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Digital mental health platform provider, Kooth reported revenue for the financial year of £13 million, up 50.3% from 2019 (£8.7million) ahead of expectations.
More than 90% of revenue was generated from contracts of 12 months or longer, and the AIM-listed firm achieved 95% customer retention for the financial year ended 31 December 2020.
The company said that the new financial year has started well with strong new business performance giving an Annual Recurring Revenue (ARR) at 31 March 2021 of £15.9 million and they have added over 50 new practitioners in the first quarter.
Their IPO on AIM in September 2020 was oversubscribed. They raised £16 million to support growth strategies with a debt-free balance sheet. £1.5 million has been invested in our technology platform to drive growth strategy.
Tim Barker, chief executive officer (CEO) at Kooth said: 2020 was a transformational year. We were proud to become the first digital mental health platform to list on the London Stock Exchange to support growing demand for mental health services, which was critical long before the pandemic. Our excellent performance in 2020 reflects momentum for our simple strategy: making effective, personalised mental healthcare available to all. At 2:24pm: (LON:KOO) share price was 0p at 242.5p