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Mind Gym PLC said on Friday that profit and revenue rose in the recent half-year, but it proposed no interim dividend, saying it required more clarity regarding company outlook.
The London-based human capital and business solutions provider said pretax profit in the six months that ended September 30 was £641,000, multiplying from £17,000 a year earlier. It reported a pretax loss in the full financial year that ended March 31 of £482,000.
Revenue was up 11% to £26.8 million in the recent six months from £24.1 million a year before.
Mind Gym proposed no interim dividend, unchanged from a year before, despite the encouraging results. It said it would revisit the dividend policy after more clarity on digital investments, where growth will be reportedly prioritised over the coming years.
The outlook for the full financial 2023 remains unchanged, Mind Gym said, despite citing US economic headwinds in particular, predicting second half growth would be bolstered by significant corporate client frameworks agreed during the half year. This includes a global energy company, with revenue forecast to be over £10 million over the next two years, alongside other framework agreements each between £1 million and £3 million in value.
‘Our investment in innovation and digital continues to deliver. New publications on leadership, coaching and well-being will set the agenda and equip our clients to invest in ways that transform their business in half the time and for a fraction of the cost,’ said Chief Executive Officer Octavius Black.
Mind Gym’s £10 million debt facility was retained, including a £6 million revolving credit facility and £4 million accordion. It matures after three years, providing additional flexibility if required, while it remains undrawn as of December 2.
Shares in Mind Gym were down 1.1% to 91.50 pence in London on Friday morning.
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