REG - Malvern Inter. PLC - Closure of Singapore

Malvern InternationalAnnouncement

04/08/2020 07:01

RNS Number : 9992U
  
Malvern International PLC
  
04 August 2020
  
 

 

4 August 2020
 
 
MALVERN INTERNATIONAL PLC
("Malvern" or the "Company")
 
Closure of Singapore
Malvern International plc (AIM: MLVN), announces that following a review the Board has decided to close its Singapore operations. The Company has agreed with the regulatory education board in Singapore that over the next few weeks the majority of existing students will either be taught to the end of their course or transferred to other institutions.  
Commenting Mark Elliott said "It is obviously disappointing to close our activities in Singapore but the operations there have been loss making for some time and, now due to impact of COVID 19, we can't see Singapore turning a profit in the medium term. We believe the Group's resources are therefore best focused around the Group's strongest performing schools in the UK."
Unaudited net loss for SAA-GE for December 2019 year end accounts is expected to be SG$1.34m on a revenue of SG$3.14m. 
In the UK, the Group's schools in Manchester and London are scheduled to open on 10 August 2020, and the Brighton school in September. Bookings have commenced. In addition, university pathway bookings are in line with expectations.
 
This announcement contains inside information for the purposes of Article 7 of Regulation (EU) No 596/2014 ("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@communications-portfolio.co.uk 




Ariane Comstive


+44 7785 922 354








 


This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.
 
  END
 
 
MSCUPUAPRUPUGRW