Wey Education gains record number of students

31st Oct 2016 10:58

(ShareCast News) - Wey Education, an AIM listed operator of the UK's only online independent secondary school teaching iGCSE and A Levels, obtained 52% more students during the year ended 31 August 2016.Student numbers at the online secondary school "InterHigh" during the period increased to 647 compared to 425 in 2015 increasing revenue by 38% to £1.5m compared to £1.1m in the previous period."2016/17 has started with a record number of students with future growth anticipated during the year. The board intends to build upon the solid foundation now created by future organic expansion of the core business, including the new school, and development overseas, particularly in Asia, with a view to generating a positive return for shareholders in a timely fashion," said chairman David Massie.The firm's admission to AIM in December 2015 "placed the Company on a strong financial footing and gave it the resources to fund its expansion during 2015/16" according to Massie.Turnover increased by 193% to £1.5m compared to £516,327 in 2015.The company also succesfully settled litigation against its previous chief executive Zenna Atkins/ Hopkins for the allegation of fraud made against it to the Department of Education. It was found that she had no proper basis for such allegation and so the company was awarded damages of £38,046.The 2016/17 period will not see the cost of the company's AIM Admission, the costs associated with the Atkins litigation and various costs incurred in the previous period on planning for future expansion and the discontinued business according to the firm.The group's cash was £909,942 at 31 August 2016 compared to £97,434 in 2015.One of InterHigh's founders Jacqueline Daniell was also appointed as Executive Director of the company with immediate effect. She was also chief executive of InterHigh with roles including enrollments, partnerships and new ventures.Daniell has a background in architecture and was initially working on the design of InterHigh before taking on administrative resposibilities at the school."Her extensive experience of the business will be of significant benefit to the Company as we seek to expand into new markets. We look forward to her contribution over the coming years," said Massie.The share price rose 4.71% to 4.45p at 1126 GMT on Monday.