Wey Education starts off 2020 with a 'strong performance'

Online educational services group Wey Education said on Tuesday that its InterHigh and Academy 21 units had started the year with a "strong performance" that was also better than expected .

Wey Education stated group turnover for the year ending 31 August was now expected to be "significantly ahead" of market forecasts and in excess of £7.5m - which would represent an increase of over 25% year-on-year.

In addition, the AIM-listed group said its InterHigh business had recorded higher than anticipated business-to-business sales.

Wey said it would continue to invest in marketing to enhance future growth as it looked to take advantage of the increased turnover to invest at a greater rate than initially planned in order to accelerate its growth plans.

Despite the increased costs associated with the marketing push, Wey still expects to meet its full-year profit guidance.

Chairman Barrie Whipp said: "The strategy established in 2019 to deliver excellent online education to an increasing number of students is clearly working.

"The appointment of new senior executives is being covered by our enhanced revenues, as is the increase in marketing expenditure. This allows the board to project further growth with optimism."

As of 0915 GMT, Wey Education shares had surged 10.22% to 17.80p.