Wey Education (WEY) released its final results for the year on Monday, recording £6 million in revenues for the year ending 31 August 2019, a 44.3% increase from the previous year.
The online education company that operates two core businesses, InterHigh and Academy 21, also delivered £53,000 of operating profit, up from a £107,000 loss in 2018.
It recorded a statutory loss of £685,000 for the year, which it said was driven largely by exceptional items which included the discontinuing of its businesses in Africa and China.
It also recorded £5 million of cash at the end of the year and delivered an adjusted profit before tax of £322,000, double last year’s £148,000.
Shares ticked up 5.4% to 10.65p during Monday morning trading
Chairman of Wey Education Barrie Whipp said: "These results represent a pleasing outcome in a year where Wey underwent significant change. We have increased turnover, delivered profitability at the operational level and hold significant cash resources allowing us to continue our growth journey.”
He added: “The Board plans to not simply consolidate but accelerate growth in our core businesses"
Wey said its marketing strategy going forward will be to “concentrate resources on the best possible opportunities” to increase sales in its Business to Consumer market, in particular its InterHigh business.
It aims to grow InterHigh into the largest secondary school in the UK by number of students.
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