Year End Trading Update

Mind Gym PLC

02 April 2026

 

2 April 2026

Mind Gym plc 

("MindGym" the "Company" or the "Group")

Year End Trading Update

MindGym (AIM: MIND), the global provider of human capital and business improvement solutions, provides a trading update for the year ended 31 March 2026 ("FY26").

Overview

MindGym is two years through its three-year transformation strategy to evolve the business from an episodic training provider to a strategic behavioural-change partner by making MindGym products easier to buy, sell and renew.

Financial Update

For FY26 the Group expects to report:

·      Revenues of c. £29.7m, 8% lower than last year or a 6% reduction at constant currency (excluding the multi-year framework agreement which contributed £6.3m to revenues in FY25)

·      Performance weighted to H2 as anticipated, with H2 revenue c.20% higher than H1

·      Increase in renewable membership revenue to 17% of total revenue in H2 and 10% for the whole year vs 3% in the prior year

·      Gross margin of 88% (FY25: 86%)

·      A return to profitability: adjusted EBITDA profit of not less than £0.6m (FY25: £1.9m), compared to a first half adjusted EBITDA loss of £1m, reflecting benefit of cost reductions

·      A net debt position of £0.4m (FY25: net cash of £0.6m), reduced from net debt of £1m at 30 September 2025. The Group is in the process of renewing its overdraft facility

Strategic and Operational highlights

MindGym continues to prioritise executing its transformation strategy and, in FY26, has focused on rebuilding its sales organisation, increasing commercial effectiveness, enhancing its digital lead generation and improving its digital delivery of membership and licence products. It also starts the new financial year with a cost base c. £5m lower than FY25 and an improving gross margin.

FY26 saw challenging market conditions, but despite this the Group has made significant progress against its objectives In the second half of the year, revenue grew in each quarter and was around 20% higher than in the first half. As part of this, corporate memberships have grown from 13 at the half year point to more than 60 at year end, contributing around 17% of total revenue in the second half of the year. Overall membership revenue is anticipated to be around £2.9m or 10% of the expected total for the year. Increasing membership revenues, which are recurring in nature, will over time improve the quality of earnings of the Company and reduce the impact of discreet buying decisions

Outlook

The Board is encouraged by the stronger trading performance in the second half of FY26 and, along with a number of significant contract opportunities slipping into Q1 FY27, this should provide positive momentum for the new financial year, notwithstanding the challenging global macroeconomic conditions. The cash position is also expected to improve and allow for continued investments to deliver growth. A further update on current trading will be provided at the time of the full-year results.

Full Year Results

MindGym expects to announce its FY26 full-year results in mid-June 2026.  

Christoffer Ellehuus, CEO of MindGym commented:

"I'm pleased to see the progress we have made in the last six months and the signs that the business is turning around from the first half of the year. The continued investment in our membership and licencing structure and its delivery platforms is starting to show through in the results, and we look forward to continuing this progress in the new financial year."

Enquiries    

MindGym plc Christoffer Ellehuus, Chief Executive Officer Nicholas Stone, Interim Chief Financial Officer		[phone]
Panmure Liberum (Nominated Adviser and Broker) Nick How Will King		[phone]
MHP Communications (Public Relations Advisor) Reg Hoare Jake Terry		[phone] [e-mail]

About MindGym

MindGym is a Group that delivers business improvement solutions using scalable, proprietary products 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, New York and Singapore.

Further information is available at www.themindgym.com

Rule 28 of the Takeover Code

The UK Panel on Takeovers and Mergers has confirmed that the profit estimate constitutes an ordinary

course profit forecast for the purposes of Note 2(b) to Rule 28.1 of the Takeover Code, to which the

requirements of Rule 28.1(c)(i) of the Takeover Code apply.

Directors' confirmation

The directors have considered the profit estimate contained herein and confirm that it remains valid as

at the date of this statement, have been properly compiled and the basis of the accounting used is

consistent with the Group's existing accounting policies.

Basis of preparation

The profit estimate is based on the Group's current internal unaudited consolidated accounts for the

11 months to 28 February 2026 and estimates for March 2026. The basis of the accounting policies used in the profit estimate is consistent with the existing accounting policies of the Group, which use 'Alternative Performance Measures' and International Financial Reporting Standards measures as approved by the International Accounting Standards Board and adopted by the European

Union.

 

END