IQE
25/08/2014 08:30
HALFYR
REL: 0830 HRS Intueri Education Group Limited
HALFYR: IQE: 2014 Interim Results Announcement
Intueri Education Group releases its interim results for the 6 months ending
30 June 2014
Included in the interim results announcement are the following;
1. Media Announcement in relation to the interim half year results
2. Half year interim results presentation
3. Interim Group Financial Statements for the six months ended 30 June 2014,
including auditors' review report
4. ASX Appendix 4D
5. NZX Appendix 1
Media Announcement
Intueri Education Group announces 2014 Interim Results
- Statutory profit after tax of NZ$1.6 million for the six months ended 30
June 2014, up from NZ$0.5 million for the prior comparable period ended 30
June 2013
- Pro forma revenue of NZ$36.2 million and EBITA of NZ$10.5 million tracking
ahead of expectations, above the top end of the IPO guidance range by 2.3%
and 3.9% respectively
- International and Online segments continue to grow strongly, ahead of
expectations
- New Zealand Domestic segment impacted by softer than anticipated rebound in
Christchurch and a later than expected mid-year uplift in domestic revenue
- Integration of acquired businesses is progressing well
- The company maintains its FY2014 pro forma financial forecasts as outlined
in the IPO prospectus
Financial Performance
Intueri Education Group's (Intueri) financial results for the six months to
30 June 2014 indicate that it is on track to achieve the FY2014 statutory and
pro forma financial forecasts outlined in the IPO prospectus dated 6 May
2014.
Unaudited statutory profit after tax (IFRS basis) for the six months ended 30
June 2014 was NZ$1.6 million, compared with NZ$0.5 million for the six months
ended 30 June 2013, an increase of 227%. Revenue growth was 71% which
reflects the acquisitions of a 50% shareholding in Online Courses Australia
Group (OCA) and 100% of Quantum Education (Quantum) during the period. On a
statutory basis, OCA has been included from 1 April 2014 while Quantum was
included from 23 May 2014.
On a pro forma basis for the six months ended 30 June 2014, Intueri was ahead
of expectations with revenues of NZ$36.2 million and EBITA of NZ$10.5
million, both above the top end of the IPO guidance range by 2.3% and 3.9%
respectively. Net profit after taxation attributable to Intueri shareholders
was NZ$3.1 million and NZ$6.4 million when adjusted for acquired amortisation
costs. The pro forma results assume the combination of Intueri Education, OCA
and Quantum were owned throughout 2013 and 2014 in order to show the
performance of the combined business on a comparable basis.
The net assets of Intueri as at 30 June 2014 were NZ$85.2 million. Intueri
remains in a negative working capital position and net debt reduced from the
IPO debt level of NZ$17.5 million to NZ$15.4 million.
Operational Performance
Pro forma revenue for the six months ended 30 June 2014 was NZ$36.2 million
with the International and Online segments performing ahead of expectations.
Intueri experienced strong revenue growth in its OCA business and is tracking
ahead of its international revenue growth forecasts. New Zealand Domestic
segment has been impacted by a softer than anticipated rebound in
Christchurch and a later than expected mid-year uplift in domestic revenue.
Pro forma EBITA was NZ$10.5 million, 3.9% above the top end of the IPO
guidance range. This was driven by the growth in the Online and International
segments. The integration of the Quantum and OCA businesses is also
progressing well.
Mr Rob Facer, Chief Executive Officer, commented: "We are pleased with
Intueri's progress to date since achieving the milestones of publicly listing
the Group and completing the acquisitions of OCA and Quantum. Trading has
been broadly in line with our expectations, and we are currently focussed on
implementing the strategic initiatives required to deliver our growth
targets. These include the establishment of our shared services functions for
Group Marketing, Finance & IT, Human Resources and Academic & Compliance
activities."
Outlook for FY2014
Intueri reaffirms the FY2014 pro forma forecasts as outlined in the
prospectus. "While trading was slightly softer in the New Zealand Domestic
market, the fundamentals of the business in this important market are sound,
and we are also encouraged with the strong progress made in our Online and
International segments with the positive momentum flowing into the second
half.
Intueri is well progressed with its integration plans and the full benefits
of these will be realised in the 2015 financial year. Our focus is on
strengthening existing operations and realising the benefits from our
integration program. Acquisitions and organic growth opportunities that make
a positive contribution to earnings are also being reviewed and we will
update the market as appropriate." Mr Facer said.
Ends
For queries, please contact:
Rob Facer, CEO +64 (0) 27 675 3538
[email protected]
About Intueri:
The Intueri Education Group (IQE) is a publicly listed vocational education
group on both the New Zealand and Australian stock exchanges. Our
internationally recognised schools specialise in providing industry relevant
training across a number of exciting and diverse industries where there is
strong demand for skilled people. We work closely with those industries to
ensure our graduates find employment in the field they are most passionate
about. These fields include Design and Arts, Beauty and Spa Therapy, Culinary
Design and Hospitality Management, Business and Computing, Hotel & Tourism
Management, Professional Counselling, Hairdressing, Make-Up Artistry and
Commercial Diver Training.
End CA:00254284 For:IQE Type:HALFYR Time:2014-08-25 08:30:10
