Wey Education PLC Trading Update (4619L)
13 Enero 2021 - 1:00AM
UK Regulatory
TIDMWEY
RNS Number : 4619L
Wey Education PLC
13 January 2021
13 January 2021
WEY EDUCATION PLC
("Wey Education" or the "Company")
Trading Update
Wey Education announces that trading in the first four months of
its financial year has been significantly ahead of budget and
market expectations. The Company expects to exceed market forecasts
in both turnover and profitability for the year ending 31 August
2021.
Following a group structure and tax review, the Company also
reports that InterHigh will henceforth charge VAT to its UK
clients. This change will also allow the Company to recover VAT on
UK expenditure and ensure that future InterHigh profits are
distributable. Part of the benefits from current trading will be
used to smooth the transition in these charges for existing clients
and notwithstanding this and a further targeted increase in
marketing expenditure the Company expects profit before tax for
2021 to be ahead of market expectations.
Barrie Whipp, Chairman, commented "We are very pleased with the
Company's performance in the early part of the financial year which
we envisage continuing during the rest of the year. The Board
intends to continue investing in growth; this is not the time to
consolidate, but to continue to push forward."
Enquiries:
Wey Education Plc
Barrie Whipp (Chairman) Tel: +44 (0) 7778 367 999
Barry Nichols-Grey (Executive Director
- Finance) +44 (0) 1873 813 900
WH Ireland Limited
James Joyce/Chris Savidge (Corporate Tel: +44 (0) 20 7220 1666
Finance)
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