25 October 2024
Kooth
plc
("Kooth"
or the "Company" or the "Group")
Statement regarding share price
movement
Kooth (AIM: KOO), a global
leader in youth digital mental well-being, today provides a
statement regarding the movement of its share price which took
place on the afternoon of 24 October 2024 following the publication
of a newsletter article regarding its service in California which
contained outdated information that underestimated the uptake and
impact of Soluna in California. The Company has provided a
statement that goes into more detail regarding the article, which
can be found on its website here.
The Company's contract in California has not changed
since it was announced on 4 July 2023, valued at $188 million over
a four-year period. Since Kooth's services went live in California
in January 2024, the Company has seen usage in each of California's
58 counties, with momentum, awareness, and uptake growing
meaningfully as the year has progressed. It has recently
added additional capabilities to Soluna, including a care
navigation support function, which enables it to operate as a
digital front door to access additional mental healthcare and
welfare services within the State. The Company is also engaged in a
robust outreach and public awareness effort that will continue to
increase uptake.
Soluna is already demonstrating its impact in
California as a valuable source of support to children and young
people with mental health needs. 53% of those accessing Soluna come
from communities disproportionately affected by health and economic
inequalities, and 95% of youth who engage with coaching would
recommend Soluna to a friend. Soluna has also demonstrated
meaningful clinical benefits, with 70% of those accessing
single-session therapy reporting positive outcomes.
Kooth is proud of the impact it has achieved to date
in California and continues to deliver on its purpose of building
mentally healthier populations, leaving no one behind.
The Board reiterates that its expectations for 2024
and 2025 remain unchanged.
ENDS
Enquiries:
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Kooth plc
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investorrelations@kooth.com
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Tim Barker, CEO
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Sanjay Jawa, CFO
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Stifel, Nominated
Adviser & Sole Broker
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+44 (0) 20 7710 7600
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Ben Maddison, Nick Harland, Erik Anderson, Ben
Good
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FTI Consulting,
Financial PR
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Kooth@fticonsulting.com
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Ben Atwell, Alex Shaw
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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.