WEY Wey Education Plc

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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END

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January 13, 2021 02:00 ET (07:00 GMT)

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