TIDMWEY
RNS Number : 7224E
Wey Education PLC
10 November 2020
WEY EDUCATION PLC
("Wey", the "Group" or the "Company")
PRELIMINARY ANNOUNCEMENT OF RESULTS
FOR THE YEARED 31 AUGUST 2020
FINANCIAL HIGHLIGHTS:
-- Turnover increased by 38% to GBP8.4m ( 2019 : GBP 6.0m)
-- Statutory profit before tax of GBP500k (2019: loss before tax of GBP693k)
-- Adjusted PBT from continuing operations more than doubled to GBP652k (2019: GBP322k)
-- Adjusted operating profit of GBP498k (2019: GBP53k)
-- Statutory EPS 0.63p (2019: LPS 0.52p) Adjusted EPS 0.47p (2019: 0.25p)
-- Cash balances at year end of GBP6.5m (2019: GBP5.0m)
OPERATIONAL HIGHLIGHTS:
-- Significant growth in student enrolment across all year groups
-- Leadership expanded to enhance quality student engagement and growth
-- Increased focus on leadership and strategy in marketing
centering on growth of the customer base through recruitment,
retention and referral
-- Embedded remote working for all staff
-- New technology leadership and programmes implemented to
deliver improved operational efficiency and learner experience
Commenting on the results, Barrie Whipp (Chairman) said:
"Wey is now firmly established as a leader in online education.
The Directors believe that Wey provides a unique, synchronous
experience for our ever-increasing number of learners. Our expanded
leadership team is allowing us to enhance the quality of our
education provision, technology and individual learner experience.
Our marketing focus is allowing us to expand our reach in a
marketplace more ready for our services than ever before. We are
very pleased with the Company's performance and determined to
continue to press our opportunities further."
Investor Presentation
Wey Education plc will provide a live presentation to retail
investors reporting on the Group's preliminary results via the
Investor Meet Company ("IMC") platform on 11 November 2020 at
4pm.
-- The online presentation is open to all existing and potential shareholders.
-- Questions can be submitted pre-event via your IMC dashboard
up to 9am the day before the meeting or any time during the live
presentation via the "Ask a Question" function. Although the
Company may not be in a position to answer every question it
receives, it will address the most prominent within the confines of
information already disclosed to the market. Responses to the
Q&A from the live presentation will be published at the
earliest opportunity on the Investor Meet Company platform.
-- Investor feedback can also be submitted directly to
management post-event to ensure the Company can understand the
views of all elements of its shareholder base.
Investors can sign up to Investor Meet Company for free and add
to meet Wey Education plc via:
https://www.investormeetcompany.com/wey-education-plc/register-investor
Investors who have already registered and added to meet the
Company, will be automatically invited to the meeting.
Enquiries:
Wey Education Plc
Barrie Whipp (Chairman) +44 (0) 7778 367 999
Barry Nichols-Grey (Executive Director
- Finance) +44 (0) 1873 813 900
WH Ireland Limited
(Nominated Advisor and Broker)
J ames Joyce (Corporate Finance) +44 (0) 20 7220 1666
Chairman's Statement
The review of the financial year ending on the 31st August 2020
gives us the first opportunity to present the results of the new
strategy which commenced in November 2019, whereby we focused the
activities of Wey Education through InterHigh and Academy 21. I am
pleased to report that we have achieved all of the short to medium
term goals that we set at that time and that the business is
performing well against all of our internal metrics.
The growth of our student base is very pleasing, and it is
becoming increasingly clear that we represent a true alternative to
a traditional education in a bricks and mortar environment. At the
time of writing over 3,000 students receive an education from Wey
and the quality and breadth of education they receive is no less
impressive than the high number of students enrolled.
As part of our strategic review, we wanted to continue to refine
and show ambition in our education provision. We have restructured
our senior education team into a flexible, collegiate structure to
suit our modern, progressive ethos. Under the leadership of our
Director of Education, Dr Sara de Freitas, we have seen early
benefits of this new strategy including improvements in the quality
of materials, transparency of reporting and a highly motivated new
team.
Our educational delivery and engagement goals include the desire
to incorporate relevant augmented reality, artificial intelligence
and gamification as part of our provision and Sara has significant
experience in these fields. We continue to be an attractive
destination for teachers and have been able to support our teaching
staff with our accredited teaching online qualification which is
being undertaken and passed by an increasing number of our team. We
are experiencing no difficulties in the recruitment of high-quality
teaching staff to accommodate new learners.
This calendar year has also seen us recruit a new Director of
Marketing, Esther Clark, who is implementing strategies to not only
increase the awareness of our services but also to directly market
to parents and educational institutions. Whilst it is early days,
we are pleased to note that our marketing expenditure is seeing
tangible results, particularly from awareness and radio campaigns.
We are increasing our investment in Wey ambassadors and believe
that the recruitment of these well-known individuals, in a very
modern marketing mix, will lead to improvements in brand
association and awareness. We are confident these new marketing
initiatives will continue to attract new students to our
ever-increasing cohort. Our strategy going forward is to continue
to increase marketing expenditure in a targeted way, benefitting
from the knowledge we are gaining from more market analysis and
feedback. Our enhanced education structure gives us more
opportunities in terms of gearing our education provision towards
an ever-increasing number of students.
In Academy 21 we have continued to grow our sales staff and in
the light of recent events continue to demonstrate that Wey is a
real alternative for local authorities, schools and other
institutions. We have no doubt that further opportunities are
available to us in the business to business market where we sell
directly to commercial organisations and school groups and I
believe that the opportunity here has only been limited so far by
our desire to focus on the delivery of our initial strategic goals.
We are also increasing our investments in Information Technology,
with further enhancement and solidification of the Wey platform.
Our ability to use third party platforms ensures scalability and
quality of delivery and we are also improving our operational
systems.
Financially, this was a year for Wey to demonstrate that it
could show a very clear relationship between student numbers, gross
margin and profitability and I am very pleased that we have
recorded a profit for the year which is not compromised by external
investments and restructuring costs as it was in previous periods.
I believe that these results also show the ability for Wey to gear
its investments in marketing further to achieve increasing levels
of profitability in future. Of course, we are also focused on
ensuring that we continue to attract students through the quality
and desirability of our education provision. Our cash position is
very strong and gives us a firm basis for future investment
considerations in new materials and technology.
Having achieved our short to medium term goals in a timely
fashion, we are now focused on the next steps towards Wey becoming
the size of a Multi Academy Trust in terms of student numbers.
Clearly, there are a multitude of opportunities and online
education is now in the broader conversation across the media and
elsewhere. I am determined that we retain our focus but remain
ambitious as to the markets that we can address.
Dame Erica Pienaar has recently stepped down as a Non-Executive
director of Wey and I would like to take this opportunity of
thanking her for her steadfast support and being instrumental in
defining Wey's attitude towards the quality and safety of its
education provision. Erica has been elected Chancellor Emeritus of
InterHigh in perpetuity and continues to head our Academic Council.
We are currently interviewing for a replacement Non-Executive
Director.
Finally, I must thank Jacqueline Daniell, the Board and our
staff for their hard work and dedication. Everyone at Wey is
committed to providing a high-quality individual learning
experience for our students. The success of this financial year and
our solid basis for the future is a result of their commitment.
Barrie RJ Whipp
Chairman
10 November 2020
Operational Review
I am pleased to be able to report on a year where Wey Education
set and met its clear objectives of accelerated growth, with
measurable results. High level goals and initiatives have been
linked to operations so that every part of the business has
understood what was to be accomplished and delivered their targets.
We have continued to build alignment across departments with a
detailed plan that rallies everyone around KPIs, milestones, and
deliverables for young learners.
At the start of the academic year, new pupil enrolment numbers
benefitted from the summer radio campaigns with the more recently
established junior school performing well. Student numbers
generally rose through the autumn period and throughout the new
year. From the beginning of the UK lockdown, student numbers
enrolled in Alternative Provision started to decline as Local
Authorities and state school customers sought to look at utilising
the provision they were now having to provide themselves while
their schools were closed. However, the total student numbers
across the operating businesses continued to climb throughout the
year.
For clarity I describe our operating businesses as follows:
InterHigh (www.interhigh.co.uk), InterHigh founded in 2005, has
a 15-year track-record of delivering online schooling for both UK
based and international fee-paying pupils. Interhigh caters for
pupils from age 8 to 25 years old, offering a wide range of
academic and enrichment courses, IGCSE, AS and A-Level subjects as
well as vocational qualifications. It is a complete school with
full academic, health and wellbeing and social programmes ensuring
that all students who join the school study successfully for their
future career choices. InterHigh is also available for partner
schools and academies, both UK and international, to deliver
supplementary academic programmes.
Academy 21 (www.academy21.co.uk) Academy21 was founded in 2011
and is a specialist in providing Alternative Provision online. It
delivers services designed to help schools, local authorities and
other public bodies such as children's homes meet the challenge of
delivering short, medium- and long-term provision for pupils with
complex behavioural, medical and mental health issues. It provides
a balance of academic challenge and educational engagement through
quality teaching and learning with flexible study programmes -
responding directly to the challenges schools and local authorities
face in securing high quality, cost effective alternative education
provision.
Education and Learning
As part of Wey's wider business strategy adopted in November
2019, Dr Sara de Freitas was appointed in January 2020 to provide
Leadership of the Education Strategy to enhance quality, improve
student engagement and scale for growth. This year has seen the
reshaping of the Education Department, introducing a more
collegiate structure to lead the main programmes of the education
strategy - quality, curriculum and the learner experience, as well
as leading on outcomes. In addition, Sara has strengthened the
safeguarding processes and procedures and re-aligned the Academic
Council. Sara also defined our internal investment in a Learning
Design Team for the Learning Development Programme, attracted
external funding from InnovateUK to develop virtual labs, trips and
campus and started to implement the Wey Education Model of
Learn-Explore-Apply-Reflect. This is designed to make use of
different teaching modes that correspond with the different
learning modes pupils assume during the process of learning.
The education strategy also includes a number of associated
plans including the Professional Development Plan, a training
programme for Newly Qualified Teachers, and improvements to the
Teaching Online ATHE accredited course. Other initiatives include
the Quality Enhancement Plan with an academic focus on attaining
Online accreditation, implementing the Quality Framework, School
Improvement Plans, revamping the Assessment and Examinations
facility, enhanced Education Delivery and a revision of Alternative
Provision, Primary and College Plans.
In summary, our education provision has been restructured to
ensure the best individual learning experience across the Wey group
for an increasing number of students.
Marketing
In March 2020 Esther Clark took up her duties as Director of
Marketing to continue the marketing activities and growth of
InterHigh and Academy21 in both the UK and international markets.
Wey Education uses a marketing mix as well as traditional and
digital channels to not only increase awareness of its offering but
also to guide prospective families and clients from consideration
to decision stages.
From May 2020, a marketing strategy for accelerated growth was
developed that centres on the customer and growth of the customer
base through the recruitment of students and business partners; the
retention of students and clients; the referrals from increased
awareness activity as well as media and public relations. Brand
positioning, business to business and business to consumer
marketing plans have been completed and actioned in 2020. A
comprehensive Ambassador programme has been developed to accelerate
brand awareness and growth.
Wey has achieved notable success in sharing student stories,
testimonials and thought leadership in the form of news articles,
blogs and industry publications. Sharing what Wey does and the
benefits of online learning are essential to Wey's accelerated
growth as online learning moves towards mainstream customers.
InterHigh was recognised as "Educational Establishment of the Year"
at the annual Education Resources Awards.
Staffing
Highly effective resourcing has been a key business initiative
to enable the business to deliver both the growth and quality
elements of the Wey strategy. There have been Executive
appointments to the Board as described as well as the appointment
of Keith Geraghty as Chief Technology Officer (CTO). The CTO is
positioned to develop and deliver the technology strategy outlined
below. The executive team is well set, performing well and
positioned to further build on our global international
strategy.
There has been further organisational realignment to enable the
business to scale and grow in line with the business objectives of
increased student enrolments. The overall headcount is now over 200
employees. A significant tranche of 42 teachers have joined for the
new academic year ahead and recruitment to fulfil student demand
and ensure a high-quality student experience as well as excellent
educational outcomes is ongoing.
Wey had already launched its remote working policies before
national lockdown and has been well placed to respond to the global
pandemic from a highly engaged and motivated employee base. Our
teaching staff have always worked remotely, meaning that we were
able to continue our education provision with no disruption to our
learners.
Technology
Current Wey technology architecture successfully delivers the
needs of today's business. Wey has been preparing to scale to next
level growth. Programmes to deliver exceptional service, deliver
improved operational efficiency and to strategically assist
learning delivery to remain at the forefront of education presents
an opportunity for Wey to now invest in a step change in cutting
edge technology architecture. With the appointment of a Chief
Technical Officer, the division have been planning the new
technology strategy and investment into the target Wey technology
architecture has commenced with new platforms planned for delivery
in 2021 and beyond.
Summary
The 2019- 2020 year has seen the greatest internal rate of
change since our formation. Wey has implemented unprecedented
marketing investments and activity and experienced increased level
of interest, scrutiny and enrolments as a result. Simultaneously we
have transformed our structures, content, processes and procedures
to meet the actual and anticipated changing profile of our
customers now and going forward to meet our ambitious vision.
Jacqueline K Daniell
CEO
10 November 2020
Financial Highlights
I am pleased to report on another excellent year where we have
delivered sustained growth in the business, delivered on our
strategic aims and continued investment in the future growth of the
business.
Group revenues of GBP8.4m for the year ended 31 August 2020
represents year on year growth of 38%. Revenues in the second half
of the year overall were positively impacted by Covid, representing
54% of overall revenues for the year. Profit margins have been
maintained at over 60% even in light of investment in the education
team to drive the next phase of growth in the business as well as
the enhancement of the quality of education delivery.
As the awareness of online schooling has increased, we have
increased our marketing expenditure to capitalise on the current
market opportunity. We have also bolstered our Executive team with
two appointments in the year. This has led to administrative
expenses increasing from GBP3.4m to GBP4.5m year on year. A
proportion of that spend which primarily occurred in the final
quarter of the financial year is clearly intended to deliver
increased revenue and profits for 2021 and beyond.
Overall, we have delivered a profit before tax of GBP500k for
the year ended 31 August 2020, versus a loss before tax of GBP693k
in the year ended 31 August 2019. The prior year was heavily
impacted by restructuring and other one-off costs. A further
comparative is the operating profit of GBP498k in the current year,
versus GBP53k in the prior year as outlined below. On an adjusted
basis, PBT has more than doubled, to GBP652k.
To reconcile profit before tax to adjusted profit, profit before
tax from continuing operations adjusted for exceptional items,
amortization of acquired intangibles and share based payments as
detailed below.
Year ended Year ended
31 August 31 August
2020 GBP 2019 GBP
Profit/(Loss) before tax from continuing operations 500,385 (380,691)
Add back:
Interest income (1,906) (2,063)
Exceptional costs (Note 3) - 435,755
Adjusted Operating profit/(loss) 498,479 53,001
Amortisation of acquired intangibles 78,748 160,000
Equity based share awards 74,513 109,060
----------- -----------
Adjusted PBT from continuing operations 651,740 322,061
----------- -----------
Adjusted EPS (p) 0.47 0.25
Adjusted Diluted EPS (p) 0.46 0.23
Receivables
Overall receivables have increased from GBP735k to GBP975k
largely as a result of amounts held as retentions by our card
processing merchants - this is a timing issue and is linked to the
volume of transactions.
Trade receivables net of provision stand at GBP505k, a marginal
increase from the prior year balance of GBP498k but overall
represents a reduction in debtor days from 30 to 22.
Liabilities
Current liabilities have increased to GBP3.2m from GBP2.1m. The
majority of this increase is due to an increase in the deposits
held against student accounts (up GBP652k) and amounts billed or
received in advance of the current financial year (up GBP382k).
This demonstrates the healthy position in which the group commences
the 2020/21 financial year.
Cash
The group maintained a very strong cash position with GBP6.5m
(2019: GBP5.0m) of cash balances held at the year end.
Other than the lease liabilities outlined below, the group has
no debt.
Changes to accounting standards
The group has adopted IFRS16: Leases from 1 September 2019 on a
modified retrospective approach. Therefore, it has not restated
comparative period balances.
I FRS 16 introduces new or amended requirements with respect to
lease accounting. It introduces significant changes to lessee
accounting by removing the distinction between operating and
finance leases and requiring the recognition of a right-of-use
asset and a lease liability at commencement for all leases, except
for short-term leases and leases of low value assets.
At year-end the Group had right-of-use assets of GBP158k with
matching lease liabilities of GBP160k.
The interest expense in the financial statements of GBP8k
relates wholly to the group's lease liabilities.
Taxation
The group's profitability and expectation of future
profitability has led to the recognition of deferred tax assets of
GBP370k. These tax assets will be available to offset against
expected future profits in FY21 and beyond.
Barry Nichols-Grey
Finance Director
10 November 2020
Outlook and Summary
The outlook for Wey Education is unequivocally optimistic. The
impact of our previous consolidation and focus, followed by a
robust strategy for accelerated growth has meant that the pandemic
growth and subsequent changes in behaviour have presented yet
further opportunities. The biggest opportunity of our lifetime is
to fundamentally reshape the way we think about, develop, and value
education systems around the world. Wey Education has the
diligence, business plans and sustainability of the sector to
deliver an increased breadth of offering beyond its UK time zone
and secondary education.
The key factor determining investment decisions is Wey's clear
angle of differentiation and skill set in comparison to emerging
providers. We are well placed to capitalise on structural shifts
with improving lifetime value to invest ahead of competition.
Wey is going forward into the 2020/21 academic year with
mastery, autonomy and a great sense of purpose.
WEY EDUCATION PLC
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
YEARED 31 AUGUST 2020
Year Year ended
ended 31 August
31 August 2019
2020
GBP
GBP
Revenue 8,364,052 6,049,370
(2,447,538
Cost of Sales (3,322,175) )
------------ ------------
Gross profit 5,041,877 3,601,832
Other income 2,360 5,668
Expenses
Administrative expenses (4,462,831) (3,445,439)
Equity based share awards (74,513) (109,060)
Operating profit/(loss) 506,893 53,001
Finance costs (8,414) -
Finance income 1,906 2,063
Exceptional costs 3 - (435,755)
Profit/(Loss) before income tax benefit
from continuing operations 500,385 (380,691)
Income tax benefit 367,712 7,804
Profit/(Loss) after income tax from
continuing operations 868,097 (372,887)
Loss after income tax expense from
discontinued operations 4 - (312,530)
Profit/(Loss) after income tax benefit
for the year attributable to the owners
of Wey Education plc 868,097 (685,417)
------------ ------------
Earnings per share from continuing
operations
Basic earnings per share 7 0.63 (0.29)
Diluted earnings per share 7 0.62 (0.29)
Earnings per share from discontinued
operations
Basic earnings per share 7 - (0.24)
Diluted earnings per share 7 - (0.24)
Total earnings per share
Basic earnings per share 7 0.63 (0.52)
Diluted earnings per share 7 0.62 (0.52)
There is no recognised income or expense for the year other that
the loss shown above and therefore no separate statement of other
comprehensive income has been presented.
WEY EDUCATION PLC
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
AT 31 AUGUST 2020
At At
31 August 31 August
2020 2019
GBP GBP
Assets
Current assets
Trade and other receivables 975,098 735,334
Cash and cash equivalents 6,508,973 4,961,373
----------- -----------
Total current assets 7,484,071 5,696,707
Non-current assets
Goodwill 1,630,939 1,630,939
Intangibles 410,901 449,628
Property, Plant and Equipment 195,579 170,990
Right-of-use assets 5 157,685 -
Deferred tax 369,909 -
----------- -----------
Total non-current assets 2,765,013 2,251,557
Total assets 10,249,084 7,948,264
----------- -----------
Liabilities
Current liabilities
Trade and other payables 587,164 323,904
Lease liabilities 39,959 -
Other 2,595,714 1,865,067
----------- -----------
Total current liabilities 3,222,837 2,188,971
Non-current liabilities
Lease liabilities 5 119,892 -
Deferred tax 18,777 -
----------- -----------
Total non-current liabilities 138,669 -
Total liabilities 3,361,506 2,188,971
----------- -----------
Net assets 6,887,578 5,759,293
----------- -----------
Equity
Issued capital 1,384,787 1,312,072
Reserves 6 1,837,816 1,730,692
Retained profits 6 3,664,975 2,716,529
----------- -----------
Total equity 6,887,578 5,759,293
----------- -----------
WEY EDUCATION PLC
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
AT 31 AUGUST 2020
Issued Share Option Retained Total
Capital Premium reserve profits equity
GBP GBP GBP GBP GBP
Balance at 1 September
2018 1,307,072 7,515,023 110,323 (2,604,454) 6,327,964
Total comprehensive
loss after income
tax for the year - - - (685,417) (685,417)
Exercise of share
options and warrants 5,000 15,000 (6,400) 6,400 20,000
Equity based share
awards - - 96,746 - 96,746
Capital reorganisation - (6,000,000) - 6,000,000 -
Balance at 31 August
2019 1,312,072 1,530,023 200,669 2,716,529 5,759,293
---------- ------------ --------- ------------ ----------
Balance at 1 September
2019 1,312,072 1,530,023 200,669 2,716,529 5,759,293
Total comprehensive
profit after income
tax for the year - - - 868,097 868,097
Exercise of share
options and warrants 72,715 129,539 (74,013) 74,013 202,254
Equity based share
awards - - 74,513 - 74,513
Lapse of share options (6,336) 6,336 -
Tax relating to
share option scheme - - (16,579) - (16,579)
Balance at 31 August
2020 1,384,787 1,659,562 178,254 3,664,975 6,887,578
---------- ------------ --------- ------------ ----------
WEY EDUCATION PLC
CONSOLIDATED STATEMENT OF CASHFLOWS
AT 31 AUGUST 2020
Year Year
ended ended
31 August 31 August
2020 2019
GBP GBP
Cash flows from operating activities
Profit/(loss) before income tax benefit
for the year 500,385 (693,221)
Adjustments for:
Depreciation and amortisation 239,069 192,173
Impairment - 8,468
Share-based payments 74,513 96,746
Interest received (1,906) (2,063)
----------- -----------
812,061 (397,897)
Change in operating assets and liabilities:
Increase in trade and other receivables (239,764) (108,585)
Decrease in other operating assets - 64,190
Increase in trade and other payables 263,260 120,651
Increase in other operating liabilities 730,647 1,161,910
1,566,204 840,269
Income taxes refunded - 7,804
----------- -----------
Net cash from operating activities 1,566,204 848,073
Cash flows from investing activities
Payments for property, plant and equipment (104,751) (46,324)
Payments for intangibles (78,800) (87,621)
Interest received 1,906 2,063
Proceeds from disposal of property,
plant and equipment 331
Net cash used in investing activities (181,314) (131,882)
----------- -----------
Cash flows from financing activities
Proceeds from issue of shares 202,254 20,000
Interest paid on lease liabilities (8,414) -
Repayment of lease liabilities (31,130) -
----------- -----------
Net cash from financing activities 162,710 20,000
----------- -----------
Net increase in cash and cash equivalents 1,547,600 736,191
Cash and cash equivalents at the beginning
of the financial year 4,961,373 4,225,182
Cash and cash equivalents at the end
of the financial year 6,508,973 4,961,373
----------- -----------
WEY EDUCATION PLC
NOTES TO THE RESULTS
FOR THE YEARED 31 AUGUST 2020
1. The financial information set out above does not constitute
statutory accounts for the purposes of the Companies Act 2006.
These financial statements have not been reviewed or approved by
the Group's auditors.
2. Wey Education Plc has adopted International Financial Reporting Standards ("IFRS"), IFRIC interpretations and the Companies Act 2006 as applicable to companies reporting under IFRS.
3. Exceptional costs
The group incurred exceptional costs in the prior year in
respect of:
Year ended Year ended
31 August 31 August
2020 2019
GBP GBP
Termination and restructuring costs - 252,341
Onerous lease costs - 174,627
Legal costs - 8,787
- 435,755
------------- -----------
4. Discontinued Operations
During the prior year, the Group took the decision to cease
operations in its overseas entities. Therefore, the results of the
following entities were reclassified as discontinued operations in
accordance with IFRS5:
Wey Education Nigeria Limited;
Wey Education Limited; and
Wey Education Consulting (Beijing) Limited
In addition, various expenses incurred by the parent entity in
relation to the discontinued operations were classified within
discontinued operations.
5. Changes to accounting policy
The Group applied IFRS 16 from 1 September 2019 and elected to
transition to IFRS 16 using the modified retrospective approach and
has not restated comparatives for the 2019 reporting period, as
permitted under the specific transition provisions in the
standard.
Initial application of IFRS 16 affected leases which had
previously been classified as operating leases . At the year end,
the Group has no short term or low value operating leases which
would be exempt from the requirements of IFRS 16.
On adoption of IFRS 16, the group recognised lease liabilities
in relation to leases which had previously been classified as
'operating leases' under the principles of IAS 17 Leases. These
liabilities were measured at the present value of the remaining
lease payments, discounted at a market rate for a loan of a similar
amount and term as of 1 September 2019.
6. Capital reorganisation
On 24 September 2018 at a General Meeting, to allow the Company
to create distributable reserves, shareholders approved a
resolution to effect a capital reduction, transferring GBP6,000,000
from share premium to retained earnings. The transfer became
effective on 21 December 2018 following Court approval.
7. Weighted average number of shares
The calculation of the basic earnings per share is based on the
profit attributable to ordinary shareholders and the weighted
average number of ordinary shares in issue during the period.
The calculation of the diluted earnings per share is based on
the profit per share attributable to ordinary shareholders and the
weighted average number of ordinary shares that would be in issue,
assuming conversion of all dilutive potential ordinary shares into
ordinary shares using the treasury share method.
Reconciliations of weighted average number of ordinary shares
used in the calculation are set out below:
Year Year
ended ended
31 August 31 August
2020 2019
GBP GBP
Weighted average number of ordinary shares
Shares in issue at beginning of period 131,207,120 130,707,120
Impact of share issues in period 6,794,369 73,972
------------ ------------
Weighted average number of ordinary shares
for Basic EPS 138,001,489 130,781,092
Effect of share options outstanding 2,731,761 6,607,840
------------ ------------
Weighted average number of ordinary shares
for Diluted EPS 140,733,250 137,388,932
------------ ------------
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END
FR BLBATMTIMBPM
(END) Dow Jones Newswires
November 10, 2020 02:00 ET (07:00 GMT)
Wey Education (LSE:WEY)
過去 株価チャート
から 7 2024 まで 8 2024
Wey Education (LSE:WEY)
過去 株価チャート
から 8 2023 まで 8 2024