REG - Totally PLC - Trading Update for 12 months ending 31 March 2023

TotallyAnnouncement

02/05/2023 07:15

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RNS Number : 9787X  Totally PLC  02 May 2023

 

2 May 2023

Totally plc

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

Trading Update for 12 months ending 31 March 2023

The Board of Totally plc (AIM: TLY), a leading provider of frontline
healthcare services, corporate fitness and wellbeing services across
the UK and Ireland, today announces an update on trading for the 12-month
period ended 31 March 2023 ("FY23").

 

Financial performance in line with revised consensus

 

Based on unaudited draft numbers, the Group anticipates reporting EBITDA* for
FY23 in line with consensus market expectations. At year end, the Company had
gross cash of £6.4 million (31 March 2022: £15.3 million); net cash at the
same date was £3.9 million.

 

The Group's Care Quality Commission (CQC) registered services continue to be
rated as "Good".

 

During the last quarter of the period, Totally undertook multiple actions to
manage and control costs driven by the high-inflation economy and national
workforce challenges, whilst continuing to deliver essential services on
behalf of the NHS. These actions will lead to exceptional costs being incurred
for FY23 and, to a lesser extent, in the current financial year. Actions
included the restructuring of the business to bring together all healthcare
services under one healthcare delivery business focused on Urgent Care and
Elective Care, the realisation of economies of scale and the removal of
duplicated costs. In aggregate, these actions are expected to enhance the
operational and financial performance of the Group's businesses.

 

A healthcare market full of opportunity

 

The Totally management team is working closely with healthcare commissioners
to respond to opportunities to support the reduction of record waiting lists
for elective care and help meet or beat waiting time targets in urgent care.

 

Totally's insourcing and outsourcing revenue, delivered through Pioneer
Healthcare, doubled in FY23 compared to the previous year, and the Company
recently announced two new contracts for urology services in Ireland and a key
position on a new framework agreement in Wales.

 

Within Urgent Care, the Company successfully retendered and mobilised a
five-year contract for the delivery of two Urgent Treatment Centres in
Bromley, and was the first provider to fully mobilise on NHS England's Single
Virtual Contact Centre model, enabling rapid mobilisation of additional NHS
111 services where required. Totally continues to deliver other urgent care
services across London, Staffordshire and the North East of England.
Following the demobilisation of four Urgent Treatment Centre contracts in
North West London, as announced in January 2023, the Company is not expecting
any further revenue, costs or liabilities from these contracts for the year to
31 March 2024.

 

Corporate Wellbeing demand returning

 

Corporate Fitness revenues, delivered through Energy Fitness Professionals
("EFP"), have returned to almost pre-pandemic levels with the addition of new
contracts, including Adidas, and equipment installations for existing
customers such as EA (Electronics Arts) and Network Rail. EFP also agreed on a
new contract to support the Royal Mail for a further five years, extending
this relationship to more than 20 years.

 

New business opportunities continue to be driven by employers wanting to
entice employees back into the workplace and have refocused on core bricks and
mortar fitness centres, supported by a flexible digital offering, which has
been enhanced by a new licensing agreement with Les Mills, market leaders in
class instruction, to provide digital classes to all EFP members.

 

Looking ahead the Company has invested in additional business development
capacity to help respond to the increasing opportunities available.

 

Financial Results for FY23

 

Final results for FY23 are expected to be released in July 2023 when the
Annual Report and Accounts are also expected to be available, along with
confirmation of the date for the Company's Annual General Meeting.

 

* EBITDA is defined as earnings before interest, tax, depreciation and
amortisation and excludes one-off exceptional items.

 

For further information, please contact:

 

 Totally plc                                                                  020 3866 3330

 Wendy Lawrence, Chief Executive

 Bob Holt, Chairman

 Canaccord Genuity Limited (Nominated Adviser & Joint Corporate Broker)       020 7523 8000

 Bobbie Hilliam / Harry Rees

 Singer Capital Markets (Joint Corporate Broker)                              020 7496 3000

 Aubrey Powell / Sam Butcher

 Yellow Jersey PR                                                             020 3004 9512

 Sarah Hollins / Annabelle Wills / Jazmine Clemens

 

Notes to editors

 

About Totally

Totally is a leading provider of healthcare and wellbeing services across the
UK and Ireland, working in partnership with the NHS, other healthcare
providers and corporate customers to help address the challenges of increased
demand for healthcare services.

 

The Company 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.

 

Totally helps healthcare commissioners and hospitals ensure patients can
access the most appropriate care quickly and efficiently by delivering quality
urgent care services, such as NHS 111 and urgent treatment centres, elective
care services including insourcing, outsourcing and elective care delivered
via 'Any Qualified provider', as well as community dermatology clinics; and
therapy servicing including first contact practitioner and a full
physiotherapy and podiatry offering. Our corporate customer services also play
a role in reducing reliance on healthcare by promoting healthy lifestyles and
physical and mental health.

 

Healthcare services

 

Urgent Care: Totally's urgent care services are delivered under the Totally
Urgent Care brand, by Vocare and Greenbrook Healthcare. Both businesses have a
strong heritage and have been delivering quality urgent care services
including NHS 111, GP Out of Hours and Urgent Treatment centres on behalf of
the NHS for more than 25 years and 15 years respectively.

 

Elective care: Totally's elective care services are delivered by Pioneer
Healthcare, About Health and Premier Physical Healthcare.

 

·    Pioneer Healthcare was established in 2007 and delivers a wide range
of acute services to NHS patients, in partnership with independent healthcare
sector private hospitals across England, to help the NHS reduce waiting lists
whilst maintaining patient care and quality. Pioneer offer services through
insourcing and outsourcing agreements and through its Any Qualified Provider
status.

·    About Health has been delivering community-based specialist care with
a focus on delivering prompt assessment and treatment across the country since
2008.

·    Premier Physical Healthcare was established in 2007 and provides
physiotherapy and podiatry services to NHS patients, often within a community
GP practice, and to the prison service.

 

Corporate Wellbeing Services

 

Energy Fitness Professionals ("EFP"): EFP is a corporate fitness provider
established in 1990 to address a gap in the market for workplace fitness,
which has grown to offer a range of services covering workplace wellbeing. EFP
manages 58 gyms on behalf of its corporate customers, with more than 11,500
members.

 

For more information visit www.totallyplc.com (http://www.totallyplc.com)

 

 

 

 

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