11th Nov 2019 09:45
(Alliance News) - Wey Education PLC said Monday its annual loss deepened on significant charges, despite revenue and underlying profit growing strongly.
For the financial year ended August, the online education services firm's pretax loss widened to GBP685,417 from GBP301,868 the year prior. This was despite revenue rising 25% to GBP6.0 million from GBP4.2 million the year before.
Profit performance was hurt by GBP435,755 in exceptional items and a GBP312,530 loss associated with discontinued operations. The year prior, these charges came in at GBP61,313 and GBP174,472, respectively.
Adjusted profit - excluding one-off items and discontinued business - more than doubled to GBP322,061 from GBP148,342 the year before.
"These results represent a pleasing outcome in a year where Wey underwent significant change," Chair Barrie Whipp said. "We have increased turnover, delivered profitability at the operational level and hold significant cash resources allowing us to continue our growth journey. The board plans to not simply consolidate but accelerate growth in our core businesses"
Shares in London-based Wey were 6.9% higher at 10.80 pence in London on Monday.
By Ahren Lester; [email protected]
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