Malvern International plc (AIM: MLVN), provider of educational services in the UK, Europe and Asia, is pleased to provide the trading update for its financial year ended 31 December 2017.
- Turnover for the second half of the year is expected to be more than £2.4 million (H2 2016: £1.9 million), up over 25% on the equivalent period last year.
- The losses for the second half of the year are expected to be reduced to £0.2 million (H2 2016: losses of £0.9 million).
- The annual turnover for 2017 is expected to be slightly higher than 2016 at around £4 million, with significant reduction in losses before tax to approximately £0.6 million (2016: £1.3 million).
- Students numbers are running ahead of last year.
- The school in London has been leading the progress with record sales and is expected to break even for the year.
- The newly acquired school in Singapore is progressing well, already attracting market attention and seeing an improvement in sales.
- Significant growth is expected in 2018 with higher student numbers anticipated in both the UK and Singapore.
- Attractive and profitable new acquisitions are being considered in the UK, Singapore and New Zealand – to be progressed in 2018.
- New initiatives in relation to online products are expected to be introduced to the market from January 2018.