5th May 2016 08:56
LONDON (Alliance News) - Wey Education PLC Thursday reported a widened pretax loss for its first half as a result of higher administrative costs. following its move to AIM in December from ISDX.
Wey Education raised GBP1.75 million in its flotation on AIM.
The online fee paying secondary school operator posted a pretax loss of GBP467,000 for the half year to end-February, widened from a pretax loss of GBP256,000 the year before, as a rise in revenue to GBP700,000 from GBP68,000 was offset by higher administrative costs.
The company attribute its revenue growth to the integration of its InterHigh business, where student recruitment was strong. As at the 7 February InterHigh's student roll stood at 583, Wey said, compared to 414 on the same date the previous year.
Elsewhere, Wey Education said that a hearing on its claim against its former chief executive officer over the breach of fiduciary and statutory duties to the company was hear in April. A judgement is expected "within a few weeks."
"These results demonstrate the solid growth that the group is experiencing. The monies raised in the placing in December 2015 have enabled us to progress on a number of fronts and we are investing in all areas of the business in order to facilitate our expansion and to bring a better future to both our students and our shareholders," said Chairman David Massie in a statement.
Shares in Wey Education were untraded Thursday. They last closed at 4.04 pence.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
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