DXS International plc : Half-yearly report Thomson Reuters

DXS INTERNATIONAL PLC

INTERIM RESULTS

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, GPs, doctors and healthcare professionals, is pleased to announce its Interim Results for the 6 months ended 31 October 2015.

HIGHLIGHTS:

  • Revenues increased by 31% to £1.52m (2014 £1.16m)
  • Profit increased by £92,000 to £54,000 (2014 Loss £38,000)
  • Earnings per share increased to 0.2p (2014 Loss 0.1p) per share
  • Current run rate is £3.4m p.a. - an increase of 25% on year ending April 2015
  • DXS has now signed 37 CCGs

The six months results reflect the team's efforts to produce positive results and has seen the Company extending its reach into the UK primary care market.  We now have 37 CCG clients which is an increase of 8 from the same period in 2014. We have a strong forward looking pipeline as we continue with our program of aggressive sales and marketing to the sector, underpinned by a high quality of service delivery.

The significant increase in staff and systems required to comply with the NHS conditions of GPSoc has now tapered off and the Board expects future cost increases will be required only for servicing increases in client numbers and new projects. The Company's trading is cashflow positive and comfortably within its facility limits.

As the NHS continues to seek ways of curbing ever increasing costs - for example in 2017 it is estimated that an additional one million UK residents will fall into the 70+ age category - DXS is strategically positioned to capitalise on the emerging and innovative cost saving and care improvement initiatives within the UK.

We look forward to reporting on our further progress in due course.

David Immelman
CEO

INTERIM RESULTS TO 31st OCTOBER 2015

CONSOLIDATED PROFIT AND LOSS ACCOUNT

for the six month period ended 31st October 2015

 
Unaudited Group
6 Months ended
31st Oct 2015
  Restated
Unaudited
6 Months ended
31st Oct 2014
 
Audited
Year to
30th April 2015
    £     £     £
Turnover 1,521,081   1,164,476   2,723,762
Cost of Sales (222,008)   (223,576)   (461,608)
  _________   _________   _________
  1,299,073   940,900   2,262,154
Administrative Expenses (1,140,076)   (782,643)   (2,149,982)
Goodwill written off nil   nil    
Selling Expenses (155,350)   (150,468)    
Provision for costs of share option scheme (27,000)   (70,000)   (108,580)
  _________   _________   _________
Operating Profit/(Loss) (23,353)   (62,211)   3,592
Other interest receivable and similar income 1,184   1,073   2,170
Interest payable and similar charges (16,378)   (16,812)   (35,477)
  _________   _________   _________
Profit/(Loss) on Ordinary Activities before taxation (38,547)   (77,950)   (29,715)
Taxation on ordinary activities 92,974   50,000   272,290
  _________   _________   _________
Profit/ (Loss) for the period 54,427   (27,950)   242,575
  =========   =========   =========
Profit/ (Loss) per share          
  • basic
0.2p   (0.1)p   0.7p
  • fully diluted
0.1p   (0.1)p   0.6p
  =========   =========   =========

Notes:  the 2015 figures have been adjusted for the effect of FRS 102 which will be applicable to the accounts for the year ending 30th April 2016, and for the grant of options to management which took place in the second half of 2015.  The balance sheet has also been restated for these effects to allow for comparability.
  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 2015

 
Unaudited
Group
31st Oct 2015
Restated
Unaudited
Group
31st Oct 201

Restated
Audited Group
30th April 2014
    £   £   £
Fixed Assets      
Intangible Assets 2,525,596 2,654,028 2,461,732
Tangible Assets 16,232 41,810 22,132
  _________ _________ _________
  2,541,828 2,695838 2,483,864
  _________ _________ _________
Current assets      
Debtors      
  • Amounts due in less than one year
1,307,737 606,007 1,068,112
  • Amounts due in more than one year
80,254 89,251 85,842
Cash at bank and in hand 307,671 397,767 480,928
  _________ _________ _________
  1,695,662 1,093,025 1,634,882
Creditors: amounts falling due within one year (2,063,792) (1,468,275) (1,942,841)
  _________ _________ _________
Net current liabilities (368,130) (375,250) (307,959)
  _________ _________ _________
       
Total assets less current liabilities 2,173,698 2,320,588 2,175,905
Creditors: amounts falling due after more than one year (158,494) (332,526) (242,128)
  _________ _________ _________
  2,015,204 1,988,062 1,933,777
  ========= ========= =========
Capital and reserves      
Called up share capital 108,592 108,518 108,592
Share Premium account 1,591,709 1,584,047 1,591,709
Provision for costs of share option awards 135,580 70,000 108,580
Profit and loss account 179,323 225,497 124,896
  _________ _________ _________
  2,015,204 1,988,062 1,933,777
  ========= ========= =========
       

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 Ltd  
David Papworth 020 7101 7676
   
MB Communications  
Maxine Barnes 07860489571

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

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