Final results for the year ended 31 December 2021

Malvern International plc (AIM: MLVN), the global learning and skills development partner, announces its preliminary results for the year ended 31 December 2021.


  • Revenues increased 27 per cent. to £2.42m (2020: £1.90m). The operating loss for the year was £1.32m (2020: loss £1.33m) reflecting strong cost control measures coupled with increased investment in our sales and marketing team to ramp-up student recruitment efforts in key territories.
  • The loss for the year from continuing operations was £1.59m (2020 loss: £1.66m), resulting in a loss per share on continuing operations of 0.08 pence (2020 loss: 0.23 pence).
  • The total loss including discontinued operations was £1.15m (2020 loss: £2.14m).
  • As at 31 December 2021, the cash position was £0.4m and net debt was £5.85m. Net debt includes £3.35m of lease liabilities.

Operational highlights

  • Executive management team appointments: CFO and Director of University Partnerships
  • Reached 80 per cent. of pre-pandemic levels of students in Q4 2021
  • All language schools now approved by the Kuwaiti Cultural Office
  • Expanded sales team expansion to target key student recruitment geographies
  • Pathway student numbers impacted by pandemic but positioned to grow significantly in 2022
  • £2.6m loan restructured over six years (post year end)

Commenting on the results and prospects, Richard Mace, Chief Executive Officer, said: 

“Student numbers were rebuilding throughout 2021 and by Q4 we had reached 80 per cent. of pre-pandemic levels, although ongoing international travel restrictions impacted higher education starts for the 2021/22 academic year.  We have made strong progress in building our sales and marketing team to target key territories such as China and Middle East and North Africa (“MENA”). All our language schools are now approved by the Kuwaiti Cultural Office which presents a significant opportunity to attract a consistent number of students and recurring income streams. 

Since the year end, we successfully renegotiated the Company’s £2.6m debt facility which is now payable over six years up to 2028.

We expect student numbers to reach pre-pandemic levels during this year and, with fewer international student providers today than two years ago due to M&A activity and closures, we believe we are well placed to build the business in 2022 and beyond.”