Trading update

The Adult ELT and University Pathway divisions, including the new University contracts, are trading in line with management expectations. Pathway bookings for the September 2025 intake are progressing well across our larger portfolio of universities, positioning Malvern as a more robust and sustainable growth business. The Group continues to pursue further university pathway partnerships and is actively engaged in discussions with additional universities to expand our network.

The Junior ELT division, while trading ahead of last year, is now not expected to grow to the £7.5 million revenue level indicated in our trading update in February 2025. This revenue is largely second half weighted around summer schools. While bookings are not yet finalised, we are seeing lower conversion of bookings from China which has been impacted by the on-going global trade disputes. Other regions, particularly Latin America and Turkey are growing following the sales and marketing investments made in these regions. While revenue growth in this division will not be as strong as had been hoped, flexible contracts for summer school accommodation and staffing are enabling us to effectively manage costs, minimising the impact on margins.

Overall, we are confident the business will make significant progress this year.