Watchstone (AIM:WTG.L) today announces its results for the year ended 31 December 2018.
Financial/operational:
- Revenues of £38.0m (2017: £44.9m)
- Underlying* EBITDA loss of £4.6m (2017: £3.6m)
- Group operating loss of £20.5m (2017: £7.4m)
- Total loss after tax £18.9m (2017: £2.6m)
- Group net assets of £46.8m representing approximately 101 pence per share
- Group cash and term deposits at 31 December 2018 of £50.1m**
- Successful resolution of a number of legacy tax matters and other obligations resulting in the release of provisions of £1.9m (2017: £10.3m)
- Mark Williams, Group Finance Director, to step down from the Board on 30 June 2019 in line with further simplication of Group operations
Current trading (unaudited):
- As at 26 April 2019, Group cash and term deposits (unaudited) of £43.9m**
- Cash outflows since 31 December 2018 include:
– £1.9m of legal costs
– £0.4m to redeem pt Preference Share liabilities - Unaudited total underlying Group revenue for Q1 2019 is down vs. Q1 2018, due to lower ingenie revenues
- Healthcare Services:
– continued emphasis on clinic optimisation in ptHealth and on InnoCare sales
– Q1 2019 revenue in line with Q1 2018 despite clinic closures due to severe February weather - ingenie
– significant actions taken during 2018 and in Q1 2019 are beginning to show positive signs
* Underlying comprises Healthcare Services, ingenie and Central. See Note 2 for details on Underlying and Non-Underlying classification.
** Cash excludes escrow monies of £50.2m
The Annual Report and Accounts for the year ended 31 December 2018 will be released by 29 May 2019 and posted to registered shareholders. Once published, the Annual Report and Accounts will be available at www.watchstonegroup.com/investors.
The 2019 AGM will be held at 1.30 pm on 26 June 2019 in Room LGA, WeWork, Aviation House, 125 Kingsway, Holborn, London WC2B 6NH.
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