Trading Update

RNS Number : 5305V

AEC Education plc

15 January 2013

 



AIM: AEC

AEC Education plc

("AEC" or "the Group")

Trading Update

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 below current market expectations (2012: 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	[phone]
WH Ireland Limited (NOMAD & Broker) Dan Bate	[phone]
Biddicks Katie Tzouliadis	[phone]

 

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