Malvern International PLC Trading Update & Notice of Results and AGM (0675D)
June 21 2019 - 7:17AM
UK Regulatory
TIDMMLVN
RNS Number : 0675D
Malvern International PLC
21 June 2019
21 June 2019
MALVERN INTERNATIONAL PLC
("Malvern" or the "Group" or the "Company")
Trading Update & Notice of Results and AGM
Malvern International plc (AIM: MLVN), the global learning and
skills development partner, announces it will be announcing its
results for the year ended 31 December 2018 on 27 June 2019.
Announcement and publication of the results for the year has been
delayed as the audit process is taking longer to complete than had
been anticipated.
The results are expected to show Group revenues of GBP7.6
million (2017:GBP4.0 million) and a loss after tax having adjusted
for a number of one-off and non-recurring costs of approximately
GBP0.06 million (2017:loss GBP0.61 million). This is somewhat below
what had previously been expected. The principal reason for this is
that the results for 2018 had been expected to benefit from a claim
in excess of GBP300,000 against a third party for disruption and
expenses incurred in relation to flood damage at premises in
Singapore. While some recovery has been made against rent in 2019,
the claim is still being processed and the amount of any settlement
remains uncertain. Therefore no recognition of the claim has been
made in the 2018 results and any recovered amount will therefore be
included in the current year.
Trading in the current financial year has started satisfactorily
and is in line with the Board's expectations. Trading up to the end
of April was ahead of budget. Sales to the end of April plus sales
booked for delivery in the remainder of the year stood at GBP6.9
million (2018: GBP3.9 million). As in 2018, trading in 2019 as a
whole will be second half weighted as revenue in the second half
will benefit from summer enrolments in London and Singapore,
enrolment of the universities in the second half, and chartered
accountants' courses in more demand through the second half of the
year in Singapore.
AGM
A notice convening the Annual General Meeting for 28 June 2019
was circulated to shareholders on 5 June 2019.
However as the annual report and accounts of the Company for the
financial year ended 31 December 2018 (the "Accounts") were not
available for circulation with the Notice on 5 June and as the
shareholders will have insufficient time to review and consider the
Accounts ahead of the AGM to be held on 28 June 2019, the Directors
have decided to seek an adjournment of the meeting.
Therefore, at the commencement of the AGM on 28 June, the
chairman will propose a resolution for the meeting to be adjourned
with the consent of the meeting to 11.00 a.m. on 22 July 2019. If
the resolution is passed, the meeting will be adjourned to 11.00
a.m. on 22 July 2019 at the offices of WH Ireland at 24 Martin
Lane, London EC4R 0DR.
For further information please
contact:
Malvern International Plc www.malverninternational.com
Dr Sam Malafeh - Chief Executive Via Walbrook PR
Officer
Navin Khattar - Non-Executive malvern@walbrookpr.com
Director
WH Ireland (NOMAD & Broker) www.whirelandcb.com
Mike Coe / Chris Savidge +44 117 945 3470
Walbrook PR +44 20 7933 8780
Tom Cooper / Paul McManus +44 797 122 1972
tom.cooper@walbrookpr.com
Notes to Editors:
Malvern International is a global learning and skills
development partner preparing students and learners to meet the
demands of a professional life. Courses are delivered on sites in
London, Manchester, Singapore, and Malaysia; with the option of
studying across multiple campus' over the duration of the same
course; and online through the Malvern Online Academy.
Courses include:
-- Certificate, Diploma and pre-University programs;
-- University degree and post-graduate programs;
-- Courses for professional examinations e.g. ACCA;
-- Tuition services for secondary school students and English language teaching.
Established in the 1980's and admitted to AIM in 2004, Malvern
employs approximately 250 people and delivers a wide range of
courses. Malvern's growth strategy is driven by organic growth
initiatives complemented by strategic acquisitions. For further
investor information go to www.malverninternational.com or
www.walbrookpr.com/malvern.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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