17th Jul 2020 09:48
(Alliance News) - Wey Education PLC on Friday said trading has been "very positive" and above forecasts since May, as the online education sector booms amidst Covid-19 lockdowns.
The London-based online educational services group said its turnover is expected to be higher than USD8 million for the year ending August 31. This will reflect over 30% in growth since the year prior.
Wey Education's pretax profit is expected to exceed market expectations of GBP500,000. In financial 2019, the company recorded a loss of GBP600,000.
"The company has made a number of significant investments in the current year, including increased spend on marketing initiatives in the second half, and intends to continue this investment in order to deliver growth in the 2020/21 financial year and beyond," Wey Education said.
Chair Barrie Whipp said: "The task at hand is to continue with our investment programme in order to ensure that we take advantage of Wey's prominent position in the online education sector, which is more relevant now than at any time in the Company's history."
Wey Education shares were up 10% at 25.50 pence each on Friday morning in London.
By Greg Roxburgh; [email protected]
Copyright 2020 Alliance News Limited. All Rights Reserved.
Related Shares:
WEY.L