Education Development International, the UK based provider of accredited qualification and assessment services announced solid preliminary results for the year to September 30th 2010, despite uncertainty in the education market brought forth by the change in UK government and associated spending review.

Revenues were up slightly (4%) to £29.5 million, but operating profit increased by a more substantial 14% to £9.2 million. Cash generation was strong, though flat at £8.5 million (albeit after the Peter Honey acquisition and 2.2% share buyback). Net cash increased to £10.2 million over the course of the year.

The company's core UK qualifications business was up slightly to £18.3 million (a 2% rise). Sales to private training organisations and corporate customers increased by 11%, but sales to further education colleges were down by 26% - reflecting the current uncertainty in this market. The company reported that over recent weeks, the government's strategy and investment plans for vocational education and training have become clearer and although it is likely to be some time before the full impact of any changes flow through to EDI's customers, the emerging position is broadly encouraging.

Internationally, sales were up 4% to £7.8 million, with a small decrease in South East Asian sales offset by a larger increase in qualification sales in Hong Kong, Malaysia and Guangzhou, China.

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