REG - Totally PLC - Interim results
15/11/2021 07:05
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RNS Number : 3080S Totally PLC 15 November 2021
15 November 2021
Totally plc
("Totally", "the Company" or "the Group")
Interim results for the six months ended 30 September 2021
Strong Performance and Continued Success
Totally plc (AIM: TLY), a leading provider of a range of healthcare services
across the UK and Ireland, is pleased to announce its unaudited interim
results for the six months ended 30 September 2021.
Financial highlights
· Group turnover up 14% to £61.6 million (H1 2020: £54.1 million)
· Gross profit up 14% to £11.6 million (H1 2020: £10.2 million)
· Significant increase in EBITDA profit at £3.3 million (H1 2020:
£2.3 million)
· Profit before tax of £0.9 million (H1 2020: £0.1 million)
· Strong cash position resulting in cash at bank of £18.3 million at
30 September 2021 (31 March 2021: £14.8 million)
· Increase in proposed interim dividend to 0.5p per share (H1 2020:
0.25p) to be paid in February 2022
Operational highlights
· Assessed and treated more than one million patients during the
reporting period
· Urgent Care Division awarded extensions to 20 existing contracts
across England, reflecting the quality of service and strength of
relationships with NHS partners
· Award and swift mobilisation of a new Urgent Treatment Centre
contract at King's College London to provide continuity of service for a
population of 700,000 people
· Totally Healthcare awarded contract to support the reduction of
waiting lists across six hospitals for the Saolta Group of Hospitals in the
Republic of Ireland plus several other hospitals across the UK
Chairman's statement
These results demonstrate continued success in the first half of the year.
With the winter months approaching, which bring high levels of uncertainty
across all healthcare sectors, the Board is confident that the outcome for the
remainder of the Group's trading year to 31 March 2022 will be in line with
current consensus. This confidence is reflected in the Board's decision to
increase the Group's dividend by 100% for the period.
Like all employers, we face challenges in filling vacancies at all levels. We
remain committed to provide responsive service levels as part of our
partnership with the NHS and as demand continues to increase for such
services.
The Group enjoys a significant cash balance which has been broadly maintained
since September 2021. The Group strategy is clear; we will accelerate the buy
and build strategy that was implemented when the current management team was
assembled some years ago. The Group is in advanced discussions with a number
of bolt-on businesses that would strengthen our proposition and bring further
earnings enhancing opportunities.
I would like to place on record my own personal thanks to the Totally
workforce, who have faced enormous challenges during the extended pandemic.
The ongoing achievement of strong results reflects significant effort and
commitment from staff at all levels.
Bob Holt OBE
Chairman
15 November 2021
Operational review
As the UK eased out of lockdown, Totally continued to support NHS colleagues
and other healthcare providers with the delivery of exceptional healthcare for
patients. During the last six months, demand for access to all healthcare
services has remained high and Totally has assessed and treated more than one
million patients during the period. We continue to operate under strict
COVID-19 guidelines to ensure the safety of patients and our employees, and
the challenges presented by the pandemic have certainly not gone away.
Yet against a backdrop of continued uncertainty, the Group's performance has
been strong, with growth in revenue, earnings and cash. During the period we
performed ahead of management expectations, positioning us well for a strong
full year despite a more uncertain second half. We are now undertaking
advanced planning to prepare for the increased demands of winter alongside
rising levels of COVID-19 and the onset of seasonal flu.
During the first six months, we continued to work with NHS colleagues and
other healthcare providers to ensure that the UK population could access
quality health services when they needed them.
Urgent Care
A highlight of the period was the swift mobilisation of an Urgent Treatment
Centre at King's College Hospital to ensure continuity of service for the
700,000 strong population of the London boroughs of Southwark and Lambeth.
Totally was awarded this new contract in August 2021 following a full
procurement process and subsequently mobilised the service in just eight
weeks. It is already delivering enhanced performance for UTC patients whilst
additionally diverting patients away from the busy Emergency Department into
more appropriate services, enabling NHS colleagues to focus on those patients
that only they can treat.
Reflecting the importance of continuity and recognising overall levels of
performance achieved within contract delivery, during the period, the Urgent
Care Division was awarded multiple contract extensions for the delivery of
integrated urgent care, urgent treatment centres and other services across
England, collectively worth £45 million. These contract extensions allow us
to further strengthen our relationships with healthcare commissioners over
extended periods, identify new opportunities to enhance patient care, and
continue to provide millions of people with access to the healthcare they need
during what could be an extremely difficult winter.
Insourcing
Totally Healthcare, the Group's Insourcing division, doubled revenue compared
to the previous six months, reflecting the opportunity in the market and the
strength of proposition. Insourcing represents a significant opportunity for
growth for the Group and the division continues to win new contracts as
hospitals seek to reduce patient waiting lists. The most significant contract
won was for the delivery of endoscopy procedures for the Saolta Group of
Hospitals in the Republic of Ireland, which will give access to essential
procedures to facilitate diagnosis through additional surgeries outside normal
working hours and at the weekend.
Further contracts across multiple specialities have been awarded in Blackburn,
Rotherham and Sheffield, across multiple clinical specialities, as demand for
this type of service increases.
As we look forward to the second half of the year, Totally Healthcare is
positioned well and is included on major national insourcing frameworks for
England, Scotland, Wales and the Republic of Ireland, as well as the local
contract framework in Northern Ireland. As part of our commitment to providing
the UK population with access to quality health services when they need it, we
continue to assess how Totally can best support the NHS with the reduction of
waiting lists. Waiting lists stand at an all-time high, exacerbated by the
COVID-19 pandemic, yet demand for healthcare has outstripped supply for more
than a decade and a multi-faceted approach will be required if they are to be
reduced sustainably.
Planned Care
Planned Care, which includes the delivery of physiotherapy services in
clinics, health centres and prisons across England, is now back to
pre-pandemic levels. Face to face clinics have been reintroduced, including
the full mobilisation of the new contract for Community Dermatology services
for Manchester and Trafford CCGs. All services continue to operate under
strict guidelines relating to COVID-19.
The experience of the last eighteen months has both challenged and provided
opportunities for the improvement of healthcare. We have had to be innovative
in the identification of new ways to deliver more flexible services under
higher levels of constraints, and have maintained GOOD ratings on all CQC
registered services. Despite the recognised uncertainties of winter, we remain
confident that the business is well-positioned to meet future fluctuations in
demand and the Group remains acquisitive, seeking bolt-on opportunities to
strengthen and diversify our offering and deliver increased shareholder
value.
I would like to thank our team for their continued hard work and commitment to
delivering exceptional care. Similarly, we thank our shareholders for their
continued support, and look forward to updating the market on further progress
in due course.
Wendy Lawrence
Chief Executive Officer
15 November 2021
Investor presentation
Wendy Lawrence, Chief Executive Officer and Lisa Barter, Chief Financial
Officer, will provide a live presentation relating to the interim results via
the Investor Meet Company platform on Tuesday, 16 November 2021 at 10:00am.
The presentation is open to all existing and potential shareholders. Questions
can be submitted pre-event via the Investor Meet Company dashboard or at any
time during the live presentation.
Investors can sign up to Investor Meet Company for free and add to meet
Totally plc via:
https://www.investormeetcompany.com/totally-plc/register-investor
(https://www.investormeetcompany.com/totally-plc/register-investor)
Investors who already follow Totally plc on the Investor Meet Company platform
will automatically be invited.
For further information please contact:
Totally plc 020 3866 3330
Wendy Lawrence, Chief Executive Officer
Bob Holt, Chairman
Allenby Capital Limited (Nominated Adviser & Joint Corporate Broker) 020 3328 5656
Nick Athanas / Liz Kirchner (Corporate Finance)
Amrit Nahal (Sales & Corporate Broking)
Canaccord Genuity Limited (Joint Corporate Broker) 020 7523 8000
Bobbie Hilliam / Alex Aylen
Yellow Jersey PR 020 3004 9512
Sarah Hollins / Henry Wilkinson / Annabelle Wills
Notes to editors
Totally plc is a leading healthcare service provider in
the UK and Ireland, working in partnership with the NHS and other
providers to deliver healthcare services through its divisions of Urgent Care,
Planned Care and Insourcing.
Totally is committed to pursuing a progressive buy-and-build consolidation
strategy within the fragmented healthcare market and looks to capitalise on
the attractive opportunities that its disruptive service model offers, to
generate value to shareholders.
Urgent Care
Totally offers a full range of urgent care services via its
subsidiaries, Vocare and Greenbrook Healthcare, two of the largest urgent
care providers in the UK, including:
· NHS 111 services
· Clinical Assessment services
· GP Out-of-Hours services
· Urgent Treatment Centres
www.vocare.org.uk (http://www.vocare.org.uk/)
www.greenbrook.nhs.uk (http://www.greenbrook.nhs.uk/)
Planned Care
Totally delivers planned care services, which include community based
Out-Patient Services, Referral Management Services, Physiotherapy and Podiatry
Services. It provides these through its planned care subsidiaries, About
Health, Premier Physical Healthcare and Optimum Physiotherapy.
www.abouthealthgroup.com (http://www.abouthealthgroup.com/)
www.premierphysicalhealthcare.co.uk
(http://www.premierphysicalhealthcare.co.uk/)
www.optimum-hcs.com (http://www.optimum-hcs.com/)
Insourcing
Launched in October 2019, Totally Healthcare provides bespoke insourcing
solutions across multiple specialities to trusts and hospitals in
the UK and Ireland, reducing waiting lists by utilising their spare
capacity outside of normal working hours and at weekends.
www.totallyhealthcarelimited.com (http://www.totallyhealthcarelimited.com/)
More information on Totally plc can be found the following
link: www.totallyplc.com (http://www.totallyplc.com/) .
Interim Consolidated Income Statement
For the six months ended 30 September 2021
Six Months ended 30 September 2021 Six Months ended 30 September 2020 Year ended 31 March 2021
(unaudited) (unaudited) (audited)
£000 £000 £000
Revenue 61,566 54,106 113,709
Cost of sales (49,952) (43,942) (92,886)
Gross profit 11,614 10,164 20,823
Administrative expenses (8,309) (7,838) (16,455)
Other income 0 0 656
EBITDA 3,305 2,326 5,024
Depreciation and amortisation (2,309) (2,163) (4,780)
Operating profit 996 163 244
Finance costs (75) (102) (188)
Profit before tax 921 61 56
Income tax 215 238 262
Profit after tax 1,136 299 318
Earnings / (loss) per share
Basic: Pence 0.62 0.16 0.17
Diluted: Pence 0.62 0.16 0.17
All activities relate to continuing operations.
Interim Consolidated Statement of Changes in Equity
For the six months ended 30 September 2021
Share capital Share premium Retained earnings Equity Shareholders' funds
£000
£000 £000 £000
At 1 April 2020 (Audited) 18,219 0 16,226 34,445
Comprehensive loss for the period (Unaudited) - - 299 299
Dividend payment (Unaudited) - - (455) (455)
Credit on issue of warrants and options (Unaudited) - - 45 45
At 30 September 2020 (Unaudited) 18,219 0 16,115 34,334
At 1 April 2020 (Audited) 18,219 0 16,226 34,445
Comprehensive profit for the period (Audited) - - 318 318
Issue of share capital (Audited) - 2 - 2
Dividend payment (Audited) - - (911) (911)
Credit on issue of warrants and options (Audited) - - 120 120
At 31 March 2021 (Audited) 18,219 2 15,753 33,974
At 1 April 2021 (Audited) 18,219 2 15,753 33,974
Comprehensive profit for the period (Unaudited) - - 1,136 1,136
Issue of share capital (Unaudited) 7 10 - 17
Dividend authorised (Unaudited) - - (456) (456)
Credit on issue of warrants and options (Unaudited) - - 61 61
At 30 September 2021 (Unaudited) 18,226 12 16,494 34,732
Interim Consolidated Statement of Financial Position
As at 30 September 2021
Six Months ended 30 September 2021 Six Months ended 30 September 2020 Year ended 31 March 2021
(unaudited) (unaudited)
£000 £000 (audited)
£000
Non-current assets
Intangible fixed assets 36,580 38,683 37,468
Property, plant and equipment 1,024 1,099 1,083
Right-of-use assets 2,533 3,501 2,927
Deferred tax 330 457 113
40,467 43,740 41,591
Current assets
Inventories 74 85 100
Trade and other receivables 8,549 10,814 8,675
Cash and cash equivalent 18,282 12,285 14,797
26,905 23,184 23,572
Total assets 67,372 66,924 65,163
Current liabilities
Trade and other payables (27,968) (26,879) (26,130)
Lease liabilities (487) (1,066) (564)
Deferred acquisition consideration (246) (261) (258)
(28,716) (28,206) (26,952)
Non-current liabilities
Lease liabilities (2,119) (2,508) (2,432)
Other payables (1,080) (784) (1,080)
Deferred tax (725) (1,092) (725)
(3,924) (4,384) (4,237)
Total liabilities (32,640) (32,590) (31,189)
Net current liabilities (1,811) (5,022) (3,380)
Net assets 34,732 34,334 33,974
Shareholders' Equity
Share capital 18,226 18,219 18,219
Share premium account 12 - 2
Retained earnings 16,494 16,115 15,753
Equity shareholders' funds 34,732 34,334 33,974
Interim Consolidated Cash Flow Statement
For the six months ended 30 September 2021
Six Months ended 30 September 2021 Six Months Year ended 31 March 2021
(unaudited) ended 30 September 2020 (audited)
£000 (unaudited) £000
£000
Cash flow from operating activities:
Profit for the period 1,136 299 318
Adjustments for:
Options and warrants charge 61 45 120
Amortisation and depreciation 2,309 2,163 4,780
Tax expense recognised in profit or loss (216) (238) (262)
Finance costs 74 103 188
Receipt from escrow relating to acquisitions - - (656)
Movements in working capital:
Movement in inventory 26 (5) (24)
Movement in trade and other receivables 126 549 2,710
Movement in trade and other payables 1,385 2,036 2,044
Cash generated from operations 4,901 4,952 9,218
Income tax received/(paid) 0 21 (4)
Net cash flows from operating activities 4,901 4,973 9,214
Cash flow from investing activities:
Purchase of property, plant and equipment (551) (806) (778)
Disposal of property, plant and equipment - 0 12
Additions of intangible assets (256) (97) (605)
Contingent consideration - - (13)
Receipt from escrow relating to acquisitions - - 656
Net cash flows from investing activities (807) (903) (728)
Cash inflow before financing 4,094 4,070 8,486
Cash flow from financing activities:
Issue of share capital 18 - 2
Dividends paid - - (911)
Interest paid (74) (103) (55)
Finance lease payments (553) (605) (1,648)
Net cash flow from financing activities (609) (708) (2,612)
Net increase in cash and cash equivalents 3,485 3,362 5,874
Cash and cash equivalents at beginning of the period 14,797 8,923 8,923
Cash and cash equivalents at end of the period 18,282 12,285 14,797
Notes to the Interim Results
1. Basis of preparation
Totally plc is a public limited company incorporated in the United
Kingdom under the Companies Act 2006 (registration number: 3870101). The
Company's ordinary shares are admitted to trading on the AIM market of
the London Stock Exchange ("AIM").
The Group's principal activities in the period under review have been the
provision of innovative and consolidatory solutions to the healthcare sector,
which are provided by the Group's wholly owned subsidiaries, Totally Health
Limited, Premier Physical Healthcare Limited, About Health Limited, Optimum
Sports Performance Centre Limited, Vocare Limited, Greenbrook Healthcare
(Hounslow) Limited, Greenbrook Healthcare (Earl's Court) Limited
and Totally Healthcare Limited.
The Group's interim report and accounts for the six months ended 30 September
2021 have been prepared using the recognition and measurement principles of
International Accounting Standards in conformity with the requirements of the
Companies Act 2006 as per the annual report.
These interim financial statements for the six months ended 30 September
2021 have been prepared in accordance with the AIM Rules for Companies and
should be read in conjunction with the financial statements for the year
ended 31 March 2021, which have been prepared in accordance with
International Accounting Standards in conformity with the requirements of the
Companies Act 2006 as per the annual report. The interim report and accounts
do not include all the information and disclosures required in the annual
financial statements.
The interim report and accounts have been prepared on the basis of the
accounting policies, presentation and methods of computation as set out in the
Group's March 2021 Annual Report and Accounts and on the basis of the
principal accounting policies that the Group expects to apply in its financial
statements for the year ending 31 March 2022.
The interim report and accounts do not comprise statutory accounts within the
meaning of section 434 of the Companies Act 2006. These interim financial
statements were approved by the Board of Directors on 15 November 2021. The
results for the six months to 30 September 2021 and the comparative results
for the six months to 30 September 2020 are unaudited. The figures for the
period ended 31 March 2021 are extracted from the audited statutory accounts
of the Group for that period.
The Directors believe that a combination of the Group's current cash,
projected revenues from existing and future contracts will enable the Group to
meet its obligations and to implement its business plan in full. Inherently,
there can be no certainty in these matters, but the Directors believe that the
Group's internal trading forecasts are realistic and that the going concern
basis of preparation continues to be appropriate.
2. Earnings per share
Basic earnings per share is calculated by dividing the profit attributable to
equity holders of the Company by the weighted average number of ordinary
shares in issue during the period. Diluted earnings per share takes into
account the effects of share options in issue.
6 months ended 6 months ended Year ended 31 March 2021
30 September 2021 30 September 2020 £000
£000
£000 (Audited)
(Unaudited)
(Unaudited)
Profit (£000) 1,136 299 318
Weighted average number of shares used in basic earnings per share 182,236 182,186 182,187
calculations ('000)
Potentially dilutive share options and contingent share consideration ('000) 2,031 1,453 2,553
Weighted average number of shares used in diluted earnings per share 184,267 183,639 184,739
calculations ('000)
Basic earnings per share (Pence) 0.62 0.16 0.17
Diluted earnings per share (Pence) 0.62 0.16 0.17
3. Dividends
The below dividends are recorded in the financial information
6 months ended 30 September 2021 6 months ended 30 September 2020 Year ended 31 March 2021
£000 (Unaudited) £000 (Unaudited) £000
(Audited)
Final dividend (FY21) - 0.25p per share 456 - -
Final dividend (FY20) - 0.25p per share - 455 455
Interim dividend (FY20) - 0.25p per share - - 456
456 455 911
In addition to the above, the Board are proposing an interim dividend of 0.5p
per share or £911,000 to be paid in February 2022.
4. Distribution of Interim Report
A copy of the interim report will be available shortly on the Company's
website (www.totallyplc.com (http://www.totallyplc.com/) ) in accordance with
Rule 26 of the AIM Rules for Companies.
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