13th Jan 2021 11:07
(Alliance News) - Educational services firm Wey Education PLC on Wednesday said trading so far in its financial year has been ahead of market forecasts.
The company also warned that UK customers of its InterHigh online schooling service will be charged VAT.
Wey said its performance in the first four months of its financial year have been "significantly ahead of budget and market expectations".
Looking ahead, Wey forecasts its revenue and profit to top market forecasts in the year ending August 31.
Wey added that following the structure and tax review, its InterHigh unit will charge VAT to its UK clients.
"This change will also allow the company to recover VAT on UK expenditure and ensure that future InterHigh profits are distributable. Part of the benefits from current trading will be used to smooth the transition in these charges for existing clients and notwithstanding this and a further targeted increase in marketing expenditure the company expects profit before tax for 2021 to be ahead of market expectations," Wey said.
Wey shares were 8.2% higher 39.48 pence each in London on Wednesday morning.
By Eric Cunha; [email protected]
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