StockMarketWire.com - Education group Malvern International has reported a loss for the year to 31 December 2019 after it discontinued operations in Malaysia and said post-year end operations, revenues and cash flows have been impacted 'significantly' by Covid-19.

The group reported that the loss from discontinued operations (Malaysia) was £2.48 million, resulting in a total loss after tax, including discontinued operations, of £8.37 million for the year.

Total revenue from continuing operations, which as at 31 December 2019 included the UK and Singapore, for the full year was £6.51 million.

During the 12-month period, UK revenues grew from £4.38 million to £4.70 million, while revenues from SAA Singapore reduced from £1.96 million to £1.80 million.

Cash as at 31 December 2019 was £83,264.

In an update on post-year end developments, Malvern International said that UK schools closed from 20 March 2020 with London and Manchester reopened 10 August 2020, and the Brighton school reopened in September 2020.

It also made the decision to permanently close its Singapore school in early August.

In June this year, the company raised a net amount of £1.15 million by way of a placing and subscription to provide it with sufficient liquidity and flexibility to manage through the period of expected disruption caused by Covid-19.

Non-executive chairman Mark Elliot said: 'As a result of the impact of Covid-19, the board took the decision to close the Singapore school due to the significant investment it would have required to maintain the business as a going concern.

'Under the management of our new CEO, Richard Mace, we can now focus entirely on the UK business. We are working on the assumption that business will return to normal levels by the summer of 2021.'


At 9:26am: [LON:MLVN] Malvern International Plc Ord 5p share price was -0.01p at 0.11p



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