Last checked at 26 Nov 2009 07:00
System C Healthcare plc
Pre-Close Trading Update
System C Healthcare plc (AIM: SYS) ("System C" or "the Company"), a leading provider of information solutions and services to the health and social care sector, is pleased to provide the following trading update for the six months ending 30 November 2009, prior to entering its close period.
Revenues, profit and cash have continued to grow as forecast, and the Company is on track to meet consensus market expectations for the full year. Significant increases in revenues and profits over the same period in 2008/9 reflect both strong organic growth and the impact of the acquisitions of Liquidlogic and Bluestar.
Products
Sales and deployments of System C's flagship Medway Sigma product suite continue to progress well. Over the last six months the Company has deployed 11 Medway Sigma products, including a clinical information system at Aintree University Hospitals NHS Foundation Trust, multiple deployments of its dashboard and portal modules, and an island-wide social services system and pilot ambulance system for the Isle of Man government. A contract with NHS Connecting for Health, to develop and install clinical intelligence systems in NHS Trusts, is making good progress. The Company is now looking to benefit from the ASCC framework contract that it holds with the NHS as trusts across the South of England procure the next generation of centrally-funded computer systems.
Liquidlogic, acquired in July 2009 for a consideration of up to £14.2m, has continued to gain market share in the social care sector. One of the main drivers behind the Liquidlogic transaction was to provide integrated care solutions across the health and social care sectors, and work has already begun on a number of cross-organisational projects.
Services
Services revenues have grown significantly in line with projections. Activity has continued to increase in the Company's stronghold area of deploying a wide range of third party systems for NHS trusts across the UK. The Company also remains heavily involved in deploying third party products from iSoft and Cerner under the National Programme for IT, with both NHS Connecting for Health and Local Service Providers as clients.
Dr Ian Denley, CEO of System C, said: "We are continuing to benefit from our reputation for quality and delivery. This, together with the strong synergy between the products and services divisions, is driving our sales growth.
"We continue to expand and develop our product range, in line with the strategy we have set out previously, and product sales now account for approximately 50% of revenues.
We see many opportunities in both the product and services business and remain confident of reporting continuing progress through the second half of the year."
For further information please contact:
| System C Healthcare plc | Tel: 01622 691616 |
| Dr Ian Denley, Chief Executive | |
| Andrew Coll, Finance Director | |
| Charles Stanley Securities (Nominated Adviser) | Tel: 020 7149 6000 |
| Russell Cook / Jen Boorer | |
| Maitland (Financial and Corporate Communications) | Tel: 020 7379 5151 |
| Emma Burdett/Richard Farnsworth |
Notes to editors:
System C Healthcare plc (www.systemc.com), specialises in the design and development of clinical patient management and business intelligence software, and provides systems implementation and consulting services to the health sector.
System C Healthcare is quoted on the AIM market of the London Stock Exchange.