Result of 2023 AGM, update on California contract

Kooth PLC

29 June 2023

 

29 June 2023

Kooth plc

("Kooth" or the "Group")

Result of 2023 Annual General Meeting and update on contract win in California

Kooth (AIM: KOO), a global leader in youth digital mental well-being, announces that all of the resolutions set out in the Notice of the AGM were passed by the requisite majority at the Company's AGM, held earlier today. 

Update on timing for significant California contract win

Kooth announced a significant contract with the State of California on 16 March 2023. At that time, the Group expected to finalise the terms of the contract during Q2 2023, with a further announcement to be made at that point.

The Group remains on track to finalise the contract shortly. A further announcement will be made upon the finalisation of the definitive legal documentation relating to this contract in due course.

- Ends -

The information contained within this announcement is considered to constitute inside information as stipulated under Article 7 of the Market Abuse Regulation (EU) no. 596/2014 as incorporated into UK domestic law by virtue of the European Union (Withdrawal) Act 2018 ("UK MAR").

Kooth plc
Tim Barker, CEO Sanjay Jawa, CFO		[e-mail]
Panmure Gordon, Nominated Adviser and joint Broker Corporate Finance: Dominic Morley, James Sinclair-Ford, Daphne Zhang Corporate Broking: Rupert Deaden	[phone]
Stifel, Joint broker Ben Maddison, Nick Adams, Nicholas Harland, Richard Short		[phone]
FTI Consulting
Jamie Ricketts, Alex Shaw, Usama Ali		[e-mail]

Notes to Editors

About Kooth

Kooth is a global leader in youth digital mental well-being. Our mission is to provide accessible and safe spaces for everyone to achieve better mental health. Our platform is clinically robust and accredited to provide a range of therapeutic support and interventions. All our services are predicated on easy access to make early intervention and prevention a reality.

Our three services are:

·       Kooth: for children and young persons

·       Kooth: for adults

·       Kooth Work: for frontline employees

Kooth is a fully safeguarded and pre-moderated community with a library of peer and professional created content, alongside access to experienced online counsellors. There are no thresholds for support and no waiting lists. Currently, Kooth sees more than 4,000 logins a day.

Kooth is the only digital mental health provider to hold a UK-wide accreditation from the British Association of Counselling and Psychotherapy (BACP) and according to NHS England data for 2021/22 is now the largest single access provider for mental health support for under 18s

In 2021, Kooth began executing on its international expansion strategy, with an initial focus on the US market. This focus is due to the growing recognition of the importance of improving youth mental health in this key global healthcare market, with 1-in-6 people aged 6-17 experiencing a mental health disorder each year. Kooth's first pilot contract in the US was signed in October 2022 with the State of Pennsylvania.

 

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