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24 Apr 2023 07:00
24 April 2023
Mind Gym plc
("MindGym" or the "Company" or "Group")
Full Year Trading Update
Traded in line with expectations, with accelerating revenue growth in H2 FY23
MindGym (AIM: MIND), the global provider of human capital and business improvement solutions, today announces a trading update for its financial year ended 31 March 2023.
The Group expects to report revenues in excess of £54.7m (FY22: £48.7m), +12% ahead of prior year (+4% in constant currency ("cc")), and profit before tax broadly in line with expectations. Revenues in H2 FY23 were +14% ahead of prior year (+7% cc), demonstrating good momentum from the 11% growth in H1 FY23 (+2% cc).
The Board remains confident in the Group's prospects. With its broad range of solutions and diverse client portfolio, MindGym has performed robustly despite the macro-economic headwinds. The significant framework agreements won in H1 FY23 contributed to Group performance in H2 FY23. The second half also saw the award of a large framework agreement with a global automotive manufacturer, which is initially expected to deliver at least £2m over the next 18 months. Revenues from these framework contracts are expected to continue into FY24 and beyond.
The Group retains a strong financial position to support investments in future growth with net cash, at 31 March 2023, of £7.6m, ahead of expectations (30 September £4.6m; 31 March 2022: £10.0m). MindGym's £10m debt facility remains undrawn.
Notice of Results
Mind Gym will provide a further update with its results to be issued on 14 June 2023. If you would like to attend the results presentation, please email mindgym@mhpgroup.com.
Octavius Black, Chief Executive Officer of Mind Gym, commented:
"We are encouraged by our performance in FY23. Despite macro-economic headwinds, MindGym has increased its growth rate in the second half and won a further important framework agreement. MindGym's continued strength in Innovation, coupled with a debt free balance sheet, ongoing client wins, and evolving digital pipeline, position it well for FY24 and beyond."
Enquiries
Mind Gym plc Octavius Black (CEO) Dominic Neary (CFO) | +44 (0) 20 7376 0626 |
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Liberum (Nominated Adviser and Broker) Nick How Edward Mansfield Cara Murphy | +44 (0) 20 3100 2000 |
MHP (for media enquiries) Reg Hoare Katie Hunt Veronica Farah | +44 (0) 20 3128 8100 mindgym@mhpgroup.com |
About Mind Gym
Mind Gym is a company that delivers business improvement solutions using scalable, proprietary products which are based on behavioural science. The Group operates in three global markets: business transformation, human capital management and learning & development.
Mind Gym is listed on the London Stock Exchange Alternative Investment Market (ticker: MIND) and headquartered in London. The business has offices in London, New York and Singapore.
Further information is available at www.themindgym.com
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