16 Jul 2019 07:00
16 July 2019
EMIS Group plc
("EMIS Group" or "the Group")
Restatement of segmental reporting
EMIS Group plc (AIM: EMIS.L), the UK leader in connected healthcare software and systems, today announces its restated segmental reporting.
Overview
The Group has previously presented its results split into four segments: Primary, Community & Acute Care; Community Pharmacy; Specialist & Care; and Patient.
As set out at the Group's November 2018 Capital Markets event and further to the Group's disposal of the non-core Specialist & Care segment, completed in April 2019, the business is now organised into two segments, EMIS Health and EMIS Enterprise, reflecting the Group's activities and the markets being served. Internal financial information is reported on this basis to the Group's chief operating decision-maker, the Group Board.
The EMIS Health segment comprises revenues generated from NHS organisations. The EMIS Enterprise segment comprises revenues predominantly from private sector sources, including the results of the Community Pharmacy and Patient segments, which were previously reported separately.
Each segment has its own management team, with Suzy Foster as Chief Executive Officer (CEO) for EMIS Health since 1 April 2019 and Ian Taylor as CEO for EMIS Enterprise. Both Suzy and Ian report directly to Andy Thorburn, CEO of EMIS Group plc.
Tables setting out the previous and new segmental reporting for the 2018 half year and full year comparative periods are set out below. With the exception of the previous segmental numbers for the year ended 31 December 2018, which have been extracted from the audited 2018 Annual Report and Accounts, the numbers are unaudited. The tables exclude the Group's discontinued Specialist & Care segment.
Segmental reporting for half year 2018
Previous segmental six months ended 30 June 2018 | New segmental six months ended 30 June 2018 | ||||||
Primary, | |||||||
Community | Community | EMIS | EMIS | ||||
& Acute Care | Pharmacy | Patient | Total | Health | Enterprise | Total | |
£'000 | £'000 | £'000 | £'000 | £'000 | £'000 | £'000 | |
Revenue | 60,604 | 12,319 | 1,501 | 74,424 | 48,641 | 25,783 | 74,424 |
Segmental operating profit / (loss) as reported internally | 16,100 | 3,517 | (1,667) | 17,950 | 11,235 | 6,715 | 17,950 |
Development costs capitalised | 1,720 | - | 1,083 | 2,803 | 1,282 | 1,521 | 2,803 |
Amortisation of development costs | (3,724) | (306) | (124) | (4,154) | (3,267) | (887) | (4,154) |
Amortisation of acquired intangible assets | (2,741) | (288) | - | (3,029) | (1,602) | (1,427) | (3,029) |
Segmental operating profit / (loss) | 11,355 | 2,923 | (708) | 13,570 | 7,648 | 5,922 | 13,570 |
Group operating expenses^ | (713) | (1,140) | |||||
Operating profit | 12,857 | 12,430 | |||||
Net finance costs | (154) | (149) | |||||
Share of result of joint venture | 318 | 318 | |||||
Profit before taxation from continuing operations | 13,021 | 12,599 | |||||
Segmental reporting for full year 2018
Previous segmental year ended 31 December 2018 | New segmental year ended 31 December 2018 | ||||||
Primary, | |||||||
Community | Community | EMIS | EMIS | ||||
& Acute Care | Pharmacy | Patient | Total | Health | Enterprise | Total | |
£'000 | £'000 | £'000 | £'000 | £'000 | £'000 | £'000 | |
Revenue | 121,670 | 25,044 | 2,996 | 149,710 | 99,302 | 50,408 | 149,710 |
Segmental operating profit / (loss) as reported internally | 33,609 | 7,575 | (3,203) | 37,981 | 25,197 | 12,784 | 37,981 |
Development costs capitalised | 3,589 | - | 2,193 | 5,782 | 2,968 | 2,814 | 5,782 |
Amortisation of development costs | (8,546) | (613) | (288) | (9,447) | (7,287) | (2,160) | (9,447) |
Amortisation of acquired intangible assets | (5,626) | (576) | - | (6,202) | (3,348) | (2,854) | (6,202) |
Service level reporting charges | 1,657 | - | - | 1,657 | 1,657 | - | 1,657 |
Segmental operating profit / (loss) | 24,683 | 6,386 | (1,298) | 29,771 | 19,187 | 10,584 | 29,771 |
Group operating expenses^ | (1,484) | (2,091) | |||||
Operating profit | 28,287 | 27,680 | |||||
Net finance costs | (185) | (180) | |||||
Share of result of joint venture | 615 | 615 | |||||
Profit before taxation from continuing operations | 28,717 | 28,115 | |||||
^ Group operating expenses have increased as a result of central costs previously allocated to the Specialist & Care segment that have not been reallocated on the new segmental basis.
For further information, contact:
EMIS Group plc Tel: 0113 380 3000
Andy Thorburn, CEO
Peter Southby, CFO
www.emisgroupplc.com
Numis Securities Limited (Nominated Adviser & Broker) Tel: 020 7260 1000
Oliver Hardy/Simon Willis/James Black
MHP Communications Tel: 020 3128 8572
Reg Hoare/Giles Robinson/Patrick Hanrahan/Florence Mayo