Earnings Release • Apr 27, 2018
Earnings Release
Open in ViewerOpens in native device viewer
National Storage Mechanism | Additional information
RNS Number : 3227M
Malvern International PLC
27 April 2018
27 April 2018
Malvern International Plc
('Malvern', the 'Group' or the 'Company')
Final Results for 12 months to 31 December 2017
Malvern International Plc, the global learning and skills development partner, is pleased to announce its final results for the 12 months to 31 December 2017.
Highlights include:
· Early signs of new growth strategy evident in Group performance
· Strong second half
· Momentum carried into 2018
· Collaboration agreements established with Playware and Oxford University Press
· Acquisition and integration of transformational SAA-GE in Singapore
· Appointment of Dr Sam Malafeh as Chief Executive Officer
· Launch of Malvern Online (post period end)
· Partnership agreement to embed Malvern within University of East London (post period end)
Commenting on the results and prospects Gopinath Pillai, Chairman at Malvern, said:
"2017 as a whole, and in particular the second half, has seen a considerable improvement in the Group's performance and an upward trajectory is now discernible. This has been due to three main factors. Firstly, a stronger management has been in place which will be strengthened further as we go forward. Secondly, the agent network has been reorganised successfully. Thirdly, our offerings now cover a wider range of products. In addition to these factors, I am optimistic that the first major acquisition which we completed in November 2017 will have a significantly positive impact not only on the operations of Singapore but also for our global platform. The Board continues to be active in discussions with potential acquisition partners."
"With the new acquisition of a four-year EduTrust licensed school in Singapore, the continuing new initiatives in London and the re-introduction of international student intakes in Malaysia, the Group is well positioned to benefit from the expected growth through acquisition and organic growth. We have taken big leaps in reducing our operating losses from £1.45 million in 2016 to £0.69 million in 2017."
"Trading in the current financial year has started well and the Board is now confident that with the reorganised and a more focused Group, the impact on the performance of the Group can only be positive going forward and that it will bring the Group to profitability in 2018."
This announcement contains inside information for the purposes of Article 7 of EU Regulation 596/2014.
| For further information please contact: | |
| Malvern International Plc | www.malverninternational.com |
| Dr Sam Malafeh - Chief Executive Officer | Via Walbrook PR |
| Navin Khattar - Non-Executive Director | [email protected] |
| WH Ireland (NOMAD & Broker) | www.whirelandcb.com |
| Mike Coe / Ed Allsopp | +44 117 945 3470 |
| Walbrook PR | +44 20 7933 8780 |
| Tom Cooper / Paul McManus | +44 797 122 1972 |
| [email protected] |
Notes to Editors:
Malvern International is a global learning and skills development partner preparing students and learners to meet the demands of a professional life. Courses are delivered on sites in London, Singapore, and Malaysia; with the option of studying across multiple campus' over the duration of the same course; and online through the Malvern Online Academy - making step change education accessible while taking part in the learner's journey to success.
Courses include:
· Certificate, Diploma and pre-University programs;
· University degree and post-graduate programs;
· Courses for professional examinations;
· Tuition services for secondary school students and English language teaching.
Established in the 1980's and admitted to AIM in 2004, Malvern employs approximately 250 people and delivers a wide range of courses. Malvern's growth strategy is driven by organic growth initiatives complemented by strategic acquisitions. For further investor information go to www.malverninternational.com www.walbrookpr.com/malvern
Overview and Group strategy
2017 was a pivotal year in the delivery of Malvern's growth plans. Malvern's ambition is to be a global partner in learning and skills development and, building on its experience and infrastructure, has a clear strategy to achieve this.
Malvern's growth strategy includes:
· promoting Malvern's globally recognisable brand in education and training;
· continuing to strengthen management and administrative systems to achieve world class delivery and quality standards;
· innovating to improve and expand the range of products and services offered;
· extending distribution through our agent network and collaborations;
· delivering organic growth through making training accessible to an increasingly mobile student population using multi-location and technology options; and
· making complementary acquisitions to broaden geographical reach and subject range.
Operational highlights
At the end of 2016 we announced our strategic objectives for 2017. I am pleased to report that we made considerable progress in pursuit of these objectives. Highlights included completing collaboration agreements with Playware and Oxford University Press; the acquisition of SAA Global Education Centre Pte Ltd. ('SAA-GE') in Singapore; the appointment of Dr Sam Malafeh as Chief Executive Officer; and post the period end, the launch of the Malvern Online Academy. The strategy really started showing positive results from the second half of 2017 with London leading the growth across the Group. This is a milestone considering the difficult situation London has faced in the last few years. Also, the new systems helped to reduce the cost of the operations and improved the quality of operations across the Group.
The quality standards of training delivery remain a vital measure in our industry. We have put considerable effort into raising our quality standards across the Group and our efforts have been recognised and rewarded. In Singapore we had our EduTrust certification re-instated; in Malaysia we have been classified as a 4 STAR provider (Very Good), and in London we have been assessed by the Independent Schools Inspector as a provider that "Exceeds expectations".
By location, other highlights include:
· In the UK, London saw significant improvement which has driven a 53% increase in revenue year-on-year. In particular, seasonal summer camps continued to attract more students and the school also managed to attract more of the long term students from the Far East and South America.
· In Singapore the school regained its EduTrust certificate and there was a consequential improvement in the performance. In addition, the acquisition of SAA-GE, was completed in November 2017. This acquisition provides a platform to attract professional students in the areas of business and accounting.
· In Malaysia a restructuring of the management team was undertaken and new quality systems were implemented. These changes have resulted in the school obtaining an improved STAR rating of its quality to 4 Star (Very Good). Also since the year end the school has received, for the first time, an international license which allows it to take international students for vocational training. The operation now has the platform to perform significantly better during 2018.
Financial results and business review
Group
In 2017 the total income for the continuing operations of the Group was £4.1 million (2016: £4.0 millon).
For the 2017 financial year, the Group incurred a loss after tax of £701,328 on the continuing business as compared to the loss of £1,373,410 in 2016 which included impairment charges of £150,000 made against goodwill and intangible assets due to the uncertainty surrounding the EduTrust License during 2016. In FY 2017, there was a reversal of the 2016 impairment against intangible assets of £150,000 due to the subsequent award of the EduTrust license for the Singapore operations. Included within losses for the year were the HQ operational costs of £0.58 million (2016-£0.71 million)
The Group loss for the year was £701,328. The 2016 loss of £799,610 includes the gain on the sale of shares in the Dublin operations and the six-month operating profit for Dublin totalling £573,800.
Hence the net loss per share for the year on a continuing basis for 2017 was 0.66 compared to the 1.84p for 2016 and cash at the end of the year stood at £0.48 million (2016: £0.12 million). At the year end the Company had outstanding loans of approximately £1.0 million (2016: £1.22 million) and outstanding convertible loan notes of approximately £1.0 million (2016: nil). The Group continues to be well supported by its major shareholders, KSP Investments and CG Corp each of whom provided new loans in the period.
The net assets of the Group as at 31 December 2017 were £1.20 million (2016: £0.97 million).
Subsidiaries
The European Sector comprises only the UK operations in London. The Asia Sector comprises Singapore and Malaysia. A brief summary of these two sectors is set out below:
United Kingdom (Malvern House)
The business in London has improved dramatically, as the restructuring and reorganisation plans that began in 2015 have started to take effect. Revenue for the year was up 53% to £2.02 million (2016: £1.32 million). Due to the revenue improvement, EBITDA (Note 2) improved to a positive £17,000, as compared to a loss of £386,000 in 2016.
In 2018, the performance of London is expected to continue to improve. In addition to the current growing operational revenue streams, there are new initiatives that were commenced in 2017 which will start to contribute in 2018 and beyond. These includes new partnerships with other educational institutes and online revenue generation models.
Post the period end, we are delighted to have announced a partnership agreement with the University of East London which will see Malvern established as an embedded college within UEL, delivering pre-sessional foundation and English language courses for international students at both Degree and Masters levels.
Asia - comprises Singapore and Malaysian operations.
The total revenue for Asian operations in 2017 was £1.94 million compared to £2.68 million in 2016, a decrease of 27%. If the revenue from the new acquisition (£0.34 million) was excluded, on a like for like basis, the comparison would be £1.60 million in 2017 compared to £2.68 million in 2016, a decrease of 40%. On a like for like basis, the Asian operations incurred an EBITDA loss of £0.16 million in 2017, higher than the £0.15 million loss that was recorded in 2016. If the new acquisition was included, the EBITDA (Note 2) loss reduces to £0.05 million for 2017.
In Singapore revenue increased 119% to £0.54 million (2016: £0.24 million) due to revenue from the acquisition of SAA-GE of £0.34 million. The new acquisition in Singapore possesses a four-year license which affords a greater scope of revenue streams to the Group. Going forward, the new company will be the focal business operation in Singapore with its multi-year license.
The Malaysian operation struggled in 2017 due to the restructuring of management and operations undertaken by local and Group management. Revenue for the year decreased to £1.41 million (2016: £2.43 million). In 2017 revenue could only be generated in the local market but with the recently acquired international licence sales should increase in 2018. The Board is also looking at the possibility of further expansion of the operations to the different states in Malaysia to gain benefit from the rising educational hub status of Malaysia.
Acquisition of SAA-GE
In November 2017 the Company completed the acquisition of SAA-GE for a consideration of Singapore Dollars (SGD) $500,000 satisfied by the issue of 5,630,350 new ordinary shares of 5p each. SAA-GE has a 30 year history of providing diploma, undergraduate, postgraduate and professional programmes in the accountancy, finance and business related disciplines. It offers preparatory courses leading to ATTS, ACCA, FIA/CAT, ICAEW and Singapore Chartered Accountant qualification, as well as degrees from Plymouth University and the University of London in the UK.
SAA-GE has a reputation for providing high-quality, industry-recognised programmes that have also attracted international students from Japan, China, Vietnam and the Philippines. It continues to achieve high pass-rates and produces top-performing students and prize-winners for the ACCA and FIA/CAT programmes annually. SAA-GE has a four-year EduTrust Certification issued by the Committee for Private Education Singapore.
The acquisition of SAA-GE provides Malvern with fresh opportunities to reach and work with the large local partners, with a substantial student base of more than 1,000 SAA-GE students and provides access to its highly qualified trainers and lecturers. It will also broaden and strengthen Malvern's platform as an international hub for accountancy and finance education, adding to the existing/upcoming offerings in Malaysia and London.
Since its acquisition, SAA-GE's courses are now being more widely promoted through the Group and an improvement in sales is already being seen. In addition, the existing Singapore school has now been relocated to SAA-GE's premises which will bring cost savings.
Dividend
The Board does not propose the payment of a final dividend for the year ended 31 December 2017 (2016: nil).
Outlook and prospects
2017 as a whole, and in particular the second half, has seen a considerable improvement in the Group's performance and an upward trajectory is now discernible. This has been due to three main factors. Firstly, a stronger management has been in place which will be strengthened further as we go forward. Secondly, the agent network has been reorganised successfully. Thirdly, our offerings now cover a wider range of products. In addition to these factors, I am optimistic that the first major acquisition which we completed in November 2017 will have a significantly positive impact not only on the operations of Singapore but also for our global platform. The Board continues to be active in discussions with potential acquisition partners.
With the new acquisition of a four-year EduTrust licensed school in Singapore, the continuing new initiatives in London and the re-introduction of international student intakes in Malaysia, the Group is well positioned to benefit from the expected growth through acquisition and organic growth. We have taken big leaps in reducing our operating losses from £1.45 million in 2016 to £0.69 million in 2017.
Trading in the current financial year has started well and the Board is now confident that with the reorganised and a more focused Group, the impact on the performance of the Group can only be positive going forward and that it will bring the Group to profitability in 2018.
Acknowledgements
On behalf of the Board I would like to thank all staff members for their continued dedication, commitment, and cooperation during what has been a period of significant change and activity. We look forward to their continuing support going forward in implementing the new plans to bring the Group back to profitability in the years ahead.
We would also like to extend our appreciation and thanks to all our business partners, students, associates and valued shareholders for their support throughout the year and look forward to the same in the years ahead.
Finally, I would like to personally thank all members of the Board for their time and guidance at the Board level and the various committee levels in which they serve.
Gopinath Pillai
Chairman
FOR THE YEAR ENDED 31 DECEMBER 2017
| 2017 | 2016 | |
| £ | £ | |
| Revenue | ||
| Sale of services | 3,959,506 | 3,992,581 |
| Other income | 119,383 | 52,104 |
| 4,078,889 | 4,044,685 | |
| Cost of services sold | 1,847,062 | 2,210,611 |
| Salaries and employees' benefits | 1,124,708 | 1,158,797 |
| Amortisation of brand, licences and trademarks | 158,583 | 158,333 |
| Depreciation of plant and equipment | 63,880 | 77,579 |
| Other operating expenses | 1,744,500 | 1,744,219 |
| Impairment of goodwill | - | - |
| Impairment of intangible assets Impairment of loans and receivables |
(150,000) (17,822) |
150,000 - |
| Operating loss | (692,022) | (1,454,854) |
| Share of results of associated companies and joint ventures | - | 49,898 |
| Finance costs | (14,690) | 61,919 |
| Loss before income tax | (706,712) | (1,343,037) |
| Income tax charge | 5,384 | (30,373) |
| Loss for the year from continuing activities | (701,328) | (1,373,410) |
| Profit for the year from discontinued activities | - | 573,800 |
| Loss for the year | (701,328) | (799,610) |
| Attributable to: | ||
| Equity holders of the Company | (701,328) | (799,610) |
| Non-controlling interest | - | - |
| (701,328) | (799,610) |
| 2017 | 2016 restated |
|
| Loss per share on continuing activities (in pence) | ||
| Basic | (0.66) | (1.84) |
| Diluted | (0.66) | (1.84) |
| Profit /(loss) per share on discontinued activities (in pence) | ||
| Basic | 0.00 | 0.77 |
| Diluted | 0.00 | 0.77 |
| Loss per share attributable to equity holders of the Company (in pence) | ||
| Basic | (0.66) | (1.07) |
| Diluted | (0.66) | (1.07) |
FOR THE YEAR ENDED 31 DECEMBER 2017
| 2017 | 2016 | |||||
| £ | £ | |||||
| Loss for the year | (701,328) | (799,610) | ||||
| Foreign currency translation movements | (266,067) | (21,071) | ||||
| Total comprehensive income for the year | (967,395) | (820,681) | ||||
| Attributable to: | ||||||
| Equity holders of the parent | (967,395) | (820,681) | ||||
| Non-controlling interest | - | - | ||||
| Total comprehensive income for the year | (967,395) | (820,681) |
AS AT 31 DECEMBER
| Group | |||
| 2017 | 2016 | ||
| £ | £ | ||
| TOTAL ASSETS | |||
| Non-Current Assets | |||
| Property, plant and equipment | 245,956 | 188,835 | |
| Intangible assets | 2,382,291 | 2,144,264 | |
| Development Expenditure | 1,505 | 1,505 | |
| Goodwill | 474,207 | 1,312 | |
| 3,103,959 | 2,335,916 | ||
| Current Assets | |||
| Inventories | 6,100 | 3,129 | |
| Trade receivables | 398,642 | 460,939 | |
| Other receivables and prepayments |
948,938 | 619,993 | |
| Tax recoverable | - | 32,539 | |
| Amounts due from joint ventures | - | 27,841 | |
| Cash and cash equivalents | 479,565 | 116,541 | |
| 1,833,245 | 1,260,982 | ||
| Total Assets | 4,937,204 | 3,596,898 | |
| EQUITY AND LIABILITIES | |||
| Non-Current Liabilities | |||
| Financial liabilities - Leasing | 20,320 | 24,447 | |
| Financial liabilities - Term Loan | 159,178 | - | |
| Financial liabilities - Convertible Loan Note | 995,813 | - | |
| 1,175,311 | 24,447 | ||
| Current Liabilities | |||
| Trade payables | 277,151 | 170,675 | |
| Deferred income | 668,775 | 386,039 | |
| Other payables and accruals | 748,072 | 809,824 | |
| Amounts due to related parties | 835,853 | 1,223,256 | |
| Financial liabilities | 31,524 | 4,823 | |
| Provision for income tax | - | 9,626 | |
| 2,561,375 | 2,604,243 | ||
| Total liabilities | 3,736,686 | 2,628,690 | |
| Equity attributable to equity holders of the Company |
|||
| Share capital | 7,919,356 | 6,823,838 | |
| Share premium | 896,111 | 896,111 | |
| Retained earnings | (8,629,151) | (7,927,823) | |
| Translation reserve | 739,455 | 1,005,522 | |
| Capital reserve | 274,747 | 170,560 | |
| Total equity | 1,200,518 | 968,208 | |
| Total Equity and Liabilities | 4,937,204 | 3,596,898 |
FOR THE YEAR ENDED 31 DECEMBER 2017
Share
Capital
Share
Premium
Retained
Earnings
Translation
Reserve
Capital
Reserve
Convertible Loan Reserve
Attributable
To Equity
Holders of the Company
Non- controlling
Interests
Total
£
£
£
£
£
£
£
£
£
Balance at 1 January 2016
5,362,491
896,111
(7,107,142)
965,602
170,560
-
287,622
(108,000)
179,622
Loss for the year
-
-
(820,681)
-
-
-
(820,681)
108,000
(712,681)
Total other comprehensive income
-
-
-
39,920
-
-
39,920
-
39,920
Total comprehensive income for the year
-
-
(820,681)
39,920
-
-
(780,761)
108,000
(672,761)
New Share Issues
1,461,347
-
-
-
-
-
1,461,347
-
1,461,347
Balance at 31 December 2016 restated/ 1 January 2017
6,823,838
896,111
(7,927,823)
1,005,522
170,560
-
968,208
-
968,208
Loss for the year
-
-
(701,328)
(701,328)
(701,328)
Total other comprehensive income
(266,067)
(266,067)
(266,067)
Total comprehensive income for the year
(701,328)
(266,067)
104,187
(967,395)
(967,395)
| New Share Issues |
1,095,518
1,095,518
1,095,518
Balance at 31 December 2017
7,919,356
896,111
(8,629,151)
739,455
170,560
104,187
1,200,518
-
1,200,518
FOR THE YEAR ENDED 31 DECEMBER 2017
| 2017 | 2016 restated |
||||
| £ | £ | ||||
| Cash Flows from Operating Activities | |||||
| Loss before income tax from continuing activities | (706,712) | (1,343,037) | |||
| Profit/(loss) before income tax from discontinued activities | - | 573,800 | |||
| Adjustments for: | |||||
| Amortisation of intangible assets | 158,583 | 158,333 | |||
| Depreciation of property, plant and equipment | 63,880 | 77,579 | |||
| Impairment of property, plant and equipment | 2,169 | - | |||
| Impairment of intangible assets | (150,000) | 150,000 | |||
| Loss on disposal of plant and equipment | - | 43,533 | |||
| Non-cash elements of profit on discontinued activities | - | (308,082) | |||
| Interest expense | (14,693) | 61,919 | |||
| Others | - | - | |||
| (646,773) | (585,955) | ||||
| Changes in working capital: | |||||
| Receivables | (6,516) | 120,356 | |||
| Payables | (347,588) | (817,411) | |||
| Inventories | (2,970) | 3,424 | |||
| Related parties and associated companies | (1,173,550) | 683,662 | |||
| (199,084) | (595,924) | ||||
| Taxation | - | 7,797 | |||
| Net cash used from operating activities | (199,084) | (588,127) | |||
| Cash Flows from Investing Activities | |||||
| Interest received | 3 | - | |||
| Dividends received Purchases of property, plant and equipment |
- (28,654) |
- (45,899) |
|||
| Acquisition of subsidiary | (82,531) | - | |||
| Net cash used in investing activities | (111,182) | (45,899) | |||
| Cash Flows from Financing Activities |
| Interest paid | (14,694) | (61,919) | ||
| Repayment of term loan | 185,708 | - | ||
| Finance leases New Share Issues [1] |
(3,956) 250,000 |
(9,605) 428,992 |
||
| Net cash generated by/(used in) financing activities | 417,067 | 357,468 | ||
| Effect of foreign exchange rate changes on consolidation |
(150,474) | (23,169) | ||
| Net decrease in cash and cash equivalents | 354,495 | (299,727) | ||
| Cash and cash equivalents at the beginning of the Year |
116,541 | 416,268 | ||
| Cash and cash equivalents at the end of the year | 471,036 | 116,541 | ||
[1] This includes the cash portion of the capital injection. An amount of £408,000 was capitalized from shareholder loans.
1. General Information
Malvern International plc (the "Company") is a public limited liability company incorporated in England and Wales on 8 July 2004. The Company was admitted to AIM on 10 December 2004. Its registered office is Witan Gate House, 500-600 Witan Gate West, Milton Keynes MK9 1SH and its principal place of business is in Singapore. The registration number of the Company is 05174452.
The principal activities of the Company are that of investment holding and provision of educational consultancy services. The principal activity of the group is to provide an educational offering that is broad and geared principally towards preparing students to meet the demands of business and management. There have been no significant changes in the nature of these activities during the year.
2. Segmental Information
All revenue and profit before taxation arises from operations in the education sector. Reportable segments are based on the geographical area where operations are based comprising Europe (UK) and South East Asia/Middle East (Malaysia and Singapore). These segments represent the respective sub-groups of Malvern House Group Limited (Europe) and Malvern Singapore (South East Asia/Middle East).
The segmental analysis is as follows:
| Europe | Asia | Total | |
| 2017 | £ | £ | £ |
| Revenue from external customers | 2,017,681 | 1,941,825 | 3,959,506 |
| Depreciation, write offs and amortisation | 82,500 | (10,036) | 72,464 |
| Loss before taxation | (258,565) | (448,147) | (706,712) |
| Taxation charge | - | 5,384 | 5,384 |
| Profit on discontinued activities | - | - | - |
| Loss for the year | (258,565) | (442,763) | (701,328) |
| Segmental assets | 1,207,264 | 3,729,940 | 4,937,204 |
| Segmental liabilities | (1,263,520) | (2,473,166) | (3,736,686) |
| Additions to non-current assets | 36,000 | 768,057 | 804,057 |
| 2016-restated | |||
| Revenue from external customers | 1,314,904 | 2,677,677 | 3,992,581 |
| Depreciation, write offs and amortisation | (92,852) | (293,060) | (385,912) |
| Loss before taxation | (528,355) | (814,683) | (1,343,037) |
| Taxation charge | - | (30,373) | (30,373) |
| Profit on discontinued activities | 573,800 | - | 573,800 |
| Profit/Loss for the year | 45,445 | (845,055) | (799,610) |
| Segmental assets | 1,018,926 | 2,577,972 | 3,596,898 |
| Segmental liabilities | (1,165,073) | (1,463,617) | (2,628,690) |
| Additions to non-current assets | 3,653 | 42,246 | 45,899 |
Alternative performance measures reconciliation (EBITDA excluding HQ costs and discontinued activities)
| Europe | Asia | Total | |
| 2017 (including SAA acquisition in the year) | £ | £ | £ |
| Loss for the year | (258,565) | (442,763) | (701,328) |
| Interest | 19 | 14,691 | 14,690 |
| Tax | - | (5,384) | (5,384) |
| Depreciation | 15,000 | 48,880 | 63,880 |
| Amortisation | 67,500 | 91,083 | 158,583 |
| Impairment reversal | - | (150,000) | (150,000) |
| EBITDA (incl. HQ costs and discontinued activities) | (176,046) | (443,513) | (619,559) |
| Discontinued Activities | - | - | - |
| Others - HQ Costs allocation | 193,178 | 392,114 | 585,292 |
| EBITDA (excl. HQ costs and discontinued activities) | 17,132 | (51,399) | (34,267) |
| 2016 | £ | £ | £ |
| Loss for the year | 45,445 | (845,055) | (799,610) |
| Interest | (65,018) | 3,099 | (61,919) |
| Tax | - | 30,373 | 30,373 |
| Depreciation | 10,352 | 67,227 | 77,579 |
| Amortisation | 82,500 | 75,833 | 158,333 |
| Impairment charge | - | 150,000 | 150,000 |
| EBITDA (incl. HQ costs and discontinued activities) | 73,279 | (518,523) | (445,244) |
| Discontinued Activities | (573,800) | - | (573,800) |
| Others - HQ Costs allocation | 114,784 | 369,085 | 483,869 |
| EBITDA (excl. HQ costs and discontinued activities) | (385,737) | (149,438) | (535,175) |
Note that the Segmental liabilities figure for South East Asia is shown as a net asset due to the treatment of the amount due from Europe to South East Asia for funding being shown as a liability in the former and an asset in the latter.
Group HQ costs of £585,292 (2016-£483,869) were allocated to each segment based on the revenue for each segment. In 2017, the allocation was 51% (2016-33%) for Europe and 49% (2016-67%) for Asia.
3. Earnings/(Loss) Per Share
The basic and diluted earnings/(loss) per share on continuing activities was based on the loss attributable to shareholders of £701,328 (2016: loss of £1,373,410) and the weighted average number of ordinary shares in issue during the year of 105,708,809 shares (2016: 74,592,510 shares).
The basic and diluted earnings/(loss) per share on discontinued activities was based on the profit attributable to shareholders of £0 (2016: £573,800) and the weighted average number of ordinary shares in issue during the year of 105,708,809 shares (2016: 74,592,510 shares).
The basic and diluted earnings/(loss) per share attributable to equity holders of the Company was based on the loss to shareholders of £701,328 (2016: loss of £799,610) and the weighted average number of ordinary shares in issue during the year of 105,708,809 shares (2016: 74,592,510 shares).
Calculations for dilutive EPS have not been made in respect of the convertible loan notes on the basis the impact would be anti-dilutive.
There were no outstanding options in 2017
4. Annual Report
The Annual Report will be sent to shareholders shortly. Additional copies will be available to the public, free of charge, on the Company's website www.malverninternational.com.
This information is provided by RNS
The company news service from the London Stock Exchange
END
FR UNAORWSASUUR
Building tools?
Free accounts include 100 API calls/year for testing.
Have a question? We'll get back to you promptly.