(Alliance News) - Shares in Malvern International PLC rose on Wednesday, as the company said it had achieved significant revenue growth and a narrowed loss in 2023.
Malvern International is a London-based learning and skills development company, which provides university pathway programmes, English language training, and teaching courses.
Shares in the company were up 9.5% at 23.00 pence each in London on Wednesday.
In 2023, the company posted a pretax loss of GBP144,782, narrowed from a loss of GBP1.1 million in 2022.
Revenue rose 88% to GBP12.3 million from GBP6.5 million, thanks to growth across all business divisions, and particularly strong performances from Higher Education and Juniors, Malvern said.
Basic losses per share were 0.59 pence in the year, narrowed from 4.95p in 2022.
Chief Executive Officer Richard Mace said: "Malvern's performance in 2023 surpassed the wider market, which continues to recover toward 2019 levels. We achieved year-on-year revenue growth across all three divisions, with exceptional performances from university pathways and strong growth in Juniors. These results have enabled us to make strategic investments in our people and systems, which are crucial as we prepare for the next stage of development."
Looking ahead, Malvern said it is "closely monitoring" immigration policies in the UK, which have a significant impact on its operations.
With this in mind, the company is aiming to enhance its "business mix" by diversifying its offerings to include new academic programmes for Juniors, and expanding its entry-level and higher education course offerings.
Malvern said it is confident in achieving further growth in revenue and underlying profit in 2024.
By Hugh Cameron, Alliance News reporter
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Malvern Intl (MLVN)