FINANCIAL HIGHLIGHTS:
· Turnover increased by 44.3% to £6.0m (2018: £4.2m)
· Adjusted PBT from continuing operations more than doubled to £322k (2018: £148k), ahead of market expectations
· Statutory loss before tax of £685k (2018: £302k), impacted by exceptional items of £436k (2018: £54k) and loss from discontinued operations of £312k (2018: £174k)
· Operating profit of £53k (2018: operating loss of £107k)
· Adjusted EPS 0.25p (2018: 0.12p), statutory LPS 0.52p (2018: 0.25p)
· Cash balances at year end of £5.0m (2018: £4.2m)
OPERATIONAL HIGHLIGHTS:
· Significant growth in student enrolment, including Sixth Form expansion
· Successfully established Interhigh Juniors for primary age children
· Teaching Online course introduced and accredited by ATHE level 4
· Key appointments to Wey management team
· Introduction of vocational City & Guilds Assured Courses
· Developments to Wey’s learning platform
· Company stabilized into two main brands, InterHigh and Academy 21
Commenting on the results, Barrie Whipp (Chairman) said:
“These results represent a pleasing outcome in a year where Wey underwent significant change. We have increased turnover, delivered profitability at the operational level and hold significant cash resources allowing us to continue our growth journey. The Board plans to not simply consolidate but accelerate growth in our core businesses”
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