17 Jul 2020 07:00
17 July 2020
WEY EDUCATION PLC
("Wey Education or the "Company" or the "Group")
Trading update
Wey Education plc (AIM: WEY), the online educational services group is pleased to update the market on current trading for the year ending 31 August 2020.
Trading has continued to be very positive since the publication of the group's interim announcement in May and is in excess of expectations. Group turnover is expected to be in excess of £8m for the financial year ending on August 31, 2020, an anticipated growth of in excess of 30% from the previous year.
Group Profit Before Tax (after adjusting for share based payments and amortisation of acquired intangibles) is expected to exceed market expectations of £0.5m (2019:(£0.6m Loss)).
The Company has made a number of significant investments in the current year, including increased spend on marketing initiatives in the second half, and intends to continue this investment in order to deliver growth in the 2020/21 financial year and beyond.
Additionally, the costs of the appointments of a Director of Marketing and Director of Education have been absorbed in this financial year, with a view to benefitting future years.
Barrie Whipp, Chairman, commented "Performance across the group has remained strong and we have continued to invest in education quality and marketing. We expect to exceed market forecasts for profitability and the excess would have been higher had we not continued to invest now for future growth. The task at hand is to continue with our investment programme in order to ensure that we take advantage of Wey's prominent position in the online education sector, which is more relevant now than at any time in the Company's history"
Certain information contained in this announcement would have constituted inside information (as defined by Article 7 of Regulation (EU) No 596/2014) ("MAR") prior to its release as part of this announcement and is disclosed in accordance with the Company's obligations under Article 17 of MAR.
Enquiries:
Wey Education Plc
Barrie Whipp (Chairman) +44 (0) 7778 367 999
Barry Nichols-Grey (Executive Director - Finance) +44 (0) 1873 813 900
WH Ireland Limited
(Nominated Advisor and Broker)
James Joyce/ Chris Savidge (Corporate Finance) +44 (0) 207 220 1666