IEL +7.46%: the student placement and English language teaching company posted a profit beat today, driven by improved performance from their international segments. Net income came in at $106.6m, around 5% ahead of consensus expectations. They placed a record number of students in courses and conducted a record number of English tests in the period highlighting the swift turnaround from COVID-driven volume declines. Gross profit margins also returned to FY18 highs. The company didn’t provide any guidance for the year ahead, however, they are clearly seeing momentum across the business.
MM is bullish IEL under $30
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