REG - Kooth PLC - Trading Statement

KoothAnnouncement

26/07/2022 07:00

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RNS Number : 6742T  Kooth PLC  26 July 2022

 

26 July 2022

Kooth plc

("Kooth" or the "Group")

Trading update

 

Kooth, the UK's leading digital mental health platform, announces a trading
update for the six-month period to 30 June 2022. All figures relate to this
period, unless otherwise stated.

 

The Group has a strong pipeline of contracts which are expected to be signed
in the second half of this year and has high retention rates of existing
business. Therefore, the Group remains confident of delivering revenue for the
full year within market expectations. Kooth continues to make good progress
with its mission to provide personalised digital mental health care which is
both cost effective and clinically proven.

 

For children and young people, Kooth has cemented its position as the leader
in its field and, as part of data collected to support NHS England's strategy
of significantly expanding access to mental health support across this
demographic, the Group has been shown to be the number one provider of mental
health access in the UK. Kooth Adult has seen new wins in regions including
Greater Manchester, Northumberland, Devon and County Durham and Tees Valley.
The Group continues to work on establishing its capability in the USA, and has
recently won its first pilot in the region, which will go live in H2 2022.
Kooth Work has also seen success in its strategy of focusing on supporting
frontline and key workers, winning new contracts with RetailTrust, Grocery
Aid, and multiple multi-academy trusts to support teaching staff.

 

The directors believe that the ongoing transition within UK public healthcare
from 135 Clinical Commissioning Groups ("CCGs") to 42 new Integrated Care
Systems ("ICSs") provides an opportunity for the group to deepen further its
relationships in this sector. In the short term there is evidence that the
transition is delaying some buying decisions, but overall Kooth expects the
changes to leave the Group in a stronger position.

 

Kooth has a strong balance sheet, with net cash as at 30 June 2022 of £8.3m
(FY21: £7.1m), supporting continued investment for long-term growth. The
Group's investment strategy continues to focus on business development,
platform investment and U.S. expansion.

 

The Group's half year results in respect of the six months to 30 June 2022
will be announced in September 2022.

 

Tim Barker, Chief Executive Officer of Kooth, said:

"We have continued to expand our business, grow our service offering and
target long-term, sustainable growth. This is underlined by our strong
pipeline of new business opportunities along with the high rate of retention
we see with our existing customers. This retention, and our strong balance
sheet, allow us to invest for long-term growth, including accelerating
business development, further platform investment and focus on US expansion,
particularly following our maiden pilot contract there. The breadth of our
data, combined with the clinically validated nature of our platform, ensures
that Kooth remains a market leader and is able to help people find the
treatment they need and the NHS to continue providing support for their
patients."

 

- Ends -

 

The information contained within this announcement is deemed by the Company to
constitute inside information as stipulated under the Market Abuse
Regulation (EU) No. 596/2014 ('MAR'). Upon the publication of this
announcement via a Regulatory Information Service ('RIS'), this inside
information is now considered to be in the public domain. The person
responsible for this announcement is Sanjay Jawa, CFO.

 

Enquiries:

 Kooth plc                                                  investorrelations@kooth.com (mailto:investorrelations@kooth.com)
 Tim Barker, CEO
 Sanjay Jawa, CFO

 Panmure Gordon, Nominated Adviser and Joint Broker

 Corporate Finance:                                         +44 (0) 20 7886 2500

 Dominic Morley, Ailsa MacMaster

 Corporate Broking:

 Erik Anderson

 Stifel, Joint Broker                                       +44 (0) 20 7710 7600
 Ben Maddison, Nick Adams, Nicholas Harland, Richard Short

 FTI Consulting                                             kooth@fticonsulting.com (mailto:kooth@fticonsulting.com)
 Jamie Ricketts, Alex Shaw, Usama Ali

 

 

About Kooth plc:

 

Kooth (AIM:KOO) is the UK's leading digital mental health platform. 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.

 

Our three services are:

 

·    Kooth: for children and young persons

·    Kooth: for Adults

·    Kooth Work: for employees

 

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.
Currently, Kooth sees over 4,000 logins a day.

 

For adults, Kooth operates across distinct locations and serves specific
cohorts, including parents, teachers, victims of crime, and those who have
suffered from or continue to experience domestic violence. It is also offered
as a benefit by a number of corporate organisations delivering anonymous
digital mental health support services to employees.

 

Kooth is the only digital mental health provider to hold a UK-wide
accreditation from the British Association of Counselling and Psychotherapy
(BACP).

 

In 2021, Kooth was named 'Best Newcomer' at the European Mediscience Awards,
winner in the category of 'Tech for Good' at the UK Tech Awards and recognised
as the 'HealthTech Pioneer of the Year' at the UK Business Tech Awards for its
role in 'Supporting the Nation's Mental Health'.

 

 

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