Trading Statement

RNS Number : 0123Z

Kooth PLC

20 January 2022

 

20 January 2022

Kooth plc

("Kooth" or the "Group")

Trading update & Board Appointment

Strong revenue growth; performance in line with expectations

Kooth, the UK's leading digital mental health platform, announces a trading update for the financial year ended 31 December 2021.

Revenue is expected to be in line with market expectations, supported by strong growth of more than 25%.

Kooth will provide further details in its full year results, which are expected to be announced in March 2022.

Unaudited net cash at year end was £7.0m and the Group remains debt free.

During the year, Kooth continued to strengthen the breadth and depth of its leadership team.  We are delighted to announce the appointment of Kate Newhouse to the Board of Kooth plc.  Kate will continue in her role as Chief Operating Officer, having joined Kooth in May 2020 with a wealth of leadership experience in the digital health space.  Kate was previously CEO of Doctor Care Anywhere and CEO of Blenheim Chalcot. 

This follows the appointment of Dr Tim Budden as Chief Technical Officer.  During the period, Kooth made preliminary steps relating to its US operations with the hiring of Kevin Winters as General Manager - North America. Kevin brings US digital mental health experience, gained from SilverCloud Health, and also spent more than 14 years at Cerner Corporation working with numerous global healthcare bodies and payors. At Kooth, Kevin will focus on establishing Kooth's US service, especially supporting Children and Young People via healthcare and education.

Tim Barker, Chief Executive Officer of Kooth, said :

"Kooth's mission is to make effective, personalised digital mental health care available to all. Our excellent performance in 2021 reflects increasing demand for our platform and progress with this simple, clear mission.  I am delighted to report strong revenue growth and performance in line with market expectations.  Kooth is expanding support to Adults via the NHS and Corporates, building on its leadership position with children and young people via the NHS, in addition to having recently made its first senior hire in the US.

"Kooth has a robust balance sheet which supports further investment in people and technology to meet our scaling ambitions.  We look forward to further progress in 2022."

Kate Newhouse (previously Wigley), aged 40, does not currently hold any directorships and was a  director of Doctor Care Anywhere Limited and Kate Newhouse Consulting Ltd in the previous five years.

Kate holds 480,966 ordinary shares in the Group, equivalent to 1.5% of the Group's current issued share capital.

There is no further information required to be disclosed under Rule 17 or paragraph (g) of Schedule 2 of the AIM Rules for Companies.

ENDS 

The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulation (EU) No. 596/2014 ('MAR'). Upon the publication of this announcement via a Regulatory Information Service ('RIS'), this inside information is now considered to be in the public domain.

Enquiries:

Kooth plc	[e-mail]
Tim Barker, CEO
Sanjay Jawa, CFO
Panmure Gordon, Nominated Adviser and Joint Broker
Corporate Finance: Dominic Morley, Ailsa MacMaster	[phone]
Corporate Broking: Erik Anderson
Stifel, Joint Broker	[phone]
Ben Maddison, Nick Adams, Nicholas Harland
FTI Consulting	[e-mail]
Jamie Ricketts, Alex Shaw, Usama Ali

About Kooth plc:

Kooth (AIM:KOO) is the UK's leading digital mental health platform. 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 four services are:

· Kooth: for children and young persons

· Kooth Student: for university and higher-education students

· Kooth: for Adults

· Kooth Work: for 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 over 4,000 logins a day.

For adults, Kooth operates across distinct locations and serves specific cohorts, including parents, teachers, victims of crime, and those who have suffered from or continue to experience domestic violence. It is also offered as a benefit by a number of corporate organisations delivering anonymous digital mental health support services to employees.

Kooth is the only digital mental health provider to hold a UK-wide accreditation from the British Association of Counselling and Psychotherapy (BACP).

In 2021, Kooth was named 'Best Newcomer' at the European Mediscience Awards, winner in the category of 'Tech for Good' at the UK Tech Awards and recognised as the 'HealthTech Pioneer of the Year' at the UK Business Tech Awards for its role in 'Supporting the Nation's Mental Health'.

 

END

 

 

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