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.
· 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.”