EDUCATION DEVELOPMENT INTERNATIONAL PLC – INTERIM RESULTS

EDUCATION DEVELOPMENT INTERNATIONAL PLC – 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 2009, a period of strong revenue and profit growth.
Full results are availble on the company website.

Financial Headlines

  • Revenue up by 33% to £12.78m (2008: £9.61m).
  • Operating profit £3.64m (2008: £667,000).
  • Adjusted operating profit* £3.95m (2008: £924,000).
  • Basic earnings per share 5.3p (2008: 1.4p).
  • Adjusted earnings per share+ 7.4p (2008: 1.7p).
  • Net cash generated from operations £2.87m (2008: £1.16m).
  • Net cash and gilts £5.80m (2008: £1.13m).


* Profit on ordinary activity before taxation adjusted for the amortisation charge on acquired intangible assets.+ Adjusted earnings per share is based on adjusted operating profit.


Highlights

  • 70% year-on-year growth in UK vocational qualifications sales.
  • Launch of partnership with J Sainsbury plc to award National Vocational Qualifications as part of Sainsbury’s in-house training programme.
  • Successfully tendered to provide vocational qualifications services to ESG Limited, one of the UK’s largest training providers.
  • Sales totalling £910,000 of a Road Passenger Transport qualification for taxi drivers.
  • £430,000 revenue gain as a result of exchange rate movements.
  • Successful appeal to the Pension Protection Fund for a recalculation of the 2007/08 levy – provision of £182,000 released.
  • Interim dividend 0.4p per share (2008: 0.12p).


Commenting on EDI’s prospects, Chief Executive Nigel Snook said:

“While our business has become more balanced between the first and second halves of the year we nevertheless expect the strong trading experienced in the first six months of 2008/09 to be maintained throughout the remainder of the year.

“Despite wider economic concerns, investment in education and training services, particularly through the public sector, has continued to grow and this, taken with our ability to win market share, gives the Board every confidence that its expectations for the full year and beyond will be met.”

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