Unaudited Results for the Six Months ended 30 June 2010

23 Sep 2010 aecadmin Finance

AEC EDUCATION PLC
(“AEC” or “the Company” or “the Group”)

Unaudited Results for the Six Months ended 30 June 2010

AEC Education PLC, the provider of educational courses up to postgraduate degree level in Singapore, Malaysia, China, Vietnam, and London and the facilitator of London Chamber of Commerce and Industry (“LCCI”) examinations/qualifications in Asia, is pleased to announce its unaudited results for the six months ended 30 June 2010.

Highlights

  • Strong progress in first half – although some short term challenges
    • significant investment in the business
  • Revenues up by 169% to £8.637m (2009: £3.208m)
    • includes full six month contribution of £5.244m from acquisitions completed in 2009
  • Profit before tax of £346,000 (2009: £403,000)
  • Profit after tax of £338,000 (2009: £385,000)
  • Earnings per share of 0.7p (2009: 1.3p)
  • Net cash of £2.41m (30 June 2009: £3.15m)
    • new banking facilities of £0.9m agreed
  • Integration of major acquisition of Malvern House completed – ongoing investment in H2
  • Flagship Singapore centre awarded 4 year EduTrust Certificate in Sept 2010
    • one of only 11 private education institutions to be accredited currently
  • Based on current trading, Board remains confident of outcome for the full year

 

Commenting on results, Liam Swords, Chairman, said,

“AEC continues to make very encouraging progress albeit the first half presented some challenges for the Group.  Revenues for the first half have more than doubled against the same period last year, principally reflecting the first full six month contribution from Malvern House, the London-based English language education provider, acquired in July 2009.

 To support our growth plans, we have made significant investment in the business over the first half and we will be making further investment over the remainder of the year.  The development of our university relationships is a particular area of interest to us.

Demand for our business and vocational offering across Asia remains buoyant and interest in UK university qualifications and English language learning also remains high.  We are investing in strengthening our marketing and systems capability which will stand the Group in good stead as it moves into new markets and territories.

Alongside organic development, we are continuing to seek acquisitions, which are synergistic and easily integrated. The Board remains very positive about prospects for the business and looks forward to providing a further update in due course.”Enquiries

AEC Education plc
Liam Swords				                Tel: +44 (0) 20 7448 1000 (today)                
                                                        Tel: +44 (0) 20 8308 1202

WH Ireland Limited (NOMAD)
Dan Bate				                Tel: +44 (0)161 832 2174
Stuart Forshaw

Biddicks
Katie Tzouliadis				        Tel: +44 (0) 20 7448 1000
Sophie Lane