Mind Gym FY trading in line with expectations, revenues up double-digits

24th Apr 2023 08:55

(Sharecast News) - Behavioural science group Mind Gym said on Monday that its full-year trading performance was in line with expectations, with annual revenue growth accelerating throughout the second half.

Mind Gym now expects to report revenues of more than £54.7m, up 12% year-on-year, while pre-tax profits were pegged to be broadly in line with expectations. Revenues in H2 were 14% ahead of the prior year, demonstrating "good momentum" from the 11% growth in H1.

The AIM-listed group said it remains "confident" in its prospects after performing "robustly" despite the macroeconomic headwinds.

Mind Gym added that it also retains "a strong financial position" to support investments in future growth with net cash, as of 31 March, of £7.6m, ahead of expectations, while its £10.0m debt facility remains undrawn.

Chief executive Octavius Black said: "We are encouraged by our performance in FY23. Despite macroeconomic headwinds, MindGym has increased its growth rate in the second half and won a further important framework agreement. MindGym's continued strength in Innovation, coupled with a debt-free balance sheet, ongoing client wins, and evolving digital pipeline, position it well for FY24 and beyond."

As of 0850 BST, Mind Gym shares were down 3.94% at 61.0p.

Reporting by Iain Gilbert at Sharecast.com