REG - Induction Healthcare - Directorate Changes

Induction HealthcareAnnouncement

09/01/2023 07:00

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RNS Number : 0149M  Induction Healthcare Group PLC   09 January 2023

Induction Healthcare Group PLC

("Induction", the "Company", or the "Group")

 

Directorate Changes

James Balmain stepping down as CEO, moving to board advisor

Christopher Samler moves from non-exec Chair to exec Chair

 

Induction (AIM: INHC), a leading digital health platform driving
transformation of healthcare systems worldwide, announces the following Board
changes which are to take effect immediately.

 

James Balmain is stepping down as Chief Executive Officer and a Board director
and will take on a new advisory role where he will directly support the
evolution and execution of Group product strategy, together with national and
regional sales.

 

Christopher Samler, currently non exec Chair, will assume the interim role of
Executive Chair, providing day to day leadership of the business pending the
recruitment of a new permanent CEO, the process for which has already begun.

 

Paul Tambeau will move into an interim Chief Operating Officer role, to
support Christopher and the Board pending the recruitment of a new permanent
CEO. Paul joined Induction in September 2022 after nearly five years at Doctor
Care Anywhere and, earlier in his career, KPMG.

 

In light of the recently announced financial performance of the Group (Interim
Results for half year to 30 Sep released on 5 Dec 2022 reported 54% growth in
sales), as well as the recent NHS headwinds, the Board is focused on cash
preservation and self-sustaining growth. The Board is clear on the need to
tightly manage costs and execute a plan ensuring the Group is correctly sized
and on target to deliver a cash breakeven position during FY24. The Board is
committed to a plan which is being executed at pace and the board changes
outlined above are part of that plan.

 

Induction CEO, James Balmain, said: "I would like to emphasise to investors
and other stakeholders that, whilst this decision hasn't been taken lightly,
it's in the best interests of the Company. I'm looking forward to spending
much more of my time on product strategy and sales, whilst also supporting the
business as it navigates an important transitional period."

 

Induction Chair, Christopher Samler, said: "Our strategic approach is one of
self-sustaining growth with the objective of cash breakeven in 2024 and has
precipitated this change in leadership. These changes play to the strengths of
the resources we have available and ensure Induction is well placed to achieve
its objectives. James has overseen an important chapter in the Group's
evolution and the Board is delighted to be able to draw on his undoubted
product and market expertise as Induction enters the next phase of growth."

 

 

ENQUIRIES

 

 Induction                                                 Via Walbrook PR Ltd: induction@walbrookpr.com

 Christopher Samler, Executive
 Chair

 Paul Tambeau, Chief Operating Officer

 Singer Capital Markets (Nominated Adviser and Broker)     +44 (0)20 7496 3000
 Philip Davies

 Walbrook PR Ltd                                           +44 (0)20 7933 8780 or induction@walbrookpr.com
 Alice Woodings / Paul McManus                             Mob: +44 (0)7407 804 654 / +44 (0)7980 541 893

 

About Induction - www.inductionhealthcare.com
(http://www.inductionhealthcare.com)

Induction (AIM: INHC) Induction delivers a suite of software solutions through
a single integrated platform that transforms care delivery. Our system-wide
applications help healthcare providers and administrators to deliver care at
any stage remotely as well as face-to-face - giving the communities they serve
greater flexibility, control and ease of access. Purpose-built for integration
with leading Electronic Medical Record (EMR) platforms, our products offer
immediate stand-alone value that becomes even greater when integrated with
pre-existing systems.

 

Used at scale by national and regional healthcare systems, as well non-health
government services, our applications are relied upon by hundreds of thousands
of clinicians and millions of patients across almost every hospital in the
British Isles.

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