Source - LSE Regulatory
RNS Number : 5188G
Kooth PLC
27 July 2021
 

 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 2021. All figures relate to this period, unless otherwise stated.

 

Group revenue is expected to be comfortably in line with market expectations for the full year.

 

The Group continues to make good progress against its strategic priorities: maintaining its leadership position in supporting children and young people via the NHS, and meeting demand from the NHS and Corporate adult market.

 

Kooth is now contracted by more than 90% of NHS England CCGs to support the mental health needs of children and young people (FY20: 85%). This includes full coverage across London, expansion into two Health Boards in Wales, and our first two contracts in Scotland.

 

For Kooth Adult (providing early intervention support to adults via the NHS), the Group's focus on 'whole population' contracts is building momentum, adding five commissions in the first half of 2021 to the five that were contracted during 2020.

 

Kooth Work (supporting corporates with employee wellbeing) continues to expand to help employees reach their full potential at work. As announced in April 2021, the Chartered Management Institute ("CMI") has partnered with Kooth to provide free mental health support to their UK members.

 

Kooth has maintained a robust balance sheet, with net cash at 30 June 2021 of £8.8m (FY20: £7.8m), underlining its strong cash generation and ensuring capacity to invest in the Group's long-term growth.

 

Kooth is investing in its talent and technology platforms to drive its growth strategy and meet increasing demand for digital mental health support and tools. The Group intends to accelerate this additional investment to capture the long-term market opportunity available both in the UK and internationally.

 

Kooth will provide further details in its half year results, which are expected to be announced in September 2021.

 

Tim Barker, Chief Executive Officer of Kooth, said:

"From young people to adults, via the NHS, corporates, or partners, we continue to demonstrate the momentum behind our mission to make effective, personalised digital mental health care available to all."

 

- 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.

 

Kooth plc

 

Tim Barker, CEO, Sanjay Jawa, CFO                       

investorrelations@kooth.com

Panmure Gordon, Nominated Adviser and sole Broker

Corporate Finance: Dominic Morley, Nicholas Harland

Corporate Broking: Erik Anderson

 

+44 (0) 20 7886 2500

FTI Consulting

 

Jamie Ricketts / Alex Shaw / Usama Ali 

kooth@fticonsulting.com

     

 

Notes to Editors

 

About Kooth

 

Kooth (AIM:KOO) is the UK's leading digital mental health platform, set up to provide accessible and safe spaces for everyone to achieve better mental health. The Company's online platform is clinically robust and accredited to provide a range of therapeutic support and interventions. All services are predicated on easy access to make early intervention and prevention a reality.

 

Kooth offers three services:

 

·     Kooth is commissioned in 90% of the NHS's clinical commissioning group areas across the country. It 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 3,000 logins a day. 

·     Kooth Adult 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.

·     Kooth Work is a corporate service, aimed specifically at employers to support the wellbeing of their employees, providing confidential and anonymous access to a wellbeing community, counselling, content and self-help tools. Kooth Work provides valuable, anonymous insights into the wellbeing of the workforce so that employers can identify specific areas of improvement for their wellbeing strategy.

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