Tata Online Education’s UK sales hit £1.4bn, Tata says
The world’s largest online education firm has reported a record profit of £1,400m in the UK, driven by sales of its UK subsidiary, Tata Online.
The company posted a profit of $2.6bn in the year to June.
The UK sales for Tata Online reached £1bn, up from £1 billion in the previous year.
The company said it also reported a profit in the financial year ending June 30, which was the same as in the same period last year.
In total, Tata posted a total profit of more than $1.9bn for the year.
Tata said it sold more than 9.6 million online courses across all its UK operations.
It also said it saw strong demand for its digital courses, which it described as “world-leading”.
The company also reported that it was the fastest growing online education company in the world, growing 25 per cent year-on-year, and that it has the third-largest online library of any US company behind Pearson and Amazon.
The new profits were a result of sales of the Tata Group UK division, which is part of the company.
The sale of the division, along with the sale of a $1bn stake in its Singapore-based subsidiary, is expected to take place in the coming months.
Takata Online Education was launched in April 2014.
Its aim is to offer online education from the start to end of a student’s education.