Wey Education plc (AIM: WEY) the educational services group announces the Group’s results for the year to 31 August 2018.
HIGHLIGHTS:
- Turnover increased 72.6% to £4.2 million (2017: £2.4 million)
- Adjusted EBITDA up 162% at £452,569 (2017: £172,419)
- Adjusted EPS almost doubled to 0.33p (2017:0.17p)
- Academy 21 acquisition successfully integrated into group
- Turnover expected to grow significantly again in current year
- Encouraging start to current financial year
- At year end, cash balances totalled over £4.0m (2017: £1.0m)
Commenting on the results, David Massie (Executive Chairman) said:
“We had an excellent year in terms of turnover growth, technical implementation and the acquisition of Academy 21. With substantial cash resources of over £4 million we are well placed for further significant growth in the current year and beyond. In setting our budget for this year the Board has taken a prudent approach to the timing of overseas expansion and expects to hit its core targets primarily through organic growth. Any acceleration of overseas revenues will enhance the group’s results”
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