Wey Education PLC (AIM:WEY) Preliminary Announcement of Results

PRELIMINARY ANNOUNCEMENT OF RESULTS

FOR THE YEAR ENDED 31 AUGUST 2017

 

Wey Education plc (AIM: WEY) the education group operating the UK’s only online fee paying secondary school, announces the Group’s results for the year to 31 August 2017.

HIGHLIGHTS:

·     Turnover increased 60% to £2.4 million (2016: £1.5 million)

·     Maiden Profit before tax of £17,630 (2016: loss £0.8 million)

·     New Learning Platform developed and launched

·     Continued growth at InterHigh – Wey’s independent online secondary school

·     The Wey ecademy – the Group’s B2B division – experiencing significant growth

·     Turnover expected to grow significantly again in current year

Commenting on the results, David Massie (Executive Chairman) said:

“It is extremely pleasing to report the Group’s first profit before tax but it is more important to note the positive trends in development of the Group’s business. Turnover is growing strongly year on year (up 60% in the year to 31 August 2017), and the Board expects further significant growth in the current year across all our divisions. Since the beginning of this financial year, we have seen our B2B business expand rapidly (albeit from a modest base) and it has already exceeded the target number of pupils planned to have on the student roll at the end of the Autumn term.

“This growth is possible because of the flexibility and scalability of growth on the Learning Platform.

“In the current year, management is focussed on delivering further volume growth on the Learning Platform, both in the UK and our export markets while developing our new divisions, Infinity and Quoralexis into full operation. We are taking our first steps into the use of Artificial Intelligence in our business and believe that in due course, it will have dramatic impact on the world of education.”



Linking Shareholders and Executives :Share Talk

If anyone reads this article found it useful, helpful? Then please subscribe www.share-talk.com or follow SHARE TALK on our Twitter page for future updates.

Terms of Website Use

All information is provided on an as-is basis. Where we allow Bloggers to publish articles on our platform please note these are not our opinions or views and we have no affiliation with the companies mentioned