Wey Education ahead of expectations with 30% growth
The online educational specialist said in this morning’s trading update that group turnover is expected to be in excess of £8 million for the financial year ended 31 August 31 2020.
It said trading has continued to be ‘very positive’ since the group's interim announcement in May, and has, as a result, exceeded market expectations by 30%.
Profit before tax - after adjusting for share based payments and amortisation of acquired intangibles - is also expected to exceed market expectations of £0.5m (2019:(£0.6m Loss)).
Shares in Wey Education were trading 3.45% higher at 24p on Friday morning.
Wey has made several significant investments in the current year, it said, including increased spend on marketing initiatives and a new Director of Marketing and Director of Education, which the group believes will deliver growth in the 2020/21 financial year and beyond.
“Performance across the group has remained strong and we have continued to invest in education quality and marketing,” said Barrie Whipp, Chairman of Wey Education.
He added, “We expect to exceed market forecasts for profitability and the excess would have been higher had we not continued to invest now for future growth.
The task at hand is to continue with our investment programme in order to ensure that we take advantage of Wey's prominent position in the online education sector, which is more relevant now than at any time in the Company's history"
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