Wey Education sees 'encouraging start' despite delays in China
Wey Education warned investors on Monday that its proposed joint venture with Starcube has been delayed until the group could ensure that arrangements for corporate governance and financial reporting were in place.
While Wey had seen the necessary documentation take longer to complete than originally anticipated, the educational services outfit assured shareholders the delay would not have any material effect on revenues or profits for its current trading year given its internal budgets for the anticipated build-up of operations.
Elsewhere, Wey unveiled an "encouraging start" to its current fiscal year, with all business divisions coming out of the gates hot.
The AIM-listed firm, which had previously stated that its priority for the current year was to drive growth in its international operations, traditional online school and B2B divisions, said it had seen sales activity "materially ahead of the equivalent position" a year earlier.
As of 0830 BST, Wey shares had dipped 2.29% to 14.66p.