End-of-year update lifts Mind Gym

1 mins. to read
End-of-year update lifts Mind Gym

Shares in AIM-listed training business Mind Gym (LON:MIND) climbed by 10.86% to 97p (as of 13:00 BST) after the firm reported that revenues for the year ended 31st March would be up by 15% despite difficulties in recent months. Adjusted profits before tax are within the range of prior guidance. Management said that some workers had been furloughed and others made part-time in a bid to reduce costs due to the current disruption. Additionally, the founder directors are forgoing 100% of their salaries for the time being.

CEO Octavius Black commented: “Prior to the global shock of COVID-19, Mind Gym had been on track to exceed revenue expectations for the year ended 31 March 2020. We are pleased that, despite the events of the last few months, the business delivered 15% growth in the year, with sales of £48.2m at the top end of our revised expectations, and with a strong cash balance. This healthy cash position combined with our robust cost management not only provides security but also means we can be agile and invest in in new propositions and digital products to meet our clients’ fast-changing needs in this turbulent environment.

“I am hugely grateful to our remarkable team across the world who are rising to the challenge with energy, diligence and optimism and I am confident that Mind Gym will emerge from the current crisis stronger than ever . We look forward to updating our stakeholders further on our performance and prospects when we announce our full year results in June“.

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