Wey – FY 2020 Results

Wey Education plc

This morning Wey Education issued their long-awaited annual results. For the benefit of those not entirely familiar with the company, I think it is worth quoting their own description of their principal operations:

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Wey Education – Trading Update

The owner of InterHigh (online school for 8-18 year olds) and Academy21 (online education for state schools) today issued a trading update in which they report revenue for the year ending 31st August will be in excess of £8m, versus guidance at the H1 results of £7.9m. They also report that profitability will be ahead of expectations.

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Boohoo – Supplier links and other matters

Every Monday, Wednesday and Friday Wayne, Mark Simpson (@DangerCapital) and I run a live interactive show along the lines of FT Alphaville’s “Markets Live” (before it was replaced with “Markets Now”). On Wednesdays and Fridays Mark Simpson (@DangerCapital) and I lead “Small Caps Live”, but on Mondays Wayne leads the charge with “Large Caps Live”.

Today’s Large Caps Live was a bit special as Wayne surprised us by having spent the night digging out several details concerning Boohoo (definitely a large cap with a recent valuation of £5bn) that had not been reported before. To quote:

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Boohoo and Coronavirus

While “Lockdown in Leicester” only superficially sounds like an intimate Kasabian gig, the reality may be just as sweaty.

As reported in Channel 4’s Dispatches programme, Tazeen Ahmad first looked at working conditions in some of Leicester’s clothing factories in 2010. In January 2017 she returned and found that while boohoo had revolutionised marketing and distribution, little had changed in manufacturing.

With the arrival of covid-19 and its particularly deadly effect on British Asians, concerns over worker exploitation and health and safety have heightened in recent months. These now may be coming to a head with the lockdown in Leicester now being directly linked by Vivek Chaudhary to the rag trade and conditions that appear to be the very definition of a sweat shop.

Workers at the Fazia fashion factory continue to work despite the newly reimposed lockdown

I last held Boohoo back in January 2019 and my notes cite a lack of trust in management as well as factory conditions as reasons for selling. I first noted concerns over the Pretty Little Thing acquisition in June 2018, but I was disappointed with the ShadowFall research published in May 2020 that contained little new and was easily countered. I can only theorise that Matthew Earl hoped its publication would shake out other issues – this may still come to pass.

Aside: Sadly Tazeen Ahmad is no longer with us. Society needs more proper investigative journalists like her, as well as Vivek Chaudhary and Matthew Earl. Pasting bits of other people’s work together, adding a couple of jokes and posting it on your blog is no substitute.

Wey – background, outlook and director sales


It has been an exciting and eventful calendar year so far for Wey Education, the online education company.

In January the evidence mounted that their InterHigh private school business had smashed their previous year’s record enrolment figures and that numbers continued to build, putting them well ahead of not just the previous year but also broker guidance. And no wonder – InterHigh pioneered the full online school experience and have used their experience and scale to progressively enhance their offering over many years, for example by increasing live teaching hours and improving teaching quality.

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