Online education group, Wey Education (WEY) has reported “strong growth” in a trading statement across both of its core businesses, Interhigh and Academy21.
Chairman, Barrie Whipp, admitted the group’s “sharpened focus” in this area had resulted in major progress.
The AIM-listed group told investors on Wednesday that it anticipated revenues for the full year to rise by over 43% to exceed £6.0m, a figure well ahead of market expectations.
Specifically, the group explained how increased revenue has enabled an increase in marketing spending this year -- as a result, this has put Wey in a strong position to ensure revenue expectations will be met for the year ending 31 August 2020.
Shares in Wey Education perked up over 12% following this morning’s statement.
Mr Whipp said the revenue increase was indicative of a wider, growing market trend in digital educational platforms, he stated:
“Our increase in revenues, in excess of market forecasts, demonstrates that more students are taking advantage of our excellent, expanding offerings in online education.”
Touching on upcoming final results, Mr Whipp specified how they will outline Wey’s overseas businesses and the closure of its London learning centre.
Additionally, he emphasised Wey’s profitability and operational position as a cash generative business, adding, “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."
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