Mind Gym (MIND), a global provider of human capital and business improvement solutions, said in a trading update that it expects to report revenues exceeding £54.7m for the financial year ended 31 March 2023, a 12% increase from the previous year. Meanwhile, profit before tax will be broadly in line with expectations.
The company's diverse client portfolio and broad range of solutions have enabled it to perform robustly despite macroeconomic challenges. The significant framework agreements won in the first half of FY23 contributed to the group's performance in the second half. In addition, a large framework agreement with a global automotive manufacturer was awarded in the second half, and is expected to deliver at least £2m over the next 18 months.
Mind Gym has a strong financial position to support investments in future growth, with net cash of £7.6m as of 31 March 2023, ahead of expectations. The company's £10m debt facility remains undrawn, further enhancing its financial strength.
Octavius Black, Chief Executive Officer of Mind Gym, commented: We are encouraged by our performance in FY23. Despite macro-economic 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."
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Another strong trading update from Mind Gym, fueled by the robust performance of framework agreements secured in the first half of the financial year.
Mind Gym delivers business improvement solutions using scalable, proprietary products which are based on behavioural science. The solutions provided by the company include performance management, leadership development and personal effectiveness.
Mind Gym’s solutions have been used by the likes of British Gas, providing an engagement programme for its employees. MindGym’s psychologists worked with British Gas to craft a compelling narrative and devised a program to help communicate this in a way that got people excited about the future at British Gas. As a result of the programme, British Gas’s Employee Promoter Score was bumped up by 26%. This demonstrates the effectiveness of MindGym’s solutions in making tangible changes to its clients and illustrates why it continues to deliver significant framework agreements with multiple clients.
Mind Gym said it expects to provide a further update with its results on 14 June 2023, so make sure to to stay up to date.