Last checked at 16 Jan 2009 10:00
AEC Education plc
Trading Statement for 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 to update shareholders on the trading performance of the Company for the year ended 31 December 2008.
The Board is pleased to report that trading during the second half of the financial year has continued the strong performance seen through the first half with further growth in revenue and profits.
The following strategies put in place at the beginning of 2008 have continued to achieve success.
The Company has extended the provision of ACCA courses in Singapore and Malaysia. New programmes in Business Management, Logistics and Interactive Media have all contributed to revenue growth.
During the period the Company introduced new programmes, offered in Mandarin, which opened up new opportunities in China. Hospitality programmes have been extended in Vietnam and are growing strongly. Programmes in Myanmar have shown significant growth.
Partnerships have been formed with the University of Wales and Teeside University 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 in Hong Kong provide further opportunities for growth in this market.
The Company purchased the balance of the shares not already owned in Brainbox Foreign Language & Management Studies Training Center, based in Vietnam, to make it a wholly owned subsidiary. The Company now has a platform with which to grow strongly in Vietnam as the country continues to develop it's economy and trade with the rest of the world.
The current global economic downturn provides, in the opinion of the Board, a window of opportunity to negotiate agreements with potential vendors to enhance returns for shareholders. The Board is now focusing on ways to maximise this potential by seeking strongly performing synergistic opportunities to provide an operating base in the UK to leverage further growth into the future.
The Company expects to announce its results for the year ended 31 December 2008 by the end of May 2008.
For further information, please contact:
AEC Education plc
Haider M Sithawalla
AEC Edu Group Pte Ltd
Email: hmsithawalla@savant-infocomm.com
Phone +65 6320 4881
W H Ireland Ltd - Nominated Adviser & Broker
David Youngman
Email: david.youngman@wh-ireland.co.uk
Adrian Kirk
Email: adrian.kirk@wh-ireland.co.uk
Phone +44 (0)161 832 6644
Notes to Editors
AEC Education plc is the UK holding company for a number of companies in Singapore, Malaysia and Vietnam that provide educational services to approximately 16,000 students in the Asia-Pacific region: source of one of the fastest-growing markets for international students. The Group offers class-based instruction at its various educational campuses in Singapore, Malaysia and Vietnam 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 make Singapore an Education Hub.
AEC's continuing objective is to be a leader in quality education through facilitating learning, fostering creativity and developing knowledge, skills and confidence in its students. AEC has secured its status as a holder of the Singaporean Quality Class Awards for a further 2 years which demonstrates that the Company continues to be recognised by the Singaporean Government as a prestigious and forward thinking organisation.