Wey Education PLC – WEY – Final Results

Wey Education PLC – WEY – Final Results

FINANCIAL HIGHLIGHTS:

·    Turnover increased by 38% to £8.4m (2019£6.0m)

·    Statutory profit before tax of £500k (2019: loss before tax of £693k)

·    Adjusted PBT from continuing operations more than doubled to £652k (2019: £322k)

·    Adjusted operating profit of £498k (2019: £53k)

·    Statutory EPS 0.63p (2019: LPS 0.52p) Adjusted EPS 0.47p (2019: 0.25p)

·    Cash balances at year end of £6.5m (2019: £5.0m)

 

OPERATIONAL HIGHLIGHTS:

·    Significant growth in student enrolment across all year groups

·    Leadership expanded to enhance quality student engagement and growth

·    Increased focus on leadership and strategy in marketing centering on growth of the customer base through recruitment, retention and referral

·    Embedded remote working for all staff

·    New technology leadership and programmes implemented to deliver improved operational efficiency and learner experience

 

Commenting on the results, Barrie Whipp (Chairman) said:

 

"Wey is now firmly established as a leader in online education. The Directors believe that Wey provides a unique, synchronous experience for our ever-increasing number of learners. Our expanded leadership team is allowing us to enhance the quality of our education provision, technology and individual learner experience. Our marketing focus is allowing us to expand our reach in a marketplace more ready for our services than ever before. We are very pleased with the Company's performance and determined to continue to press our opportunities further."

 

Investor Presentation

 

Wey Education plc will provide a live presentation to retail investors reporting on the Group's preliminary results via the Investor Meet Company ("IMC") platform on 11 November 2020 at 4pm.

 

·    The online presentation is open to all existing and potential shareholders.

 

·    Questions can be submitted pre-event via your IMC dashboard up to 9am the day before the meeting or any time during the live presentation via the "Ask a Question" function. Although the Company may not be in a position to answer every question it receives, it will address the most prominent within the confines of information already disclosed to the market. Responses to the Q&A from the live presentation will be published at the earliest opportunity on the Investor Meet Company platform. 

 

·    Investor feedback can also be submitted directly to management post-event to ensure the Company can understand the views of all elements of its shareholder base.

 

 

Investors can sign up to Investor Meet Company for free and add to meet Wey Education plc via:

 

https://www.investormeetcompany.com/wey-education-plc/register-investor 

 

Investors who have already registered and added to meet the Company, will be automatically invited to the meeting.

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