Half Year Trading Update and Notice of Results

21 October 2019

Mind Gym plc

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

Half Year Trading Update and Notice of Interim Results

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 2019 ("H1"), ahead of reporting its interim results on 10 December 2019.

Reported revenue is expected to be c.24% ahead of the comparative period last year having grown to around £23.9 million. On a constant currency basis revenue is expected to be c.20% ahead of the comparative period last year, with both the US and EMEA regions performing well and as a result, on a full year basis, we expect revenue to be slightly ahead of expectations.

Our strategy to focus on deepening key client relationships is paying off with an increased proportion of revenue from top 25 accounts and an increased proportion of repeat revenue from existing clients.

The Board's strategy of investing for growth is already delivering returns and this first half performance gives us the opportunity to make further investments to ensure continued, strong results. The Board expects H1 adjusted PBT to be broadly consistent with the same period last year and remains confident of meeting market expectations for the full year.

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

"The market for business cultural change is ripe for disruption. Our strong revenue performance in the first half shows how leaders of big businesses are increasingly switching to our new, behavioural science-based solutions.  As a result, we are making significant investments in commercial capacity, infrastructure, our digital proposition and senior leadership, most recently with the appointment of Wei-Li Chong as President Mind Gym US.  We are pleased with the first half results and very focused on what needs to be done to deliver long term, sustainable growth."

Enquiries    

mindgym-maitlandamo@maitland.co.uk