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Wey Education makes decent progress in first half
Wey Education published its interim results for the six months ended 28 February on Tuesday, reporting a 44% improvement in turnover to £1.74m, which included a contribution of £0.25m from Academy 21.
The AIM-traded firm said its adjusted profit before tax was £0.15m, up from £0.08m, while its adjusted basic earnings per share improved to 0.12p from 0.08p at the same time last year.
Cash balances remained "healthy", according to the board, at £4.3m - up from £1.03m a year ago.
On the operational front, Wey said the Academy 21 acquisition was outperforming expectations.
During the half, it established a Chinese subsidiary, and reached agreement to establish a joint venture in China to progress English language teaching.
Infinity Education also started delivering its first courses, and an agreement was reached for a joint venture in Nigeria to teach both English and Nigerian curriculum online.
Wey also launched its primary curriculum during the half-year, and appointed an executive director of human resources.
"This was an exciting period in the company's development," said executive chairman David Massie.
"Last November's oversubscribed £5m placing gave the company the financial resources to implement its medium-term strategy."
Massie said the results of that process were already beginning to bear fruit.
"The completion of the Academy 21 acquisition accelerates the company's growth in the B2B market and we are very pleased with its development so far.
"The announcements regarding the joint ventures in China and Nigeria is very significant for the group's growth as they have the potential to be transformational," Massie explained.
"Naturally, there is some cost involved in developing these initiatives, but the company has the necessary financial resources for such, and the board considers the potential is so great, that the price is one worth paying."