Education services provider IDP Education reported a big lift in earnings and allayed lingering concerns that the coronavirus outbreak in China is impacting its business.
In the six months to December 31 the company reported that revenues increased to $379 million, up 25 per cent on the same period a year earlier. Net profit after tax rose to $57.7 million, a 42 per cent increase in the same period in FY19.
The company declared an interim dividend of 16.5 cents with 17 per cent franking.
The company also confirmed the coronavirus outbreak was not having a material impact on the business at this stage.
“The disruptions being caused by the coronavirus to IDP’s business are being managed such that it is not currently having a material impact on the financial performance of the Company,” it said. “The situation is, however, constantly evolving and the ultimate impact is uncertain.”
IEL shares have rocketed 17.8 per cent to $19.64. They had been up as much as 31.9 per cent in initial trade, hitting fresh record highs in the process.