He was sent on loan to struggling Third Division side Cowdenbeath to gain experience, where he managed to stave off the possibility of finishing bottom of the Scottish league thanks to a win in the final game of the season against fellow strugglers Montrose.
When Malcolm finished his spell at St. Johnstone, he moved south of the border to Plymouth Argyle, where he played extensively in the reserves, although he was unable to make inroads in the first team.
Malcolm helped Ross County consolidate their position in the league during the 2003–04 season, though towards the end of the year he played much less frequently.
In February 2005, Stuart departed Ross County to join League of Ireland Premier Division side Drogheda United.
[4] It did not take Stuart long to find a new club as he signed for newly promoted Premier Division outfit Dublin City in January 2006.
Stuart's career at Dublin City was cut short as the club went out of existence in July 2006 due to financial difficulties.
Immediately after his release from Montrose, Malcolm returned to Irish football by agreeing to sign for Eircom League First Division outfit Shelbourne.
[19] Malcolm announced on his own Twitter page that he had resigned as Forfar Athletic manager on 9 April 2021,[20] which the club reluctantly accepted.