Mind Gym reports recovery in losses for year 2021 in annual results

Fri, 11th Jun 2021

Mind Gym has announced a £0.4 million statutory loss for the year ending March 31st 2021, £7 million less than 2020. It also reported an annual revenue of 39.4 million, an 8.8 million drop from its 2020 revenue figure (48.2 million). Octavius Black, Chief Executive Officer of Mind Gym, said: ‘We have had a strong first quarter with revenue anticipated to be well ahead of Q1 last year, which suffered from the pandemic, and also up on the previous pre-COVID year. While there is still global and economic uncertainty, we and our clients have adapted quickly, and we anticipate building on the momentum of H2 in the year ahead. We are well-placed to at least match our FY20 pre-COVID revenues in FY22 and return to profitability in FY23.Â’ The company has also disclosures a digital revenue of £30.5m, including live workouts delivered online during coronavirus. Pure digital revenues increased by 51% from £4.3 million in 2020, representing 16% of total revenue. The company is confident this is a strong foundation on which to launch new digital products. Story provided by StockMarketWire.com

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