29th Oct 2018 09:27
LONDON (Alliance News) - Wey Education PLC on Monday said it swung to a loss in its recently ended financial year, but revenue grew after the acquisition of Academy 21.
The educational services company said revenue in the year to the end of August rose by 73% to GBP4.2 million from GBP2.4 million reported a year ago. The total was boosted by the acquisition of Academy 21, a provider of online secondary teaching, in December last year. Underlying revenue grew by 29%.
Administrative expenses doubled to GBP2.0 million compared to GBP1.0 million the year before, thought Wey Education said these costs include GBP238,466 of non-continuing marketing and international costs.
As a result, the company swung to a pretax loss of GBP229,476 from the GBP17,574 profit generated the year prior.
"Wey had an excellent year in terms of turnover growth, technical implementation and the acquisition of Academy 21," said Executive Chairman David Massie.
"In setting our budget for this year the board has taken a prudent approach to the timing of overseas expansion and expects to hit its core targets primarily through organic growth," added Massie.
Wey Education shares were trading up 8.1% on Monday at 13.13 pence each.
In a separate statement, the company said it appointed Barry Nichols-Grey as executive director of finance with immediate effect.
Nichols-Grey joined Wey Education in April as finance director designate and company secretary.
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