REG - Induction Healthcare - Extension to 2022 annual reporting deadline

Induction HealthcareAnnouncement

22/09/2022 07:00

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RNS Number : 2297A  Induction Healthcare Group PLC   22 September 2022

 

Induction Healthcare Group PLC

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

 

Extension to publication deadline for Audited Final Results

 

Induction (AIM: INHC), a leading digital health platform driving
transformation of healthcare systems worldwide, announces that following the
grant by AIM Regulation of an extension to its 2022 annual reporting deadline,
it now expects to report its final results for the year ended 31 March 2022
during October 2022, rather than on or before 30 September 2022.

 

The extension is required to complete the audit work for the year ended 31
March 2022 due to COVID related challenges and the impact it has had on
resource availability to complete the required work.

FY22 Financial Performance

 

There is no change to the financial performance and, as previously reported on
21 April
(https://www.londonstockexchange.com/news-article/INHC/post-period-end-trading-update/15418598)
, results for FY22 are expected to be in-line with guidance.  A significant
increase in contracted annual recurring revenues ("ARR"), a key metric for the
business, is expected to be delivered, with ARR for the full year of c. £15m
(2021: £1.8m). Following upgraded market expectations adjusted EBITDA was at
a breakeven level (2021 EBITDA loss: £4.1m) and net cash at 31 March 2022 was
£7.5m (2021: £2.4m).

 

Following strong renewals of NHS England Induction Attend Anywhere ("AA")
contracts, the majority with contracts renewed for 2 or 3 year terms, the
Group's cash position has also increased significantly beyond period end
levels.

 

James Balmain, CEO of Induction Healthcare, said: "FY22 was a transformational
year for Induction following the acquisition of Attend Anywhere and this has
continued to deliver into H1 FY23 with the AA contract renewals. I look
forward to presenting our full results in October and remain confident in the
future prospects of the Company, including trading for the current financial
year."

ENQUIRIES

 

 Induction                                              Via Walbrook PR Ltd: induction@walbrookpr.com

 James Balmain, Chief Executive Officer

 Guy Mitchell, Chief Financial Officer

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

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

 

 

 

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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