Apollo Group Inc., owners of BPP University College, have published their annual results. And they won't be easy reading for lead balloon BPP, which faces an enormous balance sheet write-off.

The educational conglomerate's 4th quarter and end year results include $176 million of "goodwill and intangible impairment charges". The Lawyer reports that Apollo CFO Brian Schwartz told investors that BPP's business had been "significantly and adversely impacted by the deep recession in the UK". Of course that hasn't stopped the esteemed law school opening up another three much-needed factory farms university campuses. Sounds like the fees need to go up.

A spokesman for Apollo told RollOnFriday that "BPP has been and will continue to be a critical centerpiece of Apollo Global’s expansion strategy. We continue to believe that it has significant potential both now and into the future".

    A white elephant yesterday

The UK's newest and most shiny university, snapped up for a trifling $600 million last year, looks like one of the many flies in Apollo's ointment. Although consolidated net revenue for the 4th quarter was up 17% on the previous year to $1.2 billion, the plummeting share price, drop in enrolment and ongoing legal difficulties take away some of the sheen. All the same, Apollo described the financial year as one of "significant progress". Hmm - if that's progress, what does regress look like?
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