IEL +8.3%: The English testing & student placement group announced a strong increase in earnings today with weakness in English testing being more than offset by student placement and education courses. Revenue grew 15% but improved margins saw earnings (EBIT) climb 25% to $159m & ~7% ahead of consensus. While volumes were down on testing, price hikes helped offset the influence. Student placement growth of 33% was far above the industry whilst the company was also putting through 7% price increases on average.
MM is neutral/bullish IEL
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