Half-year report
21/01/2025 07:00
For best results when printing this announcement, please click on link below:
https://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20250121:nGNE9z5T0J&default-theme=true
DXS INTERNATIONAL PLC
(AQSE: DXSP)
HALF YEAR RESULTS
DXS International plc ("DXS" or the "Company"), the digital clinical decision
support company, is pleased to provide shareholders with its unaudited interim
results for the half year ending 31 October 2024.
Financial highlights:
* Revenue increased by 2.2% to £1,730,829 (2023 - £1,693,910).
* Core recurring revenue model remains resilient.
* Profit after tax of £1,131 compared to a loss of (£121,567) in 2023, an
improvement of £122,698. It should be noted that, due to the write down of
deferred expenditure in April 2024, there was a very small depreciation charge
of £493 compared to that included in respect of half year ending 31 October
2023 (£570,007). It should also be noted that all development costs for
ongoing R&D are now included in the P&L which is in line with new HMRC
guidelines.
* Available cash at the period end was £96,431 (2023 - £386,122), plus
unutilised debtor drawdowns of £256,670 (2023 £386,122).
* R&D tax credits on ordinary activities down by 51% due to change in HMRC
allowances.
* Post period end, the Company has secured a price rise in respect of some NHS
contracts that will marginally improve Revenues for the second half of the
financial year.
Operational highlights:
* Our new SMART Referral solution continues to show promise with the
integration with the NHS’ Electronic Referral System now complete.
* The recent NHS announcement to push a financial incentive of £80 million to
GP practices as part of a bid to reduce the elective waiting lists bodes well
for DXS’ SMART Referrals solution.
* Tackling Cardiovascular Disease (‘CVD’) remains an NHS priority and
therefore, the positive outcomes of improving blood pressure control during
the current Innovate UK Evaluation of DXS’ ExpertCare hypertension solution
shows significant promise for wider system adoption – particularly when in
England, blood pressure control dropped from 70.9% to 66.8% between March and
June 2024. (Blood pressure control is reviewed quarterly for England).
* Started first ExpertCare commercial contract for the management of
hypertension for a PCN in the East of England.
* We have continued our committed investment in R&D, even though this is not
reflected in the Balance Sheet.
Outlook
Current lack of available NHS budgets remains a barrier to closing new sales.
Armed with evidence of the effectiveness of our solutions in solving real
problems for both the patient and the taxpayer, we continue to the believe
that it is a matter of time before new NHS funding specifically aimed at
alleviating NHS pressures by the introduction of innovative digital solutions
becomes more readily available.
In addition, we continue our policy of:
* Gaining evidence evaluated by third parties proving the effectiveness of our
solutions and demonstrating the ROI to be gained by the NHS .
* Offering a risk sharing value-based procurement model to the NHS that
include performance based upsides.
* Providing services to overcome the NHS resource shortage challenges.
* Forming collaborations with organisations that currently have the skill and
accreditation to work with us.
* The intense focus is on growing sales, but if it remains slow, appropriate
efficiencies will be considered.
David Immelman, Chief Executive of DXS, commented:
“Although gaining sales growth remains frustratingly slow, I repeat my
statement from a year ago: We remain confident that we have exceptionally
effective solutions for helping the NHS to resolve their acknowledged problems
and that this can be demonstrated by provable data which saves millions of
pounds annually, saves patient lives, helps with the resource shortage and
contribute to the NHS Net Zero Targets.”
“Our team remains fuelled with conviction and enthusiasm for what we have to
offer to the NHS and beyond. The Board continues with salary cost cuts as a
contribution to cash flow.”
The Directors of DXS International plc accept responsibility for this
announcement. This announcement contains information which, prior to its
disclosure, was inside information as stipulated under Regulation 11 of the
Market Abuse (Amendment) (EU Exit) Regulations 2019/310 (as amended).
INTERIM RESULTS to 31 OCTOBER 2024
Consolidated Income Statement
for the six months ended 31 October 2024
Unaudited Group 6 Months ended 31 Oct 2024 Unaudited 6 Months ended 31 Oct 2023 Audited Year to 30 April 2024
Continuing Operations Continuing Operations Continuing Operations
£ £ £
Turnover 1,730,829 1,693,910 3,308,359
Cost of Sales (235,670) (205,274) (428,212)
Gross Profit 1,495,159 1,488,636 2,880,147
Grant Income 170,610 - 136,570
Administration Costs (1,705,272 (1,132,280) (2,494,510
Depreciation and Amortisation (493) (570,007) (5,399,030)
Operating (loss) (39,996) (213,651) (4,876,823)
Sundry Income 1,203 7 15
(38,793) (213,644) (4,876,808)
Interest payable and similar expenses (20,076) (44,828) (74,842)
Loss on ordinary activities before taxation (58,869) (258,472) (4,951,650)
Tax on (loss) on ordinary activities 60,000 136,910 212,964
Profit / (Loss) for the period 1,131 (121,562) (4,738,686)
========= ========= =========
Profit per share
* basic (0p) 0.2p (7.4)p
* fully diluted (0p) 0.2p (7.4)p
========= ========= =========
Consolidated Statement of other Comprehensive Income
for the six months ended 31 October 2024
(Loss) / Profit 1,131 (121,562) (4,738,686)
Other comprehensive income for the period - - -
1,131 (121,562) (4,738,686)
========= ========= =========
STATEMENT of FINANCIAL POSITION
as at 31 October 2024
Unaudited Group at 31 Oct 2024 Unaudited Group at 31 Oct 2023 Audited Group at 30 April 2024
£ £ £
Fixed Assets
Intangible Assets 1,455,000 5,942,117 1,455,000
Tangible Assets 572 565 1,038
_________ _________ _________
1,455,572 5,942,682 1,456,038
_________ _________ _________
Current assets
Debtors Amounts falling due within one year 694,543 580,317 1,115,272
Cash at bank and in hand 96,431 386,122 90,012
_________ _________ _________
790,944 966,439 1,205,284
Creditors: amounts falling due within one year (880,070) (1,189,392) (811,205)
_________ _________ _________
Net current assets / (liabilities) (89,126) (222,953) 394,079
_________ _________ _________
Total assets less current liabilities 1,366,446 5,719,729 1,850,117
Creditors:
amounts falling due after more than one year (330,134) (232,595) (345,455)
Deferred income (587,795) (424,762) (1,057,276)
_________ _________ _________
448,517 5,062,372 447,386
========= ========= =========
Capital and reserves
Called up share capital 211,273 211,273 211,273
Share Premium 3,213,395 3,213,395 3,213,395
Share option reserve 11,589 9,451 11,589
Retained earnings (2,987,740) 1,628,253 (2,988,871)
_________ _________ _________
Shareholders’ Funds 448,517 5,062,372 447,386
========= ========= =========
Statement Of Cash Flows
Six months ended 31 October 2024
Unaudited Six months ended 31 Oct 2024 Unaudited Six months ended 31 Oct 2023 Audited year ended 30 April 2024
£ £ £
Cash flow from operating activities 49,629 448,174 323,384
Interest paid (20,076) (44,828) (74,842)
Sundry Income 1,203 7 15
R&D tax credit - - 326,564
_________ _________ _________
Net Cash flow from operating activities 30,756 403,353 575,121
_________ _________ _________
Cash flow from investing activities
Payments to acquire intangible fixed assets - (651,358) (902,828)
Proceeds in respect of tangible fixed assets (27) - (908)
_________ _________ _________
(27) (651,358) (993,736)
_________ _________ _________
Cash flow from investing activities
Repayment of long term loans (24,310) (237,850) (457,451)
Proceeds on share issue - 500,000 630,628
Share issue costs - - (36,527)
_________ _________ _________
(24,310) 262,150 136,650
_________ _________ _________
Net increase / (decrease) in cash and cash equivalents 6,419 14,145 (281,965)
Cash and Cash equivalents at 30 April 2024 90,012 371,977 371,977
_________ _________ _________
Cash and Cash equivalents at 31 October 2024 96,431 386,122 90,012
========= ========= =========
Cash and Cash equivalents consists of:
Cash at bank and in hand 96,431 386,122 90,012
========= ========= =========
Net Debt Reconciliation
Current Debt £ Non Current Debt £ Cash £ Total £
£ £ £
At 30 April 2023 (313,486) (720,446) 371,978 (661,954)
Non cash flow 374,991 374,991
Cash flow 26,857 - (281,966) (255,109)
_________ _________ _________ _________
At 30 April 2024 (286,629) (345,455) 90,012 (542,072)
Cash flow 8,989 15,321 6,419 30,729
_________ _________ _________ _________
At 31 October 2024 (277,640) (330,134) 96,431 (511,343)
========= ========= ========= =========
The above figures have not been reviewed by the company's auditors Crowe U.K.
LLP.
The Directors of DXS International plc accept responsibility for this
announcement
Contacts:
David Immelman DXS International plc www.dxs-systems.com 01252 719800
AQSE Corporate Broker and Corporate Advisor Hybridan LLP Claire Louise Noyce 020 3764 2341
Notes to Editors
About DXS:
DXS International presents up to date treatment guidelines and
recommendations, from Clinical Commissioning Groups and other trusted NHS
sources, to doctors, nurses and pharmacists in their workflow and during the
patient consultation. This effective clinical decision support ultimately
translates to improved healthcare outcomes delivered more cost effectively and
which should significantly contribute towards the NHS achieving its projected
efficiency savings
Recent news on DXS International
See all newsDXS International Plc (AQSE: DXSP): Notice of AGM
NHS Announces £838m GP IT Framework
DXS INTERNATIONAL PLC (AQSE: DXSP) ANNUAL RESULTS FY 30 APRIL 2026
DXS INTERNATIONAL PLC (AQSE: DXSP): Timing of FY Results to 30 April 2026
Brief: DXS International Expects To Deliver Small Profit For FY, Improving From Prior Year Loss