Mind Gym shares fall as annual loss widens amid uncertainty over AI
Mind Gym PLC on Monday said it has "seen particularly challenging market conditions" amid uncertainty over artificial intelligence among others during its first financial half to the end of September.
The London-based personal and business coaching service said it expects to report that half-year revenue fell 15% in the six months to September 30, to £11.5 million from £13.5 million a year prior.
That is despite recurring license revenue anticipated to be £2.1 million, a 45% rise from a year prior.
It anticipates adjusted loss before interest, tax, depreciation and amortisation to widen to £2.6 million from £1.0 million.
The company said: "Despite the strategic progress made to date, H1 FY27 has seen particularly challenging market conditions as corporate clients have reduced spending significantly on Human Resources services in response to uncertainty over artificial intelligence, supply chain pressures, and energy prices."
Mind Gym said its pipeline generation has remained "resilient" with £47 million of additions, down 15% from £55 million a year prior.
The firm said it expects to publish half-year results in the first half of December.
Mind Gym shares plunged 15% to 5.00 pence each on Monday afternoon in London.
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