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Redhill Education Partners (ASX:RDH) - Managing Director & CEO, Glenn Elith - The Market Herald
Managing Director & CEO, Glenn Elith
Source: Redhill Education Partners
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  • RedHill Education (RDH) has released its unaudited half-year results for the 2021 financial year, banking up to $22.8 million in revenue
  • The company was boosted by an increase in domestic student revenue which pushed its consolidated revenue to between $22.4 million and $22.8 million
  • RDH also reported it's cash on hand beat expectations, after ending the half-year period totalling $23.1 million
  • The business, which is in the midst of an unsolicited takeover bid, recorded growth in its Greenwich Management and Coder Academy student numbers
  • It also had three new undergraduate certificate courses approved for Commonwealth FEE-HELP student tuition loans
  • Shares in RedHill Education ended Wednesday trading up five per cent at 94.5 cents each

RedHill Education (RDH) has released its unaudited half-year results for the 2021 financial year, revealing it had recorded up to $22.8 million in revenue.

The company, which has a portfolio of education businesses, was boosted by an increase in domestic student revenue which pushed its consolidated revenue to between $22.4 million and $22.8 million.

RDH also ended 1H FY21 with more cash on hand than expected, with a total of $23.1 million worth of funds in the bank — an increase from the November guidance of $21 million to $22 million.

The figures are a welcome boost for the business, which is in the midst of an unsolicited takeover bid from UCW (UCW).

Along with the strong financial figures, RedHill reported growth in both of its growth in its Greenwich Management and Coder Academy student numbers.

Greenwich, which primarily teaches English-language classes, increased by eight per cent during the half-year period as compared to the same time last year.

Meanwhile, the Coder Academy, a type of coding bootcamp, also recorded a 36 per cent increase during the same six months year-on-year.

It also had three new undergraduate certificate courses approved for Commonwealth FEE-HELP student tuition loans.

"We are delighted with the levels of resiliency in the business, with positive momentum in our domestic student revenues partially offsetting short-term challenges in the international student market," CEO Glenn Elith said.

"RedHill continues to invest in emerging growth opportunities and we have received strong regulatory recognition for our quality approach with three new undergraduate certificates being approved for FEE-HELP tuition loans and being awarded Commonwealth Government Funded Places, to be launched in early 2021," he added.

"In addition, we have developed three new 100 per cent online vocational diploma courses which will [also] be launched in early 2021 and are expected to grow our
online revenues," he said.

Shares in RedHill Education are trading at 94.5 cents each at the end of Wednesday's trading session, up five per cent.

RDH by the numbers
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