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MindGym Cuts Full-Year Revenue Guidance as H1 Loss Widens and Sales Fall 15%

MindGym expects first-half revenue to fall 15% and its adjusted EBITDA loss to widen to £2.6m. It has cut full-year guidance, while a private strategic review that could end in an offer continues.

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MindGym (LON: MIND) said in a trading update at 7am today that first-half revenue is expected to fall 15% to £11.5m, and it has cut its full-year revenue guidance.

The London-based provider of behavioural-science training and business improvement services also expects a wider adjusted EBITDA loss, which is earnings before interest, tax, depreciation and amortisation, adjusted for one-offs.

The figures cover the six months to the 30th of September, and the £11.5m compares with £13.5m a year earlier. The company put the shortfall down to its clients’ behaviour in its statement:

H1 FY27 has seen particularly challenging market conditions as corporate clients have reduced spending significantly on HR services in response to uncertainty over AI, supply chain pressures, and energy prices.

MindGym plc

Operating costs are down £9.4m over the past eighteen months, and a further estimated £0.9m of annualised costs has been removed in FY27 to date. Even so, lower revenue and more face-to-face delivery, which earns lower gross margins, widened the adjusted EBITDA loss to £2.6m from £1.0m.

Recurring licence revenue, the repeat income from licensing its products, rose 45% to £2.1m, which the company puts at c.17% of the total. Cash collections were around £16m. Net debt, borrowings minus cash, was £1.6m at the 30th of September, up from £1.0m a year earlier, and the company says it retains adequate liquidity. Pipeline additions, potential sales being pursued, fell to £47m from £55m.

Chart comparing MindGym's expected H1 FY27 figures with H1 FY26, showing lower revenue, a wider adjusted EBITDA loss, lower pipeline additions and higher net debt
MindGym’s expected H1 FY27 figures (six months to 30 September 2026) against H1 FY26: revenue down, adjusted EBITDA loss wider, pipeline additions and net debt also worse year on year. Source: MindGym plc half year trading update RNS, 19 October 2026.

The board is now more cautious. Pipeline conversion has been slower and often in smaller commitments than historically, the company said, and full-year revenue is guided to circa £25m, with an underlying EBITDA loss of £1.2m to £1.5m. It still expects the second half, typically the stronger one, to be profitable and cash generative.

The strategic review, announced on the 27th of January, is ongoing. The board is in discussions with selected third parties as part of a private process that may, among other outcomes, result in an offer. Half year results are expected in the first half of December.

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