Half Year Report

Interim results for the six months ended 30 June 2021 

Malvern International plc (AIM: MLVN), the global learning and skills development partner, announces its interim results for the six months ended 30 June 2021 (“H1”).


  • H1 revenues from continuing operations of £1.42m (H1 2020: £1.37m).
  • H1 operating profit (before depreciation, amortisation and finance charges) of £9k (H1 2020: loss £53k)
  • H1 loss before tax on continuing operations was £0.35m (H1 2020: loss £0.44m).
  • Loss per share on continuing activities of 0.02p (H1 2020: loss 0.16p).
  • £1.70m gross raised (£1.60m net of expenses) by way of placing and subscription.
  • Cash as at 30 June 2021 was £1.28m (31 December 2020: £0.10m and 30 June 2020: £0.06m).

*In August 2020, the Group announced the closure of Singapore operations. The Singapore company was formally placed in liquidation in April 2021, this is reported in the current and prior periods as a discontinued operation. Financial information relating to the discontinued operation for the period to the date of the closure is set out in note 7 of the interim statements.

Operating highlights and outlook

  • English Language Training (“ELT”) schools are currently operating at approximately 20% of pre-pandemic levels, in line with management expectations.
  • Provisional bookings for ELT are encouraging, demonstrating the pent-up demand in this area, however many student start dates remain subject to easing of travel restrictions.
  • University Pathways deposits for 2021/22 academic year are currently ahead of the previous year.  However, with the current restrictions in place for international travel, there has been a significant level of deferrals to a January 2022 start.
  • The Group’s NCUK offering was launched in H1 2021.  Student applications are currently being processed for September 2021 term start and we have received the first deposits. The sales and marketing teams are focused on building the brand and reputation of this area of the business.
  • The Group received a significant number of bookings for the 2021 summer camps prior to being put on hold, which points to a strong demand for our product. Our expectation is that this demand will return for summer 2022 as the border restrictions are relaxed.
  • It has been announced that the Hungarian Government’s Language Learning Scholarship Programme for Hungarian Students, Tempus Public Foundation will open again for summer 2022. We can expect to accept bookings for summer 2022 from December 2021.

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

“We have continued to provide tuition to students throughout the period through face-to-face, online and blended learning. While the pandemic has continued to disrupt bookings and the timing of start dates, we are pleased that we have managed to keep our ELT schools open and that provisional bookings for both ELT and University Pathways are rebuilding. There is a clear back-log of demand for all our education services and we expect a robust return once restrictions are eased and in-class teaching can resume. In the meantime we continue to strengthen our sales and marketing teams and ensure the quality of our education services remains high.”