
PRICE SENSITIVE
REL: 0831 HRS Intueri Education Group Limited
ADDRESS: IQE: IQE - Annual Meeting and FY 2015 Update
MARKET RELEASE
Date : 21 May 2015
Intueri inaugural Annual Meeting, update on FY 2015
Intueri Education Group Limited (Intueri) (IQE) is today holding its
inaugural Annual Shareholder Meeting. The presentation and script attached to
this release provide updates on a number of matters which are also detailed
below.
Intueri notes similar operating conditions to those advised in February at
the time of the FY 2014 results announcement, and the company maintains its
$30-$33 million FY 2015 EBITA guidance. Current performance is tracking to
the lower end of this range.
The company is pleased to report that the independent investigation
undertaken by EY relating to pre-Intueri record keeping inconsistencies at
the Dive School has concluded to the satisfaction of the Tertiary Education
Commission (TEC), who will not be taking the matter further. EY reported
favourably on the control and compliance environment put in place by Intueri,
noting these measures had contributed to the ongoing integrity of TEC
reporting.
The WorkSafe investigation, also at the Dive School, is ongoing. Intueri has
pleaded not guilty to the charges laid, but is in discussions with WorkSafe
seeking a resolution to this matter prior to the next court review date on 18
June 2015.
As expected, net debt has extended to $35 million, reflecting the Online
Courses Australia Group and Information Technology Training Institute
acquisition payments, as well as the payment of the FY 2014 inaugural
dividend. Net debt, before acquisitions, is forecast to remain in the range
of $30-$40 million for the remainder of 2015.
Since the start of FY 2015, Intueri has committed to increasing capacity by
building additional kitchens at NSIA Culinary & Hospitality school in order
to fully utilise Domestic opportunities and capitalise on the growing demand
from the International student sector.
Intueri CEO Rob Facer commented: "Against a backdrop of New Zealand's growing
reputation as a destination for International students, a strong NZ Domestic
economy underpinning record high labour market participation rates, and a
number of significant but welcome regulatory reforms in Australia, we have
made solid progress in FY 2015 so far. We continue to maintain our focus on
improving quality and compliance, integrating the acquired colleges and
exploring further complementary acquisitions in both New Zealand and
Australia."
Intueri's Annual Meeting will commence at NZST 10am today. The meeting will
be webcast live at:
https://livestream.com/accounts/13198484/IEG
Login: [email protected]
Password: Password001
A recording of the webcast will also be available at www.intueri.co.nz in
the afternoon.
-Ends-
For queries, please contact:
Rob Facer, CEO +64 (0) 27 675 3538
[email protected]
End CA:00264607 For:IQE Type:ADDRESS Time:2015-05-21 08:31:34
