iCollege revenue up 175% YoY

iCollege (ASX:ICT) has made leaps and bounds on its operational performance from this same time last year, with revenue up 175% year-on-year (YoY) to $12.5m. 

Operating cash flows payable to iCollege stood at $6.5m at the end of quarter; which did not include a subtraction brought about by the cost of an M&A process commenced late last year with Redhill Education. 

iCollege is an online vocational education provider; with its Redhill M&A, the company hopes to become a leading Australian training company. Merger costs were placed at $1.3m, leaving iCollege safely in the green with over $5m on hand. 

Structure of iCollege-owned companies and services

International new student sales up twofold  

iCollege-owned Go Study Australia international student recruitment agencies are up 200% in March 2022 when compared to last July. 

iCollege also notes ABS data outlining that in February of this year, 40,000 international students arrived into Australia to pursue higher education. Vocational enrolments by international students are up 243% in March 2022 compared to July 2021. 

iCollege English teaching division sees competitor reduction

The number of students studying English through the iCollege-owned Greenwich division are projected to hit pre-covid levels in July this year with the company targeting 2,000 heads in seats. 

Most international students are first brought up to speed in Greenwich and then led onto vocation-specific product offerings.

The company also notes based on its own research the number of competitor colleges directly challenging Greenwich have reduced by some 20% during covid. 

Greenwich will launch in Queensland in the third quarter of the 2022 calendar year. 

ICT's charts compared to the XTX Technology index over the last six months