Mind Gym trading hit by virus issues

The price of shares in AIM-listed training group Mind Gym (LON:MIND) tumbled 21.88% to 125p (as of 13:45 GMT) as it warned that the coronavirus has had a material impact on revenues since the end of January. Given the rapid onset of the issue close to the end of the financial year and the unclear nature of the impact, it has been difficult to reduce planned expenditures, and profits before tax will be below expectations.

CEO Octavius Black commented: “Our primary concern now is the health and welfare of our clients, colleagues and coaches . In a fast-changing environment we continue to assess the impact of COVID-19 on our business, supporting clients with our digital products and managing costs as required. Our cash generative business model and strong cash balance provide resilience during these volatile times. We remain committed to our investment in product and people and are confident that this will deliver long term value to shareholders“.