Interim results for the six months ended 30 June 2022
Malvern International plc (AIM: MLVN), the global learning and skills development partner, announces its interim results for the six months ended 30 June 2022 (“H1 2022”).
H1 2022 results
- Revenues from continuing operations increased 62% to £2.3m (H1 2021: £1.4m)
- Operating loss (before depreciation, amortisation and finance charges) of £0.34m (H1 2021: profit £9k)
- Loss before tax on continuing operations increased to £0.68m (H1 2021: loss £0.35m), largely due to an increase in strategic investment in the Company’s current, new and targeted revenue streams including new geographies such as India and Nepal, China business development staff, key senior management positions and a Chinese website.
- Loss per share on continuing activities of 0.03p (H1 2021: loss 0.02p).
- Cash as at 30 June 2022 was £0.88m (FY 2021: £0.40m and H1 2021: £1.28m).
- Successfully restructured the Company’s £2.6m debt facility with BOOST&CO (“BOOST”), to free up working capital and support growth.
- University Pathways applications increased significantly in H1 2022 for the 2022/23 academic year versus H1 2021.
- Entered a five-year collaborative partnership with UEL to be the preferred supplier of student recruitment services in mainland China.
- English Language Training (“ELT”) centre revenues were ahead of the 2019 pre-pandemic level during the peak summer period.
- Junior summer camps successfully returned at the end of H1 for the first time since 2019. A total of 976 students signed up for our 2022 summer camps, providing a very encouraging base for an expected increase in 2023.
Commenting on the results and prospects, Richard Mace, Chief Executive Officer, said:
“The Company is seeing the benefits of its strategic investment over the last two years in its brand, sales and marketing, management team, processes, partnerships, products and student offering. The Board believes this investment puts Malvern in a strong position to grow its market share for the remainder of 2022 and beyond. Pre-booked and delivered revenues for H2 2022 are showing a three-fold increase on H2 2021 and are ahead of like-for-like pre-pandemic levels of H2 2019. Pre-bookings indicate that the Group can expect further growth in revenues in 2023.”