12th May 2020 11:15
(Alliance News) - Wey Education PLC on Tuesday reported a swing to profit in its first half on higher demand in both of its two main business units.
Shares in the online educational services provider were trading 2.7% higher at 22.91 pence each on Tuesday morning in London.
For the six-month period to the end of February, Wey Education posted revenue of GBP3.9 million, reflecting a 43% rise from GBP2.7 million reported a year prior. Pretax profit was GBP215,000, swinging from a loss of GBP585,000.
Gross profit margin was up a 62% from 56%.
The London-based company attributed the performance to strong growth in its InterHigh and Academy 21 units.
No dividend was declared, unchanged from the year prior.
Looking ahead, Wey Education said it expects the recent shift towards the need for online working arising from the Covi-19 outbreak, to benefit the business.
"Recent global challenges have ensured that online education is a subject more in the public eye than ever before. Whilst there will be macro-economic factors in play for an extended period, more people are becoming aware that online education is a real possibility. We continue to focus on our IT Strategy of a single Wey platform with excellent usability and materials. Safe, compliant providers with high quality teaching will certainly benefit from the awareness created in these challenging times," said Chair Barrie Whipp.
As at February 29, Wey had cash of over GBP6.6 million.
By Ife Taiwo; [email protected]
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