- Digital learning developer Janison Education has announced a successful financial year for its new subsidiary, Language and Testing Consultants (LTC)
- The annual earnings report represents a 38 per cent increase in LTC’s earnings since the last financial year
- Janison will move to complete its acquisition of LTC. The company will deliver its final earn-out payment of A$1 663 411.98 in cash and over A$2 million worth of fully paid ordinary shares
Digital learning developer Janison Education has announced a successful financial year for its new subsidiary, Language and Testing Consultants (LTC).
The new acquisition delivered gold star results in the 2019 financial year, reporting revenue of A$6.2 million, gross profit of A$3 million and EBITDA of A$2.1 million.
The results, released in an announcement to market earlier today, represent a 38 per cent increase in LTC’s earnings since the last financial year.
Following the report, Janison will move to complete its acquisition of LTC. The company will deliver its final earn-out payment of A$1 663 411.98 in cash and over A$2 million worth of fully paid ordinary shares.
In accordance with the acquisition deal, the company will make a fixed deferred payment of A$1.575 million to LTC’s vendors on April 1 next year. In total, roughly A$3.2 million will be handed over for the company’s sale in the 2020 financial year.
As at August 31, Janison ERducation’s total cash in hand amounted to approximately A$6.6 million, with a further undrawn facility of A$1.1 million.
Janison acquired LTC in April to assist its transition to digital assessments. The move to an online testing platform has been lauded as a cost-effective, student-friendly and efficient development which allows for higher quality marking and analysis.
The company provides education departments and universities with a digital exam and learning academy platform. Janison’s Insights platform has been certified by the Australian and Singaporean governments as well as organisations such as the Organisation for Economic Cooperation and Development (OECD).
LTC is Australia’s leading exam management company. Its portfolio includes 57 high-profile clients, 33 of which are Australian universities. The company dominates the tertiary assessments market, supplying digital exam technology to over three-quarters of existing Aussie uni’s.
Digital exams are gaining popularity across secondary schools as well. Last November, nearly 2000 students from South Australia completed their English Literature exam online. The seniors used specialised browsers which prohibited access to the internet or spell check systems.
With an estimated market cap of A$52.44 million, Janison’s stocks held strong and steady today. No change was recorded to the company’s share price, which remained at A$0.3 each.