Shares in education company Malvern International jumped 12 per cent on Monday morning after it reported a 79 per cent rise in revenue for its full year after it saw a strong student intake.
The learning and skills development firm said revenue hit £11.3m in 2023 following a large increase in junior students in the second half – up to almost 2,500 compared to under 1,000 in 2022.
Demand for English language training is expected to grow significantly in 2024, particularly in Chinese and Taiwanese regions where Malvern has recently ramped up investment in marketing.
The King’s Cross headquartered company has learning centres in London and Manchester.
In October last year, Malvern closed its Brighton centre, which opened in 2019 and accounted for around five per cent of revenue for the company. It lost £0.2m as a result.
Malvern chairman Mark Elliott said: “We remain watchful of – and are preparing for – shifting visa and academic student requirements for higher education and the changes the University Pathways business may face as a result.
Changes to UK government immigration rules mean student entry numbers could slow down in 2024/25.
“In response, we are making strategic investments in people, products and locations to scale Juniors and build adult ELT [English learning training] numbers at our schools,” explained Elliott.
“The result will see a more balanced mix of revenues between the three divisions and the Board remains confident that FY24 will see further growth in revenue and profit.”