12th Feb 2024 10:54
(Alliance News) - Malvern International PLC on Monday said that its cash balanced jumped last year as revenue rose sharply amid a swing to a profit.
The London-based learning and skills development company said revenue surged 79% to GBP11.3 million in 2023 from GBP6.3 million in 2022, and that it swung to a pretax profit of around GBP300,000 from a loss of around GBP100,000.
Further, the company said that its cash balance as at December 31 improved 83% to GBP2.2 million from GBP1.2 million year-on-year.
Malvern said that the second half of 2023 "saw another strong high season return for Juniors", citing revenue trebling to GBP3.7 million from GBP1.3 million, with student numbers jumping to 2,478 from 975.
It added that the combination of growth across all three divisions resulted in second-half revenue jumping 74% to GBP7.3 million in 2023 from GBP4.2 million in 2022.
Looking ahead, Malvern expects revenue for Juniors to grow 76% to GBP6.5 million in 2024 from GBP3.7 million in 2023.
Chair Mark Elliott said: "We remain watchful of - and are preparing for - shifting visa and academic student requirements for higher education and the changes the University Pathways business may face as a result. In response, we are making strategic investments in people, products and locations to scale Juniors and build adult English learning training numbers at our schools. The result will see a more balanced mix of revenues between the three divisions and the board remains confident that FY24 will see further growth in revenue and profit."
Malvern shares rose 5.0% to 26.25 pence each on Monday morning in London.
By Tom Budszus, Alliance News slot editor
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