18 October 2021
Mind Gym plc
("Mind Gym" or the "Company" or "Group")
Half Year Trading Update and Notice of Interim Results
Mind Gym bounces back ahead of pre-COVID levels
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 2021.
The Group expects to report revenues of £24.1m, +76% ahead (in constant currency terms) of the comparative period last year and +7% above the comparative pre-COVID period two years ago. In actual currency terms revenues were +66% on the prior year and level on two years ago due to a headwind from sterling strengthening against the US dollar. This performance is in line with the Board's expectations.
In terms of the Group's ongoing digital transformation, 82% of revenues in the period were digitally enabled. The Group continues to invest in its digital capabilities ahead of planned launches of the Company's new digital product set.
The Group remains confident in its strategy to invest for future growth and its balance sheet remains resilient. Cash at bank, as at 30 September 2021, was £11.9m. The Group has recently entered into a £10m debt facility (£6m RCF, £4m accordion), which was undrawn as at 30 September 2021, to provide additional flexibility if required.
Notice of Interim Results
Mind Gym will provide a further update with its interim results on 3 December 2021. If you would like to attend the results presentation, please email mindgym@mhpc.com.
Octavius Black, Chief Executive Officer of Mind Gym, commented:
"We are delighted to see strong growth in revenues in the first six months of the year, ahead of pre-COVID levels for the comparable period, driven by our digitally enabled capabilities with virtual delivery of our services providing clients with attractive workplace flexibility. We remain focused on our investments and new digital products and will update further at the time of our interim results in December."
Enquiries
| Mind Gym plc | +44 (0) 20 7376 0626 |
| Octavius Black (CEO) | |
| Richard Steele (CFO) | |
| Liberum (Nominated Adviser and Broker) | +44 (0) 20 3100 2000 |
| Bidhi Bhoma | |
| Nick How Kane Collings | |
MHP (for media enquiries) +44 (0) 20 3128 8572
Reg Hoare
Katie Hunt
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