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Mind Gym warns of first-half loss; expects recovery in second half
StockMarketWire.com
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Business consultancy Mind Gym warned that it would post a first-half loss after the pandemic forced clients to cancel face-to-face leadership events and training programmes.
Adjusted pre-tax losses for the six months through September would amount to between £1.0 million and £1.5 million amid a 40% drop in revenue.
Mind Gym said it would also book exceptional restructuring costs of £0.7 million.
The company added that it had a 'resilient' balance sheet with £14.5 million cash at 30 September and no bank debt.
On current trading, it said October was forecast to deliver a marked increase in revenue, continuing a month-on-month improvement in performance through August and September.
'In addition, the group's pipeline has expanded substantially, pointing to a continuation in this recovery,' Mind Gym said.
'As a result, it is anticipated that the second half of the current financial year ending 31 March 2021, will see significant growth in both revenue and profits compared to the first half of this year.'
At 9:38am: (LON:MIND) Mind Gym Plc share price was -13.5p at 80p
Story provided by StockMarketWire.com
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