Business
Half-year Results
Half-year Results.
About this update from Kooth Plc
[{"type":"text","content":"\n\n21 September 2023\nKooth Plc\n \n(\"Kooth\", the \"Company\" or the \"Group\")\n \nHalf Year Results\nStrategic momentum and revenue growth of 29%\nFull year revenue guidance of at least £34m\n \nKooth (AIM: KOO), a global leader in youth digital mental well-being, announces unaudited half year results for the six months ended 30 June 2023. All figures relate to this period unless otherwise stated.\n \nStrategic and post period end highlights\n● Transformational US contract win in California, $188m minimum value\n● On track for California go-live in January 2024, notably with the Kooth mobile app and hires\n● Number one provider of mental health access for children and young people to NHS England\n● Significant uptake of Kooth in Pennsylvania pilot, providing access to c.100,000 school students\n● Ongoing investment in business development, platform investment and US expansion\n \nFinancial Highlights\n● Revenues up 29% to £11.7m (2022: £9.0m)\n● Annual Recurring Revenue (ARR) up 16% to £21.4m (2022: £18.5m)\n● Gross margin of 66.8% (2022: 68.4%)\n● Adjusted EBITDA of £0.01m (2022: £0.5m) reflecting investment in US setup and business development\n● Recurring Revenue from contracts 12 months or longer 94% (2022: 95%)\n● Robust balance sheet; net cash of £5.9m plus successful gross fundraise of £10m post half-year end supports investment for long-term growth\n \nOutlook\n● Significant opportunity for Kooth in the US driven by the continued need from both US State governments and Medicaid payers to invest further in youth mental health\n● For the UK, we expect the headwinds to remain, reflecting a focus on NHS cost saving and acute care backlog. Our focus remains on continuing to demonstrate the impact and savings that Kooth generates when commissioned in a region\n● The Group remains confident of delivering revenue for the full year in line with our revised market guidance of no less than £34 million\n● Our robust balance sheet enables u...