Malvern Intl Regulatory News (MLVN)

8 Dec 2005 12:43

AEC Education plc08 December 2005 Press Release 8 December 2005 AEC Education plc Forecast Results for the 12 months ending 30 December 2005 AEC Education plc ("AEC" or the "Company"), the provider of educational coursesto postgraduate degree level in Singapore and Malaysia, announces that, astrading for the 2nd half of 2005 will not be as good as expected and the companyhas made significant investment in new product development during the periodwhich has been written off as expended, profits for the financial period ending30 December 2005 will be substantially below those of last year. Highlights 1. The Group's revenues from continuing operations are forecast to increase by 11%. 2. A large range of products are ready for launch early in 2006. These include A new Doctorate Degree programme 2 new Master's Degree courses A Bachelor's Degree course in Travel and Tourism A Certificate and Diploma in nursing New courses for ACCA and its Technician level CAT A range of 8 new on - line Distance Learning programmes across a wide range of business skills and English Language on a prepaid card basis. For further information:AEC Education plcRamasamy Jayapal, Finance Director Tel +65(62203500)William Swords, Chairman +44(7775787427) Notes to Editors Founded in 1985 in Singapore and Malaysia, AEC is the UK holding company for anumber of companies that provide business educational services to approximately16,000 students in the Asia-Pacific region: the fastest-growing source marketfor international students. The group offers class-based instruction at thelargest educational campus in Singapore's Central Business District and distancelearning up to postgraduate level. In addition, it provides degreequalifications on behalf of several leading international universities,targeting the large volumes of overseas students that the Singaporean governmenthas announced in the Global Schoolhouse Vision it intends to increase. AEC's aim is to be a leader in quality education through facilitating learning,fostering creativity and developing knowledge, skills and confidence in itsstudents. Its receipt of four rare Singapore Quality Class Awards shows theGroup's recognition by the Singaporean Government as a prestigious andforward-moving company. In August 2005, AEC was awarded the Case Trust for Private EducationOrganizations, a student protection scheme for foreign students. This is afurther step by AEC in its recognition as a quality provider in the educationindustry. Chairman's Statement Financial Review Forecast results for the 12 months period to 30 December 2005show an increase in turnover of 11%. Pre tax profit is expected to besubstantially lower than last year. We reported in the interim results thatRevenue was adversely affected by the volatility of the training market inSingapore and this caused overseas students to adopt a wait and see attitude.The increase of 11% expected in revenues indicates that this trend has now beenreversed and this combined with the launch of the new products should provideincreased organic growth from the beginning of next year. The reduction in margin was initially created by the trading environment but islargely the result of continuing investment in product development and inincreasing the management team to strengthen the drive for growth. All of thesecosts have been written off during the period. Outlook During the period, the Group has significantly increased its range of productsand partnerships and is ready for the launch of these early next year. These andthe continuing work to actively explore suitable partnerships and acquisitionsgive the Board confidence that the business will show a better performanceoverall next year. The Board is committed to maintaining the pace of development and to broadeningits service offerings by continuing to pursue opportunities around the world asthey become available. William Swords This information is provided by RNS The company news service from the London Stock Exchange