REG - Mind Gym PLC - Full Year Trading Update

Mind GymAnnouncement

24/04/2023 07:00

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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 £54.7m (FY22: £48.7m),
+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 £2m 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 £7.6m, ahead of expectations (30
September £4.6m; 31 March 2022: £10.0m). MindGym's £10m 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 (mailto: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                              +44 (0) 20 7376 0626

 Octavius Black (CEO)

 Dominic Neary (CFO)

 Liberum (Nominated Adviser and Broker)    +44 (0) 20 3100 2000

 Nick How

 Edward Mansfield

 Cara Murphy

 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
(http://www.themindgym.com)

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