Final results for the year ended 31 December 2023

Malvern International plc (AIM: MLVN), the global learning and skills development partner, announces its preliminary results for the year ended 31 December 2023.

Highlights

  • Significant turnaround in the business from an Underlying* loss of £1.07m in 2022 to a Underlying profit of £0.15m.
  • Underlying revenue, excluding agent commission grew 86.8% to £10.65m (2022: £5.70m). Agent commission revenue which passes directly to the Group’s agents was £0.94m (2022: £0.18m).
  • Revenues increased across all areas of the Group to £12.2m (2022: £6.5m), with strongest performances from Higher Education and Juniors.
  • Strong revenue growth resulted in an Underlying operating profit of £0.51m (2022 Underlying loss: £0.79m).
  • Underlying profit per share was 0.60 pence (2022 Underlying loss: 4.88 pence), and statutory loss was £0.14m (2022 loss: £1.08m).
  • The loss for the year was £0.16m (2022 loss: £1.08m).
  • Initiated the repayment of Company debt in 2023, with the debt reduced to £2.24m at year-end (2022: £2.60m).
  • Assembled a high-performance team and continued investment in people, sales and marketing and finance functions to support growth aspirations.

*Underlying numbers exclude the results of the closed Brighton school, the charge for warrants and share based payments and the write-back of an historical loan. See note 8 for a reconciliation.

Richard Mace, CEO, commented: “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.

Forward bookings and revenue visibility for 2024 and into 2025 are building. Additionally, we are diversifying our business mix by introducing new high-end academic programmes and offering out-of-season language programmes.

Over the past year, we have assembled a high-performance leadership team, adding momentum to the business and supporting our growth aspirations. With a clear strategic direction, we are well-positioned for continued success.