StockMarketWire.com - Business consultancy Mind Gym has reported revenue growth of 15% to £48.2m in the year to 31 March 2020 as its digitally enabled offering protected the business from the 'more severe consequences' of COVID-19.

Digitally enabled revenue, including live workouts delivered virtually, increased by 21% to £14.5m during the year, up from £12m in 2019 and represented 30% of total revenues, compared to 28% a year earlier.

Chief executive Octavius Black said that the strength of its digitally enabled offer had 'protected the business from more severe consequences of COVID-19' and that 'with expectations of lasting change to how people work we will look to grow this revenue stream in the year ahead'.

In its full-year results for the year ended 31 March 2020, Mind Gym said that pre-COVID-19 revenues for the 10 months to 31 January grew 22% on the prior year, but that February and March saw a 16% decline in revenues compared to the same period last year, as a result of the pandemic.

The company saw adjusted PBT margin reduce to 13.7%, attributing this to the COVID-19 impact in the fourth quarter.

Its gross profit margin of 79.9% was down from 80.6% in the full-year 2019, due to increases in coach fees in the first half of the year.

Black said: 'We are pleased with the group's overall performance despite the difficulties of the last quarter. At the end of January 2020 we were on track to exceed revenue and deliver on profit expectations.

'The COVID crisis had a significant impact in February and March 2020 and the effect can be seen in the year's final numbers.'




At 9:51am: [LON:MIND] Mind Gym Plc share price was -5p at 110p



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