UK's Kooth surges as California contract lifts revenue expectations
04/07/2023 09:12
** Shares of Kooth Plc KOO.L surge as much as 37.2% to
358p, their highest since Dec. 20, 2021
** The UK-based firm which provides a digital mental health
platform says its contract win in California announced in March
will be worth $188 mln and will run till June 2027
** KOO says it expects a "material upgrade" to its 2023
revenue guidance of at least 34 mln pounds ($43.2 mln) from the
contract win
** Co says its service as primary vending partner to
California for digital health to 13-25 year olds is expected to
be launched in January 2024
** Kooth says it intends to raise 10 mln pounds to fund
expansion strategy
** Shares set to post best day ever, if trend holds
** Stock currently up 30.2%, taking YTD gains to more than
154%
($1 = 0.7879 pounds)
(Reporting by Aby Jose Koilparambil in Bengaluru)
((abyjose.koilparambil@thomsonreuters.com))