Fairview International PLC

("Fairview" or the "Company" or the "Group")

 

Half Yearly Report

 

Interim Management Report and Unaudited Condensed Interim Financial Statements

for the six-month period ended 31 December 2025

 

Fairview, the operator of international schools following the International Baccalaureate curriculum, is pleased to provide its unaudited interim results for the six-month period ended 31 December 2025 ("H1 2026") and provide an update on year-to-date trading. Comparative data is provided for the six months ended 31 December 2024 ("H1 2025") unless otherwise stated.

 

Financial Highlights

 

·     Revenue increased by 7.1% to £2.98 million (H1 2025: £2.78 million)

·     New student enrolments and applications show a 1.8% improvement on student numbers, net of graduating students

·     Gross profit increased to 53.3% (H1 2025: 50.4%)

·     Profit before tax increased by 121.8% to £1.22 million (H1 2025: £0.55 million)

·     Profit after tax rose by 257.7% to £0.93 million (H1 2025: £0.26 million)

·     Earnings per share 0.16p (H1 2025: 0.08p)

 

Operational Highlights

 

·     Fairview's academic results continue to be a key differentiator. For the sixth consecutive year, the Kuala Lumpur campus was ranked in the top 100 International Baccalaureate ("IB") schools globally and second in Malaysia.

·     Marketing efforts in Malaysia and in Asia Pac are showing increasing traction with families

·     Developing close contacts with UK Universities to build a path for graduates seeking international teaching qualifications and experience.

·     Exploring expansion of the Group's schools premises in Malaysia.

·     Initial exploration of property development opportunities at the School site in Johor Bahru.

 

Dr Vincent Chian, Chief Operating Officer of Fairview, discusses the Company's operations and H1 2026 with focusIR here: https://media.focusir.com/FairviewInternational1H26Results

 

Business review and developments

Alongside continued operational progress within the Group's schools, the Board is progressing a detailed business review focused on both strengthening earnings generation from the Group's education IP and hybrid delivery capabilities, as well as clarifying Fairview's long-term positioning beyond individual school assets. As referred to previously, an important element in future proofing Fairview is ensuring that the Company has a sustainable supply chain of new teachers. The recent Memorandum of Understanding, entered into between the Arts University Bournemouth and University College Fairview, for an exploratory partnership to examine creative education collaboration in Malaysia, provides the opportunity for UK students and graduates to enjoy work experience and take post graduate teaching roles in the Fairview network of schools.

 

The Group's campus in Johor Bahru is also set to benefit operationally, and through property development opportunities, from the Johor-Singapore Special Economic Zone (JS-SEZ), a landmark cross border economic region covering 500 km² across southern Johor State.

 

Outlook

Fairview entered 2026 with 723 students enrolled across our two schools, representing a 1.8 per cent increase from 1 July 2025. The increase in enrolments and applications is particularly encouraging given the additional resources we have invested in marketing our schools since the IPO. These initiatives are beginning to show positive results and we expect this momentum to continue ahead of the start of our FY26/27 academic year.

 

Daniel Chian, Chairman of Fairview, said: "I am pleased to present our interim results for the six months ended 31 December 2025.  The Group's half year results are based on the continued hard work of the executive team, to whom considerable thanks is due, the quality of our underlying operational systems and the robustness of our business model.  We are one of very few companies from Malaysia to achieve this milestone and, likewise, one of very few international school businesses to be quoted on a global stock exchange. The exposure that this has given us, as well as the validation of the quality of our management, should not be underestimated and we are already seeing how this distinction is benefitting our schools.

 

"Since completing our IPO, we have continued to assess opportunities to expand our business, examining both acquisitions and new builds, applying the criteria of economic growth, demand for quality education and sustainability in their assessments. As well as South-East Asia, and Asia generally, which holds a number of attractions given the rising demand for international education, the United Kingdom continues to present opportunities, reflecting both the positive attitudes of Asian families towards International education and the growing interest in the IB curriculum.

 

"We believe that our team has the skills and experience to adapt to the challenges presented by global economic conditions and to continue to build the business by capitalising on the opportunities that are expected to arise through the rest of 2026 and beyond."

 

For further information, please contact:

 

Fairview International PLC
Daniel Chian, Chairman	via focusIR
Website: www.fairviewplc.uk
focusIR (Investor Relations)
Kat Perez	Tel: +44 (0) 7881 622 830
	kat.perez@focusIR.com

Notes to Editors

 

About Fairview International PLC

 

Fairview International PLC is an IB-focused education group headquartered in Malaysia. The Company owns and operates two private independent schools offering the IB programme - one in Kuala Lumpur and one in Johor Bahru, near the Singapore border. Founded in 1978, the Fairview brand has developed a long-standing reputation for academic excellence and IB delivery. The Kuala Lumpur campus is recognised as the flagship school and has been ranked among the top IB schools globally in recent years. The Johor Bahru campus serves a diverse and internationally focused student base, including families connected to the Singapore market.

 

In addition to its owned campuses, three other schools in Malaysia and one in the United Kingdom trade under the Fairview brand under licence arrangements. These schools are under common control but are held outside the Group. All Fairview-branded schools are individually accredited by the International Baccalaureate Organisation to deliver the IB Primary Years and Middle Years Programmes, with Fairview Kuala Lumpur also authorised to offer the IB Diploma Programme.

 

Beyond operating schools, Fairview is developing scalable education services designed to strengthen earnings resilience and long-term growth. These include teacher training pathways, hybrid and online learning capability, and codified academic systems that support both its own campuses and potential partner institutions.

 

The Directors believe that rising demand for internationally recognised qualifications across ASEAN and Asia generally, combined with increasing global mobility among families, creates attractive opportunities for high-quality, repeatable IB-focused education systems.

 

Website	www.fairviewplc.uk
Social media	https://x.com/fairviewplc https://www.linkedin.com/company/fairview-international-plc/

 

 

Chairman's Report

 

I am pleased to present our second set of interim results since joining the London Stock Exchange in October 2024. Our IPO marked a significant milestone in the development of Fairview. We are one of very few companies from Malaysia to achieve this milestone and, likewise, one of very few international school businesses to be quoted on a global stock exchange. The exposure this provides, together with the validation of the quality of our management and academic model, should not be underestimated and we are already seeing how this distinction is benefitting our schools.

 

One of our most significant KPIs is student numbers. The mid-year typically sees a seasonal decline, often due to expatriate job relocations at the calendar year end, and 2025 was no exception. However, we entered 2026 with 723 students enrolled across our two schools, representing a 1.8 per cent increase from 1 July 2025. The increase in enrolments and applications is particularly encouraging given the additional resources we have invested in marketing our schools since the IPO. These initiatives are beginning to show positive results and we expect this momentum to continue ahead of the start of our FY26/27 academic year.

 

Since our IPO, the Board has also undertaken a review of how Fairview can build upon its strong academic reputation and operational platform. While the Group currently operates two owned campuses within the Fairview network, we believe the longer-term opportunity lies in developing Fairview as a scalable education platform combining high-quality campus delivery with codified academic systems, teacher development pathways and hybrid learning capability.

 

The Board believes Fairview has the potential to evolve from a small number of owned campuses into a scalable international education platform combining high-quality physical schools with codified academic systems, hybrid delivery capability and teacher development pathways. This approach will allow the Group to expand both through increased income generated from physical campuses and through the broader application of its educational systems and academic expertise.

 

Our campuses currently operate significantly below their maximum student capacity, providing substantial organic growth potential with relatively limited incremental cost. As enrolment grows, the inherent operating leverage within the Group's business model becomes increasingly evident. Alongside this, we are exploring ways to leverage the Group's academic systems and digital capabilities to support future hybrid and international delivery models. These initiatives, together with selective expansion opportunities and the development potential associated with our Johor Bahru site, provide the Board with confidence that Fairview is well positioned to build a broader and more resilient international education platform over time.

 

Since completing our IPO, we have also continued to assess opportunities to expand our business, examining both acquisitions and new developments using criteria such as economic growth, demand for quality education and long-term sustainability. South-East Asia remains an attractive region for international education, while the United Kingdom continues to present selective opportunities, particularly as some schools face structural pressures from changing regulatory and cost environments. The Board remains disciplined in evaluating such opportunities and will prioritise those that strengthen the Group's long-term strategy and operational platform.

 

Despite the seasonal impact on student numbers, we nevertheless increased revenues for the period by 7.1 per cent to £2.98 million (2024: £2.78 million). This growth was primarily driven by increased student enrolment together with ancillary revenue streams such as excursions, expeditions and school services.

 

The continued focus on managing our operating and administrative cost base has improved our gross profit margin for the period to 53.3 per cent (2024: 50.4 per cent). As enrolment continues to grow, we expect the operating leverage inherent within the Group's model to support further improvements in financial performance.

 

The Group also expects to benefit from the roll out of the Johor-Singapore Special Economic Zone (JSSEZ), which is expected to drive economic development and population growth in Johor Bahru over the coming years. This creates additional opportunities for student enrolment growth as well as potential development opportunities associated with the Group's site in Johor Bahru.

 

Looking ahead, the Board believes Fairview is well positioned to capitalise on the growing global demand for high-quality international education. By combining strong academic outcomes, a disciplined operating model and the continued development of scalable educational capabilities, we believe the Group has the potential to build a larger and more resilient international education business over time.

 

Financial review

Profit from ordinary business activities before tax of £1.22million (2024: £1.12m) and profit after tax of £0.93 million (2024: £0.26 million) increased mainly due to the continuous costs control for the operations, lesser professional fees at the schools level and the absence of the exceptional costs associated to the Company's IPO and those related to the pre-IPO group reconstruction in the current period (2024: £0.58 million), which are one-off in nature. The Board continues to manage its budget tightly and the Company benefits from resource sharing within the Fairview network.

 

No significant purchases of fixed assets were made in the current period. The increase in the carrying amounts are mainly reflects the strengthening of Ringgit Malaysia ("RM") against the Sterling ("£"), where £1.00 is convertible to RM5.45 as compared to RM5.77 on 30 June 2025.

 

The Company entered into a Sale and Purchase Agreement in the previous financial year ended 30 June 2025 for the disposal of an asset held for sale for a total cash consideration of £990,000. The disposal was completed in the current period with a gain on disposal of £35,000.

 

The increase in current assets is primarily due to receivables from sister schools relating to central office cost allocations by Fairview Kuala Lumpur, as at the balance sheet date, which will be settled in the normal course of operations.

 

There are no major changes to the current liabilities other than the unearned portion of the school fees as at 31 December 2025 compared to the balance as at 30 June 2025, as slower payment of school fees are generally observed during the month of December due to the holidays at the calendar year-end. Long term liabilities reduced as the Group continued to repay respective bank borrowings.

 

The increase of total equity to £7.04 million as at 31 December 2025 from £5.76 million as at 30 June 2025 is contributed by the net earnings for the current six months and the foreign exchange reserve due to the stronger RM against £, arising from the translation of the financial statements of the foreign operations whose functional currencies are different from that of the Company's presentation currency.

 

Both of Fairview's schools have the capacity to accommodate significantly higher student numbers, with maximum capacities of 1,500 students in Kuala Lumpur and 750 students in Johor Bahru. With the Group currently operating at around one third of this capacity while already trading profitably, the potential economies of scale within the business model provide a strong foundation for future growth.

 

Related Party Transactions

Significant related party transactions have been disclosed in Note 21 to the unaudited condensed interim financial statements. There are no material changes to the related party transactions disclosed in the last Annual Report for the year ended 30 June 2025.

 

Principal Risks and Uncertainties

The principal risks and uncertainties which have been identified below and the steps which are taken by the Board to mitigate them are disclosed in further detail within the Company's Annual Report for the year ended 30 June 2025. The Board does not consider these risks and uncertainties to have changed materially during the six months ended 31 December 2025 and these risks are considered to remain relevant for the final six months of the financial year.

 

Principal Risks:

·   Regulatory risk

·   Competition

·   Safeguarding

·   Operational risk

·   Expansion risk

·   People risk

·   Information systems and cyber-risk

·   Financial risks (Liquidity, Credit and Currency risks)

·   Fraud risk

Principal Uncertainty

The Board considers a potential economic downturn to be the principal uncertainty facing the Company's business.

 

Responsibility Statement

We confirm that, to the best of our knowledge:

 

(a)    the condensed set of financial statements, prepared in accordance with International Accounting Standard ("IAS") 34 as contained in United Kingdom ("UK") adopted International Financial Reporting Standards ("IFRS"), gives a true and fair view of the assets, liabilities, financial position and profit of the Company and its undertakings taken as a whole;

 

(b)   the Interim Management Report includes a fair review of the information required (important events during the first six months and a description of the principal risks and uncertainties for the remaining six months); and

 

(c)    the Interim Management Report includes a fair review of the information required relating to related party transactions that have materially affected the financial position or performance in the first six months and any material changes to the related party transactions described in the last annual report.

 

Auditors' Involvement Statement

These condensed consolidated interim financial statements have not been reviewed or audited by the Company's auditors.

 

Daniel Chian

Chairman

 

12 March 2026

 

 

Fairview International PLC

Condensed Consolidated Statement of Comprehensive Income

For the six months ended 31 December 2025

			Six months ended		Six months ended		12 months ended
			31 December 2025		31 December 2024		30 June 2025
	Note		(Unaudited) £'000		(Unaudited) £'000		(Audited) £'000
Revenue	3		2,982		2,784		5,342
Cost of sales			(1,394)		(1,382)		(2,606)
Gross profit			1,588		1,402		2,736
Other operating income			549		461		1,161
Administrative expenses			(584)		(359)		(940)
Operating profit			1,553		1,504		2,957
Finance costs			(339)		(382)		(779)
Profit from ordinary activities before taxation			1,214		1,122		2,178
Non-recurring reorganisation and IPO expenses	4		-		(577)		(878)
Profit before taxation			1,214		545		1,300
Income tax expense	5		(283)		(284)		(546)
Profit after taxation			931		261		754
Total comprehensive income attributable to:
The shareholders of the Company			912		225		724
Non-controlling interest			19		36		30
			931		261		754
Basic and diluted                                          20 earnings per share attributable to the owners of the Company (pence)
			0.16		0.08	0.13
Alternative Performance Measure Pro-forma basic and diluted                      20 earnings per share before non-recurring IPO costs attributable to the owners of			0.16		0.27	0.28