Wey Education warns of steeper loss; to refocus on UK
Source - SMW
Online educational services group Wey Education said it would refocus its strategy on its UK operations as it warned of lower-than-expected revenue and a deeper annual loss.
Revenue for the year through August was expected to be 'substantially below' current market expectations, Wey Education said.
The company also said costs would rise as it moved to simplify its overseas operations.
Pre-tax losses for the year would therefore be 'somewhat greater' than in 2018.
'Wey Education has been expansive over the last few years, developing a range of brands and services to be delivered in overseas territories, particularly Africa and China,' the company said.
'Much of the work in these locations was undertaken by Wey's previous chairman and chief executive David Massie personally, relying on his experience and contacts in the relevant regions.'
'Since David's recent sad passing, the board has carefully reviewed the group's strategy in the light of the new circumstances it now finds itself in and concluded that a more focused approach is in the best interests of stakeholders.'
Wey said local businesses InterHigh and Academy 21 had started the financial year with a strong performance ahead of its expectations.
'The board has decided that all Wey Education's business will now be provided by either InterHigh, which is an online secondary school or Academy 21, which provides alternative education services to business or state entities.'
'It is those brands under which Wey will expedite its marketing strategy.'
At 1:29pm: (LON:WEY) Wey Education Plc Ord 1p share price was -1.1p at 6.75p