The IDP Education Ltd (ASX: IEL) share price has been an exceptionally strong performer on Wednesday.
In morning trade the student placement and language testing company’s shares are up over 17% to a record high of $29.22.
Today’s impressive gain means the IDP Education share price is now up a remarkable 42% since the start of 2021.
Why is the IDP Education share price rocketing higher today?
Investors have been fighting to get hold of IDP Education shares today despite it posting a sizeable decline in first half revenue and earnings.
For the six months ended 31 December, the company reported total revenue of $269 million and earnings before interest and tax (EBIT) of $47.3 million. This represents a 29% and 46% decline on the prior corresponding period.
This was driven by declines across all segments due to COVID impacts. The key English Language Testing segment reported a 36% decline in revenue to $158.3 million, whereas the Student Placement segment posted a 36% decline to $78.3 million.
Elsewhere, the English Language Teach segment experienced a 39% decline in revenue and the Digital Marketing segment recorded a 7% decline.
This ultimately led to IDP Education posting a 49% reduction in half year net profit after tax to $29…