StockMarketWire.com - Education group Malvern International warned that it would post a full-year loss when it hands down its results following a lengthy delay.

Revenue for the year through December was seen rising to £7.6m, up from £4.0m in 2017.

However, the company said a number of one-off costs would drive a pre-tax loss of around £0.1m, compared to a loss of £0.6m in 2017.

'This is somewhat below what had previously been expected,' Malvern said.

'The principal reason for this is that the results for 2018 had been expected to benefit from a claim in excess of £300k 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.'

Publication of the results was now expected to occur on 27 June after the audit process took longer to complete than anticipated.

Trading in the current financial year had started 'satisfactorily' and was in line with the company's expectations.

Sales to the end of April plus sales booked for delivery in the remainder of the year stood at £6.9m, up from £3.9m on-year.

'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,' Malvern said.

At 1:47pm: [LON:MLVN] Malvern International Plc Ord 5p share price was -0.3p at 2.8p



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