TIDMMIND
RNS Number : 1254J
Mind Gym PLC
25 April 2022
25(th) April 2022
Mind Gym plc
("Mind Gym" or the "Company" or "Group")
Full Year Trading Update
Core business returns to pre-COVID levels and digital
transformation is well underway
Mind Gym (AIM: MIND), the global provider of human capital and
business improvement solutions, is pleased to provide a trading
update for its financial year ended 31 March 2022.
Highlights*:
-- Robust performance in line with the Board's expectations,
with the core business returning to pre-Covid levels:
o Revenue is expected to be GBP47.9m, up 25 per cent on FY21 (in
constant currency) and up 5 per cent on pre-Covid levels
(FY20).
o Delivery achieved against the backdrop of second half
headwinds from Omicron.
o Adjusted PBT for the year is expected to be in line with Board
expectations.
-- Digitally-enabled revenues of GBP36.8m, were up 25 per cent
versus FY21 and up 156 per cent versus FY20 (when the majority of
deliveries were still face to face) and represented 77 per cent
share of revenue (77 per cent in FY21 and 32 per cent in FY20).
-- In March 2022, Mind Gym acquired, for cash consideration of
GBP0.1m, the diagnostic IP of 10X Psychology Limited (in
administration) ("10X") supporting Mind Gym's developing digital
strategy.
-- Strong financial position maintained:
o Net cash of GBP10.0m at 31(st) March 2022, vs. GBP16.8m at
31(st) March 2021, following significant investment during the
financial year in our new digital products.
o New undrawn debt facility to support investment in growth.
* Financial metrics subject to audit and at constant currency
unless otherwise stated
Full Year Trading Performance
FY22 has been a year of continued progress and significant
investment for Mind Gym. The Group is exiting the Covid pandemic
with a strengthened proposition to its clients in a number of key
areas, having launched its new digital coaching platform in January
22, and with a strong pipeline of new POV's - 'Leadership' and
'Wellbeing' due in the coming months.
Despite the continued headwind of Covid, with Omicron causing
some delays in client decision making and course take up in the
second half and into the new financial year, both the UK and the US
delivered strong growth vs. FY21. In actual currency, Group
revenues were up 24 per cent on prior year and up 1 per cent on
FY20.
Performa, Mind Gym's digital 1:1 coaching SaaS platform, was
launched in January 2022 and to date has sold in excess of GBP0.5m
of Annualised Revenue. The product is based on Mind Gym's
proprietary Precision coaching methodology, and offers the
opportunity to provide clients with a leadership development
solution bundled with Mind Gym's existing products.
The acquisition of 10X's diagnostic IP, which was the result of
seven years' work and circa GBP10m of historic investment by 10X,
is anticipated to contribute significantly to Mind Gym's digital
strategy of delivering highly personalised interventions to
participants, and insightful data and analysis to clients. A
large-scale co-validation study performed by 10X showed its
diagnostic methodology to be more accurate at predicting behaviour
than the leading personality questionnaires on the market. It is
proposed to integrate this into Mind Gym's planned second digital
product, DXP, which is then expected to be launched in FY24.
During the year, the Group entered into a GBP10m debt facility (
GBP6m RCF, GBP4m accordion), which was undrawn as at 31 March 2022.
This provides the flexibility to support future growth
opportunities.
Octavius Black, Chief Executive Officer of Mind Gym,
commented:
"We are encouraged with Mind Gym's performance despite the Covid
headwinds, with good revenue growth ahead of last year and
pre-pandemic levels. We are excited by the recent launch of
Performa our digital 1:1 coaching SaaS service and delighted with
the positive reception it has already received from new and
existing clients. We have a clear strategy for accelerating revenue
growth based on market-leading IP, delighting clients and a
significant digital transformation."
Enquiries
Mind Gym plc +44 (0) 20 7376 0626
Octavius Black (CEO)
Dominic Neary (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 8100
Reg Hoare mindgym@mhpc.com
Katie Hunt
Charlie Protheroe
About Mind Gym
Mind Gym 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.
Mind Gym 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
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