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AEC Education

  • BY: Andrew Hore |
  • POSTED: 13/06/2010 |

AEC Education more than doubled its revenues in 2009 thanks to a six month contribution from English language teaching college Malvern House.

Revenues jumped from £6.15m to £14m with the original Asia-focused businesses also growing even on a constant currency basis. Pre-tax profit rose from £794,000 to £1.08m.

There is scope to steer pupils in Asia to the Malvern House business if they want to learn English to take a UK university course.

Net cash was £3.2m at the end of 2009. A maiden dividend of 0.15p a share was announced. This year there will be an interim and final dividend.

AEC is still looking for acquisitions in the education sector that fit in with the existing operations.

At 19.5p a share, AEC is valued at £8.62m. WH Ireland forecasts that the underlying profit will rise from £1.22m to ££1.62m in 2010 but earnings per share will be flat at 2.6p because of last year‘s share issues. The shares are trading on less than eight times prospective earnings.

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