25 Aug 2016 07:00
25 August 2016
Wey Education plc
("Wey Education", the "Company" or the "Group")
Pre-close Trading Update
2015/16 trading in line with market expectations
Highest number ever of students already enrolled for 2016/17 academic year
Wey Education (AIM: WEY), the education group operating InterHigh, the UK's only online fee paying secondary school teaching iGCSEs and A-Levels, provides the following trading update ahead of its final results for the year ending 31 August 2016, which will be its first annual results since joining AIM in December 2015.
Highlights
· 2015/16 student numbers at record levels - up 52% year on year
· Second School launched in August 2016
· New intensive A-Level retake course launched from September 2016
The Group is pleased to report that trading in the second half has been as anticipated and the Company is on track to meet market expectations for the full year. The Group has seen strong organic growth of student numbers.
Student numbers on the last day of the summer term at InterHigh, calculated before that term's leavers were 647, compared with 425 at the same stage last year, representing a 52% increase. Registrations for the 2016/17 academic year at InterHigh are at the highest level ever.
The Group is continuing to expand on a number of fronts and has launched a second school, which will be a premium brand operating on a semi-selective basis aimed specifically at students seeking high academic results. The initial course offered is an intensive 24-week A-Level retake course aimed at students who wish to get better grades and details of this are on one of the Group's websites www.interhighexcel.co.uk. Over time, the Company plans to expand this brand into a full service offering targeting, in particular, high achieving students generally and the Asian market.
Richard Laithwaite, the former Headmaster of Kirkham Grammar School, has been recruited as the Headmaster of this new school and joined Wey Education on 1 August 2016. The Company believes the addition of a premium brand functioning alongside InterHigh, which will continue to accept students on a non-selective basis, will provide opportunities for further growth.
The Company expects to make its Preliminary Announcement on 31 October 2016.
This announcement contains inside information as defined in Article 7 of the Market Abuse Regulation No. 596/2014 and is disclosed in accordance with the Company's obligations under Article 17 of those Regulations.
Enquiries:
Wey Education plc David L. Massie (Non-Executive Chairman) www.weyeducation.com | +44 (0) 20 7518 9700 +44 (0) 7785 957 958 |
WH Ireland Limited (NOMAD and BROKER) | +44 (0) 20 7220 1666 |
John Wakefield Ed Allsopp
| |
Yellow Jersey PR Alistair de Kare-Silver Harriet Jackson |
+44 (0) 7825 916 715 +44 (0) 7544 275 882 |
Notes to Editors
Wey Education is a holding company of an educational group. Through InterHigh the Company owns and operates a fully interactive, online non-selective independent secondary school in the UK, offering IGCSEs and 'A' Levels. In July 2016 the student roll at InterHigh was 647 students. It has now launched a second semi-selective school. The Group has identified many opportunities to expand InterHigh domestically in the UK and globally, and moved from ISDX to AIM on the 11 December 2015 to facilitate further growth.