Wey Education reports maiden profit in first half

Online fee-paying secondary school operator Wey Education announced its unaudited interim results for the six months to 28 February on Tuesday, with turnover increasing 73% to £1.21m.

The AIM-traded company reported a maiden profit before tax of £11,244, swinging from a loss 0f £466,582 in the same period last year, with basic earnings per share of 0.01p compared to a loss of 0.69p.

Cash balances stood at £1.03m at period end, compared to £1.01m, with the board pointing out that the cash balance was after increased investment.

The firm’s new IT platform was “well advanced” in its rollout to provide a base for further growth, the board added, and said its result for the full year was anticipated to be “much better” than the 2016 year.

“These results show a substantial improvement over previous years and we are yet to see the impact of the various initiatives commenced over the last 18 months where the real benefits will be seen in 2017/18 and beyond,” said chairman David Massie.

“Our product is one for the digital age and we see numerous opportunities for expansion.”

Massie said Wey would continue to invest with the aim of increasing the group's size, product range and international coverage.

“We continue to research the Chinese and other markets.

“We are now in our best ever position and are looking forward to the second half with confidence and excitement.”