Business
Final Results
Final Results.
About this update from Kooth Plc
[{"type":"text","content":"\n \n \n \n RNS Number : 3118G\n Kooth PLC\n 29 March 2022\n \n \n \n \n Kooth plc\n \n \n (\"Kooth\" or the \"Company\" or the \"Group\")\n \n \n Final results\n \n \n Delivery against strategic aims and growth plans for key future markets identified\n \n \n Kooth (AIM: KOO), \n a leading digital mental health platform\n , announces audited final results for the financial year ended 31 December 2021.\n \n \n \n \n \n Strategic highlights\n \n \n · \n Increased reach and uptake of Kooth's services in key markets\n \n \n ― Children and Young People (CYP): 7.1 million are able to access Kooth's products (2020: 6.2 million), with an uptake of 1-in-33 of that population using Kooth (2020: 1-in-36)\n \n \n ― Adult: 3.8 million people now have access (2020: 1.5 million), with eight new whole population contracts signed during the period (2020: five)\n \n \n · \n Ongoing growth in Kooth's offering for employees, Kooth Work\n \n \n ― Launched first benchmark to measure mental health of a business\n \n \n ― Strategic focus on frontline and key workers delivered contract wins\n \n \n · \n International has seen continued focus, with the US highlighted as a key market to enter in 2022\n \n \n ― US leader onboarded and go-to-market strategy outlined\n \n \n ·\n Continued recruitment of new employees, with 406 at year end (2020: 306), of which 252 are clinical and practitioners\n \n \n \n \n \n Financial highlights\n \n \n · \n 28% revenue growth in line with expectations, continuing adoption of digital-first healthcare\n \n \n · \n >90% of revenue from contracts of 12+ months\n \n \n · \n 109% Net Revenue Retention (2020: 107%)\n \n \n · \n 89% ARR growth to £1.7m for Kooth Adult\n \n \n ·\n Gross margin 0.3ppt down with benefit from covid in 2020 due to quicker go live periods and flattening of demand curve offset by improving operational efficiency in 2021\n \n \n ·\n Strong balance sheet with £7.1m net cash at 31 December 2021, with net cash generated from operations of £1.9m offset by capitalised development costs of £2.5m during the year\n \n \n \n \n \n Current trading and outlook\n \n \n The new financial year has started in line with expectations, giving a current ARR of £18 million. Kooth has signed a number of new contracts in 2022, including continued momentum for Kooth Adult with new commissions in Gre...