METX - Meten EdtechX rallies on significant growth in Q1 gross billing and student enrollment

Meten EdtechX Education (METX) rallies 12% higher premarket after reporting that the gross billing and student enrollment of its junior ELT business increased Y/Y by 485% and 483% respectively in Q1, led by continued expansion within its current network of 22 cities.Seven out of the total centers in 22 cities recorded gross billing of RMB1M+ while majority of them achieved their profit goals in March.Gross billing from student renewals and referrals accounted for 61% of the total gross billing of the company's junior ELT business in Q1.Through leveraging its business experience, vertical expansion strategy and brand influence, the company expects its junior ELT business to achieve RMB121M in gross billing in FY21, (+82% Y/Y).

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Meten EdtechX rallies on significant growth in Q1 gross billing and student enrollment