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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.
5 Oct 2018 09:44
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