Wey Education Plc (LON:WEY) operator of the UK’s only online independent secondary school teaching iGCSE and A Levels, announces the Group’s results for the year ended 31 August 2016, a year of outstanding progress.
· AIM Admission in December 2015 – driving greater awareness to Wey’s investment proposition
· Turnover increased by 193% to £1.5 million (2015 (8 months): £516,327)
· InterHigh revenue increased by 38% to £1,491,636 (2015: £1,082,244)
· Student numbers increased by 52% to 647 (2015: 425)
· Year-end cash of £909,942 (2015: £97,434)
· Successful outcome of litigation against previous CEO
· Appointment of InterHigh’s founder, Jacqui Daniell, as a Director of the Company with effect from today
Commenting, Chairman of Wey Education Plc, David Massie, said: “The period under review has been one of significant development and investment in the core business with a view to creating sustainable long term profitability. The funds raised at the time of Admission to AIM placed the Company on a strong financial footing and gave it the resources to fund its expansion during 2015/16. 2016/17 will not see the cost of the Company’s AIM Admission, the costs associated with the Atkins litigation, various costs incurred in 2015/16 on planning for future expansion and the discontinued business.
2016/17 has started with a record number of students with future growth anticipated during the year. The Board intends to build upon the solid foundation now created by future organic expansion of the core business, including the new school, and development overseas, particularly in Asia, with a view to generating a positive return for shareholders in a timely fashion.”