18 October 2024
Kooth
plc
("Kooth"
or the "Company" or the "Group")
Update on Pennsylvania pilot
contract
Kooth (AIM: KOO), a global
leader in youth digital mental well-being, today provides an update
on its first pilot contract in Pennsylvania (the "Contract"). The
Company has received communication from the State of Pennsylvania
(the "State") regarding the Contract, exercising the State's right
to terminate with a 30 day notice period. The Contract, signed on
11 October, 2022, was intended to run until 30 June, 2024, and was
subsequently extended until June 2025, whilst negotiations on a new
contract were ongoing.
From this latest communication, the status of Kooth's
work in the State going forward is unclear and therefore the
Company is urgently seeking clarification.
The Board's expectations for 2024 and 2025 remain
unchanged.
This announcement
contains inside information under the UK Market Abuse Regulation.
The person responsible for arranging for the release of this
announcement on behalf of the Company is Tim Barker,
CEO.
ENDS
Enquiries:
|
Kooth plc
|
investorrelations@kooth.com
|
|
Tim Barker, CEO
|
|
|
Sanjay Jawa, CFO
|
|
|
|
|
|
Stifel, Nominated
Adviser & Sole Broker
|
+44 (0) 20 7710 7600
|
|
Ben Maddison, Nick Harland, Erik Anderson, Ben
Good
|
|
|
|
|
|
FTI Consulting,
Financial PR
|
Kooth@fticonsulting.com
|
|
Ben Atwell, Alex Shaw
|
|
|
|
| |
About Kooth
plc:
Kooth (AIM:KOO) is a global leader in youth digital mental
well-being. Our mission is to provide accessible and safe spaces
for everyone to achieve better mental health. Our platform is
clinically robust and accredited to provide a range of therapeutic
support and interventions. All our services are predicated on easy
access to make early intervention and prevention a
reality.
Kooth is a
fully safeguarded and pre-moderated community with a library of
peer and professional created content, alongside access to
experienced online counsellors. There are no thresholds for support
and no waiting lists.
Kooth is the
longest standing digital mental health provider to hold a UK-wide
accreditation from the British Association of Counselling and
Psychotherapy (BACP) and according to NHS England data for 2022/23
is now the largest single access provider for mental health support
for under 18s.
In 2021, Kooth began executing on its
international expansion strategy, with an initial focus on the US
market. This focus is due to the growing recognition of the
importance of improving youth mental health in this key global
healthcare market, with 1-in-6 people aged 6-17 experiencing a
mental health disorder each year.
For more information, please
visit www.koothplc.com.