Trading Statement

RNS Number : 7841V

Malvern International PLC

26 July 2018

 

26 July 2018

MALVERN INTERNATIONAL PLC

("Malvern" or the "Company")

Trading Update

Notice of Interim Results

Malvern International plc (AIM: MLVN), the global learning and skills development partner, is pleased to provide a trading update for the six months ended 30 June 2018 ahead of announcing its interim results.

Group performance has been in line with management's expectations with revenues from continuing operations being over 50% better than the equivalent period in 2017 and EBITDA losses reduced by approximately 35%. 

Going into the second half, the existing bookings indicate a very positive expected performance during the second half of 2018, which reflects the historical weighting due to the seasonality of the business.  Deferred income, which will be recognised as revenue during the second half as the service is delivered, is significantly higher than the equivalent period in 2017.  As a result, the Board is confident of meeting expectations for the year as a whole.

The period is notable for its successful fundraising and acquisition of Communicate English School Limited in Manchester, which will contribute to the second half.  This strategic acquisition broadens Malvern's footprint in UK and offers a highly complementary offering to Malvern House for students seeking the UK learning experience.

Highlights by location:

·    London has continued to show an improved performance delivering revenues close to £1 million and a small profit. 

·    Singapore has done well for the first half of 2018 with revenues of close to £1 million driven by the recently acquired SAA-GE.   

·    Revenue in Malaysia, while approximately 30% lower than the first half of last year, is showing signs of stabilisation following the implementation of improvement plans and further development on new programmes and enrolment, and is in line with the revenue from the previous half-year period (second half 2017).

Notice of Results:

Malvern expects to announce its interim results for the six months to 30 June 2018 on 13 September 2018.

This announcement includes inside information as defined in Article 7 of the Market Abuse Regulation No. 596/2014 and is disclosed in accordance with the Company's obligations under Article 17 of those Regulations

For further information please contact:
Malvern International Plc	www.malverninternational.com
Dr Sam Malafeh - Chief Executive Officer	Via Walbrook PR
Navin Khattar - Non-Executive Director	[e-mail]
WH Ireland (NOMAD & Broker)	www.whirelandcb.com
Mike Coe / Ed Allsopp	[phone]
Walbrook PR	[phone]
Tom Cooper / Paul McManus	[phone]
	[e-mail]

Notes to Editors:

Malvern International is a global learning and skills development partner preparing students and learners to meet the demands of a professional life.  Courses are delivered on sites in London, Manchester, Singapore, and Malaysia; with the option of studying across multiple campus' over the duration of the same course; and online through the Malvern Online Academy.

Courses include:

·    Certificate, Diploma and pre-University programs;

·    University degree and post-graduate programs;

·    Courses for professional examinations e.g. ACCA;

·    Tuition services for secondary school students and English language teaching.

Established in the 1980's and admitted to AIM in 2004, Malvern employs approximately 250 people and delivers a wide range of courses.  Malvern's growth strategy is driven by organic growth initiatives complemented by strategic acquisitions. For further investor information go to www.malverninternational.com  www.walbrookpr.com/malvern 

 

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