2nd Dec 2022 08:46
(Alliance News) - Mind Gym PLC said on Friday that profit and revenue rose in the recent half-year, but it proposed no interim dividend, saying it required more clarity regarding company outlook.
The London-based human capital and business solutions provider said pretax profit in the six months that ended September 30 was GBP641,000, multiplying from GBP17,000 a year earlier. It reported a pretax loss in the full financial year that ended March 31 of GBP482,000.
Revenue was up 11% to GBP26.8 million in the recent six months from GBP24.1 million a year before.
Mind Gym proposed no interim dividend, unchanged from a year before, despite the encouraging results. It said it would revisit the dividend policy after more clarity on digital investments, where growth will be reportedly prioritised over the coming years.
The outlook for the full financial 2023 remains unchanged, Mind Gym said, despite citing US economic headwinds in particular, predicting second half growth would be bolstered by significant corporate client frameworks agreed during the half year. This includes a global energy company, with revenue forecast to be over GBP10 million over the next two years, alongside other framework agreements each between GBP1 million and GBP3 million in value.
"Our investment in innovation and digital continues to deliver. New publications on leadership, coaching and well-being will set the agenda and equip our clients to invest in ways that transform their business in half the time and for a fraction of the cost," said Chief Executive Officer Octavius Black.
Mind Gym's GBP10 million debt facility was retained, including a GBP6 million revolving credit facility and GBP4 million accordion. It matures after three years, providing additional flexibility if required, while it remains undrawn as of December 2.
Shares in Mind Gym were down 1.1% to 91.50 pence in London on Friday morning.
By Greg Rosenvinge; [email protected]
Copyright 2022 Alliance News Limited. All Rights Reserved.
Related Shares:
Mind Gym Plc