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LONDON (Alliance News) - Totally PLC Tuesday said it had seen "a period of focused change" which will continue for the rest of the year, as it posted a narrowed loss in the half-year to the end of June.
The healthcare products company posted a pretax loss of GBP272,000, narrowed from GBP431,000 a year before, as a decline in revenue to GBP196,000 from GBP737,000 was offset by much lower cost of sales and a drop in administrative expenses.
During the half-year the company reviewed its business strategy, relocating its head office to smaller accommodation, and selling its Totally Communications business in December last year to focus on its Totally Health business.
During the half-year Totally Health won new contracts with clinical commissioning groups to support the management of long term conditions. Additionally, the company focused on building its team and portfolio of services offered by Totally Health.
Following the year-end the company's subsidiary Totally Health won new contracts with Rochdale CCG, Guildford and Waverley CCG and Bedfordshire CCG which had put it in an earnings before interest, tax, depreciation and amortisation positive on a monthly basis.
Totally said that due to its relatively low overhead costs it is confident in further new contract wins, similar to those it has signed recently, will move it into a cash positive earnings position on a monthly basis.
Shares in Totally were trading down 19% at 0.303 pence per share Tuesday.
By Hana Stewart-Smith; hanassmith@alliancenews.com; @HanaSSAllNews
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