Breaking News: Meten EdtechX Reports Strong Recovery of its Junior ELT Business During COVID-19 Pandemic | Financial Buzz

Breaking News: Meten EdtechX Reports Strong Recovery of its Junior ELT Business During COVID-19 Pandemic

Meten EdtechX Education Group Ltd. (NASDAQ: METX), a leading omnichannel English language training (“ELT”) service provider in China, today reported strong recovery of its junior ELT business. Gross billings and students enrollments of its junior ELT business in October and November 2020 both exceeded the corresponding period in 2019.

The Company’s junior ELT business continued to maintain its strong performance after the COVID-19 pandemic in China. From January to November 2020, the cumulative gross billings of the junior ELT business have recovered to approximately 76% of the same period in 2019. Moreover, the gross billings of junior ELT business in October and November increased by approximately 49% and 17%, respectively, compared to the same period last year, showing a positive step to profitability.

The renewal and referral income from existing students accounted for approximately 60% of the gross billings, demonstrating the value of the junior ELT in terms of teaching quality, brand reputation and relatively low-cost customer acquisition channels. At the same time, the student enrollment has also recovered month by month with the gradual reopening of offline learning centers. The cumulative new student enrollment from January to November 2020 has recovered to approximately 71% of the same period last year, and the student enrollment in October and November 2020 has increased by approximately 46% and 24%, respectively, compared to the same period of last year. The overall expansion of student enrollment is in line with the Company’s expectation.

In addition to the continuous development of its existing business, the Company also plans to expand market coverage of its junior ELT business so as to explore the potentials or opportunities in the field of K-12 education service. Currently, the Company has launched Chinese and mathematics projects for the first time at its independent junior learning centers in Foshan, Guangdong Province, and Nanchang, Jiangxi Province, and these projects are progressing smoothly.

About Meten EdtechX

Meten EdtechX is a leading ELT service provider in China, delivering English language and future skills training for Chinese students and professionals. Through a sophisticated digital platform and nationwide network of learning centers, the Company provides its services under three industry-leading brands: Meten (adult and junior ELT services), ABC (primarily junior ELT services) and Likeshuo (online ELT). It offers superior teaching quality and student satisfaction, which are underpinned by cutting edge technology deployed across its business, including AI-driven centralized teaching and management systems that record and analyze learning processes in real time.

The Company is committed to improving the overall English language competence and competitiveness of the Chinese population to keep abreast of the rapid development of globalization. Its experienced management is focused on further developing its digital platform and expanding its network of learning centers to deliver a continually evolving service offerings to a growing number of students across China.

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