Australia's NextEd jumps on signing exclusive student re-enroling agreement

Nexted

11/12/2024 24:50

** Shares of tertiary education provider NextEd  NXD.AX  rise as
much as 43.5% to A0.165, hitting their highest level since
mid-Nov
** Co acquires exclusive rights to re-enrol 1,800
english-language and vocational students from International
House Sydney Training Services
    ** Expects A$6 mln -A$7 mln ($3.8-$4.5 mln) incremental
revenue in second half of FY25
    ** Co will pay A$0.7 million for rights and course
materials, transaction expected to be earnings accretive from
second half of FY25
    ** Stock set for biggest one-day pct gain since mid-Nov
    ** 1.1 million shares change hands, compared with the 30-day
average volume of 135,359
    ** Stock has fallen 84.3% this year, as of last close
     
    ($1 = 1.5689 Australian dollars)

(Reporting by Nichiket Sunil in Bengaluru)
((Nichiket.Sunil@thomsonreuters.com))