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.
· 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.”
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