Kooth PLC Trading update (5188G)
27 Juillet 2021 - 08:00AM
UK Regulatory
TIDMKOO
RNS Number : 5188G
Kooth PLC
27 July 2021
Kooth plc
("Kooth" or the "Group")
Trading update
Kooth, the UK's leading digital mental health platform,
announces a trading update for the six-month period to 30 June
2021. All figures relate to this period, unless otherwise
stated.
Group revenue is expected to be comfortably in line with market
expectations for the full year.
The Group continues to make good progress against its strategic
priorities: maintaining its leadership position in supporting
children and young people via the NHS, and meeting demand from the
NHS and Corporate adult market.
Kooth is now contracted by more than 90% of NHS England CCGs to
support the mental health needs of children and young people (FY20:
85%). This includes full coverage across London, expansion into two
Health Boards in Wales, and our first two contracts in
Scotland.
For Kooth Adult (providing early intervention support to adults
via the NHS), the Group's focus on 'whole population' contracts is
building momentum, adding five commissions in the first half of
2021 to the five that were contracted during 2020.
Kooth Work (supporting corporates with employee wellbeing)
continues to expand to help employees reach their full potential at
work. As announced in April 2021, the Chartered Management
Institute ("CMI") has partnered with Kooth to provide free mental
health support to their UK members.
Kooth has maintained a robust balance sheet, with net cash at 30
June 2021 of GBP8.8m (FY20: GBP7.8m), underlining its strong cash
generation and ensuring capacity to invest in the Group's long-term
growth.
Kooth is investing in its talent and technology platforms to
drive its growth strategy and meet increasing demand for digital
mental health support and tools. The Group intends to accelerate
this additional investment to capture the long-term market
opportunity available both in the UK and internationally.
Kooth will provide further details in its half year results,
which are expected to be announced in September 2021.
Tim Barker, Chief Executive Officer of Kooth, said :
"From young people to adults, via the NHS, corporates, or
partners, we continue to demonstrate the momentum behind our
mission to make effective, personalised digital mental health care
available to all."
- Ends -
The information contained within this announcement is deemed by
the Company to constitute inside information as stipulated under
the Market Abuse Regulation (EU) No. 596/2014 ('MAR'). Upon the
publication of this announcement via a Regulatory Information
Service ('RIS'), this inside information is now considered to be in
the public domain.
Kooth plc
Tim Barker, CEO, Sanjay Jawa, CFO investorrelations@kooth.com
Panmure Gordon, Nominated Adviser
and sole Broker
Corporate Finance: Dominic Morley,
Nicholas Harland
Corporate Broking: Erik Anderson +44 (0) 20 7886 2500
FTI Consulting
Jamie Ricketts / Alex Shaw / Usama kooth@fticonsulting.com
Ali
Notes to Editors
About Kooth
Kooth (AIM:KOO) is the UK's leading digital mental health
platform, set up to provide accessible and safe spaces for everyone
to achieve better mental health. The Company's online platform is
clinically robust and accredited to provide a range of therapeutic
support and interventions. All services are predicated on easy
access to make early intervention and prevention a reality.
Kooth offers three services:
-- Kooth is commissioned in 90% of the NHS's clinical
commissioning group areas across the country. It is a fully
safeguarded and pre-moderated community with a library of peer and
professional created content, alongside access to experienced
online counsellors. There are no thresholds for support and no
waiting lists. Currently, Kooth sees over 3,000 logins a day.
-- Kooth Adult operates across distinct locations and serves
specific cohorts, including parents, teachers, victims of crime and
those who have suffered from or continue to experience domestic
violence.
-- Kooth Work is a corporate service, aimed specifically at
employers to support the wellbeing of their employees, providing
confidential and anonymous access to a wellbeing community,
counselling, content and self-help tools. Kooth Work provides
valuable, anonymous insights into the wellbeing of the workforce so
that employers can identify specific areas of improvement for their
wellbeing strategy.
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END
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July 27, 2021 02:00 ET (06:00 GMT)
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