Mind Gym flexes muscles with half-year profits surge
Management consultancy Mind Gym has revealed a jump in half-year profits as it capitalises on company overhauls and the recent spate of high-profile workplace harassment scandals.
The firm saw pre-tax profits more than treble to £3.9 million in the six months to September 30 from £1.1 million a year earlier after revenues leapt 24% higher.
Co-founder and chief executive Octavius Black – one of David Cameron’s old Eton school friends – said the firm has continued to see demand for its services surge amid a number of “shocking” examples of poor corporate culture.
He said the firm was also helping firms, which have been forced into wide-ranging reorganisations, to help them “upgrade when they downsize”.
He added: “Company bosses are increasingly turning to corporate culture as a strategic tool to drive performance.”
Mind Gym uses behavioural science to encourage its clients’ staff to approach
work differently and tackle problem solving in inventive ways.
Co-founded by Mr Black and Sebastian Bailey in June 2000, the firm has worked with 62% of the current FTSE 100 and more than half of S&P 100 companies.
Mr Black said demand for its services was proving resilient despite many firms putting investment on hold amid the Brexit and political uncertainty.
He said: “For a modest investment, companies can get a significant uplift in performance.
“Rather than investing in a big IT system, they can invest in their people and start to see the returns next week.”
The firm said revenues were driven higher in the first half as it continued to win repeat business from customers, as well as securing new clients.
Mind Gym has been boosting its workforce to take advantage of solid demand in the UK and worldwide, with a 19% increase in employees.
The group – which floated on the stock market in mid-2018 – has a portfolio of more than 300 products, typically bite-size 90-minute sessions delivered face-to-face in virtual classrooms or digitally through a network of 293 coaches.
