Malvern International plc (AIM: MLVN), the global learning and skills development partner, announces its interim results for the six months ended 30 June 2023 (“H1 2023”).
H1 2023 results
- Revenues from operations increased 110% to £4.85m (H1 2022: £2.31m)
- Operating profit (before depreciation, amortisation and finance charges) of £0.58m (H1 2022: loss £0.34m).
- Profit before tax from operating activities increased to £0.22m (H1 2022: loss £0.68m), largely due to an increase in strategic investment in the Company’s sales structure and significant recruitment travel to key feeder markets including India and Nepal.
- Profit per share from operating activities of 0.92p (H1 2022: loss 3.16p).
- Cash at 30 June 2023 was £2.12m (FY 2022: £1.18m and H1 2022: £0.88m) and the Company’s debt facility with BOOST&CO remained at £2.6m.
- University Pathways student numbers increased by 247% in H1 2023 to 500 students (H1 2022: 144 students) studying in our centres.
- English Language Training (“ELT”) centre revenues were 66% ahead of H1 2022.
- Junior summer camps returned once again over the summer months with a record number of camps and students. Payments in advance for these camps account for the high level of cash held at 30 June 2023.
Commenting on the results and prospects, Richard Mace, Chief Executive Officer, said:
“We are extremely pleased with our performance in H1 2023 which has been driven by a combination of a strong return in the international study market and our strategy to invest in our sales and marketing function over the last three years. The momentum has continued in the second half as we welcomed the new cohort of 450 University Pathways Students in September, and we experienced record performances from our ELT and Junior Summer camps in July and August.
We are also investing in highly experienced people in the Pathways sector to continue to expand our reach, whilst improving our systems of control and reporting. As a result of this investment we are expecting break-even or a small loss for H2 2023.
Our forward bookings and revenue visibility in H2 2023 and for the start of 2024 gives us confidence in Malvern’s near and longer-term prospects. We expect to see growth in all divisions in 2024.“
This announcement contains inside information for the purposes of Article 7 of the UK version of Regulation (EU) No 596/2014 which is part of UK law by virtue of the European Union (Withdrawal) Act 2018, as amended (“MAR”). Upon the publication of this announcement via a Regulatory Information Service, this inside information is now considered to be in the public domain.