Mind Gym PLC on Tuesday said it swung to an annual profit and reported double-digit revenue growth.
The London-based personal and business coaching service said in the year ended March 31, it swung to a pretax profit of £2.9 million from a loss of £482,000 a year prior.
Revenue was up 13% to £55.0 million from £48.7 million, which Mind Gym attributed to a framework agreement signed with an unnamed global energy company in the first half of financial 2023. In addition, the company said digitally enabled revenue of £37.6 million represented 68% of the overall revenue.
Mind Gym did not declare a dividend for financial 2023, unchanged from the year before.
Looking ahead, Mind Gym said it expects ‘some cautiousness from clients’ in light of macroeconomic challenges, but stressed its data-backed insights and solutions continue to show value to its client base. The company added that it expects to make further progress in financial 2024, with recent investments anticipated to deliver ‘scalable growth’.
Chief Executive Officer Octavius Black said: ‘The award of significant new framework agreements in the year from major corporations, highlights the growing demand in the market as well as MindGym’s capability. Our Digital strategy is delivering well, including our Performa coaching product and refreshed eWorkouts.
‘We have had a solid start to the new financial year and, notwithstanding continued economic uncertainty, have confidence that organisations are increasingly turning to MindGym and our unique portfolio of proven solutions to address their talent and culture challenges.’
Shares in were down 0.6% at 59.15 pence each in London on Tuesday at midday.
Copyright 2023 Alliance News Ltd. All Rights Reserved.
