Source - SMW
Wey Education confirmed that the formation of a proposed joint venture in China had been delayed.

The company had originally hoped to finalise the deal by the end of September.

'Wey wishes to ensure that the arrangements in place for corporate governance and financial reporting for the proposed JV are at a high standard, but the necessary documentation is taking longer to complete than originally anticipated,' Wey said.

'The delay is not expected to have any material effect on revenues or profits for the current year given the internal budgets for the anticipated build-up of the operations this year.'

The company also said that all of its business division had made an 'encouraging' start to the year.

'The company has previously stated that in addition to its international operations, its priority for the current year is to drive growth in its traditional online school and B2B division,' Wey said.

'It is pleased to note at this stage of the year, those divisions are reporting sales activity materially ahead of the equivalent position at this time last year.'