Final results for the year ended 31 December 2022

Malvern International plc (AIM: MLVN), the global learning and skills development partner, announces its final results for the year ended 31 December 2022.


  • Revenues increased 169% to £6.51m (2021: £2.42m)
  • The operating loss for the year reduced to £0.78m (2021: loss £1.32m) reflecting continued strong cost control measures together with ongoing investment in our sales and marketing and central operations
  • The loss for the year was £1.08m (2021 loss: £1.59m)
  • Loss per share of 4.95 pence (2021 loss: 8.49 pence)
  • Cash balances increased by £0.81m during the year to £1.18m (2021: £0.37m) reflecting cash inflow of £1.32m (2021: cash outflow of £1.19m). This increase was due to the late invoicing to us of accommodation costs
  • Net debt was £4.38m (2021: £5.85m) including £3.08m (2021: £3.35m) of lease liabilities

Operational highlights

  • Over three-fold an increase in University Pathways students for 2022/23 academic year with 500 University Pathway students now enrolled
  • Revenues in English Language Training (“ELT”) centres bounced back during summer months ahead of pre-pandemic levels
  • Continued to strengthen and deepen relationship with the University of East London (“UEL”)  with five-year partnership aiming to increase rapidly the volume of Chinese student enrolments
  • Strengthened senior management team with promotions and appointments of a Director of University Partnerships, Director of Student Recruitment, Commercial Director of ELT, Head of Operations and a Group HR Manager
  • Appointed an experienced East Asia Director to manage and grow our agent network across China
  • Junior programmes relaunched in summer of 2022 with 976 students enrolled after two years of no activity

Richard Mace, Chief Executive Officer, said: “Student numbers continued to rebuild throughout 2022 as limitations on international travel eased. English Language Training bounced back in 2022 with three centres posting revenues ahead of the pre-pandemic period during the busy summer months. Our University Pathways saw a three-fold increase in student numbers for the 2022/23 academic year start, contributing significantly to our overall University Pathways population of 500 students and giving a strong indication of the potential of this division. Juniors delivered programmes to 976 students, generating revenues of c.£1.35m after two years of no activity.

Our forward bookings and revenue visibility for the start of 2023, combine with the removal of all COVID-19 restrictions, gives us confidence in Malvern’s near and longer term prospects. We expect to move towards profitable growth in all divisions in 2023.