Wey Education flags bumper year for turnover and profits
Wey Education said on Wednesday that trading in the first four months of its financial year had been “significantly” ahead of budget and market expectations.
The AIM-traded company said it now expected to exceed market forecasts in both turnover and profitability for the year ending 31 August.
It said that, following a group structure and tax review, its InterHigh business would now charge VAT to UK clients.
The change would also allow the company to recover VAT on UK expenditure, and ensure that future InterHigh profits were distributable.
Part of the benefits from current trading would be used to “smooth the transition” for existing clients, Wey Education said, and notwithstanding that and a further targeted increase in marketing spend, it expected profit before tax for 2021 to be ahead of market expectations.
“We are very pleased with the company's performance in the early part of the financial year which we envisage continuing during the rest of the year,” said chairman Barrie Whipp.
“The board intends to continue investing in growth; this is not the time to consolidate, but to continue to push forward.”
At 1213 GMT, shares in Wey Education were up 5.75% at 38.6p.