RE: excellent trading continues4 Jul 2021 21:37
2 off 2:
Over £92m of new contracts
Over the last few months or so the group has been awarded several contracts and extensions worth in excess of £92m, showing that it does have an excellent relationship with various parts of the NHS.
Those increasing waiting lists within the NHS will, no doubt, offer tremendous scope for Totally as a group, especially over the next couple of years as ‘catch-up’ is played out.
Latest Trading Update
In the Trading Update for the year to end March 2021, published on 13 April, the group stated that:
“The resilient and improved trading performance across the group is due to multiple factors but primarily as a result of the company being able to respond proactively and quickly to the numerous demands for its healthcare services during the global Covid-19 pandemic, through which the company has assisted the NHS in providing frontline care across the UK.”
“Against the backdrop of a global pandemic, the year to 31 March 2021 was undoubtedly one of the most challenging periods of time for the company. Through effective management, however, the emergency preparedness and response was quickly and efficiently executed.”
“All operations of the group were impacted with some services, particularly face-to-face, understandably paused. However, with the increased demand for urgent healthcare support, the group was well placed to respond quickly through, among others, the delivery of Covid-19 Management Services, National Clinical Assessment Services and the ramping up of 111 capacity.”
New market guidelines in eleven days
Currently the group has suspended market forecasts which, considering the stop/go policies of late, must have been a very sensible move.
The finals, which will be announced on Tuesday 6 July, will be the occasion for the group to reintroduce its market guidelines.
But what must be noted out of the latest Trading Update, is the fact that at the end of March this year the group had no debt, with all deferred HMRC payments having been paid in full.
It was also boasting a very healthy £14.8m net cash position compared to its market capitalisation of only £71m.
‘Buy to build’ strategy continues
Remember it is part of Totally’s growth strategy to make earnings accretive acquisitions as it strives to build up its overall grouping.
“Totally is committed to pursuing a progressive buy-and-build consolidation strategy within the fragmented healthcare market and looks to capitalise on the attractive opportunities that its disruptive service model offers, to generate value to shareholders.”
Bob is no ‘spoofer’
Whatever you do – do not underestimate the ability of Chairman Bob Holt – he always under plays and over delivers.
But first things first – let us see what actually occurred business-wise in the year to end March 2021 – we already know that it saw record EBITDA being achieved.
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