Wey Education PLC Trading Statement (0627I)
August 25 2016 - 2:00AM
UK Regulatory
TIDMWEY
RNS Number : 0627I
Wey Education PLC
25 August 2016
25 August 2016
Wey Education plc
("Wey Education", the "Company" or the "Group")
Pre-close Trading Update
2015/16 trading in line with market expectations
Highest number ever of students already enrolled for 2016/17
academic year
Wey Education (AIM: WEY), the education group operating
InterHigh, the UK's only online fee paying secondary school
teaching iGCSEs and A-Levels, provides the following trading update
ahead of its final results for the year ending 31 August 2016,
which will be its first annual results since joining AIM in
December 2015.
Highlights
-- 2015/16 student numbers at record levels - up 52% year on year
-- Second School launched in August 2016
-- New intensive A-Level retake course launched from September 2016
The Group is pleased to report that trading in the second half
has been as anticipated and the Company is on track to meet market
expectations for the full year. The Group has seen strong organic
growth of student numbers.
Student numbers on the last day of the summer term at InterHigh,
calculated before that term's leavers were 647, compared with 425
at the same stage last year, representing a 52% increase.
Registrations for the 2016/17 academic year at InterHigh are at the
highest level ever.
The Group is continuing to expand on a number of fronts and has
launched a second school, which will be a premium brand operating
on a semi-selective basis aimed specifically at students seeking
high academic results. The initial course offered is an intensive
24-week A-Level retake course aimed at students who wish to get
better grades and details of this are on one of the Group's
websites www.interhighexcel.co.uk. Over time, the Company plans to
expand this brand into a full service offering targeting, in
particular, high achieving students generally and the Asian
market.
Richard Laithwaite, the former Headmaster of Kirkham Grammar
School, has been recruited as the Headmaster of this new school and
joined Wey Education on 1 August 2016. The Company believes the
addition of a premium brand functioning alongside InterHigh, which
will continue to accept students on a non-selective basis, will
provide opportunities for further growth.
The Company expects to make its Preliminary Announcement on 31
October 2016.
This announcement contains inside information as defined in
Article 7 of the Market Abuse Regulation No. 596/2014 and is
disclosed in accordance with the Company's obligations under
Article 17 of those Regulations.
Enquiries:
Wey Education plc +44 (0) 20
David L. Massie (Non-Executive 7518 9700
Chairman) +44 (0) 7785
www.weyeducation.com 957 958
WH Ireland Limited (NOMAD and +44 (0) 20
BROKER) 7220 1666
John Wakefield
Ed Allsopp
+44 (0) 7825
Yellow Jersey PR 916 715
Alistair de Kare-Silver +44 (0) 7544
Harriet Jackson 275 882
Notes to Editors
Wey Education is a holding company of an educational group.
Through InterHigh the Company owns and operates a fully
interactive, online non-selective independent secondary school in
the UK, offering IGCSEs and 'A' Levels. In July 2016 the student
roll at InterHigh was 647 students. It has now launched a second
semi-selective school. The Group has identified many opportunities
to expand InterHigh domestically in the UK and globally, and moved
from ISDX to AIM on the 11 December 2015 to facilitate further
growth.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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