Kooth (KOO ) has described 2020 as “a transformational year” as the company became the first digital mental health platform to list on the London Stock Exchange in September 2020. 

In its final results for the year ended 31 December 2020, the mental health platform provider said it has seen excellent momentum for its health services in the public sector. 

Kooth, which sees over 3,000 logins a day, said its IPO has already delivered strategic benefits including supporting its product development investment and its clinical operating model as well as expanding its team in order to pursue new market opportunities.  

Kooth is commissioned in 85% of the NHS's clinical commissioning group areas across the country and the platform is now available to more than 7.8 million people across the UK.  

It said its progress reflects its leading position supporting children and young people via the NHS, and early success with its expansion to support the NHS Adult and Corporate markets. 

The Group said it continues to see strong organic growth in its existing contract base. The Company stated that its Children and Young People's service (CYP) has expanded to cover 85% of English Clinical Commissioning Groups CCGs) and continued to expand into Wales.  

Shares in Kooth have increased by over 33% in value since the beginning of 2021 and by nearly 50% since the time of the Group’s IPO. The stock was up 1.81% at 337p today. 

Meanwhile, the Company’s Public Sector Adult Services are now available to 1.5 million adults and the Group said it has begun to make inroads in the nascent corporate market. 

Revenue grew by 50% to £13m in the year, driven primarily by fee uplifts from existing NHS clients and new business in Adult and CYP and a small number of one-off COVID-19 related projects. Kooth said that both revenue and EBITDA for the period are ahead of expectations. 

Adjusted EBITDA for the year came to £0.9m (2019: £0.1m) while Annual Recurring Revenue (ARR) rose 33% driven by fee uplifts from existing clients and new business in Adult and CYP. 

Net cash at year end was £7.8m (2019: net debt of £5.2m). Kooth said its cash position provides it with sufficient capital to fund current planned product and software development, any international expansion and working capital as it continues to grow. 

“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,” commented Tim Barker, Chief Executive Officer of Kooth. 

He said, "We have invested in growing our team and refining our market-leading technology platforms, to ensure Kooth remains the leader in supporting children and young people via the NHS, and sustain good traction with the NHS and Corporate adult market. This, combined with current trading in line with our expectations supports our confidence of making further progress in 2021." 

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