**Summary of Mind Gym PLC Half-Year Results (H1 FY26)**
**Overview**
Mind Gym PLC, a global provider of human capital and business improvement solutions, reported its half-year results for the six months ended 30 September 2025. The company is midway through a three-year transformation strategy to shift from episodic training to a strategic behavioral-change partner, focusing on making its products easier to buy, sell, and renew. Despite challenges, including market headwinds and the conclusion of a multi-year energy framework agreement, Mind Gym remains committed to its strategy.
**Financial Highlights**
**Revenue**Declined by 33.2% to £13.5 million (H1 FY25: £20.2 million). Excluding the concluded energy framework, like-for-like revenue fell by 16%.
**Gross Profit Margin**Improved to 86.8% from 84.9% in H1 FY25.
**Adjusted EBITDA**Loss of £1.0 million (H1 FY25: Profit of £0.8 million), excluding £0.7 million in restructuring costs.
**Statutory Loss Before Tax**£2.5 million (H1 FY25: £0.9 million loss).
**Net Debt**£1.0 million, up from net cash of £0.7 million in H1 FY25.
**Overheads**Reduced by 25% year-on-year, with further £3.5 million in annualized cost savings implemented post-period.
**Strategic and Operational Highlights**
**Commercial Effectiveness**Rebuilt sales team and appointed new commercial leadership, driving a 15% increase in pipeline generation.
**Product Innovation**Launched the High-Performance Behaviour Model, unifying Mind Gym’s IP and data, and introduced content membership packages for repeatable revenue.
**Digital Transformation**Initiated a strategic marketing partnership with Oliver to enhance digital lead generation.
**Working Capital Improvement**Introduced tighter cash terms in contracts, increasing deferred income to £2.5 million.
**Current Trading & Outlook**
Full-year revenues remain in line with expectations, with performance weighted towards H2 due to increased license revenues and sales/marketing investments.
Adjusted EBITDA expectations unchanged, with H2 growth and cost reductions expected to drive a return to profitability and cash generation.
**Board Changes**
Nick Stone appointed as Interim Chief Financial Officer to cover Emily Fyffe’s maternity leave.
**CEO Commentary**
Christoffer Ellehuus highlighted progress on the transformation strategy, including the launch of the High-Performance Behaviour Model and rapid adoption of the membership model. The focus on commercial effectiveness and sustainable recurring revenues is expected to deliver adjusted EBITDA profitability for the full year.
**Conclusion**
Mind Gym is navigating a challenging period with strategic initiatives aimed at long-term growth. Despite short-term headwinds, the company is laying the foundation for sustainable profitability and market expansion.
| Metric | 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 Expenses | £13.5m | £18.0m | £34.2m | -25.0% |
| Adjusted EBITDA | (£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% |