Wey Education plc (AIM:WEY) today publishes its interim results for the six months to 29 February 2020 and reports on a number of important developments within the business.
Financial Highlights
· Turnover increased by 43% to £3.87m (2019: £2.70m)
· Continued strong growth in both Interhigh and Academy21, reflected in turnover and gross profit margins
· Profit before and after tax of £215k (2019: loss after tax of £895k after exceptional items and discontinued operations)
· Cash balances over £6.6m (2019: £4.9m)
· Strategy to take advantage of enhanced awareness and opportunities in online education.
Operational Highlights
· Expanded Executive Team in place to drive future growth
· Teaching Online qualification implemented
· Enhanced education model and delivery strategy for growth under way
Commenting on the results, Barrie Whipp (Chairman) said “Wey continues to grow, providing education to a wider range of learners in an environment where online education is experiencing more awareness than ever before. Our financial results demonstrate that our strategy is sound and our strategies are ambitious for further growth.”
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