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Wey Education plc

Wey Education plc Turnover increased 72.6%

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

“Wey had an excellent year in terms of turnover growth, technical implementation and the acquisition of Academy 21. With substantial cash resources of over £4 million we are well placed for further significant growth in the current year and beyond. In setting our budget for this year the Board has taken a prudent approach to the timing of overseas expansion and expects to hit its core targets primarily through organic growth. Any acceleration of overseas revenues will enhance the group’s results”

Wey Education plc (LON: WEY) the educational services group announces the Group’s results for the year to 31 August 2018.

HIGHLIGHTS:

· Turnover increased 72.6% to £4.2 million (2017: £2.4 million)

· Adjusted EBITDA up 162% at £452,569 (2017: £172,419)

· Adjusted EPS almost doubled to 0.33p (2017:0.17p)

· Academy 21 acquisition successfully integrated into group

· Turnover expected to grow significantly again in current year

· Encouraging start to current financial year

· At year end, cash balances totalled over £4.0m (2017: £1.0m)

 

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