Malvern International PLC AGM Trading Update (2858F)
July 15 2021 - 2:00AM
UK Regulatory
TIDMMLVN
RNS Number : 2858F
Malvern International PLC
15 July 2021
15 July 2021
MALVERN INTERNATIONAL PLC
("Malvern" or the "Company")
Trading update
and
Notice of Interim Results
Ahead of its AGM today, which will be held at the offices of WH
Ireland at 24 Martin Lane, London EC4R 0DR at 11:00 a.m., Malvern
International plc (AIM: MLVN), the global learning and skills
development partner, provides the following trading update:
University Pathways deposits for the September intake of the
2021/22 academic year are currently ahead of the previous year. In
light of Covid, the UK government has extended concessions around
student visa rules until April 2022, which allow online studies to
qualify for post-study work rights. However, with the current
restrictions in place for international travel, we can reasonably
expect some delays to student starts to January 2022.
The Group's first cohort of NCUK students are due to start in
September and we have appointed an academic manager, setting the
foundations for growth in 2022. In addition, to support recruitment
for NCUK and other areas of the business, we have made progress
establishing a Chinese sales presence, developing a website and
appointing our first regional sales manager, with a second to
follow. Provisional bookings for English Language Training (ELT)
are encouraging notwithstanding the current climate, particularly
from the Middle East, and should continue to build as travel
restrictions are eased. However, the timing of individual course
start dates remains dependent on each nation's approach to the
reopening of its borders. A number of students quarantining in the
UK upon arrival have elected to commence their language course
online. Malvern's schools are currently running at an average 20%
of pre-pandemic levels, in line with management expectations. Our
Brighton centre was relaunched this month leveraging existing agent
relationships built up over many years in our Manchester and London
centres. This approach has generated immediate results through an
increase in bookings and enquiries. We believe the easing of travel
restrictions is likely to be followed by a period of strong demand
from students who have either delayed course starts or resume their
education.
Due to anticipated international border issues, we did not
budget for any summer camps in 2021, however smaller groups may be
possible in August if quarantine requirements for amber countries
are dropped. Pleasingly, before our plans for camps for this summer
were put on hold, we received a significant number of bookings
which points to a strong demand for our product. Our expectation is
that this demand will return in the mid-to long-term when the
border restrictions are relaxed.
Financing activities in April, along with strong cost-control
measures and the expected further relaxation of border restrictions
in the short- to mid-term, should provide sufficient liquidity and
flexibility to allow the Company to manage through the period of
any further disruption caused by Covid, and to contribute to
planned growth initiatives.
The Company intends to publish its Interim Results for the six
months ended 30 June 2021 in August 2021.
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
Notes to Editors:
Malvern International is a learning and language skills
development partner, offering international students essential
academic and English language skills, cultural experiences and the
support they need to thrive in their academic studies, daily life
and career development.
University Pathways - on and off-campus university pathway
programmes helping students progress to a range of universities, as
well as in-sessional and pre-sessional courses.
Malvern House Schools - British Council accredited English
Language Training at English UK registered schools in London,
Brighton and Manchester.
Malvern Online Academy - British Council accredited online
school, offering supported tuition to students from around the
world in English language, higher education, and professional
education.
Juniors and summer camps - fully-immersive summer residential
English language camps and bespoke group programmes for 13 to 18
year olds.
For further investor information go to
www.malverninternational.com .
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