28th Aug 2019 10:01
(Alliance News) - Wey Education PLC on Wednesday said revenue will exceed market expectations for its current financial year due to strong trading.
Shares in Wey were up 14% at 10.28 pence in London during morning trade.
Revenue for the online education firm's year ending this coming Saturday is set to be more than GBP6.0 million, which would be 43% ahead of its GBP4.2 million revenue the year before and "well ahead of market expectations".
Wey said the higher revenue has allowed it to raise marketing spend in order to meet its financial 2020 revenue expectations.
Adjusted profit for the current financial 2019 year will be in line with market expectations, it said.
Wey Education Chair Barrie Whipp said: "The year to 31 August 2019 marked a sharpened focus for Wey on its core businesses, InterHigh and Academy 21, which has resulted in strong growth. Our increase in revenues, in excess of market forecasts, demonstrates that more students are taking advantage of our excellent, expanding offerings in online education.
"As indicated previously, our final results for the year will reflect the termination costs of Wey's businesses overseas, the closure of the London Learning Centre and other non-recurring costs. Pleasingly, we are profitable and cash generative at the current operational level. Our strong balance sheet, cash position and continuing investment in teaching and lesson excellence gives the board confidence in Wey's future growth in an exciting market."
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