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WEY Wey Education Plc

47.25
0.00 (0.00%)
28 Mar 2024 - Closed
Delayed by 15 minutes
Share Name Share Symbol Market Type Share ISIN Share Description
Wey Education Plc LSE:WEY London Ordinary Share GB00B54NKM12 ORD 1P
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  0.00 0.00% 47.25 0.00 00:00:00
Industry Sector Turnover Profit EPS - Basic PE Ratio Market Cap
0 0 N/A 0

Wey Education PLC Final Results (8515S)

11/11/2019 7:00am

UK Regulatory


Wey Education (LSE:WEY)
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From Mar 2019 to Mar 2024

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TIDMWEY

RNS Number : 8515S

Wey Education PLC

11 November 2019

WEY EDUCATION PLC

("Wey", the "Group" or the "Company")

PRELIMINARY ANNOUNCEMENT OF RESULTS

FOR THE YEARED 31 AUGUST 2019

FINANCIAL HIGHLIGHTS:

   --     Turnover increased by 44.3% to GBP6.0m (2018: GBP4.2m) 

-- Adjusted PBT from continuing operations more than doubled to GBP322k (2018: GBP148k), ahead of market expectations

-- Statutory loss before tax of GBP685k (2018: GBP302k), impacted by exceptional items of GBP436k (2018: GBP54k) and loss from discontinued operations of GBP312k (2018: GBP174k)

   --     Operating profit of GBP53k (2018: operating loss of GBP107k) 
   --     Adjusted EPS 0.25p (2018: 0.12p), statutory LPS 0.52p (2018: 0.25p) 
   --     Cash balances at year end of GBP5.0m (2018: GBP4.2m) 

OPERATIONAL HIGHLIGHTS:

   --     Significant growth in student enrolment, including Sixth Form expansion 
   --     Successfully established Interhigh Juniors for primary age children 
   --     Teaching Online course introduced and accredited by ATHE level 4 
   --     Key appointments to Wey management team 
   --     Introduction of vocational City & Guilds Assured Courses 
   --     Developments to Wey's learning platform 
   --     Company stabilized into two main brands, InterHigh and Academy 21 

Commenting on the results, Barrie Whipp (Chairman) said:

"These results represent a pleasing outcome in a year where Wey underwent significant change. We have increased turnover, delivered profitability at the operational level and hold significant cash resources allowing us to continue our growth journey. The Board plans to not simply consolidate but accelerate growth in our core businesses"

 
 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) 
 James Joyce (Corporate Finance)           +44 (0) 20 7220 1666 
 
 

Chairman's Statement

The financial year which ended on August 31, 2019 was an extraordinary period for Wey Education Plc. The sad death of our Chairman shook the Board to the core, however there was only one course of action to take; implement a plan that would take the Group forward and execute it to the best of our ability.

Jacqueline Daniell was appointed Chief Executive Officer to lead the operations of the business. Jacqui founded both InterHigh and Academy 21, so was the ideal candidate to step into this role. I had been a Non-Executive Director since 2015 and David Massie was my friend for over 30 years, I believed that, along with the other members of the Board, we could settle the Group and then drive it forward.

The Board decided that executing Joint Ventures in Africa and China was a strategy that did not fit with the focus that the Board wished to implement in InterHigh and Academy 21 and we decided to terminate our physical operations in these areas. We also took the decision to close executive offices in London and the associated London Learning Centre. Finally, we decided to cease specific activities in some of the new, minor brands in English as a foreign language and other services. These decisions had a short-term cost and I do not shy away from the fact that these resulted in the Group making a statutory Loss before Tax for the year. The financial benefits, however, are substantial on an ongoing basis.

After a short period of stabilization, the Group was able to focus clearly on its two core businesses, InterHigh and Academy 21. Stakeholders can now see clearly how Wey's accounts reflect the income from supplying our services of online education, less the cost of teaching and overhead. This demonstrates how well capitalized, funded and operationally geared the Group is.

InterHigh is a Business to Consumer Company selling directly to parents, and is, in the opinion of the Directors, the UK's leading online secondary school. In fact, InterHigh now offers online education to students from late Primary School age to Sixth Form and our student numbers are growing.

Academy 21 is a Business to business Company which supplies education services including alternative provision to education providers such as schools and other institutions.

The Board's aim, in its short to medium term plan, is for the combined Wey business to become the largest secondary school in the UK by number of students.

Educationally, we aim to provide the very best experience we can for our students. We have increased our teaching staff and have completed development of the Teaching Online qualification, available on the OFQUAL register. Going forward, all of our teaching staff and new recruits will be required to take the course and pass the related examination. We have continued to regularly engage with the Department for Education to assist in their desire to implement voluntary registration of online education provision. Our Non-Executive Director, Dame Erica Pienaar is an invaluable resource in leading our Academic Advisory Board and furthering our policies and procedures to ensure that we lead the way in compliance and safeguarding.

Our commitment to enhancing the Wey learning platform continues and we are experiencing some successes with delivering projects that will enable further development in automated learning. The ongoing partnership with the University of South Wales allows us to embed the latest research into our technology strategy. We aim for Wey to be at the very forefront of technical developments in online education and will continue to invest in these areas appropriately.

It is pleasing to be able to report that the Group's revenues were in excess of GBP6m for the financial year. Our growth has been achieved consistently and we believe that we have the platform to become, in terms of student numbers, the size of a multi-academy trust. It should not be underestimated that Wey provides online education to students overseas as well as the UK, nor that our corporate sales department is still in a fledgling stage.

After adding back the costs of exceptional items and discontinued businesses the core of the business produced a pre-tax operating profit.

Our capital reconstruction was finalized during the year and we are well funded with cash balances in the region of GBP5m.

The operational success of Wey is very much due to the efforts of Jacqueline and our committed, enthusiastic and loyal team, not only in our Head Office but our teaching staff who are based remotely. I am grateful to them for their commitment and support. I am also grateful for the support of our Board, advisers and a number of significant shareholders who agreed with our new strategy and vision for Wey going forward.

Barrie RJ Whipp

Chairman

11 November 2019

Operational Review

I am pleased to be able to report on a year where Wey Education went through a significant strategic review and implemented a clear plan for the future.

The core business grew turnover by 44% and we are optimistic that our marketing and recruitment strategy will ensure that growth will continue on an upward path. We have reached levels of operational gearing across the group which will allow us to deliver improved profitability as we grow.

For clarity I describe our operating businesses as follows:

InterHigh (www.interhigh.co.uk), delivers live, interactive teaching of the British Curriculum to year groups 4 through to 13, including teaching both IGCSE and A levels and with some City and Guilds and other vocational courses. It is a complete school with a broad academic, pastoral and enrichment programme ensuring that young people who join the school study successfully for their future career and life choices. InterHigh continues to expand and pupil numbers are at an all-time high.

Academy 21 (www.academy21.co.uk) is an online educational business that provides a range of Key Stage 3 and GCSE programmes to pupils who have been referred by local authorities and schools across the UK. It delivers alternative education provision to schools, local authorities and other education providers. The group has successfully grown the business since acquisition, and the brand now leads the B2B division. Revenue and profitability in Academy21 has exceeded the group's targets this year.

Education and learning

Education and learning have been extended in InterHigh to include a Junior school division delivering Key Stage 2 (Primary) curriculum, initially to years 5 and 6 and more recently to year 4. The primary division of InterHigh delivers an inclusive curriculum which includes core subjects as well as communication and creative pursuits subjects. In the secondary school division, InterHigh has extended its available subjects to include 9 core and 4 additional subjects at Key stage 3. At Key stage 4, InterHigh has grown its range of additional subjects and 6 vocational City and Guilds Assured Courses. In the Sixth Form, pupils can choose from a range of 20 A level subjects.

Academic Results overall have improved on last year and were once again outstanding in English.

Staffing

Following the closure of our London Learning Centre, the management functions, administrative staff and senior teaching personnel are based at the Group's administrative headquarters in Crickhowell, Wales while teaching staff are home based. Separate exam centre/meeting facilities accommodation is located in Abergavenny.

Staffing structures have been rationalized and made highly scalable. Some key positions have been identified and new recruitment mechanisms have meant relevant appointments have been made swiftly. Executive Head Teacher, Head of Business Information and Head of Educational Partnerships have added capacity to Wey's management team.

Technology

As well as continuous planned enhancements and releases, further developments have been built on the Wey learning platform and software integrations enhanced. The continued partnership with the University of South Wales means that progress has been made in the technology roadmap towards the vision for an AI enabled school.

Jacqueline K Daniell

CEO

11 November 2019

Financial Highlights

I am pleased to report that we have delivered continued growth in revenues alongside improvements in gross profit margins.

Group turnover of GBP6.0m for the year ended 31 August 2019 (2018: GBP4.2m) represents year on year growth of 44%. The prior year included partial contribution from Academy 21 which was acquired in December 2017 - if it had been included for the entirety of the comparative period the underlying revenue growth would have been 36%.

The Group improved gross profit margins from 53.4% to 59.5% between 2018 and 2019, as a result of the increase in Academy 21 revenues as a proportion of group revenues, as well as better teacher utilization and changes to our teaching model.

Administrative expenses increased from GBP2.2m in 2018 to GBP3.4m in 2019. A number of expenditure items related to investment in growth, particularly in marketing, did not occur until the second half of FY18 following the share placing in November 2017. Therefore, we have only seen the full cost of these investments in FY19. We expect the growth in costs to stabilize as we exploit operational gearing over the coming years to deliver improved profitability as we grow revenues.

The overperformance in terms of 2019 revenues allowed the group to accelerate marketing activity in the second half of the year to secure business for FY20 and beyond.

Overall, we have made a statutory loss before tax of GBP685k for the year, however the group incurred costs of GBP312k in respect of its discontinued overseas operations during the year. In addition, the group incurred exceptional costs of GBP436k in respect of termination and restructuring costs and the costs of closing the London Learning Centre.

The group maintains a very strong cash position with GBP5.0m of cash balances held at the year end.

To reconcile the headline figures to adjusted profit, being loss before tax from continuing operations adjusted for exceptional items, amortization of acquired intangibles and share based payments, we have more than doubled the adjusted PBT year on year.

 
                                                  Year ended      Year ended 
                                                   31 August       31 August 
                                                2019 GBP'000    2018 GBP'000 
                                                                 (restated*) 
 Loss before tax from continuing operations        (380,691)       (160,491) 
 Add back: 
 Finance costs                                       (2,063)           (432) 
 Exceptional costs                                   435,755          61,313 
 Exceptional income                                        -         (7,500) 
 Operating profit/(loss)                              53,001       (107,110) 
 Amortisation of acquired intangibles                160,000         160,000 
 Equity based share awards                           109,060          95,452 
                                              --------------  -------------- 
 Adjusted PBT from continuing operations             322,061         148,342 
                                              --------------  -------------- 
 
 Adjusted EPS                                           0.25            0.12 
 Adjusted Diluted EPS                                   0.23            0.11 
 

*Note - The prior year comparatives have been restated as a result of the implementation of IFRS 9 and the restatement of certain costs which relate to our discontinued operations in Kenya, Nigeria and China. See note 3 for further details.

Barry Nichols-Grey

Finance Director

11 November 2019

Outlook and Summary

The group marketing strategy is designed to concentrate resources on the best possible opportunities to increase sales in its Business to Consumer market, whilst also developing and growing educational partnerships, both domestic and overseas. The Board is committed to be ambitious in accelerating growth in its core businesses.

Wey has continued to be viewed as a leader in online education delivery in the UK as evidenced by the Department for Education's invitation to assist in a small working party to help implement the voluntary registration of online providers. The DfE has now launched a public consultation with the first registrations planned for January 2020.

Financial resources and technical expertise are aligned to ensure Wey can maintain the quality in education delivery on a scale that represents further significant growth, through the deployment of emerging technologies and machine learning. With cash resources and a stable core business the Board looks to the future with confidence.

Annual General Meeting and Other Dates

The Group's provisional reporting timetable for 2019/20 is as follows:

   Date of AGM                                       28 January 2020 
   Publication of Interim Results             11 May 2020 
   Preliminary Announcement                 9 November 2020 

WEY EDUCATION PLC

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

YEARED 31 AUGUST 2019

 
                                                                          Year         Year ended 
                                                                         ended          31 August 
                                                                                             2018 
                                                                     31 August         (restated) 
                                                                          2019                GBP 
 
                                                       Note                GBP 
 Revenue                                                             6,049,370          4,191,873 
 Cost of Sales                                                     (2,447,538)        (1,950,045) 
                                                                  ------------       ------------ 
 Gross profit                                                        3,601,832          2,241,828 
 
 Other income                                                            5,668                402 
 
 Expenses 
 Administrative expenses                                           (3,445,439)        (2,253,888) 
 Equity based share awards                                           (109,060)           (95,452) 
 
 Operating profit/(loss)                                                53,001          (107,110) 
 
 Finance costs                                                           2,063                432 
 Exceptional costs                                      4            (435,755)           (61,313) 
 Exceptional income                                     4                    -              7,500 
 
 Loss before income tax benefit from 
  continuing operations                                              (380,691)          (160,491) 
 
 Income tax benefit                                                      7,804             33,095 
 
 Loss after income tax from continuing 
  operations                                                         (372,887)          (127,396) 
 
 Loss after income tax expense from 
  discontinued operations                               3            (312,530)          (174,472) 
 
 Loss after income tax benefit for 
  the year attributable to the owners 
  of Wey Education plc                                               (685,417)          (301,868) 
                                                                  ------------       ------------ 
 
 Earnings per share from continuing 
  operations 
 Basic earnings per share                               6               (0.29)             (0.10) 
 Diluted earnings per share                             6               (0.29)             (0.10) 
 
 Earnings per share from discontinued 
  operations 
 Basic earnings per share                               6               (0.24)             (0.14) 
 Diluted earnings per share                             6               (0.24)             (0.14) 
 
 Total earnings per share 
 Basic earnings per share                               6               (0.52)             (0.25) 
 Diluted earnings per share                             6               (0.52)             (0.25) 
 

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.

Please refer to note 3 for details of restatement of prior period comparatives.

WEY EDUCATION PLC

CONSOLIDATED STATEMENT OF FINANCIAL POSITION

AT 31 AUGUST 2019

 
                                                                            At                 At 
                                                                     31 August          31 August 
                                                                                             2018 
                                                                          2019         (restated) 
                                                                                              GBP 
                                                                           GBP 
                                                        Note 
 Assets 
 Current assets 
 Trade and other receivables                             3             735,334            626,749 
 Cash and cash equivalents                                           4,961,371          4,225,182 
                                                                   -----------       ------------ 
 Total current assets                                                5,696,705          4,851,931 
 
 Non-current assets 
 Goodwill                                                            1,630,939          1,630,939 
 Investment in subsidiaries                                                  -                  - 
 Intangibles                                                           449,628            562,645 
 Property, Plant and Equipment                                         170,990            188,859 
 Total non-current assets                                            2,251,557          2,382,443 
                                                                   -----------       ------------ 
 Total assets                                                        7,948,262          7,234,374 
 
 Liabilities 
 
 Current liabilities 
 Trade and other payables                                              323,904            203,253 
 Other                                                               1,865,067            703,157 
                                                                   -----------       ------------ 
 Total current liabilities                                           2,188,971            906,410 
                                                                   -----------       ------------ 
 Total liabilities                                                   2,188,971            906,410 
 
 Net assets                                                          5,759,291          6,327,964 
                                                                   -----------       ------------ 
 
 Equity 
 Issued capital                                                      1,312,072          1,307,072 
 Reserves                                                5           1,730,692          7,625,346 
 Retained profits/ (accumulated losses)                  5           2,716,527        (2,604,454) 
                                                                   -----------       ------------ 
 Total equity                                                        5,759,291          6,327,964 
                                                                   -----------       ------------ 
 

WEY EDUCATION PLC

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

AT 31 AUGUST 2019

 
                              Issued         Share     Option      Retained       Total 
                             Capital       Premium    reserve       profits      equity 
                                 GBP           GBP        GBP           GBP         GBP 
 Balance at 1 September 
  2017                     1,039,685     2,868,263     77,288   (2,323,251)   1,661,985 
 
 Total comprehensive 
  loss after income 
  tax for the year                 -             -          -     (301,868)   (301,868) 
 
 Issue of shares 
  for cash                   227,273     4,772,727          -             -   5,000,000 
 Exercise of share 
  options and warrants        40,114       157,954   (20,663)        20,663     198,068 
 Expenses associated 
  with share issue                 -     (283,921)          -             -   (283,921) 
 Equity based share 
  awards                           -             -     53,698             -      53,698 
 
 Balance at 31 August 
  2018                     1,307,072     7,515,023    110,323   (2,604,456)   6,327,962 
                          ----------  ------------  ---------  ------------  ---------- 
 
 Balance at 1 September 
  2018                     1,307,072     7,515,023    110,323   (2,604,456)   6,327,962 
 
 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     2,716,527   5,759,291 
                          ----------  ------------  ---------  ------------  ---------- 
 

WEY EDUCATION PLC

CONSOLIDATED STATEMENT OF CASHFLOWS

AT 31 AUGUST 2019

 
                                                            Year          Year 
                                                           ended         ended 
                                                       31 August     31 August 
                                                            2019          2018 
                                                             GBP           GBP 
 Cash flows from operating activities 
 Loss before income tax benefit for 
  the year                                             (693,221)     (334,963) 
 
 Adjustments for: 
 Depreciation and amortisation                           192,173       225,857 
 Impairment                                                8,468             - 
 Share-based payments                                     96,746        53,698 
 Interest and other finance costs                        (2,063)         (433) 
                                                     -----------  ------------ 
                                                       (397,897)      (55,841) 
 
 Change in operating assets and liabilities: 
 Decrease/(increase) in trade and other 
  receivables                                          (108,585)     (101,009) 
 Decrease in other operating assets                       64,190             - 
 Increase/(decrease) in trade and other 
  payables                                               120,651      (64,626) 
 Increase/(decrease) in other operating 
  liabilities                                          1,161,910      (50,480) 
                                                         840,269     (271,956) 
 Income taxes refunded                                     7,804        33,095 
                                                     -----------  ------------ 
 Net cash from operating activities                      848,073     (238,861) 
 
 Cash flows from investing activities 
 Payment for purchase of business, 
  net of cash acquired                                         -   (1,338,279) 
 Payments for property, plant and equipment             (46,324)     (102,476) 
 Payments for intangibles                               (87,621)      (14,904) 
 Interest received                                         2,063           433 
 Net cash used in investing activities                 (131,882)   (1,455,226) 
                                                     -----------  ------------ 
 
 
 Cash flows from financing activities 
 Proceeds from issue of shares                            20,000     4,914,147 
 Net cash from financing activities                       20,000     4,914,147 
                                                     -----------  ------------ 
 
 Net increase/(decrease) in cash and 
  cash equivalents                                       736,191     3,220,060 
 Cash and cash equivalents at the beginning 
  of the financial year                                4,225,182     1,005,120 
 Cash and cash equivalents at the end 
  of the financial year                                4,961,373     4,225,180 
                                                     -----------  ------------ 
 

WEY EDUCATION PLC

NOTES TO THE RESULTS

FOR THE YEARED 31 AUGUST 2019

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.       Restatement of comparatives 

The group restated its results for the comparative period as a result of:

(a) Implementation of IFRS 9

IFRS9 - Financial Instruments was adopted by the group from 1 September 2019.

The Group applies the IFRS 9 simplified approach to measuring expected credit losses using a lifetime expected credit loss provision for trade receivables. To measure expected credit losses on a collective basis, trade receivables are grouped based on similar credit risk and aging. The contract assets have similar risk characteristics to the trade receivables for similar types of contracts.

The group has restated the comparative trade receivable balances. The impact of the change in accounting policy amounts to an increase in bad debt provision of GBP105,485 at 31 August 2018.

(b) Discontinued operations

During the year, the Group took the decision to cease operations in its overseas entities. Therefore, the results of the following entities have been 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 have been classified within discontinued operations.

The impact of the reclassification for the prior period consolidated statement of profit or loss and other comprehensive income is a reduction in administrative expenses of GBP105,182 and a reduction in exceptional costs of GBP69,290, which have both been reclassified to loss from discontinued operations.

 
                                                                                        Consolidated 
                                                                               2018                     2018 
                                                                                GBP         GBP          GBP 
Extract                                                                      Reported    Adjustment   Restated 
 
Expenses 
Administrative expenses                                                     (2,253,585)       (303)  (2,253,888) 
 
Operating loss                                                                (106,375)       (303)    (106,678) 
 
Exceptional Costs                                                             (130,603)      69,290     (61,313) 
 
Loss before income tax benefit from continuing operations                     (229,478)      68,987    (160,491) 
 
Income tax benefit                                                               33,095           -       33,095 
 
Loss after income tax benefit from continuing operations                      (196,383)      68,987    (127,396) 
 
Loss after income tax expense from discontinued operations                            -   (174,472)    (174,472) 
 
Loss after income tax benefit for the year attributable to the owners of 
 Wey Education plc                                                            (196,383)   (105,485)    (301,868) 
 
Other comprehensive income for the year, net of tax                                   -           -            - 
 
Total comprehensive income for the year attributable to the owners of Wey 
 Education plc                                                                (196,383)   (105,485)    (301,868) 
 
Total comprehensive income for the year is attributable to: 
Continuing operations                                                         (196,383)      68,987    (127,396) 
Discontinued operations                                                               -   (174,472)    (174,472) 
                                                                            -----------  ----------  ----------- 
 
                                                                              (196,383)   (105,485)    (301,868) 
                                                                            ===========  ==========  =========== 
 

4. Exceptional costs

The group has incurred exceptional costs in the current and prior years in respect of:

 
                                        Year ended         Year ended 
                                         31 August          31 August 
                                              2019               2018 
                                                           (restated) 
                                               GBP                GBP 
 Termination and restructuring costs       252,205                  - 
 Onerous lease costs                       174,627                  - 
 Legal costs                                 8,787             18,343 
 Acquisition costs                               -             42,970 
 Litigation receipts                             -            (7,500) 
                                       -----------       ------------ 
                                           435,619             53,813 
                                       -----------       ------------ 
 

5. 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.

6. 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 
                                                      2019          2018 
                                                       GBP           GBP 
 Weighted average number of ordinary shares 
 Shares in issue at beginning of period        130,707,120   103,968,491 
 Impact of share issues in period                   73,973    18,965,689 
                                              ------------  ------------ 
 Weighted average number of ordinary shares 
  for Basic EPS                                130,781,093   122,934,180 
 Effect of share options outstanding             6,607,840     7,740,572 
                                              ------------  ------------ 
 Weighted average number of ordinary shares 
  for Diluted EPS                              137,388,933   130,674,752 
                                              ------------  ------------ 
 

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.

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