Wey Education PLC Trading Update (2673T)
17 Julio 2020 - 1:00AM
UK Regulatory
TIDMWEY
RNS Number : 2673T
Wey Education PLC
17 July 2020
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 GBP8m
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 GBP0.5m (2019:(GBP0.6m 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
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contact rns@lseg.com or visit www.rns.com.
END
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