IDP Education posted a record set of numbers as it announced its results for the first half of the 2022 financial year on Wednesday.
For the six months, the $9 billion education provider reported total revenue of $397 million, an increase of 47% compared with the same period in FY21.
The company noted the strength of its business model, impactful innovation, and an attractive policy landscape had delivered a strong rebound of results.
Earnings before interest and tax were $77.9 million, an increase of 61% compared with the same period last year.
Growth accelerated with strong volume increases in its International English Language Testing System (IELTS) and Northern Hemisphere study destinations.
IDP’s operational and financial highlights during H1 FY22 included:
Total revenue of $397 million, representing the highest half-year revenue ever recorded by IDP.
IELTS volumes increased by 79%, with growth recorded across the majority of countries where IDP administers the test.
Successful integration of the British Council’s Indian IELTS operations, following an acquisition.
A 36% increase in Student Placement revenue, highlighted by a 73% increase in Multi-Destination revenue.
Digital Marketing revenue rose by 13% to $20 million as institutional clients turned to IDP to support their rebound strategies.
Ongoing digital transformation program for student placement and IELTS, with downloads of the recently released IDP Live app reaching 500,000.
While Australian student placement volumes remained subdued, IDP noted that there have been early signs of a rebound in interest, which has coincided with the relaxation of border restrictions, and an extension of post-study work rights.
Andrew Barkla, IDP Chief Executive Officer and Managing Director, said “Crucially, our ongoing program of innovation reinforces IDP’s industry leadership position. Our unique combination of digital and physical solutions is underpinning our competitive advantage in a growing industry with supportive regulatory and policy settings.”