This announcement replaces the statement issued earlier today at 7.00am, 15 January under RNS Number 5305V. The date for the profit before tax figure of £0.36m stated has been changed from 2012 to 2011. In addition, for clarification, the wording of the first sentence of the second paragraph has been amended to read “a loss before tax significantly greater than market expectations”. All other details remain unchanged.
The full amended text is shown below.
AEC Education plc
AEC, the educational programmes provider, issues the following update on trading for the financial year to 31 December 2012.
Results for the year are expected to show revenues of approximately £17.0m (2011: £19.1m) and a loss before tax significantly greater than current market expectations (2011: profit before tax of £0.36m). The Group’s balance sheet remains strong, with significant net cash.
These results reflect markedly contrasting trading performances across our two key trading regions of Asia and the UK. While our Asian operations have performed well, with revenues up approximately 16% year-on-year, results from the UK have necessitated further restructuring and cost reductions. This reflects the continuing weak demand by overseas students for English language teaching programmes in the UK after the government changes to overseas student visas. The actions we have taken regarding our UK operations in the second half will result in one-off costs amounting to approximately £1.4m, which will be recognised in the current financial year.
In spite of the ongoing challenges in the UK, the Board remains positive about the Group’s medium and long term prospects, underpinned by AEC’s strong financial position.
For further information contact:
AEC Education plc Liam Swords Tel: +44 (0) 7775 787427 WH Ireland Limited (NOMAD) Dan Bate Tel: +44 (0)161 832 2174 Biddicks Katie Tzouliadis Tel: +44 (0) 20 3178 6378