With student enrolment increasing 80% in the past year, Vancouver's CIBT Education Group Inc. (TSX-V:MBA) expects a 61% increase in annual revenue for the upcoming fiscal year in 2009.
The company is forecasting revenue of US$43 million for the 12-month period ending June 30, 2009, up from US$26.7 million it earned in 2008.
The private school management company said it has $10 million in cash on hand and has no long-term debt, enabling it to not only survive the current global financial crisis, but also giving it the opportunity to seek out new acquisition opportunities in Asia.
The company owns 48 private schools in Asia, the Middle East and Canada, including Vancouver's Sprott-Shaw Community College. CIBT said Sprott-Shaw's Greater Vancouver campuses saw substantial enrolment growth last year with the majority consisting of overseas students.
CIBT reported enrollment of 6,172 students as of September 30, 2008, up from 3,420 students in the same period a year ago.
CIBT's share price range during the past week: between $0.58 and $1.23; 52-week high: $2.59; 52-week low: $0.47.