Preliminary results-TOTALLY PLC

Preliminary results-TOTALLY PLC

Preliminary results for the 12-month period ended 31 March 2023

Continued growth and solid organisational progress

Totally plc (AIM: TLY), a leading provider of frontline healthcare services which increases access to quality healthcare across the UK and in Ireland by targeting the reduction of waiting lists and waiting times for patients, alongside corporate fitness and wellbeing services for corporate customers, is pleased to announce its preliminary results for the 12-month period ended 31 March 2023.

Financial highlights

•     Revenue up 6.5% to £135.7 million (2022: £127.4 million).

•     Gross margin increased 0.4pp to 18.4% (2022: 18.0%).

•     Underlying EBITDA increased 11% to £6.9 million (2022: £6.2 million), excluding £0.6 million in exceptional items.

•     Substantial increase in profit before tax to £1.8 million (2022: £1.3 million).

•     Gross cash as at 31 March 2023 of £6.5 million (31 March 2022: £15.3 million).

•   Cash consumption in the year of £8.9 million includes £8.2 million on investing activities, including £6.4 million of contingent consideration relating to acquisitions.

•     Final dividend of 0.125 pence per share, making a total dividend for the year of 0.625 pence per share (2022: 1.00 pence per share).

•     Increase in basic earnings per share to 0.94 pence (2022: 0.92 pence).

•     Electives care revenue almost doubled to £35.2 million (2022: £17.8 million) with gross margin increasing to 19.8% (2022: 18.4%). Excluding the impact of acquired revenue in FY22 (£12 million) organic growth was 21%.

•     Urgent Care revenue decreased 10% to £98.8 million (2022: £109.2 million) as four contracts in North West London came to an end; with gross margin stable at 17.6% (2023 17.7%).

•     Corporate wellbeing revenue of £1.7 million (2022: £0.3 million) with gross margin increasing to 41.5% (2022: 31.9%). Excluding the impact of acquired revenue in FY22 (c. £1.2 million) organic growth was 40%.

Operational highlights

•     All Care Quality Commission ("CQC") registered services continue to be rated as "Good".

•     Ensured c. two million patients were able to access appropriate urgent care services and treated c. 120,000 patients from elective care waiting lists.

•     First, and only, 111 provider to fully mobilise NHS England's Single Virtual Contact Centre ("SVCC") model, following contract win for NHS 111 resilience provision worth c. £10 million, enabling rapid mobilisation of additional NHS 111 services and strengthening our position when tendering for additional NHS 111 contracts.

•     Retendered and mobilised a five-year contract for the delivery of two urgent treatment centres in Bromley, where we have delivered services since 2013.

•      Numerous new contracts awarded to Energy Fitness Professionals ("EFP") for corporate wellbeing services, including Adidas and the expansion of existing long-term contract with Royal Mail.

•      Restructured our operational services to bring together all of our healthcare services under one operational team focusing on Urgent and Elective care.

Post period update

The Board anticipates revenue in the year ahead to be lower than in the period to 31 March 2023.  EBITDA is expected to be marginally below the period to 31 March 2023 reflecting improved margin driven by higher volumes in elective care, and the continued management and reduction of overhead spend. The Board are confident that the actions and strategy put in place over the past 12 months will ensure the Company remains in a strong position to continue to grow significantly over the coming years.

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