The Janison Education Group Ltd (ASX: JAN) share price is racing higher in late afternoon trade. This comes after the company announced it had surpassed a milestone with its school assessment program.
Programme for International Student Assessment (PISA) is an online platform that measures a 15-year old's ability in mathematics, science, and reading. The program seeks to improve individual school teaching efforts using the benchmark as a comparison.
At the time of writing, the educational technology company's shares are trading at 78.5 cents, up 4.6%. Earlier in the day, the Janison share price reached a record high of 80.5 cents.
What's driving the Janison share price higher?
Investors are pushing Janison shares into new territory after the company provided a positive update.
According to its release, Janison advised that it has signed agreements to roll out the OECD's PISA for Schools assessment to more than 200 Australian schools. This achievement represents more than 10% of all Australian secondary schools that are adopting the international student assessment program.
Test launched in March 2021, Janison stated that the first 6 weeks of availability to Australian schools had been overwhelming. The schools that have signed up are a mix of independent and government schools across several states in Australia.
The PISA for Schools assessment costs $7,000 per school and is licenced for a period of 12 months. With 200 schools signed up, Janison forecasts a minimum of $1.4 million in revenue per annum, excluding GST.
Words from management
Janison CEO David Caspari commented:
I am delighted with the pace in which this program is being rolled out across Australia and the impact it will make to the lives of thousands of secondary school children. We are honoured to be partnering with the OECD and to be playing a pivotal role in the delivery of this global program.
The reaction in Australia is mirrored in several other jurisdictions – this is our 10th market globally and we are receiving a similar response across the world. As we roll out the product to the remaining 80+ markets over the next few years, we anticipate educators will seize the opportunity for gold standard data.
The Janison share price has jumped more than 160% within the past 12 months and is up almost 40% year-to-date.
