Malvern International plc (AIM: MLVN), the global learning and skills development partner, announces its final results for the year ended 31 December 2024.
Financial highlights
- Underlying revenue, excluding agent commission income, increased 38.4% to £14.74m (2023: £10.65m); statutory revenue, excluding agent commission income, for the year was £14.74m (2023: £11.32m).
- Underlying operating profit of £0.22m (2023: £0.51m), with strong performance from Higher Education (“HE”) and Juniors.
- Underlying loss for the year was £0.13m (2023 profit: £0.15m), resulting in an Underlying loss per share of 0.53 pence (2023 profit: 0.60 pence) with key contributors to the loss being underperforming Adult English Language Training (“ELT”) and forward investment associated with securing new Pathway contracts.
- The Statutory loss before tax for the year was £0.15m (2023 loss: £0.14m).
- Group debt reduced from £2.24m to £1.86m in 2024 due improved cash flows with the remaining balance expected to reduce monthly across 2025.
- Continued investment in people, sales and marketing, compliance and admissions to support future growth.
Richard Mace, Chief Executive Officer, said: “We continue to grow student numbers in the Pathways and Juniors businesses. Students are achieving high levels of attainment, and we are receiving positive feedback on student satisfaction. Our investments in 2024 to leverage our success with the University of East London (“UEL”) have resulted in two new partnerships and a pipeline of new opportunities. With both new international study centres in addition to UEL due to welcome students from September 2025, we will see a period of forward investment as we prepare to grow international student numbers, creating a significantly larger organisation.”
