Mind Gym buoyed by cor­po­rate scan­dals

The Daily Telegraph - Business - - Business - By

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.

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