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AEC Education
- BY: Andrew Hore |
- POSTED: 22/09/2009 |
AEC Education is on course to grow profits by 57% this year.
The educational qualifications and training programmes provider is expected to report 2009 profits of £1.2m, up from £762,000 in 2008.
AEC reported underlying interim profits of £403,000 in the six months to June 2009. Demand remains strong in the company’s core market in the Far East.
London-based educational courses provider Malvern House will make an initial contribution in the second half. AEC will be able to refer students to Malvern House.
Net cash was £1.5m at the end of June 2009 but since then £1.63m has come in from a placing but around £2.84m has been paid in cash for Malvern House - or will be when the next payment is made in October 2009. The business is cash generative so it will still be cash positive after the imminent payment for Malvern House.
At 24.5p a share, AEC is valued at £10.5m.
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