IN BRIEF: Malvern International To Focus On UK Schools; Loss Widens

Thu, 08th Oct 2020 15:08

Malvern International PLC - learning and skills development company - Posts pretax loss for the year ended December 31 of GBP5.7 million, widening from GBP340,673 a year prior. Revenue was up to GBP6.5 million from GBP6.3 million a year before. Impairment of intangible asset & goodwill increased to GBP2.9 million from none a year prior and salaries & employees' benefits doubled to GBP1.9 million from GBP988,423 a year before.

Non-Executive Chair Mark Elliot said: "As a result of the impact of Covid-19, the board took the decision to close the Singapore school due to the significant investment it would have required to maintain the business as a going concern.

"Under the management of our new chief executive officer, Richard Mace, we can now focus entirely on the UK business. We are working on the assumption that business will return to normal levels by the summer of 2021. In the meantime, the London, Manchester and Brighton language schools have now reopened following government social distancing and hygiene guidelines."

Current stock price: 0.14 pence

Year-to-date change: down 84%

By Greg Roxburgh; gregroxburgh@alliancenews.com

Malvern Intl