Revenues and profits up at Coventry’s EDI

REVENUES and operating profit have increased at Education Development International, the Coventry-based firm announced today.

EDI, which provides educational qualifications and assessment services, has also seen a small rise in its basic earnings per share of 0.3p for the six months ending March 31, 2010.

The company reports that revenues have grown by 5.2% to £13.44m, up year-on-year from £12.78m, while operating profit is up from £3.64m to £3.89m.

Adjusted operating profit, that on ordinary activities before taxation adjusted for the amortisation charge on acquired intangible assets, is up 8.1% to £4.27m.

Adjusted earnings per share are up 7.0% to 6.1p, from 5.7p for the same period in 2009, and net cash generated from operations was up from £2.86m to £3.08m.

The company also acquired Maidenhead firm Peter Honey Publications in February and achieved Investors in People accreditation.

EDI chief executive Nigel Snook said: “Performance during the first half of the year demonstrates that we have been able to consolidate the significant gains made in the same period last year.

“In the UK we have made progress in the vocational qualifications market and our international business continues to grow.

“While there are uncertainties in the UK market as a result of pressure on public funds there are positive early signs of the Government’s support for vocational education.

“We are continuing to invest in our staff and systems to reinforce the quality or our business and its capacity to grow.”