International education firm AEC Education has posted a loss, following “uncertainty surrounding student visas” in the UK.
For the six months ended 30 June 2012, the group posted a pre-tax loss of £670,000 – down from a profit of £298,000 a year earlier.
The firm said that its operations in Asia “continue to perform strongly”. But this was largely offset by “continuing uncertainty” in its UK operations, which made a loss of £939,000. Spokespeople credited this partly to one-off investment and restructuring costs.
As a result, the group said overall results for the first half will “significantly affect” full year profitability.
The firm added that it will remain focused on the growth potential for its overseas English language teaching provision.
Chairman Liam Swords said: “Results across the group's two key trading regions, Asia and the UK, show two contrasting pictures. In Asia, Singapore has continued to perform strongly while Malaysia has seen a significant strengthening in student numbers.
“However, in the UK the impact of the well-documented uncertainty surrounding student visas has continued to adversely impact our English language teaching business in London.”