21st Jun 2019 14:59
(Alliance News) - Malvern International PLC said Friday its 2018 annual results have been delayed as the company's audit is taking longer to complete than anticipated.
Shares in the education company were down 8.1% in afternoon trading in London at 2.85 pence each.
Malvern was originally expected to release its 2018 annual results next Thursday.
The company said the results will show revenue of GBP7.6 million compared to GBP4.0 million in 2017, an increase of 90%.
Malvern said it expects to report a loss after tax, adjusted for a number of one-off and non-recurring costs, of about GBP60,000, narrowed from GBP610,000 the year before. The company said this is "somewhat below" previous expectations.
"The principal reason for this is that the results for 2018 had been expected to benefit from a claim in excess of GBP300,000 against a third party for disruption and expenses incurred in relation to flood damage at premises in Singapore. While some recovery has been made against rent in 2019, the claim is still being processed and the amount of any settlement remains uncertain. Therefore no recognition of the claim has been made in the 2018 results and any recovered amount will therefore be included in the current year," explained Malvern.
The company said its trading in the current financial year "started satisfactorily" and in line with its own expectations.
"Trading up to the end of April was ahead of budget," the company said.
Malvern's sales to the end of April, plus sales booked for delivery in the remainder of 2019, stood at GBP6.9 million, which is 26% ahead of the GBP3.9 million reported at the same point last year.
"As in 2018, trading in 2019 as a whole will be second half weighted as revenue in the second half will benefit from summer enrolments in London and Singapore, enrolment of the universities in the second half, and chartered accountants' courses in more demand through the second half of the year in Singapore," Malvern said.
Malvern's annual general meeting will be held next Friday, but the company's chair will propose a resolution to adjourn the meeting to July 22, to give shareholders "sufficient time" to review the company's results.
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