Malvern International, a London-listed learning and skills-development company, announced a significant increase in revenue and anticipated a return to profit for the first half of the year. On Thursday, the company reported revenue of £4.8 million ($6.1 million) for the half year ending June 30, more than double the £2.3 million generated during the same period last year.
In addition to the revenue growth, Malvern revealed that it expects to report a profit for the period, in contrast to a loss of £700,000 previously. While the company did not disclose specific profit figures, this positive development suggests a promising outlook.
One key driver of this growth is strong student uptake, with 440 new students joining the international study center at The University of East London. This figure is a significant increase compared to 230 students in September 2022 and just 46 in September 2021. Malvern estimates that approximately one-third of the income from these new students will be recognized in the second half of this year, with the remainder attributed to the first half of next year.
Malvern also experienced improved performance in English-language teaching, particularly in the peak months of July and August. The company reported a 20% increase in activity during these months compared to the same period in 2022, indicating a growing sense of confidence within the market.
As a result of this positive news, shares of Malvern International rose by 22% in early trading hours. At 0705 GMT, shares were up by 4.0 pence, reaching a value of 22.0 pence.
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