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/PRNewswire/ Meten EdtechX Education Group Ltd. (Nasdaq: METX) ("Meten EdtechX" or the "Company"), one of the leading omnichannel English language training.
46.9%
1Non-GAAP measure. For more information about non-GAAP financial measures, please see the section captioned “About Non-GAAP Financial Measures” at the end of this press release.
Highlights
1Q 2021 revenue increased 13.8% year-on-year to RMB206.6 million (US$31.5 million), primarily as a result of the strong rebound in gross billing after the impact of COVID-19 faded.
Supported by investments in the Junior ELT segments and new product development, revenue for Junior ELT under the “Meten” brand increased by 286.3% year-on-year in 1Q 2021 to RMB17.8 million (US$2.7 million).
1Q 2021 gross profit increased 93.8% year-on-year to RMB70.8 million (US$10.8 million), primarily as a result of the improvement of gross billings and operational efficiency. Gross profit margin increased 14.2 percentage points year-on-year to 34.3%.