Kooth (KOO)

Sector:

Retailers

Index:

FTSE AIM All-Share

176.00p
   
  • Change Today:
      3.50p
  • 52 Week High: 345.00p
  • 52 Week Low: 159.00p
  • Currency: UK Pounds
  • Shares Issued: 36.36m
  • Volume: 105,765
  • Market Cap: £64.00m
  • RiskGrade: 110

US expansion driving growth for Kooth

By Josh White

Date: Monday 22 Jan 2024

LONDON (ShareCast) - (Sharecast News) - Digital mental health service provider Kooth said in a trading update on Monday that it anticipated its 2023 revenue to reach £33.3m, representing year-on-year growth of around 65%.
The AIM-traded company noted that the growth figure did not include $4m in revenue from US contracts initially expected to be recognised in 2023, but now scheduled for early 2024.

As of 31 December, Kooth reported an unaudited net cash balance of £10.9m, up from £8.5m in 2022.

Additionally, it secured a working capital credit facility with Citibank, amounting to $9.5m, which remained untapped.

Kooth said its strategic expansion into the United States saw the successful launch of its digital mental health platform and mobile app, Soluna, in California in January.

The company said it was currently in the final stages of negotiations with the state of Pennsylvania for a contract extension, building on its pilot programme initiated in October 2022.

In the UK market, Kooth reported revenue growth for 2023, but acknowledged the presence of near-term challenges due to a heightened focus on cost-saving within the NHS and the ongoing backlog of acute care cases.

Kooth said it was committed to demonstrating the positive impact and cost savings it could deliver when commissioned in various regions.

"2023 was a year of significant progress for Kooth, underlined by our largest contract win with the state of California," said chief executive officer Tim Barker.

"Alongside our work in Pennsylvania, Kooth is now a leader in the important US digital mental health market and a provider of choice for the provision of services to children and young people."

Barker said that momentum, combined with the firm's strong financial performance and its ability to generate recurring revenue, left it well-placed for further progress in 2024.

"The need for digital mental health services is as great as ever and we look forward to ensuring that Kooth remains a trusted and growing provider for children and young people both in the US and UK."

Further updates on Kooth's progress would be provided in its full-year results, which were expected to be announced in March.

At 1336 GMT, shares in Kooth were down 2.25% at 286.4p.

Reporting by Josh White for Sharecast.com.

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Note 1: Prices and trades are provided by Digital Look Corporate Solutions and are delayed by at least 15 minutes.

Note 2: RiskGrade figures are provided by RiskMetrics.

 

Kooth Market Data

Currency UK Pounds
Share Price 176.00p
Change Today 3.50p
% Change 2.03 %
52 Week High 345.00p
52 Week Low 159.00p
Volume 105,765
Shares Issued 36.36m
Market Cap £64.00m
RiskGrade 110

Kooth Star Ratings

Compare performance with the sector and the market.
more star ratings
Key: vs Market vs Sector
Value
17.66% below the market average17.66% below the market average17.66% below the market average17.66% below the market average17.66% below the market average
38.1% below the sector average38.1% below the sector average38.1% below the sector average38.1% below the sector average38.1% below the sector average
Price Trend
36.73% below the market average36.73% below the market average36.73% below the market average36.73% below the market average36.73% below the market average
47.62% below the sector average47.62% below the sector average47.62% below the sector average47.62% below the sector average47.62% below the sector average
Income Not Available
Growth
50.53% above the market average50.53% above the market average50.53% above the market average50.53% above the market average50.53% above the market average
57.14% above the sector average57.14% above the sector average57.14% above the sector average57.14% above the sector average57.14% above the sector average

Kooth Dividends

No dividends found

Trades for 31-Oct-2024

Time Volume / Share Price
17:07 2,300 @ 176.00p
16:35 1,191 @ 176.00p
16:35 1,191 @ 176.00p
15:01 15,000 @ 175.00p
15:01 3,088 @ 173.05p

Kooth Key Personnel

CFO Sanjay Jawa
CEO Timothy John Barker

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