25th Feb 2020 09:53
(Alliance News) - Wey Education PLC on Tuesday said it expects its annual turnover to come in ahead of current market expectations amid strong performance across all of its units.
The AIM-listed stock was 15% higher in London in morning trade at 18.05 pence a share.
The online educational services provider anticipates turnover for the year to the end of August to be "significantly" ahead of market expectations and in excess of GBP7.5 million, about 25% higher than the prior year's GBP6.0 million.
Wey Education said the increase in turnover was helped by "strong" performance from both InterHigh and Academy 21, which outperformed internal expectations since the beginning of the company's financial year in September.
The London-based company said it continued to invest in marketing to enhance future growth. Notwithstanding the additional cost of these investments Wey Education said it still expects to meet market forecasts for profit in its current financial year.
"The strategy established in 2019 to deliver excellent online education to an increasing number of students is clearly working," said Chair Barrie Whipp.
"It is entirely logical that, with our substantial cash reserves, we continue to seek further growth through investment in quality and marketing," added Whipp.
By Evelina Grecenko; [email protected]
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