TIDMMLVN
RNS Number : 4626R
Malvern International PLC
08 March 2021
8 March 2021
MALVERN INTERNATIONAL PLC
("Malvern" or the "Company")
Update on Outstanding Debtor and Short-term Loans
Trading and Covid Update
Malvern International plc (AIM: MLVN), the global learning and
skills development partner, announces an update in respect of the
trade debtor and short term loans referred to in the Company's
announcement of 8 January 2021 (the "January Announcement"), and a
broader update on trading.
The January Announcement referred to a significant trade debtor
amounting to in excess of GBP900,000. The Company is pleased to
report that it has now received payments amounting to GBP760,920 in
respect of this debtor. Further payments are expected to be
received in Q2 2021 but the full extent of these is uncertain and
the Company is now not expecting to make a complete recovery of the
remaining debt.
The short term loan agreement of GBP350,000 with Boost & Co.
Ltd, details of which were set out in the January Announcement, to
provide bridging finance to ensure the Company had sufficient
working capital pending the payment by the debtor, will now be
repaid.
The repayment date of the Director Loan Note amounting to
GBP30,000, details of which were also set out in the January
Announcement, has been extended from 30 April 2021 to 31 January
2022.
Trading and Covid Update
University Pathway
University Pathway programmes will continue to be delivered
online while universities follow a tiered approach to returning to
on-campus teaching. Further clarity is expected on this return
following updated government guidance currently scheduled for
mid-April.
University Pathway student numbers for the January UEL
International Study Centre (ISC) intake resulted in 43 students.
This takes the total number of foundation students in UEL ISC to
167 for the 2020-21 academic year, representing growth of 90% from
the previous year's academic calendar. It is a significant
achievement to grow the centre in such challenging conditions.
Following demand from the international student market and at
the request from the UEL International Office, the Malvern team has
designed two extra courses which have been validated by UEL:
-International Year One in Computer Science
-International Year One in Hospitality.
These courses will be delivered in UEL ISC from the September
2021 intake and form a sound foundation for further growth.
Language schools
In line with the Government guidance, our language schools will
open for face-to-face teaching from 8 March.
Language student bookings had been rebuilding in H2 of 2020.
Following the latest government COVID restrictions, 80% of the
existing language students who were already in the UK transitioned
to online study via Malvern Online Academy. The remaining 20%
decided to wait until our language schools reopened for
face-to-face teaching.
Until international travel opens we will be focused on targeting
the students within the UK.
NCUK
Further to our successful application to become a NCUK
accredited delivery centre in London, there will be a marketing
launch on 17 March to officially open our NCUK London centre in
Kings Cross. From September 2021, Malvern will accept international
and EU students on a nine-month NCUK International Foundation
Year.
NCUK is a consortium owned by leading UK universities dedicated
to giving international students guaranteed access to universities
worldwide.
The programme is designed to prepare international students for
undergraduate study, usually at a UK university. On completion of
the course, students have guaranteed progression options to over 20
leading partner universities in the UK, as well as established
universities in USA, Canada, Australia and New Zealand.
The NCUK partnership will add to additional revenue streams that
are likely to grow in 2022 and beyond as student numbers increase.
The programmes will help attract a wider diversity of students from
key recruitment markets. As part of the group strategy, we see
these academic foundation programmes as an area of growth.
Management recruitment
During Q1 we are delighted to have recruited three senior
executives to develop and grow the company. These comprise a Centre
Director for the UEL International Study Centre who will also
assist in developing Malvern's foundation programme provision
across the Group, a Head of Operations for Malvern International
and a Financial Director.
As part of our recruitment strategy, we have identified the need
for a regional Head of Sales in China and plan to build a sales
team in that market. China is the biggest international student
market to the UK for Higher Education provision and junior summer
camps.
Outlook
T here remains strong demand for our education products. We
expect further growth in the University Pathway division in
September 2021. With the accelerated vaccine rollout, we are
hopeful that there will be a plan to safely open international
travel before the summer and expect the language business division
to build up to normal levels by the end of the year.
For these reasons and with a significantly stronger and
experienced management team now in place, we remain positive about
the outlook for the Company.
Certain information contained in this announcement would have
constituted inside information (as defined by Article 7 of
Regulation (EU) No 596/2014) ("MAR") prior to its release as part
of this announcement and is disclosed in accordance with the
Company's obligations under Article 17 of MAR.
For further information please
contact:
Malvern International Plc www.malverninternational.com
Mark Elliott - Chairman Via Communications Portfolio
Richard Mace - Chief Executive
Officer
WH Ireland (NOMAD & Broker) www.whirelandcb.com
Mike Coe / Chris Savidge 0207 220 1666
Media enquiries
Communications Portfolio ariane.comstive@communications-portfolio.co.uk
Ariane Comstive +44 7785 922 354
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