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Learning and skills development company Malvern International posted a first-half loss after it wrote off the value of its Malaysian assets.
Pre-tax losses for the six months through June amounted to £1.46m, compared to losses of £0.37m on-year, and included a £1.07m impairment charge.
Revenue rose 28% to £3.33m, which the company said was slightly ahead of its expectations.
Cash at 30 June 2019 was £0.43m.
'We are very disappointed with the continued poor trading in Malaysia, which has led to the board taking the decision to fully impair the intangible assets of the operation,' chief executive Sam Malafeh said.
'Given the considerable management support and financial resources the Malaysia operation continues to absorb, the board has made the difficult decision to seek a buyer for the business.'
Overall, however, Malafeh said the company was pleased with its our progress so far this year. 'We are in strong position to continue to grow our business profitably,' he added.
At 8:08am: (LON:MLVN) Malvern International Plc Ord 5p share price was 0p at 2p