Induction Healthcare Group PLC Trading Update for year ending 31 March 2023 (5014W)
April 18 2023 - 2:00AM
UK Regulatory
TIDMINHC
RNS Number : 5014W
Induction Healthcare Group PLC
18 April 2023
Induction Healthcare Group PLC
("Induction", the "Company", or the "Group")
Trading Update for year ending 31 March 2023
& Directorate change
Induction (AIM: INHC), a leading digital health platform driving
transformation of healthcare systems, provides an update on trading
and other changes following the year ending 31 March 2023
(FY23).
Consistent with our statements earlier in 2023 we are pleased to
report progress in our commitment to self-sustaining growth and
cash breakeven in 2024. We remain on track to hit both objectives.
We have completed our rightsizing plan for the business, the costs
of which have been fully provided for in FY23. We continue to
tightly manage our cost base which, as at 31 March 2023, was
reduced by over 30% on a monthly basis from the level at the
beginning of 2023. The business is better positioned to meet the
next phase of growth.
Revenues from contracts with customers for the full year to 31
March 2023 are expected to be GBP13.6m, up 11.8% on our prior year
pro-forma full year revenues1. FY23 is the first year the Group has
benefited from a full year of revenues from its Attend Anywhere
acquisition (2022 GBP7.9m2).
Revenues from Induction Attend Anywhere have grown by 9.4% from
GBP9.8m1 to GBP10.8m.
Revenues from Induction Zesty have grown by 86.9% from GBP1.1m
to GBP2.1m as we benefit from the alignment of our joint product
offering and the increase in take-up of digital appointments in the
NHS.
Net cash in the business was GBP4.2m (2022: GBP7.5m). Recent
highlights include:
-- NHS Scotland renewed Induction Attend Anywhere in February
2023 for three years at GBP1.96m p.a. until FY26.
-- NHS Wales renewed Induction Attend Anywhere in March 2023 at GBP1.6m for FY24.
-- Induction Attend Anywhere annual renewals totaling GBP1.6m in
March 2023 were signed across targeted NHS England trusts, firmly
positioning Induction for upcoming renewals in FY24.
-- Induction Zesty contracted with three further hospitals in
England, building on the previously announced contract wins with
twelve England-based hospitals.
Directorate Change: Hugo Stephenson will resign from his
position as non-executive Board Director at the completion of his
current term on 5 May 2023.
Induction Chair, Christopher Samler, said: "We are pleased with
the progress we have made towards our objective of self-sustaining
growth and cash flow breakeven in 2024. It has been a challenging
time during which we have reduced our cost base to reflect a
self-sustaining and focused business. As a result, Induction
Healthcare is now in far better shape to provide our customers with
the advanced products they need and to position ourselves for the
next phase of growth."
1 GBP12.1m total pro-forma revenue arising on the combined
business upon acquisition including GBP9.8m of Attend Anywhere
revenue. 2 A non-cash elimination of IFRS3 affected revenue for the
FY22 period of reporting resulted in Group revenues being adjusted
under IFRS3 by GBP4.2m from GBP12.1m to the reported figure of
GBP7.9m.
Enquiries
Induction
Christopher Samler, Executive Chair +44 (0)7712 194092
Paul Tambeau, Chief Operating Officer +44 (0)7983 104443
Singer Capital Markets (Nominated
Adviser and Broker) +44 (0)20 7496 3000
Philip Davies
About Induction - www.inductionhealthcare.com
Induction (AIM: INHC) Induction delivers a suite of software
solutions through a single integrated platform that transforms care
delivery. Our system-wide applications help healthcare providers
and administrators to deliver care at any stage remotely as well as
face-to-face - giving the communities they serve greater
flexibility, control and ease of access. Purpose-built for
integration with leading Electronic Medical Record (EMR) platforms,
our products offer immediate stand-alone value that becomes even
greater when integrated with pre-existing systems.
Used at scale by national and regional healthcare systems, as
well non-health government services, our applications are relied
upon by hundreds of thousands of clinicians and millions of
patients across almost every hospital in the British Isles.
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