24 May 2011 – final results

In the year to 31 December 2010 group revenues increased to £18.1m (2009: £12.6m) helped by full year contributions from Malvern House and Kasturi College in Malaysia, both of which were acquired in 2009.  Difficult trading in the UK due to uncertainties surrounding student visas meant that the group reported an underlying loss before tax of £0.22m (2009: profit of ££1.08m) although the balance sheet remains healthy with net cash of £3.09m (2009: £3.22m).  Although the UK operations suffered in 2010, the Asian business did well and with action taken to restore the UK to profitability in 2011, a significant turnaround is likely this year. The share price has ticked up on the back of this and yet there should be further to go as evidence of the recovery becomes apparent.  BUY.