EDI in results boost
Coventry-headquartered Education Development International has reported a boost in revenue and profit following recent acquisitions. The qualifications and assessment services provider acquired Somerset-based Sector Training earlier this month after buying Maidenhead-based Peter Honey Publications in February.
For the year ended 30 September 2010, revenue increased 4 per cent to £29.5m and operating profit rose 14 per cent to £9.2m. Adjusted operating profit, based on profit on ordinary activities before taxation, rose 15 per cent to £9.9m.
EDI chief executive Nigel Snook said: "The underlying strength of our business has enabled us to successfully address the challenges presented by the general economic situation and a period of political change in the UK.
"Over a quarter of the group's revenues come from international markets and in the UK we provide a range of services which are not dependent on government funding. Over recent weeks, the coalition government's strategy and investment plans for vocational education and training have become clearer and although it is likely to be some time before the full impact of any changes flow through to our customers, the emerging position is broadly encouraging.
"During this transitional period we continue to be well positioned to compete for market share and over recent months we have taken actions to strengthen our position in the important further education colleges market where currently we have limited exposure."
The company bought Peter Honey Publications for about £1.3m. Peter Honey's revenue and profit after tax for the period from 1 February 2010 to 30 September 2010 was £251,000 and £121,000 respectively.
It recently bought Sector Training to develop a presence in the further education college sector for £900,000.
