Huntington Learning Center Reports Record-Breaking Q1 Revenue, Demonstrates Impressive Growth
New Public Partnerships Division and Student Results Earn Industry Recognition
ORADELL, N.J., May 15, 2023 (Newswire.com) - Huntington Learning Center has reported record-breaking revenue numbers in its Q1 report, demonstrating impressive financial performance. The company, which marked its forty-fifth anniversary in June last year, has continued to exhibit growth in various areas, including student performance, revenue, and franchise expansion.
Huntington Learning Center has experienced a 10% increase in tutoring inquiries and completed academic assessments over the past year, with first-time tutoring students playing a significant role in driving growth. This upward trend demonstrates the effectiveness of Huntington's educational programs, and the growing demand for their services is expected to continue for Huntington Learning Center in 2023. The Huntington network of approximately 300 locations realized the following in Q1 2023:
- A 90% percent increase in the number of centers averaging $100K or more in revenue per month, and
- 33 centers currently on track to hit $1M in 2023 after Q1, up from a total of 23 centers that made the million-dollar mark last year.
Expansion numbers are also outpacing last year's growth. In 2022 Huntington saw the opening of six new centers, with 11 of their current franchisees opening an additional location. Q1 alone has seen three new Huntington Learning Centers open, with more on the horizon.
As part of Huntington's commitment to delivering exceptional results to students and franchisees alike, Huntington is focused on increasing profitability, expanding unit count, and streamlining business processes; all while providing personalized training for franchisees. To achieve these goals, Huntington is investing heavily in infrastructure and digital transformation, rolling out next-gen proprietary software systems to further enhance operations and increase franchisee profitability. This includes growing their senior development team in IT, operations, and education development teams. The continued move towards digital innovation is in keeping with changes to standardized tests, which Huntington is already implementing into its prep programs. With these measures in place, Huntington Learning Center is poised to provide even greater value to its franchisees and students in the coming years.
The demand for supplementary tutoring and test prep for students remains high among parents and teachers. The company expanded its programming scope by developing a designated Public Private Partnerships division aimed at combating skills gaps and missed learning caused by the COVID-19 pandemic. The new division's initiatives partner with school districts and other community organizations to provide the best education possible to students in need, including underserved populations. To date, Huntington has a combined total of 126 completed and ongoing supplemental tutoring and test prep programs in school districts around the country.
Q1 data additionally demonstrates impressive student results. After 50 hours of instruction, students improved their math percentile scores by 35% and reading percentile scores by 33% from pre-test to post-test. Additionally, HLC students showed a 229-point improvement on the SAT and a 5.4-point increase on the ACT.
The growth and success of Huntington have not gone unnoticed. At the annual International Franchise Association conference, one of Huntington's esteemed franchisees, Cheri Reid, was recognized as a Franchisee of the Year. As a result of this financial success, the company was named to both the Franchise Journal Top Brands for 2022 and the Franchise Business Review's Top 200 Franchises for 2023. In addition, Huntington earned the impressive #104 ranking on Entrepreneur's 2023 Franchise 500 list along with the induction into Entrepreneur magazine's esteemed Hall of Fame. These accolades reflect the company's continued commitment to providing quality education services and its ability to meet the evolving needs of students and parents. The recognition from these respected publications reinforces Huntington's position as a leading franchise in the tutoring and education space.
About Huntington Learning Center
Huntington Learning Center is the nation's leading tutoring and test prep provider. We offer customized programs in person, online, and hybrid options. Our certified teachers provide individualized instruction in phonics, reading, writing, study skills, elementary and middle school math, Algebra through Calculus, Chemistry, and other sciences. It preps for the SAT and ACT, as well as state and standardized exams. Huntington's programs develop the skills, confidence, and motivation to help students succeed and meet the needs of Common Core State Standards. Huntington is accredited by Middle States Association of Colleges and Schools and Western Association of Schools and Colleges. Founded in 1977, Huntington's mission is to give every student the best education possible. Learn how Huntington can help at www.HuntingtonHelps.com, and for franchising opportunities, visit www.HuntingtonFranchise.com.
Source: Huntington Learning Center