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Wey Education plc

Wey Education plc Strong growth in both Interhigh and Academy21

Wey Education plc (LON:WEY) today published its interim results for the six months to 28 February 2019 and reports on a number of important developments within the business.

Commenting on the results, Barrie Whipp (Chairman) said “Wey is now completely focused on InterHigh and Academy21, our distinct brands for online education. With significant cash resources, and businesses with growing underlying financial performance I believe we have a great foundation for growth in our ever expanding and exciting market”

Financial Highlights

· Turnover up 54.7% at £2.70m (2018: £1.74m)

· Continued strong growth in both Interhigh and Academy21, reflected in turnover and gross profit margins

· Adjusted profit before tax on continuing operations of £124k (2018: £23k)

· Loss after tax of £895k (2018: £153k) after exceptional items of £571k and £310k of losses from discontinued operations in London and overseas

· Cash balances strong at over £4.96m (2018: £4.35m)

Operational Highlights

· Wey now focuses on its two core brands, InterHigh and Academy21, and their clear market opportunities

· Investment in academic leadership, AI and quality of educational provision

· Further development of the IT platform to enable alignment and scalability of both brands

· Accreditation of Teaching Online qualification, setting standards in education delivery

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Disclaimer: Statements in this article should not be considered investment advice, which is best sought directly from a qualified professional.