Global education provider Adtalem Global Education has reported a net loss of $85.3 million for its 2020 fiscal year ending 30 June 2020. This compares to net income of $95.2 million reported for fiscal year 2019.
Revenue for the fiscal year was $1.05 billion, compared to $1.01 billion reported for fiscal year 2019.
The Downers Grove, Illinois-based company also reported results for the fourth quarter of its fiscal year 2020 ending 30 June 2020. Its net loss for quarter was $256.1 million, compared to net income of $49.5 million reported for Q4 2019. Revenue for the quarter was $259.7 million, compared to $264.2 million reported for Q4 2019.
Adtalem president and chief executive Lisa Wardell said: “Fiscal 2020 was another pivotal year for Adtalem as we worked to advance our Workforce Solutions Provider strategy, beginning with the divestiture of our Brazil assets, which further streamlined Adtalem to drive significant shareholder value while also fortifying our balance sheet. Although we faced significant headwinds as a result of the Covid-19 pandemic in the second half of the year, our teams reacted quickly, leveraging our existing infrastructure to transition 15,000 on-campus students to our online platforms with minimal disruption, bringing the total number of online students to 40,000 students. The transition to virtual modalities across our businesses was very successful, enabling us to not only maintain superior academic outcomes for learners, but to also open up new opportunities to serve our institutional and employer partners.”
“We continue to strategically position the company for future growth. We have streamlined the portfolio to provide comprehensive solutions to employers in both medical and healthcare and financial services – industries where supply and demand imbalances will drive growth in upskilling, certifications, and degree enrolment. The pandemic has allowed us to leverage our robust e-learning capabilities and drive continued progress in solving complex issues for hospital systems and proactively assisting financial institutions as they respond to accelerated digital banking and cryptocurrency risk and compliance issues while navigating the new normal of increased digital banking and virtual assets.”
Date published: 19 August 2020