Corporate News

Momentum and growth; comfortably in line with FY expectations

Kooth (AIM: KOO), a leading digital mental health platform provider, announces unaudited half year results for the six months ended 30 June 2021.

Strategic Highlights

• Children and Young People: we are contracted by more than 90% of NHS England CCGs (2020: 85%).
• Kooth Adult (early intervention for adults, via NHS) 'whole population' total contracts doubled in H1 vs 2020. Kooth Adult now represents £1.5m ARR.
• Kooth Work (employee wellbeing) growth into membership-based businesses included, for example, the Chartered Management Institute.  
• Ongoing investment in talent, technology, and outcome measures to deliver personalised, effective care.

Financial Highlights

• Revenues up 35% to £8.0m (H1 2020: £5.9m).
• Robust balance sheet with net cash of £8.8m provides capacity for investment.
• Annual Recurring Revenue (ARR) up 23% to £16.6m.
• Adjusted EBITDA up 135% to £1.1m.
• High quality of earnings:
  • More than 90% revenues from contracts of 12 months or longer.
  • More than 95% customer retention by revenue.

Tim Barker, Chief Executive of Kooth said:

"With NHS waiting lists for mental health now totalling 1.8m people, the imperative and opportunity to provide high quality support via digital has never been clearer. Kooth's growth and performance reflects good progress on our mission to make effective, personalised digital mental health care available to all. In the last six months, Kooth has further strengthened its position as the leading digital platform supporting children and young people via the NHS, and we are delivering on our objectives to expand support to Adults via the NHS and Corporates.

"Our robust balance sheet enables us to invest to meet long-term, increasing demand for Kooth's services. We will continue this investment in our talent and technology to enable us to scale up to tackle what is one of the world's biggest challenges. Looking to the full year outturn, we expect Group revenue to be comfortably in line with expectations."

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Notes to Editors:

About Kooth

Kooth (AIM:KOO) is the UK's leading digital mental health platform, established to provide accessible and safe spaces for everyone to achieve better mental health. The Company's online platform is clinically robust and accredited to provide a range of therapeutic support and interventions. All services are predicated on easy access to make early intervention and prevention a reality.

Kooth offers three services:

• Kooth is commissioned in over 90% of the NHS's clinical commissioning group areas across the country. It 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 3,000 logins a day.
• Kooth Adult 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.
• Kooth Work is a corporate service, aimed specifically at employers to support the wellbeing of their employees, providing confidential and anonymous access to a wellbeing community, counselling, content and self-help tools. Kooth Work provides valuable, anonymous insights into the wellbeing of the workforce so that employers can identify specific areas of improvement for their wellbeing strategy.