# INTERVIEW: Wey Education PLC Joint Venture in China

- Link: https://www.directorstalkinterviews.com/interview-wey-education-plc-joint-venture-china/412750707
- Published: 2018-05-08T07:22:32+01:00
- Author: Giles Arbor

**Wey Education plc** (LON:WEY) today publishes its interim results for the six 
months to 28 February 2018 and reports on a number of important developments within
the business.

Chairman David Massie talks to DirectorsTalk about this latest set of results, the
new deals in China, how Academy 21 is progressing and a new venture in Nigeria.

**HIGHLIGHTS:**

· Academy 21 acquisition outperforming expectations

· Establishment of Chinese subsidiary and agreement to establish a Joint Venture
in China to
 progress English language teaching

· Infinity Education starts delivering first courses

· Agreement reached for Joint Venture in Nigeria to teach both English and Nigerian
curriculum online

· Launch of primary curriculum

· Appointment of Executive Director of Human Resources

· Turnover up 44% at £1.74m (2017 – £1.21m) including contribution of £249,000 from
Academy 21

· Adjusted profit before tax of £145,000 (2017 – £75,000)

· Adjusted basic EPS 0.12p (2017:0.08p)

· Cash balances healthy at £4.3m

> **Commenting on the results, David Massie Wey Education PLC (Executive Chairman)
> said:** “This was an exciting period in the Company’s development. Last November’s
> oversubscribed £5m placing gave the Company the financial resources to implement
> its medium-term strategy. The results of that process are already beginning to
> bear fruit. The completion of the Academy 21 acquisition accelerates the Company’s
> growth in the B2B market and we are very pleased with its development so far. 
> The announcements regarding the joint ventures in China and Nigeria is very significant
> for the group’s growth as they have the potential to be transformational. Naturally,
> there is some cost involved in developing these initiatives, but the Company has
> the necessary financial resources for such, and the Board considers the potential
> is so great, that the price is one worth paying.”

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