{"id":90646,"date":"2020-12-11T09:22:00","date_gmt":"2020-12-10T22:22:00","guid":{"rendered":"https:\/\/www.fnarena.com\/index.php\/2020\/12\/11\/improved-financial-outlook-for-edtech-provider-janison-after-icas-2020-success-exceeds-expectations\/"},"modified":"2020-12-11T09:22:00","modified_gmt":"2020-12-10T22:22:00","slug":"improved-financial-outlook-for-edtech-provider-janison-after-icas-2020-success-exceeds-expectations","status":"publish","type":"post","link":"https:\/\/staging.fnarena.com\/index.php\/2020\/12\/11\/improved-financial-outlook-for-edtech-provider-janison-after-icas-2020-success-exceeds-expectations\/","title":{"rendered":"Improved financial outlook for edtech provider Janison after ICAS 2020 success exceeds expectations"},"content":{"rendered":"

SYDNEY<\/span>, Dec. 11, 2020<\/span> \/PRNewswire\/ — Janison Education Group (ASX:JAN<\/span>) has revised its financial outlook for the first half of FY21 following its successful delivery of the internationally recognised ICAS Assessment. <\/p>\n

Total revenue for ICAS reached $4.8million<\/span>, exceeding the Australian-based education technology provider’s internal management estimates by $1.1million<\/span>, with net cash receipts and EBTIDA of $2.3million<\/span>. <\/p>\n

Despite the impacts of COVID-19 forcing school closures across the country, Janison’s online assessment platform successfully delivered more than 300,000 online ICAS 2020 exams between August and November to schoolchildren across Australia<\/span>, New Zealand<\/span>, Singapore<\/span> and Malaysia<\/span>. It was the Sydney<\/span>-based education technology leader’s first full delivery of ICAS since the company acquired the schools competition business from UNSW Global in June. <\/p>\n

The share price rose swiftly in response to the announcement of the news of the ICAS success on the ASX, soaring +25%; opening at 37.5c the next day and peaking at 53c in early morning trade the following day. <\/p>\n

Janison’s announcement also noted that satisfaction among ICAS customers \u2013 including 2,500 schools and 41,000 parents \u2013 had vastly improved on last year, with a 98% reduction in customer complaints. There was an overwhelming number of positive comments from teachers who felt that this year’s online test delivery was significantly better than in previous years. <\/p>\n

The significant success has led the company to update its financial outlook. Management expects group revenues for 1H FY21 to be at the high-end of the range $15m<\/span> – $16m<\/span>, representing a 40% growth on the prior corresponding period, 1H FY20. <\/p>\n

Through improved pricing, targeted cost reduction programs in Cost of Sales, and now a stronger than expected ICAS 2020 result, Janison is predicting gross margins for the first 6 months of FY21 (1H FY21) to be above 50%.     <\/p>\n

Stuart Halls<\/span>, Janison’s Chief Financial Officer, said: "We are extremely pleased with this year’s ICAS result, not just in a financial sense but also in how successful the delivery was across so many schools in Australia<\/span>, NZ and other parts of the world during such a difficult time. <\/p>\n

"We now look ahead to growth next year when we plan to deliver the test across all subjects, in a schools’ environment less interrupted by COVID, and with a richer set of ICAS questions developed natively for digital delivery."<\/p>\n

For more information, visit janison.com<\/a>.   <\/p>\n

Related Links :<\/p>\n

Janison Home<\/a><\/p><\/blockquote>\n