Last checked at 8 Apr 2019 07:00
8 April 2019
Totally plc
("Totally", the "Company" or the "Group")
Trading update
The Board of Totally plc (AIM: TLY), a leading provider of a range of out-of-hospital services to the healthcare sector in the UK, today announces an update on trading for the 12 month period ended 31 March 2019, ahead of the audited final results which are expected to be announced by end of July 2019.
The Board is pleased to report that, for the year ended 31 March 2019, trading across the Group was in line with consensus market expectations. As at 31 March 2019 the Company had cash at bank of c. £7.5m in line with management expectations following satisfaction of anticipated liabilities.
The Group continues to make progress with its stated strategy and, over the course of the 12 month period, has announced in excess of c.£35m of value in new and renewed contracts across its operating subsidiaries. The pipeline remains strong and the Board is also pleased to confirm that in recent weeks its subsidiary businesses have been awarded a number of contract extensions, new business and pilot schemes worth a total of c.£7.7m which include:
· c. £5.5m contract extension for the provision of urgent care services in South West London;
· c. £1.3m contract extension for the provision of urgent care centres in Sunderland; and
· c. £0.9m comprised of various extensions, new business and pilots across subsidiary businesses.
The extensive changes made to processes and procedures at Vocare since the acquisition in 2017 have yielded major improvements, as evidenced by the Care Quality Commission ("CQC") re-rating services following their inspections. Of the 22 services inspected the CQC ratings in March 2019 and the comparative March 2018 CQC ratings were as follows:
CQC Rating | March 2018
| March 2019 |
Good
| 10 (53%) | 20 (91%) |
Requires Improvement
| 6 (32%) | 2 (9%) |
Inadequate
| 3 (16%) | 0 (0%) |
The Board believes Totally is well positioned to take further market share within the integrated urgent care market and other community-based healthcare services. The Directors view the current financial year with confidence, as they continue to maximise synergies across the Group and pursue its stated buy and build strategy.
Wendy Lawrence, CEO of Totally, said: "2018 was a year of integration and improvement as we focused on integrating Vocare into the enlarged Group following its acquisition in October 2017. I am very pleased with the significant progress that has been achieved on this front and the successful results of the extensive changes that have been implemented across all subsidiaries to improve the quality of services, create synergies and reduce costs.
"We now look forward to the year ahead where we intend to continue to deliver high quality services, whilst seizing the opportunities that exist within the integrated urgent care sector, in line with the NHS' Long Term Plan published in January 2019 ."
For further information please contact:
Totally plc | 020 3866 3335 |
Wendy Lawrence, Chief Executive Bob Holt, Chairman
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Allenby Capital Limited (Nominated Adviser & Joint Corporate Broker) | 020 3328 5656 |
Nick Athanas Liz Kirchner
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Canaccord Genuity Limited (Joint Corporate Broker) | 020 7523 8000 |
Bobbie Hilliam Alex Aylen
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Yellow Jersey PR | 020 3004 9512 |
Georgia Colkin Joe Burgess |
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Notes to Editors
Totally plc aims to become a leading out of hospital healthcare service provider in the UK, helping to address some of the biggest challenges faced by the UK healthcare sector.
By working to deliver preventative and responsive care through its subsidiaries across multiple disciplines, Totally's goal is to improve people's health, reduce healthcare reliance, re-admissions and emergency admissions.
Totally, via its subsidiaries, operates within the UK's outsourced healthcare market, estimated to be worth in excess of £20bn per year for the NHS alone. Out of hospital services include care in the community, GP surgeries, patients' homes, prisons and other public sector organisations, places of work as well as mobile locations and urgent care solutions.
The Company is currently engaged in delivering a progressive buy and build consolidation strategy within the UK's fragmented healthcare market and looks to further capitalise on the attractive opportunities that its disruptive, outcome-based, outsourced healthcare service model offers, to ultimately deliver value to shareholders as it continues to build critical mass.
www.totallyplc.com
Premier Physical Healthcare and Optimum Physiotherapy - occupational physiotherapy to NHS, prisons and the police force as well as private clients
Wholly owned subsidiaries of Totally plc, providing a comprehensive range of treatments and advice for musculoskeletal injuries and conditions. The businesses deliver physiotherapy and podiatry to NHS patients, have contracts with various police forces and prison sites and provide occupational health and ergonomic services to corporate and private clients. Totally completed the acquisition of Premier Physical Healthcare Limited on 1 April 2016 and Optimum Sports Performance Centre Limited on 14 November 2016.
www.premierphysicalhealthcare.co.uk
www.optimum-hcs.com
About Health Limited - provider of community based dermatology services and referral management services
A wholly owned subsidiary of Totally plc and a leading provider of dermatology and referral management services to the NHS in the UK. About Health has been providing community based health services under contract to the NHS since 2009 and the company is CQC registered. Totally completed the acquisition of About Health Limited on 15 June 2016.
www.abouthealthgroup.com
Vocare Limited - leading UK urgent care provider
A wholly owned subsidiary of Totally plc, the Vocare Group is one of the leading national specialist providers of urgent care services in the country. Headquartered in Newcastle upon Tyne, it provides innovative healthcare services to approximately 9.2 million patients across the UK through urgent care centres, GP out-of-hours services, integrated urgent care centres and the NHS 111 service - working in close collaboration with the NHS and other healthcare providers in local areas nationwide. Totally completed the acquisition of Vocare Limited on 24 October 2017.
www.vocare.org.uk
Totally Health - clinical health coaching via B2B model to the NHS and the private sector as well as D2C health coaching to individuals and families
A wholly owned subsidiary of Totally plc, provides an innovative model of medically driven, and personalised Clinical Health Coaching to educate patients and give them confidence to self-manage their conditions. The service supports the management of long term conditions in patients such as chronic obstructive pulmonary disease (COPD), diabetes and wider wellness issues such as smoking cessation and obesity management.
www.totallyhealth.com