- Online education service provider iCollege (ICT) has achieved a second consecutive quarter of revenue growth
- The company achieved $7.02 million in earnings attributed to organic enrolments of students
- This is a 103 per cent increase on the year prior — coupled with a 70 per cent increase in enrolled students
- Company management says this stems from plans implemented in 2018, with expectations of doubled revenue to follow this Financial Year
- Shares in iCollege are unchanged on the Australian market today at 3.5 cents each
Education services provider iCollege (ICT) has seen its revenue grow 103 per cent in the past year, making way for impressive earnings.
Achieving $759,000 in earnings after taxation, the company attributed the continuing growth to new course offerings in its system — among better cash management as well.
iCollege management say this was expected from short term business goals implemented during February of 2018.
“[The half year] was a transformational period for iCollege driven largely by the hard work and commitment of our staff,” company Managing Director Ashish Katta said.
“We have achieved an expansion of our geographical footprint and strong growth in student numbers.”
The business period saw student enrolments for iCollege also grow a whopping 70 per cent from last year, achieving a total number of 938.
“This coupled with improved processes and strict financial management has placed the company in the position where we can proudly announce a half year [earnings] of $759,000,” Ashish said.
“With important future growth drivers established and a strong new sales pipeline beginning to pay dividends, I look forward to providing further updates from across the businesses in the near term.”
The 103 per cent increase in earnings for the company has seen also seen its revenue hit $7.02 million— compared to $3.4 million in December 2018.
A contributing factor to the revenue was described by iCollege as “[…]organic and geographical growth specifically within the international student market.”
iCollege also noted that it expects to maintain strong enrolments for students around the globe, with further expectations for doubled revenue by the end of this Financial Year.
These latest results for the company represents two quarters of consecutive growth in operating profits.
For short term moves, iCollege has said it will focus on paying debts.
Shares in iCollege are unchanged on the Australian market today, idling at 3.5 cents each in a $18.42 million market cap.