Corporate News
Update on Pennsylvania pilot contract
18 October 2024
Kooth (AIM: KOO), a global leader in youth digital mental well-being, today provides an update on its first pilot contract in Pennsylvania (the "Contract"). The Company has received communication from the State of Pennsylvania (the "State") regarding the Contract, exercising the State's right to terminate with a 30 day notice period. The Contract, signed on 11 October, 2022, was intended to run until 30 June, 2024, and was subsequently extended until June 2025, whilst negotiations on a new contract were ongoing.
From this latest communication, the status of Kooth's work in the State going forward is unclear and therefore the Company is urgently seeking clarification.
The Board's expectations for 2024 and 2025 remain unchanged.
This announcement contains inside information under the UK Market Abuse Regulation. The person responsible for arranging for the release of this announcement on behalf of the Company is Tim Barker, CEO.
Enquiries:
Kooth plc | ||
Tim Barker, CEO | ||
Sanjay Jawa, CFO | ||
Stifel, Nominated Adviser & Sole Broker | +44 (0) 20 7710 7600 | |
Ben Maddison, Nick Harland, Erik Anderson, Ben Good | ||
FTI Consulting, Financial PR | ||
Ben Atwell, Alex Shaw | ||
About Kooth plc:
Kooth (AIM:KOO) 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.
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.
Kooth is the longest standing 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 2022/23 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.