Business
Half Yearly Report
Half Yearly Report.
About this update from Malvern International Plc
[{"type":"text","content":"\n RNS Number : 2634Z AEC Education plc 18 September 2009 \n \n\nAEC\n \nAEC Education plc\n('AEC' or the 'Group' or 'the Company')\n\nUnaudited Interim Results \nfor the Six Months ended 30 June 2009\n\nAEC provides educational courses up to post-graduate degree level in the UK and Asia as well as London Chamber of Commerce and Industry ('LCCI') examinations/qualifications in Asia.\n\n\nKey Points\n\n\n\nRevenues up 21% to £3.208m (2008: £2.652m) - reflects strong organic growth\n\n\n\n\n\nProfit before tax up 31% to £403,000 (2008: £308,000)\n\n\n\n\n\nProfits after tax up by 62% to £361,000 (2008: £223,000)\n\n\n\n\n\nEarnings per share of 1.3p (2008: 1.2p)\n\n\n\n\n\nShare placings to raise total of £1.626m \n\n\n\n\n\nNet cash at 30 June 2009: £3.15m (30 June 2008: £0.98m)\n\n\n\n\n\nPost period end - major acquisition completed; Malvern House, the London-based English Language course provider\n - highly complementary addition to Group's activities\n\n\n\n\n\nConfident outlook for future growth\n\n\n\nCommenting on results, Liam Swords, Chairman, said,\n\n'After a very successful year for the Group in 2008, I am delighted to report that AEC continues to make excellent progress. Results for the six months to 30 June 2009 are strong and demonstrate very encouraging organic growth. Despite the economic difficulties worldwide, education continues to represent a resilient market, with students often seeking to enhance their employment prospects via well-regarded educational programmes and qualifications.\n\nI am pleased to report that trading across all our activities in the Far East continues to be strong. In the UK, the integration of Malvern House, which we acquired in July 2009, will be a major focus for us in the second half. The process has already commenced and we will be seeking to optimise fully the synergies that exist between the business and the wider Group. \n\nOur strategy to build the Group through organic growth combined with complementary acquisitions remains and we remain confident of the Group's growth prospects.'\n\n\n\n\nFor further information contact:\n\n\n\n\n\n\nAEC Education...