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Melorio delivers first set of numbers

publication date: Jul 1, 2008
author/source: Ed Tranham

AIM-listed Melorio has reported revenues of £7.83m for the eight-month period from incorporation to 31 March 2008. The operating profit at the vocational training provider was £2.05m. The results reflect six months of trading since the acquisition of Construction Learning World (CLW) in October 2007 for £35m. CLW’s clients include many of the major construction companies. Following this acquisition, the company launched Logistics Learning World in January 2008 using CLW’s management and has been approved by Edexcel to deliver logistics qualifications.

Despite the experience of Carter and Carter, Melorio is one of several players trying to get a share of the government’s investment in vocational and adult skills training which is expected to top £5.3bn by 2010-11. The company mission is to build a vocational training business through the acquisition and organic development of profitable training providers with high learner achievement rates and strong management teams, in government identified ‘priority sectors’ for training and where there are regulatory or legislative drivers increasing demand for training and qualifications.

How quickly this vision can be achieved by executive chairman Adrian Carey (formerly CEO of the Hotel and Catering Training Company, which was sold to VT Group in 2006) will depend on Melorio’s ability to raise cash from investors and/or banks given that the financial markets have changed significantly since flotation last October. And the company has not been helped by the fall in its share price – down 35% in June – which has led to a statement from the board on 30 June stating that they “are not aware of any reason for it”.

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