4th Dec 2018 12:14
LONDON (Alliance News) - Mind Gym PLC on Tuesday said revenue grew on strong performance across all of its geographies in the first half of its current financial year, but profit was hit by IPO costs.
The behavioural science firm floated on London Stock Exchange at the end of June, raising GBP145 million in its initial public offering.
Mind Gym provides performance management training sessions, with clients including GlaxoSmithKline PLC, Unilever PLC and Centrica PLC's British Gas.
Mind Gym's pretax profit declined by more than a half to GBP1.1 million in the six months to the end of September from GBP2.8 million reported for the same period a year earlier. The recent result was hurt by GBP1.4 million in costs related to the IPO.
Revenue rose 13% to GBP19.4 million from GBP17.1 million year-on-year. On a constant currency basis, revenue improved by 14%.
In local currency, US revenue grew 13% and Europe, the Middle East & Africa revenue grew 16% on the previous year.
The company highlighted that organic growth was fuelled by demand from existing clients and new client sign-ups.
Mind Gym declared an interim dividend of 0.8 pence a share. The company did not pay any dividend a year before.
Looking ahead, the company said trading in the second half of its current financial year has been positive and it remains on track of delivering a full year outcome in line with expectations.
"We have continued to see growing demand for our products driven both by client needs and an evolving business environment in which addressing behavioural issues is an imperative," said Chief Executive Octavius Black. "Mind Gym remains very well placed to respond to these demands."
Shares in Mind Gym were untraded on Tuesday, last closing at 153.00p each.
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Mind Gym Plc