25th Jun 2019 12:40
(Alliance News) - Mind Gym PLC on Tuesday reported double-digit growth in revenue for its recently ended financial year; however profit was sapped by IPO costs.
The behavioural science firm floated on London Stock Exchange at the end of June 2018, raising GBP145 million in its initial public offering.
Statutory pretax profit for the year to the end of March was GBP5.1 million, down 17% from GBP6.2 million the year before, hurt by GBP1.5 million in IPO costs, and GBP1.6 million in employee options surrender costs.
On an adjusted basis however, pretax profit rose by 12% to GBP8.5 million from GBP7.7 million.
Revenue rose by 14% to GBP42.1 million from GBP37.0 million the prior year, driven by new client acquisition and continued demand from existing clients. On a constant currency basis, revenue grew by 13%.
Mind Gym declared a final dividend of 1.6 pence per share, bringing the company's maiden total payout to 2.4p.
Looking ahead, Mind Gym said that it has made a strong start to its current financial year, giving the company confidence of seeing further progress.
"We are pleased with the group's performance in our first financial year as a listed business. With people and talent issues high on corporate leaders' agenda, this is an exciting time for a disruptive, behavioural change company with a track record of delivering lasting impact in many of the world's largest businesses," said Chief Executive Officer Octavius Black.
"The opportunity in a growing learning market is substantial and Mind Gym is well positioned with a clear growth strategy to help meet the worldwide demand for behavioural science-based solutions," Black added.
Shares in Mind Gym were up 4.6% at 126.00 pence on Tuesday.
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Mind Gym Plc