Totally's profits boosted by new signings and renewals
Profits and turnover soared at healthcare services provider Totally in the first half of its trading year thanks to new business wins and renewed contracts.
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Turnover increased tenfold to £40.16m for the six months ended 30 September, helping boost gross profits 437% to £5.68m and swing to an EBITDA of £95,000 from the loss of £804,000 recorded a year ago.
Totally’s losses per share narrowed to 1.29p from the 2.54p recorded a year earlier.
The AIM-listed outfit assured investors that it was making progress with its buy-and-build strategy and that it was continuing to integrate new innovative care models into its healthcare delivery pathways.
More than £10m of new business and renewed contracts had been secured since its final results in July.
With a strong pipeline across the group, Totally’s focus was set to remain on evaluating value-adding acquisition opportunities to consolidate the UK NHS outsourced healthcare services market, estimated to be worth in excess of £20bn per year.
Chairman Bob Holt, said: “Our existing core business has performed well with encouraging new contract wins. We remain confident that the new platform for business that we have created will deliver significant opportunities to support the NHS in the provision of improved out of hospital care.”
As of 1000 BST, Totally shares, which last week picked up from a three-and-a-half-year low below 16p to 20.30p on Friday, had slipped back 2% on Monday to 19.60p.