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Study Group inks Australian National University contract

Study Group is to take over an existing pathway college at the Australian National University (ANU).
Based in Canberra, ANU is one of Australia's top-ranked universities. It established ANU College to provide English language and other courses intended to prepare international students for further study. 
Study Group's chief executive David Leigh told EducationInvestor that the university had "done a great job of getting the college where it is today. But it's had to do that with the resources it has. It doesn't have the marketing platform it can now rely on with us".
He added that the partnership would be a net contributor to Study Group's finances from its first year.
The announcement came as the firm released its results for the nine months to 30 September 2013.
The figures show a 7% increase in total revenue, to £198.3 million (29012: £184.8 million), and a 26% increase in ebitda, to £29.6 million (2012: £23.5 million).
In a statement, the firm highlighted growth in business units including UK higher education, career education and Embassy English language teaching. The group also reported an operating cash flow of £3.9 million, and a cash balance of £27.2 million, at the end of the period.
Formed in 1994, Study Group offers university pathways, career education and English language teaching in Europe, Australasia and North America. But it’s had a tough few years, suffering a pre-tax loss of £33.6 million in 2012, and £27 million in 2011. 
As well as its own brand, Study Group owns and operates Embassy language schools, Bellerbys sixth form colleges and a number of Australian colleges. Providence Equity Partners bought the firm for £388 million in July 2010. 
In September, the firm raised £205 million through a bond issue, using the money to cover its debts.

Posted on: 09/12/2013

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