News: Navitas H1 profit grows 18%

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Navitas Ltd (ASX:NVT) says net profit after tax has grown 18 per cent to $32.6 million in the six months to 31 December, 2010.

The education services provider says the result was underpinned by a 12 per cent rise in EBITDA to $48.4 million and an 8 per cent lift in total group revenue to $291.4 million.

In the first half of the 2011 financial year, Navitas also completed a $100 million equity raising to partially fund purchasing SAE Group for $289 million.

Following the share placement, Navitas says its net cash has now grown to $131.5 million, up from $24 million in the previous corresponding half-year period.

A fully franked interim dividend of 8.7 cents has been declared.

In the year to 30 June 2010, Navitas posted a net profit of $62.8 million.