Malvern International PLC Trading Update (4890J)
June 29 2017 - 1:00AM
UK Regulatory
TIDMMLVN
RNS Number : 4890J
Malvern International PLC
29 June 2017
29 June 2017
MALVERN INTERNATIONAL PLC
("Malvern" or the "Company")
Trading Update
Ahead of today's Annual General Meeting, Malvern International
plc (AIM: MLVN), the provider of educational services in the UK,
Europe and Asia, is pleased to provide the following trading
update.
The interim results for the six months ending 30 June 2017 are
expected to show losses lower than the same period last year. The
Board is confident that the trading performance of the Group will
continue to improve through the second half of the year and will be
enhanced further as the initiatives set out below start to take
effect.
Substantial progress has been made in the year to date both
developing Group wide initiatives and within the individual schools
of the countries in which Malvern operates. These are summarises
below.
1. International Skills Development update
As part of the implementation of its strategic plan announced in
November 2016, Malvern is enhancing its offering by providing
consistent products and services across all of its centres where
possible. Particular focus is being placed on identifying the
programmes that can be offered in all centres with minimal
differences and local adjustments. Having said this, the centres
will continue offering their own locally unique products based on
the industry needs as well. The following areas of learning have
been identified and worked on as part of this rollout in all
centres:
-- July 2017: Short courses in IT and Business;
-- September 2017: Cyber Security;
-- September 2017: ACCA and Accounting - with some country differences; and
-- October 2017: English Language Training.
2. London School Update
The London school has made good progress during 2017. Of
particular note is:
-- Finance: It has been cash independent over the last few
months and is making steady progress towards profitability;
-- Enrolment figures have improved in comparison to the previous
year and its trading performance over the summer period is expected
to be better than the previous years;
-- First Aid, Health and Safety, and Security courses have been
added to London's offering. This is being offered as a joint
venture activity with another UK provider. The first round of
classes started in May with a healthy number of enrolments;
-- ACCA approval for Silver Status received. Classes are planned
to start from September 2017; and
-- NCUK Foundation Year programme - London is moving towards its
first round of delivery for NCUK Foundation Level offering
guaranteed entry to 16 Universities in the UK upon successful
completion of the programme.
3. Singapore School update
-- New Leadership team in place with improved systems and quality of offering;
-- Concluded EduTrust review process. The result is pending and
is expected in the next few months;
-- ACCA approval for Silver Status received. Classes are planned to start from September 2017;
-- Signed agreements with two large community associations and a
large international firm to offer training services and skills
courses to their members and staff. Some of these programmes are
partially funded by the government; and
-- Plan to offer tuition support to expand its offering to younger age clients.
4. Malaysia School update
-- New Leadership team is appointed with clear target to improve
the quality of the existing offering and explore new directions
within a sustainable environment;
-- Stronger local marketing resources working on higher
recruitment this year and to promote the service to local
students;.
-- As part of the group's focus on community initiatives and
promotion of higher quality education, a scholarship scheme was
created and three top scholars were selected based on their
academic success to London for further learning. It has also
allowed them to act as ambassadors for Malaysia;
-- Plan to expand to other locations in Malaysia;
-- Plan to offer tuition support in partnership with a firm in Hong Kong.
5. Other Group initiatives:
-- Learning Technology division is fully operational. An
announcement was made on 22 June 2017 about the Mobile Game
Learning platform and more digital learning products will be rolled
out in the coming months;
-- The international marketing team continues to work to promote
all centres - the improvement in results through this centralised
efficiency is evident;
-- Negotiation continues with a number of established
institutions to explore joint ventures or partnership
opportunities;
-- In addition to the organic growth, Malvern is looking to make
new acquisitions in the countries that it operates as well new
targeted locations.
ENDS
Contacts:
Malvern International www.malverninternational.com
plc
Haider Sithawalla +65 64120733
Dr Sam Malafeh +65 83860155
WH Ireland Limited Nominated Adviser &
Broker
Mike Coe, Ed Allsopp +44 (0) 117 945 3470
This information is provided by RNS
The company news service from the London Stock Exchange
END
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