Mind Gym Plc Regulatory News (MIND)

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

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