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The IDP Education (ASX:IEL) share price has jumped 7% higher on FY22 report

The IDP Education Ltd (ASX: IEL) share price was a strong performer today, rising 7% after releasing its FY22 result.

IDP Education is one of the world leaders of English language testing and student placements.

IDP Education’s FY22 result

Here are some of the highlights from the company’s FY22 result:

The key segment is the English language testing, which saw 57% revenue growth to $511.4 million. Student placement revenue went up 50% to $215.4 million, with ‘multi destination’ student placement revenue going up 60% to $133.5 million.

Other highlights

IDP Education said that it has successfully integrated the British Council’s English language testing operations in India, with financial synergies “significantly ahead of plan”.

India represents an attractive growth market, with English language testing volumes up 73% year on year and up 23% compared to FY19. India has “supportive long-term demographic, wealth and global mobility fundamentals.” It currently has 67 student placement offices in 60 cities across India.

The company also said that it expanded its geographic footprint with more than 101 new computer-delivered English language testing centres and 29 student placement offices opened.

It also launched IELTS Online, enabling greater choice and flexibility for test takers. This gives the company the opportunity to expand into countries where IDP is not currently testing. It includes video call speaking tests with trained examiners to ensure focus remains on assessing conversational ability.

IDP Education also told investors about the introduction of ‘FastLane’, the “next generation” service that is delivering for students and clients.

My thoughts on the IDP Education share price

I think IDP Education seems like a high-quality business with plenty of long-term potential. I think the numbers it reported today demonstrate that it has lots of operating leverage – that’s where profit can grow faster than revenue as it increases in size.

However, I’m not an expert on the long-term outlook for English language testing or student placements, so it’s hard to say whether today’s price is good value or not. I’m happy to look at other ASX growth shares instead.

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