EDUCATION DEVELOPMENT INTERNATIONAL PLC – INTERIM RESULTS

EDUCATION DEVELOPMENT INTERNATIONAL PLC – INTERIM RESULTS

INTERIM RESULTS

Education Development International plc (EDI), the leading provider of educational qualifications and assessment services, announces its Interim Results for the six months ended 31 March 2010.

Financial Highlights

  • Revenue up by 5.2% to £13.44m (2009: £12.78m).
  • Operating profit £3.89m (2009: £3.64m).
  • Adjusted operating profit* up 8.1% to £4.27m (2009: £3.95m).
  • Basic earnings per share 5.6p (2009: 5.3p).
  • Adjusted earnings per share+ up 7.0% to 6.1p (2009: 5.7p).
  • Net cash generated from operations £3.08m (2009: £2.86m).
  • Net cash £7.43m (2009: £5.80m).
  • Interim dividend 0.8p per share (2009: 0.4p).

* Profit on ordinary activities before taxation adjusted for the amortisation charge on acquired intangible assets.
+ Adjusted earnings per share is based on adjusted operating profit taxed at the current effective rate.

Other highlights

  • 1.5% of EDI share capital purchased into treasury and subsequently cancelled
  • Acquisition of Peter Honey Publications Limited.
  • Achieved Investors in People accreditation.

Commenting on the results, EDI Chief Executive, Nigel Snook said: "Performance during the first half of the year demonstrates that we have been able to consolidate the significant gains made in the same period last year.  In the UK we have made progress in the vocational qualifications market and our international business continues to grow.
“While there are uncertainties in the UK market as a result of pressure on public funds there are positive early signs of the government’s support for vocational education. We are continuing to invest in our staff and systems to reinforce the quality or our business and its capacity to grow.”

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