Monday 9 March 2020 8:21 am

Training provider Mind Gym warns on coronavirus hit to profit

Workplace training provider Mind Gym this morning warned that revenue and profit will miss expectations following the coronavirus outbreak.

Revenue growth is expected to be 10 to 15 per cent in the year to 31 March, below previous expectations, due to a spike in cancellations and a reduction in new bookings. 

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Profit before tax is expected to be between £5.8m and £7.3m, the firm announced in a trading update this morning. 

The company said it is working to switch face-to-face sessions to virtual appointments and promoting its digital proposition as an alternative to live sessions.

Mind Gym said it will minimise travel requirements and accelerate the adoption of remote working. 

It added that it will track the movement of staff and coaches, and implement a policy of a minimum two-week self-isolation period. 

Mind Gym chief executive Octavius Black said: “Our primary concern now is the health and welfare of our clients, colleagues and coaches. In a fast-changing environment we continue to assess the impact of Covid-19 on our business, supporting clients with our digital products and managing costs as required. 

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“Our cash generative business model and strong cash balance provide resilience during these volatile times. We remain committed to our investment in product and people and are confident that this will deliver long term value to shareholders.”

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