28th Jun 2019 17:33
(Alliance News) - Educational course provider Malvern International PLC is doing well in 2019, it said Friday, following a year of "substantial" progress in 2018.
Earlier Friday, Malvern had said it would release 2018 figures as soon as possible, after missing Thursday's deadline. They have been delayed more than once due to auditing taking longer than expected.
Revenue for the year rose 85% to GBP7.6 million, with the pretax loss staying broadly flat year-on-year at GBP717,773. The revenue rise was offset by extra amortisation and depreciation, and some other expenses.
"The board is confident the group will make further substantial progress in 2019. The group's operations are now not only larger in terms of revenue and number of students (almost twice the number in 2017) but it also has a wider range of products that can help drive in organic growth," said Chair Gopinath Pillai.
"In addition, 2019 will benefit from the continuing turnaround of SAAGE, a first full year contribution from Communicate, and a growing contribution from new revenue streams such as the foundation courses delivered at the University of East London."
Trading so far in 2019 has been solid, Malvern said, with trading to the end of April ahead of budget.
Malvern's sales in the four months to April were GBP6.9 million, nearly double the GBP3.9 million the year prior. As with 2018, results will be second half weighted.
Malvern shares ended up 1.4% on Friday at a price of 2.89 pence each.
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