Mind Gym PLC on Friday reported a widened annual loss but the London-based personal and business coaching service sees a profitable financial year ahead.

Pretax loss in the financial year ended March 31 widened to £482,000 from £356,000 a year ago.

Revenue grew by 24% to £48.7 million from £39.4 million, but administrative expenses kept pace, increasing by 23% to £42.7 million from £34.6 million.

For financial year 2023, Mind Gym expects to return to profit.

‘In the fourth quarter, we implemented a cost control programme which offset the increase in the annualised cost of this infrastructure investment, that would otherwise have impacted costs in financial year 2023,’ the company explained.

Mind Gym proposed no dividend for the recent financial year, saying it wants to prioritise investment for growth in digital services.

Shares were 2.1% lower at 115.00 pence each in London on Friday morning.

Copyright 2022 Alliance News Limited. All Rights Reserved.