Wey Education Plc (LON: WEY) the educational services group today announced an update in relation to its proposed joint venture in China. The board had hoped to conclude all matters to do with its proposed joint venture by the end of September. Wey wishes to ensure that the arrangements in place for corporate governance and financial reporting for the proposed JV in China are at a high standard, but the necessary documentation is taking longer to complete than originally anticipated.
The delay is not expected to have any material effect on revenues or profits for the current year given the internal budgets for the anticipated build-up of the operations this year.
A further announcement will be made when matters are concluded.
Encouraging Start to Current Financial Year
Wey confirms that it will release the Preliminary Announcement of its results for the year to 31 August 2018 on Monday, 29th October 2018.
The Company is pleased to report that at this early stage of the new financial year all business divisions are reporting an encouraging start. The Company has previously stated that in addition to its international operations, its priority for the current year is to drive growth in its traditional online school and B2B division. It is pleased to note at this stage of the year, those divisions are reporting sales activity materially ahead of the equivalent position at this time last year.
Investor Evening in Cardiff
Wey is also announces it will hold another of its popular evenings targeted at private investors on Monday 22 October 2018 but this time in Cardiff. Although Wey’s registered office is in London the vast majority of its administrative and senior leadership operations are in Powys, Wales and the intention is to make it easier for private investors based in Wales, whether shareholders or potential shareholders, to learn more of the Company’s activities.
The event will be held at the Principal St David’s Hotel Cardiff, Havannah St, Cardiff CF10 5SD, commencing at 6p.m. The formal presentation will be followed by an informal session with drinks and canapes available.