Wey Education PLC - London-based online educational services firm - For year ended August 2020, posts pretax profit of GBP500,000, swinging from a loss of GBP380,691 the year prior. This is as revenue rises 38% year-on-year to GBP8.4 million.
Credits the improvement to an increase in student enrolment numbers in response to social distancing guidelines amid the Covid-19 pandemic.
Looking ahead, Chair Barrie Whipp said: "We are now focused on the next steps towards Wey becoming the size of a multi-academy trust in terms of student numbers. Clearly, there are a multitude of opportunities and online education is now in the broader conversation across the media and elsewhere. I am determined that we retain our focus but remain ambitious as to the markets that we can address."
As at August-end, Wey Education had cash of GBP6.5 million, up from GBP5.0 million at August 31, 2019.
Current stock price: 23.40 pence
Year-to-date change: up 64%
By Ife Taiwo; ifetaiwo@alliancenews.com
Copyright 2020 Alliance News Limited. All Rights Reserved.