Business
Meten Holding Group Ltd. Announces Financial Results for Fiscal Year Ended December 31, 2021
SHENZHEN, China, May 16, 2022 /PRNewswire/ -- Meten Holding Group Ltd. ("Meten Holding Group" or the "Company") (NASDAQ: METX), an omnichannel training
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[{"type":"text","content":"SHENZHEN, China, May 16, 2022 /PRNewswire/ -- Meten Holding Group Ltd. (\"Meten Holding Group\" or the \"Company\") (NASDAQ: METX), an omnichannel training company headquartered in China providing language and workplace training services and actively developing metaverse, blockchain and cryptocurrency mining businesses, today announced its financial results for the fiscal year ended December 31, 2021.\nFY2021\nRMB(million)\nYoY (%)\nGross billings\n551.3\n(23.6%)\nRevenues\n729.0\n(18.7%)\nGeneral adult English LanguageTraining (\"ELT\")\n176.8\n(47.0%)\nOnline ELT\n290.4\n0.2%\nOverseas training services\n151.1\n15.7%\nJunior ELT\n98.0\n(24.8%)\nGross Profit\n245.3\n(15.4%)\nGross Profit Margin \n33.6%\n1.3 ppts\nAdjusted net loss1\n(360.6)\n(12.9%)\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\nFY2021 revenue decreased 18.7% year-on-year to RMB729.0 million (US$114.4 million), primarily as a result of the resurgence of COVID-19 and a reduction in the number of offline learning centers.FY2021 gross profit decreased 15.4% year-on-year to RMB245.3 million (US$38.5 million). Gross profit margin increased 1.3 percentage points year-on-year to 33.6%.As of December 31, 2021, Meten Holding Group had 34 learning centers in operation. To optimize the layout of offline centers, the Company closed another 84 offline learning centers by the end of 2021.FY2021 adjusted net loss increased 12.9% year-on-year to RMB360.6 million (US$56.6 million).Alan Peng, Chief Executive Officer of Meten Holding Group commented:\n\"In fiscal year 2021, we significantly reduced the number of offline learning centers to effectively reduce the impact of the resurgence of COVID-19 on our business, improve the utilization of our resources, and prepare for the strategic transformation of our business. Inevitably, our financial and operational performances have been affected by the initiation of business transformation in fiscal year 2021. However, we expect these measures to significantly reduce the Company's fixed costs, improve profit margins and reduce operating risks in the long term. With an effective resource reallocation, we believe that our offline learning centers' operation performance and profitability will b...