13th May 2019 08:56
LONDON (Alliance News) - Wey Education PLC on Monday reported strong growth in its two core offerings, helping the firm post a positive first-half performance.
Shares in the online education services provider were 52% higher early Monday at 8.15 pence each.
Wey's revenue for the six months to February was GBP2.7 million, with the gross profit margin improving to 56.4% from 51.9% year-on-year and 53.5% at the end of August.
Wey's pretax loss did widen to GBP585,000 from GBP118,000, but excluding exceptional items, the adjusted pretax profit climbed to GBP124,000 from GBP23,000.
During the period, Wey decided to focus on its online schooling business InterHigh and Academy21, which provides alternative education services for schools and colleges.
"The success of the development of these two businesses is reflected in the growth of Wey at the turnover level, where we achieved 55% growth, with a full six-month contribution from Academy21 in the current period," said Chair Barrie Whipp.
Looking ahead, Wey sees "outstanding" opportunities for InterHigh, while Academy21's outlook is also bright.
"In both of Wey's businesses, we have boundless opportunities and with our narrowed focus we aim to take full advantage of the excellent platform we have built," Wey said.
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