16 Jul 2019 07:00
16 July 2019
EMIS Group plc
("EMIS Group" or "the Group")
Trading update
Notice of half year results
EMIS Group plc (AIM: EMIS.L), the UK leader in connected healthcare software and systems, today announces a trading update for the six months ended 30 June 2019.
Overview
Trading for the half year has been in line with the Board's expectations with revenue ahead of the comparative period. The Board's expectations for the full year remain unchanged.
Divisional review
As previously announced, the Group completed the disposal of its Specialist & Care business on 2 April 2019. The Group's continuing operations are therefore now focussed on two segments; EMIS Health and EMIS Enterprise.
In EMIS Health, the Group's leading NHS market shares have been maintained, while the GP IT Futures English GP Framework renewal process has now moved into the formal procurement phase, with successful bidders expected to be announced in September 2019.
EMIS Enterprise has continued to make good progress, including a number of commercial licence deals for both continuing and legacy products, helping to focus the product portfolio. As planned, Patient has recently begun the controlled roll-out of new functionality within its Patient Access app delivering the first phase of the connected healthcare marketplace.
As previously indicated, the Group continues to invest in the development of EMIS-X while reducing headcount in certain other parts of the business, as well as undertaking further productivity and process improvements.
Financial position
The Group's net cash at 30 June 2019 was £26.7m (31 December 2018: £15.6m), with the seasonal first half working capital inflow and proceeds from the disposal of the Specialist & Care business in part offset by the purchase of £3.6m of shares by the Group's Employee Benefit Trust (EBT).
Notice of half year results
The Group intends to announce its results for the half year ended 30 June 2019 on Friday 30 August 2019.
Andy Thorburn, CEO of EMIS Group, said:
"We are focussed on the execution of our strategic plan to provide increased revenue growth and improved margins, towards 30%, in the medium term.
We continue to invest in our clinical, product management and global software development teams while, in parallel, streamlining our support and back office operations through the deployment of new systems and processes.
The Board remains confident in the outlook for the business."
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
Information for investors, including analyst consensus forecasts, can be found on the Group's website at www.emisgroupplc.com/investors.
Notes to Editors
EMIS Group is the UK leader in connected healthcare software and systems. Its solutions are widely used across every major UK healthcare setting. EMIS Group's aim is to join up healthcare through innovative technology, helping to deliver better health outcomes to the UK population, supporting longer and healthier lives.
EMIS Group has two core business segments: EMIS Health and EMIS Enterprise.
EMIS Health is a supplier of innovative integrated care technology to the NHS, including primary, community, acute and social care.
EMIS Enterprise is focussed on growth in the business-to-business technology sector within the healthcare market, including management of medicines, partner businesses, patient-facing services and UK healthcare blockchain.
EMIS Group's brands include:
• EMIS Health, supplying innovative and essential technology to 10,000 healthcare users, in the number one or number two market positions in each of its major markets;
• Patient, the UK's leading independent provider of patient-centric medical and well-being information and related transactional services;
• Egton, providing specialist ICT infrastructure, hardware and engineering services, and non-clinical software into health and social care; and
• Dovetail Lab, a health technology company developing blockchain software to facilitate the integration of healthcare data.