Mind Gym turns modest pre-tax profit as revenues surge in H1

Mind Gym posted a statutory loss of £0 for the six months ended 30 September, down from £2.0m during the same period a year earlier and the £400,000 loss reported at the time of its full-year results in June.

Adjusted pre-tax profits were in line with expectations at £17,000, while the group's adjusted underlying earnings were still down 152% from pre-Covid levels at £700,000.

Revenues surged 67% year-on-year, or 1% against 2019's pre-pandemic figures, to £24.1m, mostly due to a 175% increase in the firm's digitally-enabled revenues as its pivot to new digital products and live virtual deliveries made up 81% of total revenues for the period.

Existing on-demand digital product revenue grew 44% to £2.7m, while repeat revenues grew to make up 92% of all revenue, in line with pre-Covid numbers.

Elsewhere, Mind Gym revealed that former Just Eat and Moneysupermarket.com finance head Dominic Neary had been appointed to the role of chief financial officer, replacing Richard Steele.

As of 1050 GMT, Mind Gym shares were down 1.77% at 169.45p.