Malvern International

MLVN · AIM · Consumer Products and Services · mcap £2.8m · 8.2p 1 open situation →

EV: £1.2m
EV / EBIT: –
Net cash: £1.6m
FCF yield: -41.8%
Revenue: £14.5m
Share price 1y: −68%
Insiders 12m: sold £50k
Next report: around 2 Mar

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2026 London Met University partnership Adult ELT closure and reshaping Placing of 29% of the market value Profit warning

Open · 1

Transformational contract / build-out◷ in 96 days

London Met University partnership

First intake delivered, strong; launched autumn 2026

Follows from Adult ELT closure and reshaping – Adult ELT closed Feb 2026; discontinued, closed 29 Jun 2026

Malvern signed an exclusive 15-year partnership with London Met in January 2026, launching in September 2026. The 21 Oct 2026 trading update says the first intake was very strong and well-received after significant upfront investment. It sits within a Pathways portfolio now of six partnerships, where sector-wide enrolment is weaker.

Term: 15 years, exclusive, option to terminate every five years 21 Oct 2026 ↗
Launch: First intake September 2026 29 Jun 2026 ↗
Next milestone: January 2027 Pathways intake 21 Oct 2026 ↗
First intake: Autumn 2026, described as very strong (21 Oct 2026) 21 Oct 2026 ↗

Next: Build student numbers at January 2027 intake · 31 Jan 2027

21 Oct 2026 First intake delivered, strong; launched autumn 2026
29 Jun 2026 Signed; recruiting staff ahead of September intake
3 Mar 2026 Signed; launch September 2026
28 Jan 2026 Signed; launch September 2026

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Closed · 3

Disposal of a part (break-up)Adult ELT closure and reshaping Adult ELT closed Feb 2026; discontinued · 16 Feb 2026 – 29 Jun 2026 Dilutive fundraisePlacing of 29% of the market value completed · 17 Feb 2026 – 2 Apr 2026 −16% Upgrade / downgrade cycleProfit warning profit warning · 11 Jun 2025 – 9 Sep 2025 +27%

Company filings. Not investment advice.