KOOTH: Good Update just incase you missed it.29 Jan 2025 08:43
23rd January 2025
London South East
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Share Price Information for Kooth Plc (KOO)
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Share Price:
159.50
Bid:
158.00
Ask:
161.00
Change:
0.00 (0.00%)
Spread: 3.00 (1.899%)Open: 159.50High: 159.50Low: 159.50Prev. Close: 159.50
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Trading update, Board changes & succession plans
23 Jan 2025 07:00
RNS Number : 3671U
Kooth PLC
23 January 2025
23 January 2025
Kooth plc
("Kooth" or the "Group" or the "Company")
Trading update, Board changes and succession planning
Kooth, a global leader in youth digital mental well-being, announces a trading update for the financial year ended 31 December 2024, along with changes to its Board of Directors (the "Board") and succession planning for its executive leadership team.
Trading update
2024 revenues are anticipated to be in line with consensus market expectations of £65.8m (2023: £33.3m). Adjusted EBITDA is expected to be at or ahead of the top of the range of analyst forecasts of £12.7m (2023: £2.3m), helped by certain items which are not expected to recur in the current year. The Company has grown its unaudited cash position to £21.5m during 2024, from £11.0m as at 31 December 2023 and maintains an undrawn working capital facility of $9.5m.
As announced in December 2024, Kooth has agreed terms for a new pilot contract with the State of New Jersey valued at $1.45m. Under the terms of the Contract, Kooth is providing mental health support via its Soluna platform to school districts within New Jersey, reaching 50,000 students aged 13 to 18. This pilot went live on 7 January. The Company continues to hold negotiations, which are expected to be concluded in Q1, regarding a second pilot contract in the US.
Kooth is expanding its mental health services and provisions to young people in California. Soluna, the Company's platform offering free access to one-to-one professional support, self-guided tools, content, activities and peer support communities moderated by trained behavioural health professionals, continues to demonstrate its impact, with 95% of those who engage with coaching saying that they would recommend Soluna to a friend. Soluna is also demonstrating meaningful clinical benefits, with 70% of those accessing single-session therapy reporting positive outcomes.
Kooth remains NHS England's largest single