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Malvern International PLC - Milton Keynes, England-based English language learning and skills development - Says revenue was lower in the second half of 2021 than the first half, as international travel disruption hit performance. Costs in the second half also were higher as it invested in sales staff for the Chinese market.
Full-year results will come in at around £2.4 million in revenue, up 26% from £1.9 million in 2020, and a loss narrowed to around £1 million from £1.3 million. Malvern also completes the renegotiation of an existing £2.6 million debt facility with Boost&Co Ltd on Friday, having ended 2021 with £5.8 million debt.
In 2022, Malvern sees evidence of pent-up demand, with English Language Teaching student numbers up year-on-year in the first quarter, and the strongest booking pipeline for ELT centres since Covid. It expects to return to or exceed pre-pandemic levels during the year.
Chief Executive Officer Richard Mace says: ‘January student numbers and the Government announcement to remove testing for fully vaccinated arrivals into the UK, provides us with confidence that student numbers will return to pre-pandemic levels this year.’
Current stock price: 0.11 pence, down 12% on Friday
12-month change: down 56%
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