Lumi Gruppen AS today announced its Annual Report 2023. The report follows enclosed, and includes the CEO statement, directors' report, accounts and notes for the Lumi Gruppen, accounts and notes for the parent company and the auditor's report. "Reflecting on 2023, it was a year with mixed development for Lumi Gruppen.Oslo Nye Høyskole (ONH), our university college, progressed well, while Sonans, our private candidate business, continued to face strong market headwinds, resulting in reduced revenues. During 2023 we took significant growth initiatives, while at the same time taking forceful actions on cost cuts and credit control to adjust Sonans to current market realities," said CEO ofLumi Gruppen Erik Brandt . OnApril 5th, 2024 ,The Ministry of Education and Research published its parliamentary white paper, stating that the Government will not propose any significant changes to the private candidate scheme that could affect Sonans' services or students, and thereby dismissing the Admission Committee's recommendation from 2022 to eliminate students' opportunity to re-take exams to improve their existing high school grades. "This is positive news for Lumi Gruppen. Even more importantly, it is positive for ambitious young people who deserve a second chance and should not be excluded from their studies of choice based solely on unsatisfactory high school grades," saidErik Brandt . The government whitepaper will form the basis for a parliamentary process, leading up to the adoption of a new set of rules, integrated into the legislation. ONH is working on several initiatives to further develop its position as a university college and vocational school. During the latter half of 2024, ONH will relocate to new, larger facilities inOslo , offering appealing location and surroundings well-aligned with ONH's growth plans. In addition, ONH has applied to NOKUT (theNorwegian Agency for Quality Assurance in Education) for self-accreditation rights. If approved, ONH will be granted the right to independently develop, accredit and launch programmes up to the bachelor's level. "We are excited to drive progress for ONH. However, we also understand that NOKUT is dealing with limited resources right now, which most likely will slow down the accreditation process and affect our growth strategy temporarily," saidErik Brandt . For more information, please contact:Martin Prytz , CFO, Lumi Gruppen AS Tel: +47 480 14 078 Email: IR@lumigruppen.no About Lumi: Lumi Gruppen is a leading Norwegian education provider founded in 1989. Today, Lumi Gruppen consists of two main divisions: Sonans and Oslo Nye Høyskole. Sonans is the market leader inNorway within private candidate exam preparation courses, and Oslo Nye Høyskole offers high quality bachelor's degrees within health, social sciences, psychology and business and administration, both on campus and online.
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