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(Alliance News) - Malvern International PLC on Monday said it intends to repay its short-term loan amid strong demand for its products.
The AIM-listed skills development company said it has now received payments amounting to GBP760,920 in respect of the GBP900,000 debtor reported in January.
Further payments are expected to be received in the second quarter of 2021, but the full extent of these is uncertain, Malvern said, and it now is not expecting to make a complete recovery of the remaining debt.
Malvern said it now intends to repay the short-term loan agreement of GBP350,000 with Boost & Co Ltd.
Turning to trading, the company said its University Pathway programmes will continue to be delivered online, while universities follow a tiered approach to returning to on-campus teaching.
Meanwhile, Malvern noted that its language schools have opened for face-to-face teaching from March 8.
Going forward, the company noted strong demand for its education products and said it expects further growth in the University Pathway division in September.
"With the accelerated vaccine rollout, we are hopeful that there will be a plan to safely open international travel before the summer and expect the language business division to build up to normal levels by the end of the year," the company said in its statement Monday.
Malvern shares were trading 12% higher in London on Monday at 0.27 pence each.
By Evelina Grecenko; evelinagrecenko@alliancenews.com
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