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(Sharecast News) - Learning and skills development firm Malvern International lowered forecasts for annual revenues on Thursday after a weaker-than-expected second half offset the strong performance seen in the first six months of the year.
Malvern said that while revenue in the first half was "slightly ahead" of management expectations, the increase in revenues anticipated in the second half had not been as strong as expected.
As a result, the AIM-listed company said full-year revenues were now expected to be just "modestly ahead" year-on-year, with a bigger increase set to occur only if its Malaysian operation was excluded.
Malvern said forward bookings for its university courses had been affected by the late and unexpected delay in the approval process, while its London operations had not been in line with expectations principally due to reduced bookings from Europe and South America.
"We have been working with our regional sales partners to improve our marketing in these regions and bookings for 2020 from these regions are now improving," said the group.
Malvern expects to report positive underlying earnings for the year, adjusted for one-off integration, restructuring costs and operations in Malaysia.
As of 1020 GMT, Malvern shares had sunk 40% to 0.90p.
13 May 2024 16:18
UK shareholder meetings calendar - next 7 days
| Tuesday 14 May | |
| Aptitude Software Group PLC | AGM |
| Chesnara PLC | AGM |
| Cirata PLC | AGM |
| Computacenter PLC | AGM |
| EKF Diagnostics Holdings PLC | AGM |
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| Wednesday 15 May | |
| Accrol Group Holdings PLC | GM re takeover by Navigator Paper |
| Aura Renewable Acquisitions PLC | AGM |
| Barratt Developments PLC | GM re takeover of Redrow PLC |
| Bridgepoint Group PLC | AGM |
| Burford Capital Ltd | AGM |
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| Funding Circle Holdings PLC | AGM |
| Gama Aviation PLC | GM re tender offer |
| GCP Asset Backed Income Fund Ltd | AGM |
| Greggs PLC | AGM |
| IQGeo Group PLC | AGM |
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| Redrow PLC | GM re takeover by Barratt Developments PLC |
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| TP ICAP Group PLC | AGM |
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| Thursday 16 May | |
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| Global Opportunities Trust PLC | AGM |
| Gresham Technologies PLC | GM re takeover by STG Partners funds |
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| Vector Capital PLC | AGM |
| Vistry PLC | AGM |
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| Friday 17 May | |
| Bank of Cyprus Holdings PLC | AGM |
| Central Asia Metals PLC | AGM |
| Quantum Exponential Group PLC | GM re potential substantial investment in company |
| Monday 20 May | |
| Georgia Capital PLC | AGM |
| Harworth Group PLC | AGM |
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| Malvern International PLC | AGM |
| Windward Ltd | AGM |
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