IN BRIEF: Malvern shares down on lower second-half revenue

Fri, 04th Mar 2022 14:02

Malvern International PLC - Milton Keynes, England-based English language learning and skills development - Says revenue was lower in the second half of 2021 than the first half, as international travel disruption hit performance. Costs in the second half also were higher as it invested in sales staff for the Chinese market.

Full-year results will come in at around GBP2.4 million in revenue, up 26% from GBP1.9 million in 2020, and a loss narrowed to around GBP1 million from GBP1.3 million. Malvern also completes the renegotiation of an existing GBP2.6 million debt facility with Boost&Co Ltd on Friday, having ended 2021 with GBP5.8 million debt.

In 2022, Malvern sees evidence of pent-up demand, with English Language Teaching student numbers up year-on-year in the first quarter, and the strongest booking pipeline for ELT centres since Covid. It expects to return to or exceed pre-pandemic levels during the year.

Chief Executive Officer Richard Mace says: "January student numbers and the Government announcement to remove testing for fully vaccinated arrivals into the UK, provides us with confidence that student numbers will return to pre-pandemic levels this year."

Current stock price: 0.11 pence, down 12% on Friday

12-month change: down 56%

By Elizabeth Winter; elizabethwinter@alliancenews.com

Malvern Intl