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Mind Gym hails strong second half but expects full-year revenue drop

22nd Apr 2024 12:07

(Alliance News) - Mind Gym PLC on Monday said the second half of its financial year was stronger than the first, and it confirmed the appointment of its new chief executive officer.

Shares in Mind Gym rose 8.8% at 40.80 pence each in London on Monday morning.

The London-based personal and business coaching service said it has delivered a "significantly stronger performance" in the second half of its financial year ending March 31, achieving revenue of GBP24.0 million, up 15% from GBP20.9 million in the first six months of the financial year.

It achieved underlying earnings before interest, tax, depreciation and amortisation of GBP3.8 million, swinging from a GBP4.1 million Ebitda loss in the first half of financial 2024.

Mind Gym affirmed that it expects to report full year revenue of GBP44.9 million, down around 18% compared to GBP55.0 million in financial 2023.

The company also confirmed that Christoffer Ellehuus has become CEO with immediate effect, as Octavius Black becomes executive chair.

Mind Gym had appointed Ellehuus as CEO designate back in December after an extensive search that started in early 2023. He joined the company on January 8 and was originally set to become CEO by the time of the company's annual general meeting in July.

His appointment came as Black, who has been CEO of the company since 2001, transitioned to executive chair as the current three-year term of Chair Ruby McGregor-Smith will end in July.

Black commented: "I'm delighted by the progress that Christoffer has made in his first 100 days at MindGym in understanding the business, building relationships with clients, getting to know our team and shaping his strategy for the future of the company. It makes great sense for the team and for our stakeholders to accelerate the transfer of CEO responsibilities, so our new financial year starts with our new CEO formally in place, rather than waiting until the AGM as we had previously expected.

"I look forward to taking on the mantle of executive chair with particular focus, beyond chairing the Board, on promoting MindGym in the market and building our relationships with the leaders of many of the world's most ambitious companies whilst supporting MindGym with its pioneering human capital solutions", he added.

By Sabrina Penty, Alliance News reporter

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