Business
Full Year Results
Full Year Results.
About this update from Mind Gym Plc
[{"type":"text","content":"\n\nMind Gym PLC\n \n(\"MindGym\", the \"Group\" or the \"Company\")\n \nFull year results for the year ended 31 March 2023\n \nDouble-digit revenue growth and return to profitability\n \n \nMindGym (AIM: MIND), the global provider of human capital and business improvement solutions, is pleased to announce its audited results for the year ended 31 March 2023.\n \nFinancial highlights\n\n\n\n\n \n\n\n12 months to 31 Mar 2023 (FY23)\n\n\n12 months to 31 Mar 2022 (FY22)\n\n\nChange\n\n\n\n\nRevenue\n\n\n£55.0m\n\n\n£48.7m\n\n\n+13%\n\n\n\n\nDigitally-enabled revenues1\n\n\n£37.6m\n\n\n£37.4m\n\n\n+1%\n\n\n\n\nGross profit margin\n\n\n88.4%\n\n\n87.1%\n\n\n+1.3% pts\n\n\n\n\nStatutory profit/(loss) before tax\n\n\n£3.0m\n\n\n£(0.5)m\n\n\n+£3.4m\n\n\n\n\nDiluted EPS\n\n\n2.84p\n\n\n1.59p\n\n\n+1.25p\n\n\n\n\nCash generation from operations\n\n\n£4.4m\n\n\n£1.2m\n\n\n+£3.2m\n\n\n\n\nCash at bank\n\n\n£7.6m\n\n\n£10.0m\n\n\n- £2.4m\n\n\n\n\nCapital expenditure\n\n\n£5.1m\n\n\n£6.1m\n\n\n-16%\n\n\n\n\nEBITDA cash conversion2\n\n\n83%\n\n\n95%\n\n\n-12% pts\n\n\n\n\n \n1 Digitally enabled revenues are virtual live delivery (including virtual licensing), and digital products (currently eWorkouts and Performa).\n \n2 EBITDA cash conversion defined as cash generated from operations/EBITDA.\n \nFinancial and operating highlights\n \n· Double-digit revenue growth:\no Revenues of £55.0m were up 13% on FY22 (+5% in constant currency):\n§ H2 FY23 revenues benefitted from (amongst other drivers) our largest ever framework agreement awarded in H1 FY23 with a global energy company, with revenues anticipated to be in excess of £10m over the next 24 months\n§ H2 FY23 also saw an initial framework win with an automotive manufacturer which has the potential to generate significant revenues over the next 18 months\no Digitally-enabled revenues of £37.6m up 1% vs. FY22; representing 68% of revenues (FY22: 77%) following an increase in face-to-face deliveries with the lifting of COVID restrictions\no Pure digital revenues which are a growing segment of this, increased their product mix to 13% of Group revenue vs 11% in FY22, reflecting:\n§ A minor refresh and increased accessibility supporting growth in the eWorkouts portfolio\n§ Early revenues fro...