IDP Education announced FY24 financial results, revealing a mixed performance across its various business segments.
Total revenue increased 6% to $1.04 billion, driven largely by a 28% rise in student placement revenue.
Revenue from English language teaching also rose 13%, with the number of courses growing to 106,600.
However, the gains were offset by a significant 18% decline in IELTS test volumes, attributed primarily to lower demand in India.
"Despite the challenging market conditions, our focus on quality ensures we are well-placed to navigate these changes," said Andrew Barkla, CEO of IDP Education.
Adjusted EBIT saw a modest increase of 4% to $239 million, while net profit after tax adjusted decreased slightly by 1% to $154 million.
Revenue from other student placement services, including digital marketing and consultancy, rose 21%, reflecting the integration of The Ambassador Platform's peer-to-peer marketing services.
Despite the challenging regulatory environment, IDP remains optimistic about future industry trends.
English language testing volumes, however, decreased by 18%, influenced by policy uncertainties in key markets, while English language teaching volumes grew by 13%.
The company's student placement volumes reached an all-time high at 98,900, up by 17%, reflecting strategic gains in market share.
The company has declared a final dividend of 9 cents per share, bringing the full-year dividend to 34 cents per share, a 17% drop from the previous year.
While IDP Education faced hurdles in certain areas, particularly IELTS testing in India, it managed to achieve revenue growth through robust performances in student placement and English language teaching.