TIDMKOO
RNS Number : 6742T
Kooth PLC
26 July 2022
26 July 2022
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
2022. All figures relate to this period, unless otherwise
stated.
The Group has a strong pipeline of contracts which are expected
to be signed in the second half of this year and has high retention
rates of existing business. Therefore, the Group remains confident
of delivering revenue for the full year within market expectations.
Kooth continues to make good progress with its mission to provide
personalised digital mental health care which is both cost
effective and clinically proven.
For children and young people, Kooth has cemented its position
as the leader in its field and, as part of data collected to
support NHS England's strategy of significantly expanding access to
mental health support across this demographic, the Group has been
shown to be the number one provider of mental health access in the
UK. Kooth Adult has seen new wins in regions including Greater
Manchester, Northumberland, Devon and County Durham and Tees Valley
. The Group continues to work on establishing its capability in the
USA, and has recently won its first pilot in the region, which will
go live in H2 2022. Kooth Work has also seen success in its
strategy of focusing on supporting frontline and key workers,
winning new contracts with RetailTrust, Grocery Aid, and multiple
multi-academy trusts to support teaching staff.
The directors believe that the ongoing transition within UK
public healthcare from 135 Clinical Commissioning Groups ("CCGs")
to 42 new Integrated Care Systems ("ICSs") provides an opportunity
for the group to deepen further its relationships in this sector.
In the short term there is evidence that the transition is delaying
some buying decisions, but overall Kooth expects the changes to
leave the Group in a stronger position.
Kooth has a strong balance sheet, with net cash as at 30 June
2022 of GBP8.3m (FY21: GBP7.1m), supporting continued investment
for long-term growth. The Group's investment strategy continues to
focus on business development, platform investment and U.S.
expansion.
The Group's half year results in respect of the six months to 30
June 2022 will be announced in September 2022.
Tim Barker, Chief Executive Officer of Kooth, said :
"We have continued to expand our business, grow our service
offering and target long-term, sustainable growth. This is
underlined by our strong pipeline of new business opportunities
along with the high rate of retention we see with our existing
customers. This retention, and our strong balance sheet, allow us
to invest for long-term growth, including accelerating business
development, further platform investment and focus on US expansion,
particularly following our maiden pilot contract there. The breadth
of our data, combined with the clinically validated nature of our
platform, ensures that Kooth remains a market leader and is able to
help people find the treatment they need and the NHS to continue
providing support for their patients."
- 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. The person responsible for this announcement is
Sanjay Jawa, CFO.
Enquiries:
Kooth plc investorrelations@kooth.com
Tim Barker, CEO
Sanjay Jawa, CFO
Panmure Gordon, Nominated Adviser and Joint Broker
Corporate Finance:
Dominic Morley, Ailsa MacMaster +44 (0) 20 7886 2500
Corporate Broking:
Erik Anderson
Stifel, Joint Broker +44 (0) 20 7710 7600
Ben Maddison, Nick Adams, Nicholas Harland, Richard Short
FTI Consulting kooth@fticonsulting.com
Jamie Ricketts, Alex Shaw, Usama Ali
About Kooth plc:
Kooth (AIM:KOO) is the UK's leading digital mental health
platform. Our mission is to provide accessible and safe spaces for
everyone to achieve better mental health. Our platform is
clinically robust and accredited to provide a range of therapeutic
support and interventions. All our services are predicated on easy
access to make early intervention and prevention a reality.
Our three services are:
-- Kooth: for children and young persons
-- Kooth: for Adults
-- Kooth Work: for employees
Kooth 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 4,000
logins a day.
For adults, Kooth 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. It is also offered as a benefit by a number of corporate
organisations delivering anonymous digital mental health support
services to employees.
Kooth is the only digital mental health provider to hold a
UK-wide accreditation from the British Association of Counselling
and Psychotherapy (BACP).
In 2021, Kooth was named 'Best Newcomer' at the European
Mediscience Awards, winner in the category of 'Tech for Good' at
the UK Tech Awards and recognised as the 'HealthTech Pioneer of the
Year' at the UK Business Tech Awards for its role in 'Supporting
the Nation's Mental Health'.
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END
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