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ASX announcement 24 February 2021 > idp H1 FY21 results : Regaining momentum and positioned to support the sector's recovery IDP Education Limited ( ASX : IEL ) today announced its results for the first half of the 2021 financial year ( H1 FY21 ) . For the six months to 31 December 2020 , the company reported total revenue of $ 269 million , a decrease of 29 per cent compared with the same period in FY20 . Earnings before interest and tax ( EBIT ) was $ 47.3 million , a decrease of 46 per cent compared with the same period in FY20 . Andrew Barkla , IDP Chief Executive Officer and Managing Director said despite the decline in revenue and earnings , the results demonstrated IDP's resilience in the face of a global pandemic that impacted international travel during the second half of 2020 . " Our diverse business model and long - term strategy allowed us to decisively navigate last year's disruptions , " Mr Barkla said . " Importantly , our global teams are at full strength and we successfully accelerated our digital transformation program . " The company reported a cash balance of $ 293 million , which reflected strong cash flow , aided by disciplined cost management . The company's $ 175 million working capital facility remains undrawn which , along with the cash balance , gives the company a solid balance sheet and access to significant liquidity . IDP's operational and financial highlights during H1 FY21 included : • IELTS volumes rebounded to pre - pandemic levels • Cash balance at $ 293 million , demonstrating liquidity to see through the crisis Increased demand for IDP Connect insights services from higher education institutions Global teams ready to support customers when conditions improve • • Ongoing digital transformation program for student placement and IELTS • Increased data science capabilities driving the next generation of client and customer services . Volumes for student placement were down 37 per cent , driven by uncertainty around travel and border restrictions . Placements to Australia were hardest hit , down 47 per cent , with international border closures meaning student enrolments were largely limited to those willing to commence their studies online . The company reported a better performance for the United Kingdom ( volumes down 12 per cent ) with students able to travel to the UK to commence their studies . Underlying demand for IDP's other key destination , Canada , was strong , but volumes were down 39 per cent , impacted by border closures and delays in visa processing . 1