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Meten EdtechX Announces Financial Results for the Second Quarter and the First Half Year Ended June 30, 2021
SHENZHEN, China, Aug. 18, 2021 /PRNewswire/ -- Meten EdtechX Education Group Ltd. (Nasdaq: METX) ("Meten EdtechX" or the "Company"), one of the leading
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[{"type":"text","content":"SHENZHEN, China, Aug. 18, 2021 /PRNewswire/ -- Meten EdtechX Education Group Ltd. (Nasdaq: METX) (\"Meten EdtechX\" or the \"Company\"), one of the leading omnichannel English language training (\"ELT\") service providers in China, today announced its unaudited financial results for the second quarter and the first half year ended June 30, 2021. \nQ2 2021\nHY 2020\nRMB (m)\nYoY (%)\nRMB (m)\nYoY (%)\nGross billings\n172.6\n7.3%\n348.0\n22.0%\nRevenues\n204.8\n8.2%\n411.3\n10.9%\nGeneral adult ELT\n79.3\n38.3%\n146.3\n29.3%\nOnline ELT\n60.9\n(23.1%)\n132.2\n(15.4%)\nOverseas training services\n37.0\n97.4%\n76.9\n87.5%\nJunior ELT\n23.1\n(27.1%)\n48.3\n(12.4%)\nJunior ELT- under \"Meten\" brand\n21.4\n256.3%\n39.2\n269.3%\nJunior ELT- under \"ABC\" brand\n1.7\n(93.3%)\n9.2\n(79.4%)\nGross Profit\n66.2\n23.4%\n137.0\n52.0%\nGross Profit Margin \n32.3%\n4.0 ppts\n33.3%\n9.0 ppts\nAdjusted net loss1\n(75.7)\n16.2%\n(128.9)\n32.3%\n1Non-GAAP measure. For more information about non-GAAP financial measures, please see the section captioned \"About Non-GAAP Financial Measures\" at the end of this press release.\nHighlights\n2Q 2021 revenue increased 8.2% year-on-year to RMB204.8 million (US$31.7 million), HY 2021 revenue increased 10.9% year-on-year to RMB411.3 million (US$63.7 million), primarily as a result of the strong rebound in gross billing after the impact of COVID-19 faded. Supported by investments in the Junior ELT segments and new product development, revenue for Junior ELT under the \"Meten\" brand increased by 256.3% year-on-year in 2Q 2021 to RMB21.4 million (US$3.3 million). Revenue for Junior ELT under the \"Meten\" brand increased by 269.3% year-on-year in HY 2021 to RMB39.2 million (US$6.1 million). 2Q 2021 gross profit increased 23.4% year-on-year to RMB66.2 million (US$10.2 million), primarily as a result of the improvement of gross billings and operational efficiency. Gross profit margin increased 4.0 percentage points year-on-year to 32.3%. HY 2021 gross profit increased 52.0% year-on-year to RMB137.0 million (US$21.2 million). Gross profit margin increased 9.0 percentage points year-on-year to 33.3%. As of June 30, 2021, Meten EdtechX had 102 learning centers in operation. To optimize the layout of offline centers, the Company closed another 8 offline learning centers by the end of the second quarter of 2021. 2Q 2...