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Update

30 Sep 2011 17:51

RNS Number : 3673P
Avia Health Informatics PLC
30 September 2011
 

Avia Health Informatics PLC

30 September 2011

Avia Health Informatics Plc

("Avia" or the "Company")

Update

Further to the announcement of 30 August, 2011, Avia (AIM: AVIA), the AIM-listed developer and provider of clinical decision support systems, provides the following update.

Audit work on the results for financial year ended (FYE) 31 March 2011 is approaching completion, but is now expected to be completed with results released within the next three weeks. The Company's current cash resources remain tightly constrained, but recent trading and management of working capital have enabled the Company to continue trading. The Company will give a further update on its financial condition and current trading at the time of its results, or sooner if appropriate.

Based on draft accounts, there is no change to the Company's expectations as previously communicated, namely to report for FYE March 2011:

a) revenue in the order of GBP2.1 million, an increase of approximately 20% compared to the previous year (broadly in line with expectations of GBP 2.2 million), and

b) an operating loss before any impairment of intangible assets and non-recurring items of c. GBP500k (compared with c. GBP300k market expectations, reflecting both the small revenue shortfall vs. expectations of GBP2.2m and higher than expected market development costs.

The Company intends to give an update on its expectations for the financial year ended 31 March 2012 at or shortly before the confirmation of its audited results for FYE March 2011.

The Company's primary business objective remains to develop, market and sell a range of products for use in the UK and international markets, and Avia is actively seeking strategic investment from partners able to distribute its products and services internationally.

In order to provide a more stable base for future growth, the Board is continuing to seek additional external funding. The Board continues to believe, based on current trading, that it is appropriate to seek additional funding of c. GBP1 million as a working capital reserve and to fund growth. While there can be no certainty at this time as to the availability of additional funding, the Board continues to examine all funding options available to the Company. Approaches have been received and/or solicited from potentially interested parties, to whom the Company expects to provide initial information for further discussion.

In addition, the Company has been approached by parties interested in acquiring the principal operating business held by the group, including its intellectual property, with whom it is also engaging.

The Board is seeking to evaluate all such approaches, whether oriented towards funding or the purchase of its operating assets, with a view to seeking to maximise shareholder value.

The Company will give a further update on its financial condition and working capital on publication of its audited results for FYE March 2011 referred to above, and will make further announcements as appropriate.

The shares will remain suspended pending release of its annual audited accounts and further clarification of the Company's financial position.

##Ends##

Enquiries:

Avia Health Informatics Plc Tel. +44 (0) 1494 618 503

Barry Giddings, Chairman

 

Panmure Gordon (UK) Limited Tel. +44 (0) 20 7459 3600

Aubrey Powell, Corporate Finance

Adam Pollock, Corporate Broking

 

About Avia Health Informatics Plc

Avia is a developer and provider of clinical decision support systems. Its Odyssey product range is used by clinicians and non-clinicians in various environments around the world to provide effective healthcare support, increasing the levels of patient care while delivering operational efficiencies. The delivery of Odyssey can be in a static or mobile environment from a PC, laptop, tablet or mobile device, with clinical content, training and services delivered via the web. The groups other product, PathFinderRF offers on-line referral facilitation to manage the quality of referrals.

Avia's partners provide market reach into geographies outside of the UK, including the United States and Australia.

The Odyssey range is built on a common medical content database which has been developed over the past 15 years. Odyssey is continually updated, tailored with question and answer sets and has a user interface adapted for the particular user groups and the environment in which it is used.

Environments include prisons, ships, call centres, GP out of hours, walk in centres, care homes, pharmacies and other clinical and non-clinical environments.

For more information on Avia please visit: www.ahi-plc.com and the Odyssey product range: www.odyssey-cdss.com

This information is provided by RNS
The company news service from the London Stock Exchange
 
END
 
 
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Date   Source Headline
16th Feb 20126:33 pmRNSForm 8.3 - Avia Health Informatics Plc
15th Feb 20121:31 pmRNSForm 8.3 - Avia Health Informatics PLC
15th Feb 20121:30 pmRNSForm 8.3 - Avia Health Informatics PLC
15th Feb 201211:33 amRNSForm 8.3 - offeree Avia Health Informatics PLC
14th Feb 20124:55 pmRNSForm 8 (OPD) offeree Avia Health Informatics plc
14th Feb 20121:22 pmRNSForm 8.3 - Avia Health Informatics Plc
14th Feb 201211:10 amRNSForm 8.3 - (Avia Health Informatics Plc)
7th Feb 20123:49 pmRNSReplacement Form 8.3 - Avia Health Informatics PLc
3rd Feb 20125:02 pmRNSForm 8.3 - Avia Health Informatics Plc
3rd Feb 20124:53 pmRNSForm 8.3 - Avia Health Informatics
3rd Feb 20122:33 pmRNSForm 8.3 - Avia Health Informatics PLC
2nd Feb 20124:56 pmRNSForm 8.3 - (Avia Health Informatics Plc)
2nd Feb 201211:16 amBUSForm 8.5 (EPT/RI)
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30th Jan 20127:17 amRNSFinal Results 31 March 2011
30th Jan 20127:00 amRNSContract with NHS Peterborough
10th Jan 20127:00 amRNSPathFinderRF contract with Lincolnshire S.W. CC Gp
9th Jan 20127:00 amRNSLaunch of a new cloud hosted Software as a Service
14th Dec 20117:00 amRNSDirectorate Change
4th Nov 20117:00 amRNSInitial PathFinderRF Sale Contract
2nd Nov 201112:45 pmRNSInterim Results - Replacement
2nd Nov 201111:22 amRNSInterim Results
28th Oct 20115:08 pmRNSHolding(s) in Company
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24th Oct 20117:00 amRNSUnaudited Preliminary Report 31st March 2011
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28th Sep 20117:00 amRNSDirector/PDMR Shareholding
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5th Aug 20117:30 amRNSSuspension - Avia Health Informatics plc
2nd Aug 201112:23 pmRNSAmendment and Re-Statement of Directors' Interests
26th Jul 20117:00 amRNSDirectorate Change - Nigel Leavy
10th Jun 20117:00 amRNSAcquisition of new PathFinderRF Product IPR
11th Mar 20115:27 pmRNSTotal Voting Rights
8th Mar 20117:00 amRNSIssue of Equity
21st Feb 20117:00 amRNSReseller Contract
17th Feb 20113:54 pmRNSHolding(s) in Company
17th Feb 20112:40 pmRNSHolding(s) in Company
17th Jan 20117:00 amRNSUK Contract Renewal & New International Contracts
4th Jan 20119:03 amRNSHolding(s) in Company
13th Dec 20107:00 amRNSContract Wins and Industry Award
18th Nov 20107:00 amRNSNew Odyssey Contracts
18th Nov 20107:00 amRNSHalf Yearly Report
3rd Nov 20107:00 amRNSChange of Adviser
25th Oct 20107:00 amPRNBoard change and new principal place of business
6th Sep 20107:00 amPRNSenior Management Changes

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