Malvern International flags 'significant' first-half improvement

25th Aug 2022 13:16

(Sharecast News) - Learning and skills development company Malvern International said in a trading update on Thursday that it saw a "significant improvement" in student numbers and its business pipeline in the first half, with revenues around 60% higher year-on-year.

The AIM-traded firm said it was seeing the benefits of its strategic investment over the last two years in its brand, sales and marketing, management team, processes, partnerships, products and student offering.

Its board said it believed Malvern was in a "strong position" to grow its market share for the rest of 2022 and beyond.

Pre-booked and delivered revenues for the second half were showing a three-fold increase on the final six months of 2021, and were ahead of like-for-like pre-pandemic levels from 2019.

Malvern said pre-bookings indicated that the group could also expect further growth in revenues in 2023.

Its management said it was still maintaining "strong" cost controls, as the group recovered from the Covid-19 period, and continued to have the option of Boost&Co's support for its working capital requirements as necessary.

"The strategic initiatives we have taken throughout the pandemic to navigate the crisis, manage risk and improve the business are now bearing fruit," said chief executive officer Richard Mace.

"It is pleasing to see confidence return to the international study market now that travel restrictions to the UK have been lifted.

"There remains strong demand for our education products, as seen with international students travelling to the UK in numbers again."

Malvern said it would announce its interim results for the six months ended 30 June in the first half of September.

At 1258 BST, shares in Malvern International were up 1.05% at 0.1p.

Reporting by Josh White at Sharecast.com.