Last week IDP announced its results for the 2023 financial year (FY23). The headline is record revenue of $982 million, up 24 per cent vs FY22; driven by strong student placement revenue growth of 63 per cent vs FY22.
Other key highlights shared are:
- Adjusted EBIT* of $228 million, up 40 per cent vs FY22 and Adjusted NPAT* of $154 million, up 45 per cent vs FY22, demonstrating strong operating leverage in the business model.
- Record student placement volumes of 84,600, up 53 per cent vs FY22, driven by the Australian market growing 77 per cent vs FY22, and other study destinations growing at 39 per cent.
- Record IELTS volumes with 1.93 million tests administered by IDP during FY23.
- English language teaching course enrolments of 94,300, up 35 per cent vs FY22.
- Final dividend declared of 20 cents per share taking full-year declared dividends to 41 cents per share, which is an increase of 52 per cent vs FY22.
Tennealle O’Shannessy, IDP Chief Executive Officer and Managing Director said “This strong performance reflects IDP’s position as a leader in the growing global education services sector. This year, we helped more students and test takers than ever before as our customers realised their global ambitions for study, career and migration.”
The announcement also included an overview of strategic priorities, these are:
- Expanded physical scale with 46 offices added through organic expansion and via the acquisition of Intake Education.
- Increased digital scale with more than 860,000 downloads of the IDP Live app and 815,000 downloads of the IELTS by IDP app.
- Rapidly scaled the transformative FastLane service, increased the number of courses available to 4,200 up from 1,200. More than 17,500 students received formal offers via FastLane during FY23.
- Launched IELTS One Skill Retake, an innovative product that delivers a unique offering in high-stakes English language testing.
- Improved counsellor productivity by 24 per cent1 vs FY22 through expanding centralised application processing hubs and leveraging proprietary sophisticated prioritisation and recommendation algorithms.
- Acquired Intake Education, which expands our student placement geographic footprint into strategically important African markets such as Nigeria, Ghana and Kenya.
- Acquired The Ambassador Platform, a student community technology platform, connecting prospective students with current or past students to provide a more complete picture of studying and living abroad.
The full announcement can be seen here.
