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First half revenues up 29% at Nord Anglia

publication date: May 1, 2008
author/source: Ed Tranham

Nord Anglia Education has reported revenues up 29% to £42.9m for the half year to 29 February 2008. Profits before tax were up 66% to £4.6m over the same period.

The company’s International Schools division saw revenues grow 42% to £19.2m with an operating profit of £3.6m. FTE student numbers are up 30% to 4,056 in the year since February 2007. This is explained by increased capacity at the company’s existing schools in Shanghai and Prague and the opening of new schools in Seoul and two in China. Nord Anglia sees new school opportunities in Asia and the Middle East and plans to open new schools in Beijing and Singapore in September 2009.

The company’s Learning Services business performance has been hit in the first half of 2008 by the closure costs associated with losing the London Borough of Newham contract to VT Education. Operating profits are down 3% to £3.8m on revenues up 20% to £23.7m.

The learning services business is also finding success in the Middle East. The company currently manages 14 schools in Abu Dhabi and is currently bidding to manage a further group of schools. Nord Anglia now has a dedicated business development team for the Middle East.

The sale of its nursery business to ABC Learning for £31.2m helped reduce Nord Anglia’s net debt funding by £27m. The remaining undrawn facilities plus net cash of £4.2m are available to support further expansion of the company’s international schools business.

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