iCollege (ASX:ICT) share price explodes 15% on quarterly update

The iCollege Ltd (ASX: ICT) share price is exploding 15% higher following the release of its quarterly update. Here are the key highlights.
The post iCollege (ASX:ICT) share price explodes 15% on quarterly update appeared first on The Motley Fool Australia. –

asx share price increase represented by golden dollar sign rocketing out from white domes of lithium

The iCollege Ltd (ASX: ICT) share price is entering the stratosphere today following the release of its quarterly update. At the time of writing, the education and training solutions company’s shares are fetching for 15 cents, up 15.3%.

How did iCollege perform for Q3?

Investors are driving iCollege shares higher after the company delivered a robust result for the period.

According to its release, iCollege reported a record quarterly revenue of $4.55 million, reflecting a 52% increase on the prior corresponding period (pcp). The outstanding result primarily came from its domestic student business which saw growth for existing qualifications and early interest in new course offerings. Health and community services courses, in particular, saw significant increases in student numbers.

International student enrolments continued to contribute over $1.5 million in enrolment value for the quarter. iCollege is hoping to welcome back overseas students in the midterm as international border restrictions are relaxed.

Earnings before interest, tax, depreciation and amortisation (EBITDA) jumped to $3.02 million for Q3. This brings the total year-to-date EBITDA for the 3 quarters to $13.37 million.

The company highlighted that its state-of-the-art Perth Bayswater Campus has been completed. The facility can accommodate up to 760 international students and is expected to create additional revenue streams.

Furthermore, iCollege noted sound progress in its Aegis and Pharmacy Guild contracts, training staff on the infection control nationally accredited skillset. iCollege believes that marketing spend and partnership expansion in aged care, hospitality, building and construction will lead to sustained growth.

iCollege closed the quarter with $5.17 million in cash, with minimal debt obligations.

Management commentary

iCollege managing director, Ashish Katta touched on the company’s record performance, saying:

Q3 2021 has been another successful quarter for iCollege and our record financial results reflect this. The domestic training operations continue to perform well and are growing favourably. Obviously, with international borders remaining closed, our international student business is limited to onshore international recruitment activities which remain stable month-on-month.

We expect the final quarter of FY 2021 to provide a strong finish to the year. Through the efforts of the Company’s leadership team and all of our staff across the country, iCollege is thriving through this challenging time and I am very proud to be at the helm of the Company given our numerous exciting growth prospects.

About the iCollege share price

The iCollege share price has accelerated over 300% in the past 12 months and is up 50% this year alone. The company’s shares are within sights of its multi-year high of 17 cents reached in February 2021.

On valuation grounds, iCollege has a market capitalisation of roughly $87.2 million, with about 581.5 million shares on issue.

Where to invest $1,000 right now

When investing expert Scott Phillips has a stock tip, it can pay to listen. After all, the flagship Motley Fool Share Advisor newsletter he has run for more than eight years has provided thousands of paying members with stock picks that have doubled, tripled or even more.*

Scott just revealed what he believes are the five best ASX stocks for investors to buy right now. These stocks are trading at dirt-cheap prices and Scott thinks they are great buys right now.

See The 5 Stocks

*Returns as of February 15th 2021

More reading

Motley Fool contributor Aaron Teboneras has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

The post iCollege (ASX:ICT) share price explodes 15% on quarterly update appeared first on The Motley Fool Australia.

Trade The World Anywhere & Anytime!

Mobile app platform with over 50,000 global listed securities across 12 markets (over 70% global market capitalisation), right from your Android or iOS device.

Integrated with exclusive trading idea and investment analysis tools to help you find actionable insight on virtually every financial instrument across our 12 global markets, to help you optimise your trading strategies.

Refer Your Friends

Tell your friends about Monex and gift them FREE access to our trading tools.

We respect your privacy and will only send this one email notification to your friends. 

Share With Your Friends

Share on facebook
Share on twitter
Share on linkedin

Monex Trading Tools Access and Usage Terms

The Monex Trading Tools (referred to as ‘tools’ hereafter) are available to you inside your client portal;

To activate access to the tools, you must have a verified and approved trading account and have made a deposit of at least AUD $1000.

An active and funded account with a positive trading balance is required to continue to have access to the tools;

Although the tools are available to you indefinitely, Monex Securities may at it’s discretion disable access to the tools in the future;

Monex securities reserves the right to change these terms and conditions from time to time, as it sees fit, without notice.

Important Notice
iOS & Android App - 12 International Markets & Over 70% Global Market Cap. $0 Brokerage On US Trades. Click Here!