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Virtual secondary school operator Wey Education expects first-half turnover to be around 50% higher than last year

Published: 00:51 01 Mar 2017 AEDT

School room
Wey Education said the number of students on its roll are now at its highest ever level

Virtual secondary school operator Wey Education PLC (LON:WEY) expects to report turnover for the six months to 28 February 2017 approximately 50% higher than the corresponding period last year.

The AIM-listed firm also said its trading result for the period is expected to be “significantly better than the corresponding period in 2015/16.”

In a trading update prior to entering the close period for its interim results, scheduled to be announced on April 18, Wey said the number of students on its roll are now at its highest ever level.

The group added: “Cash balances remain healthy and are expected to be in excess of the position at 31 August 2016 of £909,942 despite increased expenditure on marketing, and the cost of development of the new IT platform and the payment of deferred consideration” to the vendors of InterHigh.

Chairman takes shares ...

Wey also said its chairman, David Massie, has agreed to have his annual salary of £33,000 for the year to 31 August 2017 satisfied by the issue of new ordinary shares in the company, to be credited as fully paid at 3.88p each,

As a result, the company will issue 425,257 new ordinary shares on each of 28 February 2017 and 31 August 2017.  

In addition, it will issue a warrant over a further 850,514 new ordinary shares to Massie exercisable at the same price for a period of five years.   

Taking into account the new shares, Massie’s holding in the company will be 17,516,507 ordinary shares, representing approximately 17.72% of the issued share capital.

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