(Alliance News) - Malvern International PLC on Thursday reported a jump in revenue as it expects to return to a profit, boosted by students starting courses next month.
The London-based learning and skills development company said revenue in the first half of 2023 surged to around GBP4.8 million from GBP2.3 million a year prior.
"This is the result of strong University pathways student intakes in September 2022 and January 2023 as well as a 40% increase in English language teaching revenues in H1 2023 compared to H1 2022," Malvern said.
Further, it expects to return to a profit, compared to a loss of GBP700,000.
"The increase is the result of the expansion of the international sales team, improved processes to manage and convert the student recruitment pipeline, and significant recruitment travel to key feeder markets including joint marketing trips to India and Nepal with the University of East London," Malvern said.
Malvern shares rose 17% to 21.00 pence each on Thursday morning in London.
By Tom Budszus, Alliance News reporter
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Malvern Intl (MLVN)