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Mind Gym upgrades guidance on softer-than-expected revenue hit
StockMarketWire.com
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Business consultancy Mind Gym said it expected to either breakeven or post a modest annual profit after its revenue fell by less than it had feared.
Adjusted pre-tax profit for the year through March was expected to range between breakeven and £0.5 million, the company said in a trading update.
Revenue was expected to fall 18% to £39.4 million, or by 16% on a constant currency, ahead of a previous expectation range of down 20-30%.
Mind Gym said its had achieved stronger-than-expected revenue in the second half, up 3% year-on-year or 6% on a constant currency basis.
Cash at bank of of £16.8 million was ahead of our expectations of £9 million-to-£11 million.
'We are delighted that our clients have responded so positively to Mind Gym's digitally-enabled proposition and that we are seeing a return to growth sooner than we had anticipated,' chief executive Octavius Black said.
'We will continue with our strategy of investing in the five key areas of digital, marketing, innovation, operations and talent in order to accelerate growth and seize new opportunities in this vast and expanding market.'
'We entered the new financial year with a strong financial position and a clear strategy to deliver a fully integrated live, virtual and digital proposition driven by data.'
Story provided by StockMarketWire.com
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