The Board of Totally (AIM: TLY), the provider of a range of out-of-hospital services to the healthcare sector in the UK, is pleased to announce its audited results for the 12-month period ended 31 March 2019.
Operational highlights
- Successful year which saw the Company deliver upon on a number of agreed operational targets
- Secured new and renewed contracts across a number of regions nationwide, with a value in excess of £35m
- Major improvements to Vocare service provision, evidenced by Care Quality Commission ratings with 18/20 of its registered services rated “Good”
- In an almost unprecedented move, the CQC upgraded Vocare’s Royal Stoke Urgent Care Centre service by two ratings within six months, from ‘Inadequate’ to ‘Good’
- Post-period end completed £9.7m fundraise and highly complementary acquisition of Greenbrook Healthcare
Financial highlights
- Revenue up 83.5% to £78.0m (15 months to 31 March 2018: £42.5m)
- Gross profit up 73% to £12.1m (15 months to 31 March 2018: £7.0m)
- EBITDA* up 450% to £1.1m (15 months to 31 March 2018: £0.2m)
- Cash of £7.5m as at 31 March 2019 (2018: £10.2m)
*Earnings before interest, tax, depreciation and amortisation, before exceptional items of £0.1 million
Chairman’s statement
I am pleased to report an excellent set of results for the 12 months ending 31 March 2019, with a turnover of £78.0m (2018: £42.5m) and pre-exceptional EBITDA of £1.1m (2018: £0.2m).
Cash was again well managed, with cash at year end of £7.5m. There are no further earn out payments due on any of the operating subsidiaries.
The Vocare acquisition in October 2017 brought its challenges but I am delighted to confirm that the business is performing in line with the expectations we had when the business was acquired.
When we acquired Vocare the operational performance was less than Totally would find acceptable, I am therefore delighted that as at the year end 18 out of 20 registered services reviewed by the Care Quality Commission (CQC) were rated as Good.
About Health, our dermatology business, has progressed well and was successful in both growing the contract base and the range of services provided. The remaining businesses have continued their work with the NHS and other public sector bodies including expanding services across prison services in England.
All stakeholders will be aware of the buy and build strategy that the Group adopted some years ago. Since the year end the Group announced the acquisition of Greenbrook Healthcare, a leading provider of NHS urgent care centres in London.
I commend the employees led by Wendy Lawrence in driving the growth in both revenues and service provision.
Bob Holt
Chairman
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