REG - Mind Gym PLC - Half Year Trading Update

Mind GymAnnouncement

18/10/2022 07:00

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RNS Number : 1752D  Mind Gym PLC  18 October 2022

18 October 2022

 

Mind Gym plc

 ("Mind Gym" or the "Company" or "Group")

Half Year Trading Update and Notice of Interim Results
Significant H1 momentum driving growth in H2 and FY24

 

Mind Gym (AIM: MIND), the global provider of human capital and business
improvement solutions, is pleased to provide a trading update for the six
months ended 30 September 2022.

The Group expects to report revenues of £26.8m, +11% ahead of the comparative
period last year (+2% in constant currency). The US represented 62% of H1
reported revenues (actual FX) reflecting both underlying growth in the region
and the recent strengthening of the USD.  Notwithstanding the current
economic uncertainty, the Group is benefitting from its operating discipline
and price increases have helped offset cost inflation.  The Group's
performance to date is in line with the Board's expectations and guidance for
FY23 remains unchanged.

The Board remains confident in the Group's prospects as MindGym offers a
unique range of performance solutions and benefits from a diverse portfolio of
large clients.  MindGym has won a number of significant framework agreements
during the first half including its largest ever in respect of an
organisation-wide leadership programme at a global energy company. Revenues
from this client are forecast to be in excess of £10m over the next 24
months, and the other framework agreements are also expected to drive revenues
in H2 FY23 and FY24.

MindGym is delivering on its Digital strategy to integrate live and digital
learning and Performa continues to be well received by clients. MindGym is
also seeking to launch its new Organisational Diagnostics digital product in
H2 which diagnoses client challenges, determines which MindGym product
solutions will work and provide data-backed insights.

The Group retains a strong financial position to support investments in future
growth with net cash, as at 30 September 2022, of £4.5m, including further
planned investment in our new digital products in the first half, and its
£10m debt facility (£6m RCF, £4m accordion) remains undrawn.

Notice of Interim Results

Mind Gym will provide a further update with its half year results on 2
December 2022. If you would like to attend the results presentation, please
email mindgym@mhpc.com (mailto:mindgym@mhpc.com) .

Octavius Black, Chief Executive Officer of Mind Gym, commented:

"We are encouraged by our first half performance and the significant momentum
going into the second half. In a volatile economic environment, MindGym is
showing that it is well placed to meet the dynamic demands of the Human
Capital Market. MindGym's debt free balance sheet, increasing strength in the
US market, recent client wins and strong digital pipeline position it well for
the remainder of this financial year 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 Baxter

 MHP (for media enquiries)               +44 (0) 20 3128 8100
 Reg Hoare                               mindgym@mhpc.com

 Katie Hunt

 Veronica Farah

 

About MindGym

MindGym 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.

MindGym 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/) @themindgym

 

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