Why have IDP Education (IEL) shares shy rocketed?

IDP Education (IEL) +28.42%: surged into new all-time highs today with a solid half year result more than offsetting the coronavirus related weakness of the past few weeks. The student placement services, and English language testing operator saw a 42% lift in NPAT in the first half on the back of decent revenue growth across the segments, and growth in margins. The market was looking for just $86.5m NPAT for the year, and with $57.7m already covered off, IDP are well ahead of expectations even with a normal skew to the first half. Key to the stocks move today though was the market’s take on comments around the corona virus. The announcement said that the company was managing the impact of the virus such that it “is not currently have a material impact on the financial performance.

IDP Education (IEL) Chart

IEL Daily Chart

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