The Academies Australasia Group Ltd (ASX: AKG) share price closed up 8% to 47 cents today after the professional education business told investors to expect FY 2019 EBITDA around $7.63 million, compared to $7.46 million in FY 2018.
However, after adjusting for what the company describes as 'significant' or 'one off' items such as redundancy costs or asset sales the group reports that FY 2019 EBITDA would be $9 million, compared to $6.9 million. In theory this represents an impressive 30% EBITDA growth.
"The higher education operations of Academies Australasia Polytechnic were the main contributor to the increase in revenue and EBITDA. FY19 saw the commencement of their second Bachelor Degree: Bachelor of Business (Leadership and Management). These preliminary results are, by far, the best in the Company's 111 years of operation," the company commented.
For the half-year to December 31 2018 it made a net profit of $1.65 million on revenue of $32.5 million and has no debt. It also paid a dividend of 1.3 cents per share for the period.
