Mind Gym buoyed by corporate scandals
THE recent string of highprofile sexual harassment scandals has helped boost revenues at executive training business Mind Gym.
Octavius Black, the company’s co-founder and chief executive, said its new Respect programme had recently signed up 11 clients, adding: “Organisations want to mitigate the risk and [also] create a ‘psychologically safe’ environment, where people can flourish without fear or intimidation.”
Past clients of Mind Gym, which floated on Aim in June, have included around 60 members of the FTSE 100, including Sainsbury’s and Vodafone, and a similar proportion of America’s S&P 500. The company uses behavioural science to help companies improve how they operate.
Revenues were up 13pc in the six months to Sept 30 at £19.4m, but profits sank 60pc to £1.1m as the company shelled out more than £3m in one-off costs including those associated with its IPO and an aborted attempt to sell the business earlier in the year. Excluding one-offs, profits grew 31pc to £4.1m.
Mr Black and his wife Joanne, the chairman, bagged around £25m when the company went public.
He said that floating the company, which has 204 staff and a stock market value of £150m, had been a “real rocket boost”. Its shares are down 13pc in the months since, however, and fell 0.5p to 154p yesterday.