Mind Gym plc has reported a drop in annual revenue as talks remain ongoing about a potential sale of the company.
For the year ended 31st March 2026, it reported revenue of £29.9 million, a 23% drop on the previous 12 months.
Losses before tax, however, were reduced from £6.2m in the prior year to £5.2m.
MindGym said the 12-month period marked the second year of a three-year transformation from an episodic training provider to a strategic behavioural-change partne – with products that are easier to buy, sell and renew.
It said recurring licensing and membership revenue grew from 9% to 17% of total revenue year-on-year, with MindGym memberships increasing to 62 customers from 11 in FY25.
The firm also returned to profitability in H2.
It revealed in January that it was in discussions with selected third parties as part of a private strategic review which may result in an offer for the company.
It said this morning that these talks remain ongoing.
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“FY26 marked the second year of our transformation programme, during which we made strong progress in reshaping MindGym into a more efficient, scalable and digitally enabled organisation,” said Christoffer Ellehuus, CEO.
“We made further progress in transitioning our revenue base away from episodic engagements towards a model with a meaningful and growing proportion of recurring licensing revenue.
“While HR budgets continue to be under pressure, we expect continued commercial momentum, particularly in our membership and licensing solutions. We anticipate a return to modest revenue growth alongside positive EBITDA and a strengthened cash position.”