Business
Half Year Results
Half Year Results.
About this update from Malvern International Plc
[{"type":"text","content":"\n \nRNS Number : 0154O AEC Education plc 16 September 2013 \n \n\nAIM: AEC\n \n \nAEC Education PLC\n(\"AEC\" or \"the Company\" and together with its subsidiaries, \"the Group\")\n \nHalf year results \nfor the six months to 30 June 2013 \n \nKey Points\n \n· Revenues on continuing activities of £5.74m (2012: £8.98m)\n \n· Operating loss of £0.53m (2012: loss of £0.65m)\n \n· Loss before tax of £0.56m (2012: loss of £0.67m) - including loss of £0.42m from Singapore operations\n \n· Loss after tax from continuing activities of £0.58m (2012: loss of £0.63m)\n \n· Loss from discontinued activities of £0.24m (2012: nil)\n \n· Loss after tax including discontinued activities of £0.82m (2012: 0.63m)\n \n· Loss per share of 1.64p (2012: 1.20p)\n \n· Progress in Europe, especially at London operations which returned to profitability, and in Malaysia were offset by the Singapore operations\n \n· Singapore College's EduTrust certification issues are being addressed and an application for a reinstatement of certification will be made at the earliest appropriate time. Management changes have been made\n \nLiam Swords, Chairman, stated,\n \n\"The Group's results for the six months to 30 June 2013, as expected, show a significant improvement in AEC's European operations. Most importantly, our English language teaching operations in London returned to profitability but our new operation in Ireland also moved into profit at the end of the period and our Cyprus joint venture continued to trade profitably. While this is encouraging, as previously reported, overall results for the half year have been materially adversely affected by deficiencies which emerged at our Singapore operation. These are being addressed but, as we previously stated, results for the year will be affected as we work through the issues and the Group's expected return to profitability will be delayed.\n \n\"Notwithstanding the issues at our operations in Singapore, we are encouraged by progress across our operations in London, Dublin, Cyprus and Malaysia. ...