Half year results

Mind Gym PLC

04 December 2025

 

4 December 2025

Mind Gym PLC

("Mind Gym", the "Group" or the "Company")

Half year results for the six months ended 30 September 2025

MindGym reaching a transition point

MindGym (AIM: MIND), the global provider of human capital and business improvement solutions, announces its half year results for the six months ended 30 September 2025.

	6 months to 30 Sept 2025 (H1 FY26)	6 months to 30 Sept 2024 (H1 FY25)	12 months to 31 Mar 2025 (FY25)	Change vs H1 FY25
Revenue	£13.5m	£20.2m	£38.6m	-33.2%
EMEA Revenue	£8.0m	£12.1m	£23.9m	-33.9%
US Revenue	£5.5m	£8.1m	£14.7m	-32.1%
Gross profit margin	86.8%	84.9%	86.6%	+190bps
Adjusted administrative expenses1	£13.5m	£18.0m	£34.2m	-25.0%
Adjusted EBITDA1	(£1.0m)	£0.8m	£1.9m	-£1.8m
Statutory (loss) before tax	(£2.5m)	(£0.9m)	(£6.2m)	-£1.6m
Basic (Loss) per share	(2.48p)	(0.79p)	(8.16p)	-1.69p
Net (Debt)/Cash	(£1.0m)	£0.7m	£0.6m	-£1.7m
Capital expenditure	£0.4m	£0.9m	£1.5m	-55.6%

¹ Adjusted EBITDA and administrative expenses excludes the one off costs of the cost rationalisation exercise carried out in the period totalling £0.7m (H1 FY25: £nil, FY25: £5.4m).

Overview

MindGym is mid-way through its three-year transformation strategy to evolve the business from episodic training provider to a strategic behavioural-change partner by making MindGym products easier to buy, easier to sell and easier to renew.  As expected, H1 FY26 has been challenging, following the conclusion of the multi-year energy framework agreement, and due to rebuilding the sales organisation whilst dealing with market headwinds, particularly in the US.  Despite this, we remain committed to our transformation strategy with H1 actions focused on increasing commercial effectiveness and product alignment under our High-Performance Behaviour Model. 

Financial Highlights

·      Reported revenue was down 33% at £13.5m (H1 FY25: £20.2m):

o  Like for like revenue, excluding the multi-year energy framework which concluded in H2 FY25, was 16% down at £13.5m versus £16.2m in H1 FY25

o  Revenue in EMEA was broadly flat with weaker performance in the challenging US market

·      Gross margin was improved at 87% vs 85% the previous year

·      Reported EBITDA was a loss of £1.7m (H1 FY25: Profit of £0.8m)

·      Adjusted EBITDA loss of £1.0m (HY25: Profit of £0.8m) excludes the impact of the redundancy and restructuring costs incurred in the year

·      Significant reduction in overheads reflects the savings from the ongoing cost reduction exercise and operational efficiencies:

o  Overheads decreased by 25% or £4.6m year on year, or 21% when including the adjusting items in the period

o  Since the period end, a further £3.5m in annualised cost savings have been implemented

·      During the period, MindGym started utilising the £4m overdraft facility, renewed in March 2025. As at 30 September 2025, cash at bank was £0.4m and net debt was £1m

Strategic and Operational Highlights - Focus on commercial effectiveness

·      New commercial leadership and rebuilt sales team, driving increase in sales effectiveness and capacity

·      Strategic third-party marketing partnership initiated from October 2025, in order to increase digital lead generation, with a flexible cost model aligned with performance

·      Launch of High-Performance Behaviour Model, which unifies MindGym's IP and data, representing the core differentiated IP at the heart of all our products and solutions, enabling new product launches currently in progress

·      Launch of our content membership packages in Q1 FY26, enabling greater flexibility, repeatable revenue and stickier client relationships

o  This new membership model delivered its first sales in the period, securing 24 corporate memberships to date with a strong pipeline of new opportunities

·      New sales orders in Q2 FY26 exceeded revenue, showing progress in our commercial effectiveness

·      Launch of working capital improvement initiative to bring forward cash payments in contract cycle

Current Trading & Outlook - Expectations Unchanged

·      Full year revenues remain in line with expectations, with performance weighted towards H2, as we expect to benefit from an increase in licence revenues and the investments made in sales and marketing effectiveness

·      The Board's expectations for adjusted EBITDA remain unchanged as H2 revenue growth and the lower cost base will drive a return to profitability and cash generation

Board Changes

·      As announced on 26 September 2025, Nick Stone was appointed as Interim Chief Financial Officer to cover Emily Fyffe's maternity leave

Analyst and Investor Webcast

There will be an analyst and investor presentation available to view from 9am GMT today. The presentation will be made available on MindGym's investor website: https://themindgym.com/investors/reports.

Christoffer Ellehuus, Chief Executive Officer of MindGym, said:

"I am pleased with the progress we are making on our 3-year transformation strategy, despite the uncertainties related to AI implications to HR investments causing customer caution. Importantly, we've made significant progress on our commercial effectiveness, having successfully created and launched our new unified High-Performance Behaviour Model, whilst delivering the rapid adoption of our new membership model.

This new go-to-market strategy is embedding MindGym's content in clients' core training curricula, delivering stickier client relationships and sustainable recurring revenues. Overall, this is expected to deliver a return to adjusted EBITDA profitability for the year as a whole, whilst laying the foundations for longer-term sustainable growth."

Enquiries:

MindGym plc Christoffer Ellehuus, Chief Executive Officer Nick Stone, Interim Chief Financial Officer	[phone] [e-mail]
Panmure Liberum (Nominated Adviser and Broker) Nicholas How Will King	[phone]
MHP (for media enquiries) Reg Hoare Veronica Farah	[phone] [e-mail]

About MindGym

MindGym is a company that delivers business improvement solutions using scalable, proprietary products which are based on behavioural science. The Group operates in three global markets: business transformation, human capital management and learning & development.

MindGym is listed on the London Stock Exchange Alternative Investment Market (ticker: MIND) and headquartered in London. The business has offices in London and New York.

Further information is available at www.themindgym.com

Strategic and Operational Update

MindGym is on a three-year transformation journey to evolve the business from episodic training provider to strategic behaviour-change partner, which is setting the Group up to earn more sustainable and repeatable revenues. Trading conditions continued to be challenging in H1 FY26 with cautious buying behaviours leading to delayed contracts. This is particularly true in the US where AI-enabled HR technology is currently the focus of corporate buyers.  

·      The Group has increasingly focused on commercial effectiveness in the period through a globally aligned sales team under the new sales leadership appointed at the end of FY25.  The sales team has been rebuilt under consistent performance standards with the number of sales team members increasing from 30 to 39 by November 2025.  This has driven a significant improvement in pipeline generation, 15% up on the prior year and pleasingly also saw higher sales orders than revenue in Q2 FY26 as a result.

·      Following the launch of its new website, the Group has increased focus on digital lead generation.  To accelerate returns on digital marketing and enhance market reach and leads, the Group has effectively outsourced this activity and appointed a specialist marketing agency, Oliver, under a strategic partnership.  This collaboration offers a flexible cost model aligned with performance, enabling us to leverage fractional expertise and scale marketing-driven sales leads.

·      Q4 FY25 saw the launch of the content subscription package, enabling clients to leverage MindGym's proprietary IP over a licence period, enabling greater flexibility, repeatable revenue and stickier client relationships.  In H1 FY26 the offering has further evolved with the introduction of our membership model providing access to the full suite of MindGym training programmes and e-workouts.  This model reduces the length of the sales cycle, accelerates revenue recognition and increases predictability. Since launch we've secured 24 corporate memberships. Of these, 13 started in H1 FY26, with the remainder commencing in Q3 FY26. Total membership sales to date, inclusive of associated delivery fees, are worth £2.4m with revenue recognised of £1.7m.  During the period £2.0m worth of membership sales were completed and revenue recognised of £1.0m.      

·      In Q1 FY26, the Group launched its High-Performance Behaviour Model, which unifies MindGym's IP and data into a new-to-the-world universal model for behaviour change.  At the heart of this model is MindGym's 10X psychometric data asset (acquired in 2022), which links key behaviours to core business outcomes.  The High-Performance Behaviour Model will be the core differentiated IP at the heart of all products and solutions, most notably a new set of data-based psychometric assessment products.  These new assessment products are currently being 'soft' launched in the market with a handful of early-adopter clients and a full launch including new digital dashboarding capabilities expected in Q4 FY26.

·      A working capital improvement initiative is also underway in order to enhance cash conversion within the business and is already starting to show positive benefits. Along with the new and broader go to market strategy, tighter cash terms have been introduced into the MindGym standard contracts with a higher proportion of payment required up front, especially in the subscription and licencing contracts where access to IP and data is immediate. As a result, deferred income has increased from £1.3m at H1 FY25 to £2.5m at H1 FY26 and, whilst revenue has declined by 33% in the period, cash receipts have only declined by 22%.

Financial Review:

Revenue

Revenue in H1 FY26 was £13.5m, down 33% on the equivalent period in the prior year (H1 FY25: £20.2m):

·      In EMEA, revenue decreased by 34% to £8.0m (H1 FY25: £12.1m). This was predominantly driven by the multi-year energy framework agreement which concluded in FY25. Excluding the impact of this contract, EMEA revenue remained broadly flat at -2%.

·      In the US, revenue decreased by 31% (30% in constant currency) to £5.5m (H1 FY25: £8.1m).  This was a result of the continuing challenging market conditions and the reorganisation of the US sales team.

·      Total Licence revenue was £1.0m in the period with membership subscription revenue making up £0.7m of the total (H1 FY25: £nil). This new revenue stream launched in Q4 FY25.

Gross margin

Gross margin has increased to 86.8% (H1 FY25: 84.9%), reflecting a reduction in higher cost face to face delivery revenue in H1 FY26.

Administrative Expenses

Overheads decreased by 25% to £13.4m (H1 FY25: £18.0m) or 21% when including the adjusting items in the current period. The reduction reflects savings from the prior year cost reduction exercise and operational efficiencies gained.  Average headcount reduced from 247 to 189 in the six months to 30 September 2025, a 23% reduction.  Further cost reduction initiatives have been implemented since the end of the H1 period and are expected to deliver further annualised savings of £3.5m.

The share-based payment charge in the period was £0.1m compared to a credit of £0.1m in H2 FY26 due to awards made to management that were granted in August 2025.

Depreciation and amortisation has reduced to £0.7m (H1 FY25: £1.5m), predominantly driven by £4.4m impairment of intangibles in Q3 FY25.

Profit/(loss)

Reported EBITDA loss for the period was £1.7m (H1 FY25: £0.8m profit). Excluding the impact of exceptional items in H1 FY26, the adjusted EBITDA loss was £1.0m (H1 FY25: £0.8m profit). There were no adjusting items in the six months to 30 September 2024. The loss before tax was £2.5m (H1 FY25: £0.9m loss). 

Basic loss per share in the period was 2.48p (H1 FY25: 0.79p loss).  Adjusted loss per share was 1.97p (H1 FY25: 0.79p loss).

Cash

As at 30 September 2025, cash at bank was £0.4m and net debt was £1.0m, a reduction of £1.6m from the year-end net cash balance at 31 March 2025 of £0.6m.  The Group's £4m overdraft facility has been partially utilised during the period, with £1.4m drawn down at the period end.

Whilst the Group continues to manage working capital carefully, overdue debt increased to 8% of trade debtors compared to 5% at the 31 March 2025 year-end. The increase in aged debt is due to a couple of large payments that were outstanding at the end of H1 FY26 that have since been received. Trade and other debtors have decreased by £0.7m since 31 March 2025 and trade and other payables showed an increase of £0.2m over the same period showing an improving working capital position in total of £0.9m.

Dividend

The Board continues to prioritise investment for growth over the coming years, and therefore no interim dividend will be paid for the period ended 30 September 2025.

Outlook:

The new go-to-market strategy focused on introducing packaged subscriptions together with the impact of the investments made in the sales team and in marketing is laying the foundation for a resumption of sustainable growth into H2 FY26 and into FY27. Revenues in the second half of the year are expected to be stronger than the first half and this revenue growth and strong working capital management will drive a return to profitability and cash generation. The Board's expectations for adjusted EBITDA and positive year end cash balances therefore remain unchanged.

Forward-looking statements

Certain statements in this announcement constitute forward-looking statements.  Any statement in this announcement that is not a statement of historical fact including, without limitation, those regarding the Company's future expectations, operations, financial performance, financial condition and business is a forward-looking statement.  Such forward-looking statements are subject to risks and uncertainties that may cause actual results to differ materially.  These risks and uncertainties include, changing economic, financial, business or other market conditions. These and other factors could adversely affect the outcome and financial effects of the plans and events described in this announcement and the Company undertakes no obligation to update its view of such risks and uncertainties or to update the forward-looking statements contained herein.  Nothing in this announcement should be constructed as a profit forecast.

MIND GYM PLC   

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

		6 months to 30 Sept 2025 (Unaudited)	6 months to 30 Sept 2024 (Unaudited)	Year to 31 March 2024 (Audited)
	Note	£'000	£'000	£'000
Revenue	3	13,514	20,207	38,606
Cost of sales		(1,779)	(3,042)	(5,163)
Gross profit		11,735	17,165	33,443
Administrative expenses		(14,155)	(18,005)	(39,598)
Other income		-	98	107
Operating profit/(loss)		(2,420)	(742)	(6,048)
Finance income	5	-	-	1
Finance costs	5	(97)	(116)	(142)
(Loss)/profit before taxation		(2,517)	(858)	(6,189)
Adjusted (loss)/profit before tax		(1,805)	(858)	(803)
Adjusting items	6	(712)	-	(5,386)
(Loss)/profit before tax		(2,517)	(858)	(6,189)
Tax on (loss)/profit	7	19	71	(2,000)
(Loss)/profit for the financial period from continuing operations attributable to owners of the parent		(2,498)	(787)	(8,189)
Items that may be reclassified subsequently to profit or loss
Exchange translation differences on consolidation		(128)	(204)	(100)
Other comprehensive (loss)/income for the period attributable to the owners of the parent		(128)	(204)	(100)
Total comprehensive (loss)/income for the period attributable to the owners of the parent		(2,626)	(991)	(8,289)
(Loss)/earnings per share (pence)
Basic	8	(2.48p)	(0.79p)	(8.16p)
Diluted	8	(2.48p)	(0.79p)	(8.16p)

Adjusted (loss)/earnings per share (pence)
Basic	8	(1.97p)	(0.79p)	(4.16p)
Diluted	8	(1.97p)	(0.79p)	(4.16p)

MIND GYM PLC   

CONSOLIDATED STATEMENT OF FINANCIAL POSITION

		30 September 2025	30 September 2024	31 March 2025
	Note	(Unaudited) £'000	(Unaudited) £'000	(Audited) £'000
Non-current assets
Intangible assets	10	3,685	8,131	3,749
Property, plant and equipment	11	944	1,623	1,199
Deferred tax assets		312	2,392	303
		4,941	12,146	5,251
Current assets
Inventories		20	26	25
Trade and other receivables	12	5,784	6,605	6,469
Current tax receivable		100	75	95
Cash and cash equivalents		355	746	570
		6,259	7,452	7,159
Total assets		11,200	19,598	12,410
Current liabilities
Trade and other payables	13	7,861	7,293	7,647
Borrowings	14	1,401
Lease liability		479	606	518
Redeemable preference shares		50	50	50
		9,791	7,949	8,215
Non-current liabilities
Lease liability		425	867	646
Total liabilities		10,216	8,816	8,861
Net assets		984	10,782	3,549
Equity
Share capital	15	1	1	1
Share premium		275	274	274
Share option reserve		501	378	441
Retained earnings		207	10,129	2,833
Equity attributable to owners of the parent Company		984	10,782	3,549

The Board of Directors approved these condensed interim financial statements on 2 December 2025.

MIND GYM PLC   

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

		Share capital	Share premium	Share option reserve	Retained earnings	Total equity
	Note	£'000	£'000	£'000	£'000	£'000
At 1 April 2024		1	258	481	11,097	11,837
(Loss) for the period		-	-	-	(787)	(787)
Other comprehensive income:
Exchange translation differences on consolidation		-	-	-	(202)	(202)
Total comprehensive loss for the period					(989)	(989)
Exercise of options		-	16	(21)	21	16
Credit to equity for share based payments	16	-	-	(82)	-	(82)
At 30 September 2024		1	274	378	10,129	10,782
(Loss) for the period		-	-	-	(7,402)	(7,402)
Other comprehensive income:
Exchange translation differences on consolidation		-	-	-	102	102
Total comprehensive income for the period		-	-	-	(7,300)	(7,300)
Exercise of options		-	-	(1)	1	-
Debit to equity for share based payments	16	-	-	64	-	64
Tax related to share based payments		-	-	-	3	3
At 31 March 2025		1	274	441	2,833	3,549
(Loss) for the period		-	-	-	(2,498)	(2,498)
Other comprehensive income:
Exchange translation differences on consolidation		-	-	-	(128)	(128)
Total comprehensive loss for the period		-	-	-	(2,626)	(2,626)
Exercise of options		-	1	1	(1)	1
Debit to equity for share based payments	16	-	-	60	-	60
At 30 September 2025		1	275	502	206	984

MIND GYM PLC   

CONSOLIDATED STATEMENT OF CASH FLOWS

		6 months to 30 Sept 2025  (Unaudited)	6 months to 30 Sept 2024  (Unaudited)	Year to 31 March 2025 (Audited)
	Note	£'000	£'000	£'000
Cash flows from operating activities
(Loss)/profit for the financial period		(2,498)	(787)	(8,189)
Adjustments for:
Amortisation of intangible assets	10	435	1,020	1,531
Impairment of intangible assets	10	-	-	4,404
Depreciation of tangible assets	11	276	526	987
Loss/(profit) on disposal of intangible assets	10	-	-	26
Loss/(profit) on disposal of property, plant and equipment	11	-	-	83
Net finance costs	5	97	116	141
Taxation (credit)/charge	7	(9)	(71)	2,000
R&D expenditure credit		-	(98)	-
Decrease/(increase) in inventories		5	14	15
Decrease/(increase) in trade and other receivables	12	685	1,182	1,318
(Decrease)/increase in payables and provisions	13	214	(1,181)	(827)
Share based payment charge	16	59	(82)	(18)
Cash (utilised)/generated from operations		(736)	639	1,471
Net tax received/(paid)		(15)	534	165
R&D refund on account		-	-	295
Net cash generated from operating activities		(751)	1,173	1,931
Cash flows from investing activities
Purchase of intangible assets	10	(371)	(899)	(1,458)
Purchase of property, plant and equipment	11	(26)	(20)	(42)
Interest received		-	-	1
Net cash used in investing activities		(397)	(919)	(1,499)
Cash flows from financing activities
Cash repayment of lease liabilities		(280)	(613)	(1,047)
Issuance of ordinary shares	15	1	16	16
Interest paid		(75)	(76)	(74)
Net cash used in financing activities		(354)	(673)	(1,105)
Net (decrease) in cash and cash equivalents		(1,502)	(419)	(673)
Cash and cash equivalents at beginning of period		570	1,369	1,369
Effect of foreign exchange rate changes		(114)	(204)	(126)
Cash and cash equivalents at the end of period		(1,046)	746	570
Cash and cash equivalents at the end of period comprise:
Cash at bank and in hand		(1,046)	746	570

MIND GYM PLC   

NOTES TO THE GROUP FINANCIAL STATEMENTS

1.   General information

Mind Gym plc ("the Company") is a public limited company incorporated in England & Wales and its ordinary shares are traded on the Alternative Investment Market of the London Stock Exchange ("AIM"). The address of the registered office is 160 Kensington High Street, London W8 7RG. The group consists of Mind Gym plc and its subsidiaries, Mind Gym (USA) Inc., Mind Gym Performance (Asia) Pte. Ltd and Mind Gym (Canada) Inc. (together "the Group").

The principal activity of the Group is to apply behavioural science to transform the performance of companies and the lives of the people who work in them. The Group does this primarily through research, strategic advice, management and employee development, employee communication, and related services.

2.   Basis of preparation

The condensed interim financial statements have been prepared in accordance with the requirements of the AIM Rules for Companies. As permitted, the Company has chosen not to adopt IAS 34 "Interim Financial Statements" in preparing this interim financial information. The condensed interim financial statements should be read in conjunction with the annual financial statements for the year ended 31 March 2025, which have been prepared in accordance with UK adopted international accounting standards, including interpretations issued by the International Financial Reporting Interpretations Committee ("IFRIC"), and with the Companies Act 2006 applicable to companies reporting under IFRS. The unaudited interim financial information does not constitute statutory accounts within the meaning of the Companies Act 2006. This interim report, which has neither been audited nor reviewed by independent auditors, was approved by the Board of Directors on 2 December 2025.

Statutory accounts for the year ended 31 March 2025 were approved by the Board of Directors on 11 June 2025 and delivered to the Registrar of Companies. The report of the auditors on those accounts was unqualified, did not contain an emphasis of matter paragraph and did not contain any statement under Section 498 of the Companies Act 2006.

The interim financial statements have been prepared on a going concern basis under the historical cost convention.

The interim financial statements are presented in pounds sterling. All values are rounded to £1,000 except where otherwise indicated.

The accounting policies used in preparing the interim results are the same as those applied to the latest audited annual financial statements.

3.   Segmental analysis

Operating segments are reported in a manner consistent with the internal reporting provided to the chief operating decision maker, who is responsible for allocating resources and assessing performance of the business. The chief operating decision maker has been identified as the Board. The Group has two operating segments: EMEA (comprising the United Kingdom and Singapore) and America (comprising the United States and Canada).

Both segments derive their revenue from a single business activity, the provision of human capital and business improvement solutions.

The Group's business is not highly seasonal and the Group's customer base is diversified with no individually significant customer.

Segment results for the 6 months ended 30 September 2025 (Unaudited)

Segment result

	EMEA	America	Total
	£'000	£'000	£'000
Revenue	7,962	5,552	13,514
Cost of sales	(1,101)	(678)	(1,779)
Administrative expenses	(10,098)	(4,057)	(14,155)
Profit before inter-segment charges	(3,237)	817	(2,420)
Inter-segment charges	614	(614)	-
Operating profit - segment result	(2,623)	203	(2,420)
Finance income			-
Finance costs			(97)
(Loss) before tax			(2,517)

Adjusted (loss) before tax	EMEA	America	Total
	£'000	£'000	£'000
Operating (loss) - segment result	(2,623)	203	(2,420)
Adjusting items	388	324	712
Adjusted EBIT	(2,235)	527	(1,708)
Finance income			-
Finance costs			(97)
(Loss) before tax			(1,805)

The mix of revenue for the six months ended 30 September 2025 is set out below.

	EMEA	America	Group
Delivery	63.1%	54.3%	59.3%
Design	20.1%	20.4%	20.2%
Digital	5.9%	6.6%	6.2%
Licensing and certification	4.7%	14.2%	8.8%
Other	5.6%	4.0%	4.9%
Advisory	0.6%	0.5%	0.6%

Segment result for the 6 months ended 30 September 2024 (Unaudited)

	EMEA	America	Total
	£'000	£'000	£'000
Revenue	12,136	8,071	20,207
Cost of sales	(1,938)	(1,104)	(3,042)
Administrative expenses	(11,381)	(6,624)	(18,005)
Other income	98	-	98
Profit before inter-segment charges	(1,085)	343	(742)
Inter-segment charges	312	(312)	-
Operating profit - segment result	(773)	31	(742)
Finance income			-
Finance costs			(116)
(Loss) before tax			(858)

Adjusted (loss) before tax	EMEA	America	Total
	£'000	£'000	£'000
Operating (loss) - segment result	(773)	31	(742)
Adjusting items	-	-	-
Adjusted EBIT	(773)	31	(742)
Finance income			-
Finance costs			(116)
(Loss) before tax			(858)

The mix of revenue for the six months ended 30 September 2024 is set out below.

	EMEA	America	Group
Delivery	76.5%	68.3%	73.2%
Design	12.4%	14.2%	13.2%
Digital	6.8%	8.6%	6.6%
Licensing and certification	1.0%	6.8%	2.2%
Other	2.1%	1.7%	4%
Advisory	1.2%	0.4%	0.8%

Segment results for the year ended 31 March 2025 (Audited)

Segment result

	EMEA	America	Total
	£'000	£'000	£'000
Revenue	23,892	14,714	38,606
Cost of sales	(3,365)	(1,798)	(5,163)
Administrative expenses	(27,275)	(12,323)	(39,598)
(Loss)/profit before inter-segment charges	(6,748)	593	(6,155)
Inter-segment charges	532	(532)	-
Other income	107	-	107
Operating (loss)/profit - segment result	(6,109)	61	(6,048)
Finance income			1
Finance costs			(142)
Loss before taxation			(6,189)

Adjusted (loss)/profit before tax	EMEA	America	Total
	£'000	£'000	£'000
Operating (loss)/profit - segment result	(6,109)	61	(6,048)
Adjusting items	4,681	705	5,386
Adjusted LBIT/EBIT	(1,428)	766	(662)
Finance income			1
Finance costs			(142)
Loss before taxation			(803)

Management does not report segmental assets and liabilities internally and as such an analysis is not reported.

The mix of revenue for the year ended 31 March 2025 is set out below.

	EMEA	America	Group
Delivery	69.7%	61.0%	66.3%
Design	16.3%	16.5%	16.4%
Digital	6.5%	8.8%	7.3%
Licensing and certification	3.7%	12.0%	6.9%
Other	2.7%	1.2%	2.2%
Advisory	1.1%	0.5%	0.9%

4.   Employees

Staff costs were as follows:

	6 months to 30 Sept 2025 (Unaudited)	6 months to 30 Sept 2024 (Unaudited)	Year to 31 March 2025 (Audited)
	£'000	£'000	£'000
Wages and salaries	8,796	12,229	22,779
Social security costs	1,004	1,121	2,307
Pension costs - defined contribution plans	358	453	851
Share-based payments	60	(82)	(18)
	10,218	13,721	25,919
Restructuring payroll costs included in adjusted items	712	-	654
	10,930	13,721	26,573

The average number of Group's employees by function was:

	6 months to 30 Sept 2025 (Unaudited)	6 months to 30 Sept 2024 (Unaudited)	Year to 31 March 2025 (Audited)
Delivery	114	169	151
Support	70	82	86
Digital	5	13	10
	189	264	247

The period end number of Group's employees by function was:

	6 months to 30 Sept 2025 (Unaudited)	6 months to 30 Sept 2024 (Unaudited)	Year to 31 March 2025 (Audited)
Delivery	111	162	135
Support	59	82	80
Digital	4	12	8
	174	256	223

5.   Net finance costs

	6 months to 30 Sept 2025 (Unaudited)	6 months to 30 Sept 2024 (Unaudited)	Year to 31 March 2025 (Audited)
	£'000	£'000	£'000
Finance income
Interest receivable	-	-	1
	-	-	1
Finance costs
Interest payable	(35)	(46)	(44)
Other borrowing costs	(40)	(30)	(30)
Lease interest (IFRS 16)	(22)	(40)	(68)
	(97)	(116)	(141)

6.   Adjusting items

	6 months to 30 Sept 2025 (Unaudited)	6 months to 30 Sept 2024 (Unaudited)	Year to 31 March 2025 (Audited)
	£'000	£'000	£'000
Restructuring costs	712	-	982
Impairment of intangibles	-	-	4,404
	712	-	5,386

Restructuring costs in the six months ended 30 September 2025 and the year ended 31 March 2025 included redundancy costs related to the reduction of the cost base.

Impairment of intangible assets were excluded from the adjusted results of the Group for the year ended 31 March 2025 since the costs were one-off charges. These related to digital assets not in use that are no longer being developed. No such charges were recorded in the six months ended 30 September 2025.

7.   Tax

The statutory tax credit of £19,000 (six months ended 30 September 2024: credit of £71,000; year ended 31 March 2025: charge of £2,000,000) represents an effective tax rate on loss before tax of 1% (six months ended 30 September 2024: 9%; year ended 31 March 2025: -32%).

8.   Earnings per share

Basic earnings per share is calculated by dividing the earnings attributable to shareholders of the Company by the weighted average number of ordinary shares in issue during the year. The Company has potentially dilutive shares in respect of the share-based payment plans (see Note 16).

		30 Sept 2025 (Unaudited)	30 Sept 2024 (Unaudited)		31 March 2025 (Audited)
Weighted average number of shares in issue		100,340,109	100,208,494		100,273,688
Potentially dilutive shares (weighted average)		3,946,830	3,070,090		6,965,965
Fully diluted number of shares (weighted average)		104,286,939	103,278,584		107,239,653

	6 months to 30 Sept 2025 (Unaudited) pence	6 months to 30 Sept 2024 (Unaudited) pence	Year to 31 March 2025 (Audited) pence
Basic (loss)/earnings per share	(2.48)	(0.79)	(8.16)
Diluted (loss)/earnings per share	(2.48)	(0.79)	(8.16)
Adjusted basic (loss)/earnings per share	(1.97)	(0.79)	(4.16)
Adjusted diluted (loss)/earnings per share	(1.97)	(0.79)	(4.16)

9.   Dividends

The Board did not propose a final dividend for the year ended 31 March 2025. No interim dividend is proposed for the period to 30 September 2025.

10.  Intangible assets

	Patents	Development costs	Total
	£'000	£'000	£'000
Cost
At 1 April 2025	172	18,886	19,058
Additions	5	366	371
At 30 September 2025	177	19,252	19,429
Amortisation
At 1 April 2025	83	15,226	15,309
Amortisation charge	6	429	435
At 30 September 2025	89	15,655	15,744
Net book value
At 31 March 2025	89	3,660	3,749
At 30 September 2025	88	3,597	3,685

Development cost additions in the six months ended 30 September 2025 includes software development costs directly incurred in the creation of new digital assets.

11.  Property, plant and equipment

	Right-of-use asset	Leasehold improvements	Fixtures, fittings and equipment	Total
	£'000	£'000	£'000	£'000
Cost
At 1 April 2025	3,214	229	654	4,097
Additions	-	-	26	26
Remeasurement	(2)	-	-	(2)
Exchange differences	(3)	-	(2)	(5)
At 30 September 2025	3,209	229	678	4,116
Depreciation
At 1 April 2025	2,119	229	550	2,898
Depreciation charge	235	-	41	276
Exchange differences	-	-	(2)	(2)
At 30 September 2025	2,354	229	589	3,172
Net book value
At 31 March 2025	1,095	-	104	1,199
At 30 September 2025	855	-	89	944

12.  Trade and other receivables

	30 Sept 2025 (Unaudited)	30 Sept 2024 (Unaudited)	31 March 2025 (Audited)
	£'000	£'000	£'000
Trade receivables	4,735	5,027	5,331
Less provision for impairment	(79)	(88)	(91)
Net trade receivables	4,656	4,939	5,240
Other receivables	50	28	43
Prepayments in respect of property deposits	11	213	11
Prepayments	493	605	583
Accrued income	574	820	592
	5,784	6,605	6,469

Trade receivables have been aged with respect to the payment terms as follows:

	30 Sept 2025 (Unaudited)	30 Sept 2024 (Unaudited)	31 March 2025 (Audited)
	£'000	£'000	£'000
Not past due	4,379	4,735	5,045
Past due 0-30 days	307	135	227
Past due 31-60 days	25	133	46
Past due 61-90 days	3	3	5
Past due more than 90 days	21	21	8
	4,735	5,027	5,331

13.  Trade and other payables

	30 Sept 2025 (Unaudited)	30 Sept 2024 (Unaudited)	31 March 2025 (Audited)
	£'000	£'000	£'000
Trade payables	844	712	1,016
Other taxation and social security	1,011	1,704	668
Other payables	334	327	356
Accruals	3,172	3,259	3,448
Deferred income	2,500	1,291	2,159
	7,861	7,293	7,647

14.  Borrowings

The Group entered into a £4 million overdraft facility in March 2025, which will be renewable in March 2026. At 30 September 2025, the Group has drawn down on £1.4 million of the facility. Borrowings have been included within cash and cash equivalents on the Consolidated Statement of Cash Flows as it is repayable on demand and forms an integral part of cash management.

15.  Share capital

	30 Sept 2025	30 Sept 2025	30 Sept 2024	30 Sept 2024	31 March 2025	31 March 2025
		Cost		Cost		Cost
	Number	£'000	Number	£'000	Number	£'000
Ordinary shares of £0.00001 At 1 April	100,338,882	1	100,198,464	1	100,198,464	1
Issue of shares to satisfy options	3,988	-	140,418	-	140,418	-
Ordinary shares of £0.00001 at period end	100,342,870	1	100,338,882	1	100,338,882	1

16.  Share based payments

The Group awards options to selected employees under a Long-Term Incentive Share Option Plan ("LTIP"). The options granted to date vest subject only to remaining employed up to the vesting date. Unexercised options do not entitle the holder to dividends or to voting rights. 

The awards granted in the year ended 31 March 2023, 31 March 2024 and 31 March 2025 as well as six months to 30 September 2025 are either subject to performance conditions based on revenues and EBITDA or are timebound.

On 30 September 2019 the Group launched an annual Save As You Earn Scheme and an Employee Share Purchase Plan for all eligible employees in the UK and USA respectively. Annual schemes have been launched since 2019.

The total share-based payments (credit)/expense was:

	6 months to 30 Sept 2025 (Unaudited)	6 months to 30 Sept 2024 (Unaudited)	Year to 31 March 2025 (Audited)
	£'000	£'000	£'000
Equity settled share-based payments	59	(82)	(18)

17.  Events after the reporting period

There have been no events after the reporting period.

 

END