Morning all,

I'll only be commenting on one company this morning, the healthcare software business EMIS (LON:EMIS).

Results for the first six months are here:
http://www.investegate.co.uk/emis-group-plc--emis-/rns/half-yearly-report/201409050700059099Q/

and it is pretty much sunshine all the way. EMIS (LON:EMIS) has a market capitalisation of £460m and a solid track record of increasing dividends. As such it is one of AIM's blue-chips.

Revenues: +41%
Recurring revenue: +39%
Reported operating profit +7% (adjusted +27%)
Cash generated from operations: £27m (+42%)

Reported EPS 15.2p (-3%)
adjusted EPS 17.3p (+16%)

Interim dividend 9.2p (+15%)

Looks set to be the fourth successive year of dividend increases. Management commentary:


. Demonstrating the closer integration of the Group's cross-healthcare products and services
...
. UK primary care market share broadly unchanged
...
. 3,751 live EMIS Web GP practices in England and Wales (31 December 2013: 3,327)


Outlook:

. Group continues to trade well and in line with management's expectations
· Improved profit performance expected to continue into the second half
...
· Strong revenue visibility, cross-group pipelines and earnings enhancement from 2013 and 2014 acquisitions
...


a bit on where the revenue growth has come from:

...maintenance & software support, which grew to £15.5m (2013 H1: £6.6m), driven by revenues from the 2013 acquisitions and the inclusion under the new GPSoC-R framework agreement (from April 2014) of some revenues previously categorised within hosting
. other support services, where new revenues from the acquisitions and a significant increase in project engineering activity resulted in total revenues of £10.3m (2013 H1: £7.2m);
. training, consultancy and implementation, which increased to £9.3m (2013 H1: £4.9m) with new revenues in Secondary & Specialist Care outweighing a small reduction in EMIS Web roll-out related revenue in Primary Care;...

On margins:
The organic operating margin was unchanged at 24.5% with the overall group operating margin (including the lower margin acquired businesses) at 22.1%

According to Stockopedia, EMIS trades on a 2014 P/E of 17.9, with a forecast yield of 2.4%.

AIM Prospector featured the company in the March edition here:

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