Pre-tax profit for the 15 months through March was £2.1m, comparing to a loss of £1.5m for the 12 months through December.
Totally said its recently-acquired Vocare business had given it a significant foothold into a wide range of NHS outsourced services, a market estimated at £20bn.
At March 31, the company had cash of £10.2m, up from £1.0m at the end of 2016.
The Board of Totally (AIM: TLY), the provider of a range of out-of-hospital services to the healthcare sector in the UK, is pleased to announce its audited results for the 15-month period ended 31 March 2018.
• Transformational acquisition of Vocare Limited, leading national specialist provider of urgent care services, in October 2017 as part of stated buy and build strategy
• Major structural and operational improvements since acquisition have led to greater efficiencies and higher standards of patient care, evidenced by results of Care Quality Commission (“CQC”) inspections
• Continued work integrating the Group’s four complementary subsidiary businesses, generating synergies across the Group
• About Health has retained all NHS contracts during the period whilst adding a number of significant new contracts
• Further new, renewed and extended contracts have been secured post period end across all subsidiary businesses
• Revenue £42.5m (12 months ended 31 Dec 2016: £4.0m)
• EBITDA £0.2m (12 months ended 31 Dec 2016: £1.2m loss)
• PBT £2.1m (12 months ended 31 Dec 2016: £1.5m loss)
• Cash of £10.2m as at 31 March 2018 (31 Dec 2016: £1.0m)
* Period under review includes impact of 5 months trading performance from Vocare since its acquisition in October 2017
I am pleased to report a successful outcome for a period of 15 months with significant transformation following the acquisition of Vocare in October 2017. Turnover of £42.5m (2016: £4.0m) and EBITDA of £0.2m (2016: £1.2m loss).
Cash management was very strong and closed the period at £10.2m (2016: £1.0m) with very little cash needed for future earnout payments.
Vocare has provided the Group with a significant foothold into a wide range of NHS outsourced services, a market estimated at £20 billion. The provision of Urgent Care Centres into accident and emergency hospitals linked to GP out of hours’ services provides the NHS with an opportunity to outsource these platform service offerings to a single service provider. The strategy is in line with all NHS outsourcing protocols.
The existing core businesses performed well with contract wins announced in all service sectors. The businesses integrated with Vocare and in turn bring both contract fulfilment and overhead savings. The integration of Vocare brought its challenges but more importantly a fantastic base for future profitable growth.
I look forward to bringing opportunities for future earnings enhancing acquisitions to build the Group further. The Totally team are to be congratulated in what has been a period of significant change.
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