13 January 2021
WEY EDUCATION PLC
("Wey Education" or the "Company")
Trading Update
Wey Education announces that trading in the first four months of its financial year has been significantly ahead of budget and market expectations. The Company expects to exceed market forecasts in both turnover and profitability for the year ending 31 August 2021.
Following a group structure and tax review, the Company also reports that InterHigh will henceforth charge VAT to its UK clients. This change will also allow the Company to recover VAT on UK expenditure and ensure that future InterHigh profits are distributable. Part of the benefits from current trading will be used to smooth the transition in these charges for existing clients and notwithstanding this and a further targeted increase in marketing expenditure the Company expects profit before tax for 2021 to be ahead of market expectations.
Barrie Whipp, Chairman, commented "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. The Board intends to continue investing in growth; this is not the time to consolidate, but to continue to push forward."
Enquiries:
| Wey Education Plc | | | |
| Barrie Whipp (Chairman) | | Tel: +44 (0) 7778 367 999 | |
| Barry Nichols-Grey (Executive Director - Finance) | | +44 (0) 1873 813 900 | |
| WH Ireland Limited | | | |
| James Joyce/Chris Savidge (Corporate Finance) | | Tel: +44 (0) 20 7220 1666 | |
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