AEC Education weathers tough year in Asia

Europe and Far East education services provider AEC Education posted its results for the year to 31 December 2015 on Wednesday, with revenues £7.7m sliding from £8.1m in 2014.

The London listed company slightly narrowed its operating loss, however, to £1.4m, from £1.5m a year earlier.

AEC’s loss before tax of was also £1.4m, against £1.5m, and the adjusted loss before tax and impairment charges was £0.5m, against £1.1m for the prior year.

It total loss per share was 2.42p, rising from 2.18p for 2014.

“In summary, 2015 was another difficult year in Singapore as we strived to regain revenue and profitability and the market in the UK remained in turmoil,” said chairman Liam Swords.

“The restructuring of the operations in Singapore and London is now complete and this combined with the return to profit in Malaysia and the continuing investment enabled by the sale of our operations in Ireland creates a platform from which AEC can continue to rebuild group profitability.”