Malvern International PLC on Monday said that its cash balanced jumped last year as revenue rose sharply amid a swing to a profit.

The London-based learning and skills development company said revenue surged 79% to £11.3 million in 2023 from £6.3 million in 2022, and that it swung to a pretax profit of around £300,000 from a loss of around £100,000.

Further, the company said that its cash balance as at December 31 improved 83% to £2.2 million from £1.2 million year-on-year.

Malvern said that the second half of 2023 ‘saw another strong high season return for Juniors’, citing revenue trebling to £3.7 million from £1.3 million, with student numbers jumping to 2,478 from 975.

It added that the combination of growth across all three divisions resulted in second-half revenue jumping 74% to £7.3 million in 2023 from £4.2 million in 2022.

Looking ahead, Malvern expects revenue for Juniors to grow 76% to £6.5 million in 2024 from £3.7 million in 2023.

Chair 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. In response, we are making strategic investments in people, products and locations to scale Juniors and build adult English learning training numbers at our schools. 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.’

Malvern shares rose 5.0% to 26.25 pence each on Monday morning in London.

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