Marked reduction in liabilities due to the elimination of the bank overdraft position

Durrant Pate/Contributor

e-Learning solutions provider, One-on-One Educational Services is reporting strong growth in surplus and improved profitability for the half year ended February 28, 2026.

The company delivered a strong performance for the six months with improved profitability, stronger margins, disciplined cost control, and continued investment in its technology, platform, and product capabilities. During the period, management remained focused on executing core education and government contracts, strengthening platform adoption, enhancing digital infrastructure, and advancing One-on-One’s longer-term innovation agenda.

Shareholders’ equity strengthened to $532.1 million, up from $423.4 million in the prior-year, driven by growth in accumulated surplus and improved profitability. Total liabilities declined due to lower current liabilities, reductions in trade and other payables, deferred income, and the elimination of the bank overdraft position that existed at the end of the 2025 financial year.

These movements reflect improvement in the company’s financial position during the period as it generated strong cash flows from operating activities with net cash provided by operations amounting to $99.0 million. This supported continued investment in technology and platform development during the period.

Shareholder value climbing

Total assets increased to $695.4 million at  February 28, 2026, up from $662.6 million last year. The second quarter audited financial statement shows that this growth was driven mainly by the continued expansion in intangible assets, reflecting ongoing investment in One-on-One’s proprietary technology, platform development, and digital education infrastructure.

Cash and bank balances amounted to $48.4 million at the end of the period. Shareholders’ equity strengthened to $532.1 million, up from $423.4 million in the prior-year. 

Pre-tax for the half-year amounted to $40.3 million, up from $19.2 million in 2025, representing a big 109.9% increase. Net profit attributable to shareholders increased to J$41.2 million, up from the $18.4 million booked last year, representing growth of 123.8%. Net profit for the February second quarter was J$18.6 million, up from J$7.2 million, an increase of 159.4%.

Expenses on the decline

Company Chairman, Michael Bernard reports that operating expenses remained well controlled during the first half of the year. Total administrative and selling expenses declined to J$83.8 million from J$88.3 million in the prior-year period, reflecting a 5.1% reduction. 

According to him, “this disciplined cost management, together with improved gross margins, supported a significant increase in operating profit….These results continue to demonstrate the scalability of the Company’s platforms and the improving efficiency of its delivery model.”

For the six months, revenues amounted to $165.0 million, slightly down from the $169.9 million posted in 2025, representing a modest decline of 2.9%. For the second quarter, revenues totaled $81.8 million, up from J$78.0 million in the corresponding quarter of 2025, reflecting an increase of 4.8%. 

While revenue for the six-month period was marginally lower year-over-year, the company continued to benefit from an improved business mix, with greater contribution from higher-margin and platform-based activity. This reflects continued progress in building a more scalable and efficient operating model. 

Trade and other receivables remained a significant component of current assets at $124.0 million. While this represented an increase relative to the prior-year comparative period, it reflected a substantial improvement from the $201.3 million reported at August 2025, indicating continued progress in collections and receivables management since year-end

Operational and strategic update 

One-on-One continued to advance the priorities established at the start of the financial year. These included the execution of LMS and EMIS-related services, continued onboarding and support of institutions on the One Academy platform, enhancement of the company’s digital content and streaming infrastructure, and the advancement of artificial intelligence capabilities to improve analytics, personalisation, and adaptive learning experiences. 

These priorities remain aligned to the company’s broader strategy of protecting anchor contracts, deepening platform adoption, and building scalable technology-led revenue streams.