Wey Education and Regulation

(If you are not familiar with Wey Education then please see here)

In my previous article I touched on regulation of the online schools sector. In business it is almost always the case that regulation strengthens the positions of the largest players and increases barriers to entry. In some cases the reduction in customer choice can reduce the size of the market, but in others regulation can legitimise an industry. Accordingly it always looked likely that Wey Education would be a strong beneficiary of regulation.

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Wey Education and summer schools

Press release

(If you are not familiar with Wey Education then please see here)

On Friday afternoon Wey Education (WEY) issued a press release via Vox Markets saying that they had been granted government funding to create a “virtual summer school”. No figures are mentioned, but this appears to be wide in scope, covering ages 7 to 18 across four different offerings including both month-long summer programmes and throughout a full academic year.

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7:59 cut – WEY

Wey Education (WEY) – FY 2019 Results

I have covered Wey Education extensively over the last year and it is a top-2 holding for me.

Turnover was in line with August’s update at £6.0m (and very close to rounding to £6.1), adjusted PBT was £322k vs expectations of £90k. There are however very considerable exceptional costs:

  • £312k to discontinue the overseas operations (plus around £70k of non-recurring losses)
  • £436k of termination and restructuring costs
Continue reading “7:59 cut – WEY”