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AEC Education

  • BY: Andrew Hore |
  • POSTED: 15/01/2013 |

Tougher immigration controls continue to hamper the UK educational activities of AEC Education and its 2012 performance was worse than expected.

AEC was already expected to lose money in 2012 but the forecast loss has been increased from £39,000 to £234,000 before exceptional charges but there should still be a 0.2p a share dividend. However, the statement has not changed WH Irelandís expectation that AEC will make a 2013 profit of £784,000.

The UK operations are contracting and AEC is cutting its cost base so that it is in line with the lower revenues. Exceptional charges were £1.7m. Overall revenues for 2012 are expected to be £17m, down from the previous estimate of £17.4m. The core Asian operations grew organically by 16% in 2012.

During the year, AEC sold its non-core examinations business to Pearson for £2.5m. Pearson has sold the 6.8% stake in AEC that it inherited when it bought Educational Development International so there is no further share overhang.

Net cash was around £3.5m at the end of 2012. This can be used to acquire education businesses in Asia.

At 8.75p a share, down 1.75p, AEC is valued at £3.87m.

Download the latest AIM Journal from http://www.hubinvest.com/AIMPDFDecember2012_39.pdf

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