Revenue and profits near flat at EMIS Group
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Connected healthcare software and services company Esaw revenue rise 1% year-on-year in its first half to £79.2m, it reported on Friday, with recurring revenue improving 4% to £66.8m.
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The AIM-traded firm said adjusted operating profit fell 1% in its unaudited results for the six months to 30 June, to £17.5m, while reported operating profit post exceptional items tumbled 14% to £10.5m.
Cash generated from operations stood at £16m, a 1% improvement, while the company’s bank balance was much healthier with £10.5m cash, against £0.7m at the same time last year.
Adjusted earnings per share were precisely in line with the first half of 2016 at 22.2p, while reported earnings per share post exceptional items was down 12% at 13.1p.
“EMIS Group has again reported a solid underlying financial performance in the first half, despite a challenging political and economic environment for the NHS,” said chief executive Andy Thorburn.
“The board's outlook for the full year remains unchanged, with strong recurring revenues, growing market shares, a good order book and a developing pipeline.”
Thorburn said the “extensive work” already undertaken to reorganise the business, bringing together the primary care, CCMH and acute care units, had improved efficiency and “better aligned” the group and its customers.
“Further planned reorganisation in the second half of the year will drive greater internal accountability and consolidate the financial performance benefits of the restructuring.”
The EMIS board declared an interim dividend of 12.9p, up 10% year-on-year.