25 Feb 2020 07:00
25 February 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.
Both InterHigh and Academy 21 have started the financial year with strong performance in advance of the Group's expectations. In addition, our InterHigh business to business sales have been higher than anticipated.
Group turnover for the year to 31 August 2020 is expected to be significantly ahead of market forecasts and to be in excess of £7.5m, which would represent an increase of over 25% on the year ended 31 August 2019.
The Directors continue to invest in marketing to enhance future growth and are also investing in senior operational executives in marketing, education and Information Systems. The board is taking advantage of the increased turnover to invest in these areas at a greater rate than initially planned to accelerate its growth plans. Notwithstanding the additional cost of these investments the Company still expects to meet market forecasts for profit for the current year ending 31 August 2020.
Barrie Whipp, Chairman, commented "The strategy established in 2019 to deliver excellent online education to an increasing number of students is clearly working. Our brands, InterHigh and Academy 21 are both growing at similar rates. It is entirely logical that, with our substantial cash reserves, we continue to seek further growth through investment in quality and marketing. The appointment of new senior executives is being covered by our enhanced revenues, as is the increase in marketing expenditure. This allows the Board to project further growth with optimism.
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