Wey Education revenues set to come in well ahead of expectations

28th Aug 2019 09:30

(Sharecast News) - Online learning group Wey Education said better than expected full-year revenues looked set to bring about an "in line" result for adjusted profits.
Wey Educations expects full-year revenues to be more than 43.0% higher year-on-year at no less than £6.0m, well ahead of market expectations.

The AIM-listed group said the increased revenues had allowed it to boost its marketing spend during the current year in order to ensure that revenue expectations for the year ended 31 August 2020 were also met.

The company also noted that its solid performance followed "strong" trading in both of its core businesses, Interhigh and Academy21, following its interim results in May.

Chairman Barrie Whipp said: "Our increase in revenues, in excess of market forecasts, demonstrates that more students are taking advantage of our excellent, expanding offerings in online education.

"Our strong balance sheet, cash position and continuing investment in teaching and lesson excellence gives the board confidence in Wey's future growth in an exciting market."

As of 0930 BST, Wey shares had shot up 13.96% to 10.28p.