Wey Education plc (LON:WEY) the education group operating the UK’s only online fee paying secondary school, is pleased to announce its unaudited interim results for the six months ended 28 February 2017.
HIGHLIGHTS:
· Turnover increased by 73% to £1,211,171 (2016: £700,215)
· Maiden profit before tax of £11,244 (2016: loss £466,582)
· Basic EPS of 0.01p (2016: loss 0.69p)
· Cash balances of £1,030,432 (2016: £1,014,179) after increased investment
· New IT Platform well advanced in rollout to provide base for further growth
· Result for the full year anticipated to be “much better” than 2015/16
Commenting on the results David Massie, Wey Education PLC Chairman said: “These results show a substantial improvement over previous years and we are yet to see the impact of the various initiatives commenced over the last 18 months where the real benefits will be seen in 2017/18 and beyond. Our product is one for the digital age and we see numerous opportunities for expansion. We will continue to invest with the aim of increasing the Group’s size, product range and international coverage. We continue to research the Chinese and other markets. We are now in our best ever position and are looking forward to the second half with confidence and excitement.”
