News blog
AEC Education
- BY: Andrew Hore |
- POSTED: 30/12/2011 |
- COMMENTS: Add yours
Asia-focused educational courses provider AEC Education says that Naresh Malhotra is leaving the board.
He joined the board when AEC acquired London-based language course provider Malvern House in July 2009 and he still owns 5.9% of AEC. The UK business performed in line with expectations last year. Malvern House colleges are being established in Ireland, Cyprus and Oman. They will start trading in the first half of 2012.
AEC had a tough 2010 but despite that it still increased its dividend from 0.15p a share to 0.2p a share. AEC moved from an underlying profit of £1.22m to a loss of £221,000 in 2010 because the uncertainty about student visas hit the English teaching operations in the UK. There were also additional costs for regulatory changes in Malaysia and Singapore. At that time, house broker WH Ireland expected AEC to report a 2011 profit of £1m and a rise in the dividend to 0.23p a share.
There was a return to profit to £298,000 in the six months to June 2011, although it was lower than the profit in the first half of 2010. However, disappointing performances in Malaysia and by the LCCI examinations business in Hong Kong hit the second half figures. There will also be a £400,000 charge for the investment in the new Malvern House operations.
This means that the 2011 profit will be around £300,000 on revenues of £19m.
At 9.75p a share, AEC is valued at £4.31m. There was net cash of £3.19m at the end of June 2011 and there should still be £3m by the end of 2011.
Download the latest AIM Journal from http://www.hubinvest.com/AIMPDFDecember2011_27.pdf
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