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.”
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