In a year marked by a surge in student placements, IDP’s revenue jumped by 24 percent, reaching $982 million and achieving growth in student placements.
In a year marked by a surge in student placements, IDP’s revenue jumped by 24 percent, reaching $982 million and achieving growth in student placements.
IDP Education, the largest global student placement enterprise, has disclosed record revenue nearing $1 billion for the fiscal year 2023.
The company achieved growth across all market segments except its English language testing operations in India, which can be attributed to reduced demand for migration to Canada.
In a year marked by a surge in student placements, IDP’s revenue jumped by 24 percent, reaching $982 million. The company significantly expanded its student placements, achieving growth of over 50 percent with a total of 84,600 placements.
Moreover, IDP administered 1.93 million International English Language Testing System tests during the same period.
Student placements in Australia passed the overall business, achieving 86 percent revenue growth at $152 million. Meanwhile, IELTS testing saw more modest growth, reaching $545.5 million with a 7 percent increase.
These outcomes contributed to a substantial 45 percent surge in net profit after tax, reaching $149.1 million. Notably, in terms of constant currency, the increase amounted to 42 percent.
Tennealle O’Shannessy, IDP’s CEO and managing director, attributed this robust performance to IDP’s leadership role within the burgeoning global education services sector.
“This year, we helped more students and test takers than ever before as our customers realized their global ambitions for study, career and migration,” said O’Shannessy, who assumed her role in February.
In FY2023, the group expanded physical presence by incorporating 46 additional offices through a combination of organic growth and the acquisition of Taiwan-based Intake Education for $83 million. The acquisition also extended its reach into crucial African markets, including Nigeria, Ghana, and Kenya.
IDP Education also widened its digital presence, recording over 860,000 downloads of the IDP Live app and 816,000 downloads of its IELTS by IDP app. Additionally, the company acquired The Ambassador Platform, which connects aspiring students with current or former students, facilitating a comprehensive understanding of the experience of studying and residing abroad.
While the record-breaking count of IELTS tests for IDP Education indicates only a 1 percent expansion, a notable 6 percent rise in average pricing propelled substantial revenue growth. Interestingly, beyond India, testing volumes and revenue experienced remarkable growth rates of 18 percent and 22 percent, respectively.
Conversely, revenue stemming from IELTS in India experienced a decline of 5 percent over the year. This was primarily attributed to a downturn in the market of test-takers bound for Canada, where sentiment underwent a reversal after several periods of escalating demand.
“Our English Language Testing business, IELTS, is the world’s most recognised, reliable and secure English language test, using both expert human examiners and digital technology for the best customer experience,” O’Shannessy said.
