Last checked at 30 May 2023 07:00
This announcement contains inside information for the purposes of Article 7 of the Market Abuse Regulation (EU) 596/2014 as it forms part of UK domestic law by virtue of the European Union (Withdrawal) Act 2018 ("MAR"), and is disclosed in accordance with the Company's obligations under Article 17 of MAR
30 May 2023
MALVERN INTERNATIONAL PLC
("Malvern", the "Company" or the "Group")
Trading update
Malvern International plc (AIM: MLVN), the global learning and skills development partner, is pleased to provide a trading update ahead of the Annual General Meeting being held later today.
University Pathways
The student intake for pathways in September 2023 is expected to be well ahead of the September 2022 intake (c.245 students) and management's budget, based on deposits. This is the result of the Company's strategic investment over the last two years in sales and marketing, management team and processes within our University Partnerships structure. South Asia continues to be the biggest contributor of university pathway students.
English Language Training ("ELT") and Juniors
Based on the current booking levels, student intake for the Language In Action junior programmes in 2023, is expected to be in excess of 2,000 (2022: 976 students). As a result, 2023 revenue from the Junior division is expected to be in excess of £3m (2022: c£1.35m). The bulk of Juniors revenue is recognised in the second half of the year (July and August). The Board see this as an excellent result and further proof that the industry is rebounding since COVID-19. The Board also believe this is a result of the Company capturing market share on the back of Language In Action's excellent British Council Accreditation report in 2022.
Revenues for the ELT programmes by the end of April 2023 had exceeded the first six months of 2022 (£1.1m). The Company is entering a key booking period for Summer 2023, when the bulk of ELT students travel and study. Malvern works with the biggest agencies in Brazil, Saudi Arabia, Kuwait and Italy and expects to see continued growth 2023.
The Board is confident for Malvern's prospects and expects to achieve growth in all divisions in 2023.
www.malverninternational.com.
For further information please contact:
| ||
Malvern International Plc | www.malverninternational.com | |
Mark Elliott - Chairman | Via our website | |
Richard Mace - Chief Executive Officer | ||
WH Ireland (NOMAD & Broker) | www.whirelandcb.com | |
Mike Coe / Sarah Mather | 0207 220 1666 | |
Notes to Editors:
Malvern International is a learning and language skills development partner, offering international students essential academic and English language skills, cultural experiences and the support they need to thrive in their academic studies, daily life and career development.
University Pathways - on and off-campus university pathway programmes helping students progress to a range of universities, as well as in-sessional and pre-sessional courses.
Malvern House Schools - British Council accredited English Language Training at English UK registered schools in London, Brighton and Manchester.
Malvern Online Academy - British Council accredited online school, offering supported tuition to students from around the world in English language, higher education, and professional education.
Juniors and summer camps - fully-immersive summer residential English language camps and bespoke group programmes for 13 to 18 year olds.
For further investor information go to www.malverninternational.com .