DXS International plc : Half-yearly report InPublic

XS INTERNATIONAL PLC

INTERIM RESULTS

for the half year ending 31st October 2016

The Board of DXS International Plc ("DXS" or the "Company"), the ISDX quoted developer and supplier of clinical decision support systems to Clinical Commissioning Groups ("CCGs"), GPs, doctors and healthcare professionals, is pleased to announce its Interim Results for the 6 months ended 31st October 2016.

FINANCIAL HIGHLIGHTS:

  • Revenue up 17% at £1,778,402 for the 6 months to October 2016 (2015: £1,521,081);
  • Profit up by 130% at £128,248 for the 6 months to October 2016 (2015: £54,427);
  • Revenue has grown over the last 3 years from £1.4 million in the year ending 30 April 2013 to £3.25 million at 30 April 2016;
  • Continued investment in new projects is approximately £480,000 p.a.

OPERATIONAL HIGHLIGHTS

  • Awarded the LPP (London Partnership Procurement) tender - currently 100 members including CCGs. Hospital and Mental Health Trusts - DXS now preferred supplier (the LPP controls procurement spending of £1.5 billion over the 4 year period of the contract);
  • Major release of Version 5 of the DXS technology providing many solutions to previous challenges, such as easier and faster deployment, improved updating of content and new releases, as well as improved user interfaces;
  • From January 2017 introduction of new agile release process with new releases monthly ensuring that customers see regular improvement and innovation;
  • Have improved customer satisfaction levels via improved service delivery throughout the company;

CEO, David Immelman, commented: "Our long-term view is that, in the ever-changing healthcare marketplace, a continued repositioning and evolution of the Group's business strategy is necessary.  We have developed innovative initiatives which leverage off our existing footprint and which will bring new revenue areas to the Company.  Further announcements will be made shortly.

Our strategy includes providing new IT solutions that we have been investing in for the past few years as well as sourcing and forming joint ventures with providers of various medical devices. This is in line with the NHS' vision and objective of where healthcare is going with the ultimate aim of saving costs and improving outcomes."

EXISTING BUSINESS OVERVIEW

The current principal DXS offering, DXS Point of Care, is a clinical decision support solution that is installed at GP practices and retail pharmacies throughout the UK. It is integrated with all four patient record systems used by GP practices in the UK providing the advantage that when a GP is consulting with a patient, DXS Point of Care is accessing the patient record and presenting the practitioner with recommended treatment advice. This advice comes from credible NHS sources and when adhered to by the practitioner, results in better outcomes delivered more cost effectively.

DXS is an accredited supplier to the NHS and DXS Point of Care is paid for from a national NHS fund that covers England. Today, DXS Point of Care is deployed at 1,400 GP practices under the National NHS Fund and in addition maintains and supports 2,045 non-National Fund GP practices.

Our current sources of revenue are The National Fund (via CCGs representing GP practices), CCGs via their local funds and Pharmaceutical companies.

DXS currently have 40 CCGs funded by the National Fund and 28 Pharmaceutical Companies self-funding advice on medicines.

INTERIM RESULTS TO 31st OCTOBER 2016

CONSOLIDATED PROFIT AND LOSS ACCOUNT

for the six month period ended 31st October 2016

 
Unaudited Group
6 Months ended
31st Oct 2016
 
Unaudited
6 Months ended
31st Oct 2015
 
Audited
Year to
30th April 2016
    £     £     £
Turnover 1,778,482   1,521,081   3,255,081
Cost of Sales (248,490)   (222,008)   (517,991)
  _________   _________   _________
  1,529,992   1,299,073   2,737,090
Administrative and Selling Expenses (1,458,747)   (1,295,426)   (2,612,286)
Provision for costs of share option scheme -   (27,000)   (54,000)
  _________   _________   _________
Operating Profit/(Loss) (71,245)   (23,353)   70,804
Other interest receivable and similar income 1,303   1,184   2,403
Interest payable and similar charges (8,916)   (16,378)   (27,271)
  _________   _________   _________
Profit/(Loss) on Ordinary Activities before taxation 63,632   (38,547)   45,936
Tax on Profit/(Loss) on ordinary activities 64,968   92,974   173,153
  _________   _________   _________
Profit/ (Loss) for the period 128,600   54,427   219,089
  =========   =========   =========
Profit/ (Loss) per share          
  • basic
0.4p   0.1p   0.7p
  • fully diluted
0.3p   0.1p   0.6p
  =========   =========   =========

  All amounts relate to continuing activities.
  All recognised gains and losses are included in the profit and loss account.
   

.

CONSOLIDATED BALANCE SHEET

as at 31st October 2016

 
Unaudited
Group
31st Oct 2016
Restated
Unaudited
Group
31st Oct 2015

Restated
Audited Group
30th April 2016
    £   £   £
Fixed Assets      
Intangible Assets 2,281,234 2,525,596 2,111,147
Tangible Assets 6,755 16,232 11,650
  _________ _________ _________
  2,287,989 2,541,828 2,122,797
  _________ _________ _________
Current assets      
Debtors      
  • Amounts due in less than one year
371,486 1,307,737 1,481,274
  • Amounts due in more than one year
96,557 80,254 111,036
Cash at bank and in hand 361,314 307,671 315,049
  _________ _________ _________
  829,357 1,695,662 1,907,359
Creditors: amounts falling due within one year (671,886) (1,205,337) (1,197,623)
  _________ _________ _________
Net current assets 157,471 490,325 709,736
  _________ _________ _________
       
Total assets less current liabilities 2,445,460 3,032,153 2,832,533
Creditors: amounts falling due after more than one year (91,849) (158,494) (94,849)
Accruals and Deferred income (558,171) (858,455) (1,070,844)
  _________ _________ _________
  1,795,440 2,015,204 1,666,840
  ========= ========= =========
Capital and reserves      
Called up share capital 110,174 108,592 110,174
Share Premium account 1,639,523 1,591,709 1,639,523
Provision for costs of share option awards 162,580 135,580 162,580
Profit and loss account (116,837) 179,323 (245,437)
  _________ _________ _________
  1,795,440 2,015,204 1,666,840
  ========= ========= =========
       

The above figures have not been reviewed by the company's auditors LDP Luckmans.

The Directors of DXS International plc accept responsibility for this announcement

Contacts:

David Immelman, CE0 01252 719800
DXS International plc  
www.dxs-systems.com  
   
Corporate Adviser  
City & Merchant  
   
David Papworth 020 7101 7676
   
   

Notes to Editors

About DXS:

DXS International presents up to date treatment guidelines and recommendations, from Clinical Commissioning Groups and other trusted NHS sources, to doctors, nurses and pharmacists in their workflow and during the patient consultation. This effective clinical decision support ultimately translates to improved healthcare outcomes delivered more cost effectively which should significantly contribute towards the NHS achieving its projected efficiency savings.




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Source: DXS International plc via Globenewswire