Mind Gym profit falls 60% as expenses offset revenue rise
Source - SMW
Employer services provider Mind Gym posted a fall in first-half profit after rising revenue was offset by administrative expenses.
Pre-tax profit for the six months through September fell 60% to £1.1m, even as revenue rose 13% to £19.4m.
Adjusted profit rose 31% to £4.1m and the company declared an interim dividend of 0.8p per share.
'The board is pleased with the progress Mind Gym has made in the first half, in particular the sustained growth in both revenue and Ebitda and quality of delivery,' the company said.
'A strong operating margin and continued operating cash generation will allow further investment in talent and infrastructure for organic growth and gives the board confidence to explore opportunities to drive the digital strategy, while delivering on the short and medium-term expectations.'
At 8:25am: (LON:MIND) Mind Gym Plc share price was -0.5p at 154p