Mind Gym PLC Full Year Trading Update (1244X)
April 24 2023 - 1:00AM
UK Regulatory
TIDMMIND
RNS Number : 1244X
Mind Gym PLC
24 April 2023
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 GBP54.7m
(FY22: GBP48.7m), +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 GBP2m 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
GBP7.6m, ahead of expectations (30 September GBP4.6m; 31 March
2022: GBP10.0m). MindGym's GBP10m 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
Liberum (Nominated Adviser and
Broker)
Nick How
Edward Mansfield
Cara Murphy +44 (0) 20 3100 2000
MHP (for media enquiries) +44 (0) 20 3128 8100
Reg Hoare mindgym@mhpgroup.com
Katie Hunt
Veronica Farah
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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END
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