Rob Facer, chief executive of the newly Intueri Education Group. The company has a market value of $270m.
Rob Facer, chief executive of the newly Intueri Education Group. The company has a market value of $270m.
Intueri Education Group, New Zealand's largest private training college, has cut its full-year earnings guidance for a second time, citing weaker sales at its Quantum Education Group division and higher-than-expected costs.
Underlying earnings before interest, tax and amortisation are expected to be $27 million to $29 million in calendar 2015,Auckland-based Intueri said.
It had previously said earnings would be at the lower end of a range of $30 million to $33 million. The reduced guidance would not result in a change in its dividend policy, the company said.
Intueri, which listed on the New Zealand stock exchange in May last year, missed its prospectus forecast for 2014 earnings, with net profit of $4 million compared with a projection of $7.9 million.
Revenue from its New Zealand business of $34.5 million was 13 per cent below forecast, while its international revenue was 4 per cent ahead of forecast at $19 million.
Yesterday the company said its performance in the first half "is in line with trends previously stated to the market, with excellent revenue growth in online, strong growth in international and a soft domestic performance".
The company last month agreed to buy the New Zealand Institute of Sport for $19.3 million.
Intueri will release its first-half results on August 20.
