4th Feb 2019 13:01
LONDON (Alliance News) - Wey Education PLC on Monday said it expects its annual loss to widen on the prior year due to one-off costs related to the company's strategic review.
Wey Education shares were trading down 13% at 6.85 pence each.
For the year ending August 2019, Wey Education expects its loss to be "somewhat greater than in 2018" while revenue will be lower than current market expectations but "in excess" of GBP5.0 million.
A year ago, the company posted a pretax loss of GBP229,476 and revenue of GBP4.2 million.
"Wey Education has been expansive over the last few years, developing a range of brands and services to be delivered in overseas territories, particularly Africa and China," the firm said.
It added: "There are some one-off costs of processing the changes in branding, investments in overseas infrastructure, and these costs will be expensed as an exceptional item in the profit & loss account in the current financial year."
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