Wey Education PLC (LON:WEY) today provided the following company update:
· Appointment of new Company Secretary and Finance Director Designate
· Interim Results date
· Progress with Academy 21 acquisition
· Investor Evening
Appointment of new Company Secretary and Finance Director Designate
As previously announced, Barry Nichols-Grey is to be appointed Company Secretary and Finance Director Designate of the Company and he takes up his appointment today.
Barry is a Chartered Accountant who qualified at PWC. He previously worked for the FSA in London and joins us from his position as Finance Director of Dezrez Services Limited, a provider of Cloud based software.
Interim Results Date
Wey expects to publish its interim results for the six months to 28 February 2018 on 8 May 2018.
With the interim results, Wey will give an update on the encouraging progress being made on the various initiatives previously announced including international expansion, but in the meanwhile, gives the following brief update on progress with its recent acquisition.
Acquisition of Academy 21 Limited (“A21”)
The acquisition of A21 occurred on 22 December 2017, during the Christmas break for teaching. Since then, Wey has:
1. Closed A21’s administrative headquarters in Stevenage.
2. Rationalised A21’s general management and absorbed it into Wey’s existing structure.
3. Brought A21’s accounting inhouse within Wey.
4. Merged the A21 and the Company’s B2B marketing teams.
5. Met with A21 staff and subsequently had the majority of A21 teaching staff attend Wey’s “all teacher” conference in February.
Initial indications are that the merger has been well received with A21’s customers attracted to the wider product range of the enlarged group.
Wey staff have already made initial sales of A21 products and management accounts to 28 February 2018 suggest A21’s turnover is running ahead of the same time 2016/17.
Investor Evening
Wey Education PLC intends to hold another investor evening around its interim results date and will make a further announcement in the near future with details of the event.
