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.

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."

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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 @themindgym