Wey Education plc (LON: WEY) the online education group, today announced an update on trading performance for the year ending 31st August 2019.
Since the interim results were announced on 13 May 2019, the Group’s trading has continued to be strong in both of its core businesses, Interhigh and Academy21.
Therefore, it is anticipated that revenues for the full year will exceed £6.0m, well ahead of market expectations. This represents a year on year increase in revenue of over 43%. This increased revenue has allowed the Group to increase its marketing spend in the current year to ensure as far as possible that revenue expectations for the year ended 31 August 2020 will be met. Nevertheless, it is expected that adjusted profits for the current year will be at least in line with market expectations.
Barrie Whipp, Chairman of Wey Education plc, said:
“The year to 31 August 2019 marked a sharpened focus for Wey on its core businesses, InterHigh and Academy 21, which has resulted in strong growth. Our increase in revenues, in excess of market forecasts, demonstrates that more students are taking advantage of our excellent, expanding offerings in online education.
As indicated previously, our final results for the year will reflect the termination costs of Wey’s businesses overseas, the closure of the London Learning Centre and other non-recurring costs. Pleasingly, we are profitable and cash generative at the current operational level. Our strong Balance Sheet, cash position and continuing investment in teaching and lesson excellence gives the Board confidence in Wey’s future growth in an exciting market.”