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16 Jan 2009 10:00
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AEC Education plc
Trading StatementΒ forΒ the Year ended 31 December 2008
AEC Education plc (the "Group", "AEC" or the "Company"), the provider of educational courses up to postgraduate degree levels in Singapore, Malaysia and Vietnam, is pleased toΒ update shareholders on the trading performance of theΒ Company for the year ended 31 December 2008.
The Board is pleased to report that trading during the second half of the financialΒ year has continued the strong performance seen through the first half with furtherΒ growth in revenue and profits.Β
TheΒ followingΒ strategies put in place at the beginning of 2008 haveΒ continued to achieve success.
TheΒ CompanyΒ hasΒ extended the provision of ACCA courses inΒ SingaporeΒ andΒ Malaysia.Β NewΒ programmes in Business Management, Logistics and Interactive Media have all contributed toΒ revenueΒ growth.Β
During the periodΒ theΒ CompanyΒ introduced new programmes,Β offered inΒ Mandarin,Β which openedΒ up new opportunities inΒ China.Β Hospitality programmes have been extended inΒ VietnamΒ and are growing strongly.Β Β Programmes inΒ MyanmarΒ have shown significant growth.
PartnershipsΒ have been formedΒ with theΒ UniversityΒ ofΒ WalesΒ andΒ TeesideΒ UniversityΒ to offer undergraduate and Masters programmes in Finance.
The London Chamber of Commerce and Industry ("LCCI") branded products have grown as expected and a new initiative with the Malaysian Examinations Syndicate to partner LCCI vocational qualifications with similar national curriculum vocational subjects should open up real potential for the future. Additionally, new initiatives in the LCCI vocational English programmes inΒ Hong KongΒ provide further opportunities for growth in this market.
TheΒ CompanyΒ purchasedΒ the balance of the shares not already owned inΒ BrainboxΒ ForeignΒ LanguageΒ &Β ManagementΒ StudiesΒ TrainingΒ Center, based inΒ Vietnam, to make it a wholly owned subsidiary.Β TheΒ CompanyΒ now hasΒ aΒ platformΒ with whichΒ to grow strongly inΒ VietnamΒ asΒ the countryΒ continues to develop it's economy and trade with the rest of the world.Β
The currentΒ globalΒ economicΒ downturn provides, in the opinion of the Board,Β a window of opportunity to negotiate agreements with potential vendorsΒ to enhance returns for shareholders. The Board is now focusing on ways to maximise thisΒ potentialΒ by seeking strongly performing synergistic opportunities to provide an operating base in theΒ UKΒ to leverage furtherΒ growth into the future.Β
The Company expects to announce its results for the year ended 31 December 2008Β byΒ the end ofΒ May 2008.Β Β
For further information, please contact:
AEC Education plc
Haider M Sithawalla
AEC Edu Group Pte Ltd
Email:Β hmsithawalla@savant-infocomm.com
Phone +65 6320 4881
W H Ireland LtdΒ - Nominated Adviser & Broker
David Youngman
Email:Β david.youngman@wh-ireland.co.uk
Adrian Kirk
Email: adrian.kirk@wh-ireland.co.uk
Phone +44 (0)161Β 832 6644Β
Notes to Editors
AEC EducationΒ plcΒ is theΒ UKΒ holding company for a number of companies inΒ Singapore,Β Malaysia andΒ VietnamΒ that provide educational services to approximately 16,000 students in the Asia-Pacific region: source ofΒ one ofΒ the fastest-growing marketsΒ for international students. The Group offers class-based instruction at its various educational campuses inΒ Singapore,Β Malaysia andΒ VietnamΒ and distance learning, up to postgraduate levels. It also delivers degree qualifications for several leading international universities, targeting the large volumes of overseas students in that region in line with the Singapore Government's Global Schoolhouse Vision to makeΒ SingaporeΒ an Education Hub.
AEC's continuing objectiveΒ is to be a leader in quality education through facilitating learning, fostering creativity and developing knowledge, skills and confidence in itsΒ students. AEC hasΒ secured its status as a holder of the Singaporean Quality Class Awards for aΒ furtherΒ 2Β yearsΒ which demonstrates that the Company continues to be recognised by the Singaporean Government as a prestigious and forward thinking organisation.
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