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Malvern International swings to loss amid schools shutdown
StockMarketWire.com
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Education company Malvern International reported a £0.44 million first-half loss before tax on a like-for-like basis as its business was hit by school closures.
In the first six months of 2020, like-for-like revenue fell by 30% to £1.37 million, compared to revenue of £1.94 million in the first half of 2019.
The company also registered a £0.32 million loss from its Singapore operations, which are being wound down.
During the period Malvern restructured its financing facilities and raised £1.15 million. Of this, £100,000 was used to pay creditors.
Despite the headwinds, the company said market fundamentals 'remain sound, and near and medium-term bookings are encouraging'.
At 9:00am: (LON:MLVN) Malvern International Plc Ord 5p share price was +0.03p at 0.14p
Story provided by StockMarketWire.com
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