Intueri Education Group Announces 2014 Interim Results
• Statutory profit after tax of NZ$1.6 million for the six months ended 30 June 2014, up from NZ$0.5 million for the prior
comparable period ended 30 June 2013
• Pro forma revenue of NZ$36.2 million and EBITA of NZ$10.5 million tracking ahead of expectations, above the top of the
IPO guidance range by 2.3% and 3.9% respectively
• International and Online sectors continue to grow strongly, ahead of expectations
• New Zealand Domestic sector impacted by softer than anticipated rebound in Christchurch and a later than expected
mid-year uplift in domestic enrolments at some campuses
• Integration of acquired businesses is progressing well
• The company maintains its FY2014 pro forma financial forecasts as outlined in the IPO prospectus
Intueri Education Group’s (Intueri) financial results for the six months to 30 June 2014 indicate that it is on track to
achieve the FY2014 statutory and pro forma financial forecasts outlined in the IPO prospectus dated 6 May 2014.
Unaudited statutory profit after tax (IFRS basis) for the six months ended 30 June 2014 was NZ$1.6 million, compared
with NZ$0.5 million for the six months ended 30 June 2013, an increase of 227%. Revenue growth was 71% which reflects
the acquisitions of a 50% shareholding in Online Courses Australia Group (OCA) and 100% of Quantum Education (Quantum)
during the period. On a statutory basis, OCA has been included from 1 April 2014 while Quantum was included from 23 May
On a pro forma basis for the six months ended 30 June 2014, Intueri was ahead of expectations with revenues of NZ$36.2
million and EBITA of NZ$10.5 million, both above the top of the IPO guidance range by 2.3% and 3.9% respectively. Net
profit after taxation attributable to Intueri shareholders was NZ$3.1 million and NZ$6.4 million when adjusted for
amortisation costs. The pro forma results assume the combination of Intueri Education, OCA and Quantum were owned
throughout 2013 and 2014 in order to show the performance of the combined business on a comparable basis.
The net assets of Intueri as at 30 June 2014 were NZ$85.2 million. Intueri remains in a negative working capital
position and net debt reduced from the IPO debt level of NZ$17.5 million to NZ$15.4 million.
Pro forma revenue for the six months ended 30 June 2014 was NZ$36.2 million with the International and Online segments
performing ahead of expectations. Intueri experienced strong revenue growth in its OCA business and is tracking ahead of
its high International revenue growth forecasts. Revenue from the New Zealand Domestic market has been impacted by a
softer than anticipated rebound in Christchurch and a later than expected mid-year uplift in domestic enrolments at some
Pro forma EBITA was NZ$10.5 million, 3.9% above the top of the IPO guidance range. This was driven by the growth in the
Online and International segments. The integration of the Quantum and OCA businesses is also progressing well.
Mr Rob Facer, Chief Executive Officer, commented: “We are pleased with Intueri’s progress to date since achieving the
milestones of publicly listing the Group and completing the acquisitions of OCA and Quantum. Trading has been broadly in
line with our expectations, and we are currently focussed on implementing the strategic initiatives required to deliver
our growth targets. These include the establishment of our shared services functions for Group Marketing, Finance & IT, Human Resources and Academic & Compliance activities.”
Outlook for FY2014
Intueri reaffirms the FY2014 pro forma forecasts as outlined in the prospectus. “While trading was slightly softer in
the New Zealand Domestic market, the fundamentals of the business in this important market are sound, and we are also
encouraged with the strong progress made in our Online and International businesses with the positive momentum flowing
into the second half.
“Intueri is well progressed with its integration plans and the full benefits of these will be realised in the 2015
financial year. Our focus is on strengthening existing operations and realising the benefits from our integration
program. Acquisitions and organic growth opportunities that make a positive contribution to earnings are also being
reviewed and we will update the market as appropriate.” Mr Facer said.