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Malvern International PLC - London-based learning and skills development company - Expects revenue for 2022 to be about £6.5 million, up significantly from £2.4 million a year earlier. Pretax loss is expected to narrow to £1.1 million from £1.6 million. Says the second half saw significant growth compared to the first half of 2022 due to a return to pre-pandemic levels of student numbers in adult language schools and first cohorts of junior students since 2019. This has resulted in growth in the second half revenue year-on-year to £4.2 million in 2022 compared to £1.0 million in 2021. Says University Pathway revenue has continued to grow about 50% year-on-year to £2.0 million with a big increase in students from South Asia.
Net debt amounts to £4.4 million as at December 31, compared to £5.8 million a year ago.
Chair Mark Elliott says: ‘The team has worked hard to grow university pathway student numbers in 2022. January’s intake represents a great start to 2023 and strengthens our revenue visibility for [the first half of] 2023 which we expect to be significantly ahead of [the first half of] 2022, with a combination of pre-booked income from the university pathway courses and no Covid-19 restrictions affecting students’ ability to travel. The board is increasingly confident for Malvern’s prospects and expects it achieve growth in all divisions in 2023.’
Current stock price: 16.40 pence each, up 7.5% on Thursday morning in London
12-month change: down 99%
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