Wey Education's student numbers, turnover rises 'significantly'

10th Jan 2017 10:31

(ShareCast News) - Wey Education, the operator of an online independent secondary school, saw a "significant" rise in student numbers and an increase in turnover since the start of the new financial year in September 2016The AIM-listed company said there was "significant" rise in student numbers year-on-year and with a "significant" increase in turnover.It said that the implementation of a new IT system, which will expand student numbers further, is proceeding "satisfactorily" and in line with its timetable.Wey Education also said that on Tuesday it paid £101,654 and issued 2.64m shares at 3.85p to the vendors of its 2015 acquisition of Wales-based online education provider InterHigh.As part of the deal for InterHigh, the company agreed to pay the vendor a deferred consideration years to 31 August 2015 and 2016 for 50% of the growth in turnover of the InterHigh business for each of the years, to be paid in 50% in cash and 50% in shares.InterHigh's turnover for the year ended 31 August 2016 was £1.48m, which exceeded the turnover for the previous by £406,616.Paul Daniell and Jacqui Daniell, who control the vendor, and who the principal of InterHigh and a director of the company, respectively, now hold 13.06m shares combined, or a 13.28% stake in Wey Education.The new shares are expected to trade on AIM on Friday, and following the admission the company will have a share capital of 98.41m shares of 1p each with voting rights.Shares in Wey Education were up 0.45% to 776p at 1151 GMT.