Malvern International PLC on Thursday reported a widened interim loss due to growing investment in Asia and higher costs.

The London-based global learning and skills development company said its pretax loss widened to £676,000 in the six months to June 30, compared to £345,000 in the same period the year before.

This deterioration was primarily the result of an increase in investment in Malvern’s new and targeted revenue streams, such as in India, Nepal and China. The company’s cost of services sold & operating expenses widened to £2.7 million this year from £1.6 million last year.

Revenue increased 62% to £2.3 million from £1.4 million last year.

Malvern’s English language training centre revenue was ahead of its pre-pandemic peak, while the company’s junior summer camps generated £1.4 million following two years of no activity.

The company proposed no interim dividend.

Looking forward, Malvern drew attention to its work with ‘the biggest agencies in Brazil, Saudi Arabia, Kuwait and Italy’ for its English language training. The company said ‘the pipeline of bookings is strong.’

Chief Executive Officer Richard Mace stated: ‘The company is seeing the benefits of its strategic investment over the last two years in its brand, sales and marketing, management team, processes, partnerships, products and student offering. The board believes this investment puts Malvern in a strong position to grow its market share for the remainder of 2022 and beyond.

‘Pre-booked and delivered revenues for the second half of 2022 are showing a three-fold increase on the second half of 2021 and are ahead of like-for-like pre-pandemic levels of the second half of 2019. Pre-bookings indicate that the group can expect further growth in revenues in 2023.’

Shares in Malvern International were at 0.095 pence each on Wednesday.

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