Rise Education Cayman, a junior English language training provider in China, has announced 2019 net income of ¥144.6 million (£16.4 million), compared to net income of ¥142.4 million reported for 2018. Revenue for the year was ¥1.53 billion, up from ¥1.27 billion reported for 2018.

The Beijing-based company also reported results for the fourth quarter of 2019. Net income for the period was $49.4 million, up from ¥34.4 million reported for Q4 2018. Revenue for the period was ¥416.2 million, up from ¥354.2 million reported for Q4 2018.

Rise Education Cayman chairwoman and chief executive Lihong Wang said: “Throughout 2019, we continued to see strong demand for after-school English tutoring services in China. Leveraging our strong brand recognition and exceptional execution capabilities, our top line grew by 20.3% in 2019. New students enrolled for Rise regular courses increased by 12.3% for the year while students in class for Rise regular courses increased by 10.2% as of December 31, 2019 when compared with last year.

“While we generated solid financial results for the year, we also experienced higher refund rates and lower-than-expected rollover rates, reflecting the impact of the three-month tuition collection policy implemented in certain cities. As a result, students in class and new students enrolled for Rise regular courses fell short of their target for the year despite a strong pipeline of prospective students.”