The Directors of
The year under review has seen a number of significant achievements:
- Turnover increased by 26% from £1.43m to £1.81m;
- Successful Entitlement and Open Offer concluded and oversubscribed raising £433,000;
- Turnover up by 10% in Q1;
- One of only 17 companies to achieve successful conclusion of the Company's application for Lot 1 approval under the new GP Systems of Choice 2;
- 8 new CCGs ("Clinical Commissioning Groups") added bringing the total at
April 2014to 20 (843 GP practices);
- Continued R&D resulting in the market launch of DXS Triage and further enhancements to
DXS Pointof Care;
- DXS awarded Preferred Supplier status by the NHS in
March 2014for Clinical Decision Support solutions to the NHS;
Commenting on the results, Chairman
For further information please contact:
DXS International plc
| ||0207 101 7676|
The following information has been extracted from the Company's audited accounts for the year to
The Directors of
Revenue grew from £1,436,317 at
Over the last 15 months DXS' Directors and Staff have focussed on the Company's application for Lot 1 approval under the new GP Systems of Choice ("GPSoC"), part of the NHS' overall procurement structure, which was announced on
The new GPSoC2 scheme, effective from
The healthcare market demands innovation and DXS continues with a program of R&D which has added new modules to our existing Point of Care Solution all aimed at achieving reduced cost and improved quality of care. Our strategy is to partner with innovative solutions/services that we can leverage off our existing footprint wherever possible. One area of focus is chronic disease. For example, Diabetes alone consumes 10% of the
All GPSoC2 winners are required to meet a minimum set of requirements which are expected to evolve during the life of the contract. DXS has spent the past period putting in place the resources and systems to bring the Company to the required levels of conformance. One key area of compliance is the interface with the various GP Clinical Systems. DXS is well positioned in this respect due to existing integrations with the Clinical Systems provided by EMIS, INPS, TPP and Microtest, giving access to 100% of the GP systems in the
In terms of our cash raising and cash deployment this year, DXS was able to reduce its issued share capital by over 3.3million shares, resulting in an improvement of over 11% in the value of each shareholder's holding in the Company. Following this, in
I would particularly like to take this opportunity to thank all of our staff, and in particular the core DXS Team, for their incredible and untiring effort in delivering a superlative submission under a very demanding timetable. This takes our Company to a new level in working for the best interests of GPSoC and the NHS. We will continue to increase the cost-effectiveness of our product for CCG's and medical practitioners and add meaningful value for shareholders in 2014 and beyond.
Finally, the audited profit for the year ending
We have already increased resources in sales, marketing, content, coding, support and training in order to deliver a first class service to our new and existing client base. These are exciting times indeed for
REPORT OF THE DIRECTORS
The directors present their annual report and the audited financial statements for the year ended
The directors for the year were:
D Immelman - CEO
S Bauer - MD
B Sutcliffe - Chair
Acquisition Of Own Shares
In terms of an agreement dated
The group's principal activities during the period were the development and distribution of clinical decision support to General Practitioners, Nurses and Retail Pharmacies in the
Failure to achieve predicted quantities of DXS contracts and slower development of additional revenue streams may result in revenues growing more slowly than anticipated.
At this stage the Group is not faced with risk relating to interest rates on loans, credit and liquidity.
Payment of Creditors
While the Group does not follow any standard payment practice, the Group has agreed terms of payment with the majority of its creditors of 30 days. The company has actually achieved payment with the majority of its creditors of 25 days.
The Directors do not recommend a dividend.
Research and Development
The company continues to invest into research and development both local and internationally. With the rapid emergence of Clinical Commissioning Groups in the
The Directors are responsible for preparing the financial statements for each financial year. The directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:
- Select suitable accounting policies and apply them consistently.
- Make judgments and accounting estimates that are reasonable and prudent.
- State whether
UKaccounting principles have been followed subject to any material departures disclosed and explained in the financial statements and,
- Prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in the business.
The directors are responsible for keeping proper accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The directors have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company's auditors are aware of that information.
Approved by the board and signed on its behalf by:
D A Immelman
20th August 2014
CONSOLIDATED PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED
|Cost of sales||(403,175)||(257,670)|
|Operating profit/ (loss)||116,603||182,977|
|Other interest receivable and similar income||1,946||1,772|
|Interest payable and similar charges||(41,520)||(8,875)|
|Profit/ (Loss) on ordinary activities before taxation||77,029||175,874|
|Tax on Profit on ordinary activities||156,335||49,675|
|Profit for the year||233,364||225,549|
|Profit per share -|
All amounts relate to continuing activities
All recognised gains and losses are included in the profit and loss account
AS AT 30 APRIL 2014
|Amounts due in less than one year||753,330||427,878||45,820||29,917|
|Amounts due in more than one year||88,179||112,093||-||-|
|Cash at Bank and in hand||565,018||155,269||284,152||90,312|
|Creditors: amounts falling due|
|within one year||(1,565,167)||(875,587)||(21,933)||(80,942)|
|Net current assets / (liabilities)||(158,640)||(180,347)||308,039||39,287|
|Total assets less current liabilities||2,353,377||1,870,583||1,309,320||920,200|
| Creditors: amounts falling due|
after more than one year
|Capital and reserves|
|Called up share capital||108,518||107,695||108,518||107,695|
|Share Premium account||1,584,047||1,196,204||1,584,047||1,196,204|
|Profit and loss account||267,699||34,335||(383,245)||(383,699)|
|Equity shareholders' funds||1,960,264||1,338,234||1,309,320||920,200|
Approved by the Board for issue on 20th August 2014
| D Immelman|
| S Bauer|
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED
1 Accounting policies
1.1 Accounting convention
The financial statements are prepared under the historical cost convention.
1.2 Compliance with accounting standards
The financial statements are prepared in accordance with applicable United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice) which have been applied consistently (except as otherwise stated).
1.3 Going concern
At 30th April 2014, the Group had net current liabilities and deferred income totalling £ (158,640) (2013 - liabilities of £ (180,347). The directors have reviewed the current 2014/15 management accounts as well as preparing a financial forecast for 2014/15 on the basis of various trading and working capital assumptions to determine the Group's funding requirements.
The Group is reliant on the continued support of certain creditors and shareholders to enable it to continue as a going concern. These creditors have given confirmations that they will not call for a payment of these debts for a period of at least twelve month from the date of the approval of these financial statements.
On the basis of the forecasting exercise and the continued availability of debtor finance the directors have concluded that the Group will be able to operate for a period of at least twelve months from the date of approval of these financial statements.
There can be no certainty that the outcome of all the matters discussed above will be as forecast by the directors, however there are no matters or events known by the directors which would preclude the adoption of the going concern basis in the preparation of these financial statements. The financial statements do not include any adjustments to the value of balance sheet assets or liabilities which would result should the going concern not be valid.
1.4 Basis of consolidation
The group financial statements consolidate those of the company and of its subsidiaries using the acquisition method of accounting. All companies within the group make up their accounts to the same date.
Results of subsidiary undertakings acquired during the financial period are included from the effective date on which control is acquired. The separate net assets of newly acquired subsidiary undertakings are incorporated into the financial statements on the basis of the fair value to the group as at the effective date.
Goodwill on consolidation is being amortised in equal instalments over its estimated useful economic life of 20 years.
Turnover represents amounts receivable under advertising contracts and is recognised on a straight line over the life of the contract in accordance with the substantial risks and rewards of the contract. Turnover invoiced in advance is deferred and included with current liabilities. A fair proportion of the revenue in respect of the initial contract for each customer is taken to revenue when the contract is signed.
1.6 Tangible fixed assets and depreciation
Tangible fixed assets are stated at cost less depreciation. Depreciation is provided to write off the cost less estimated residual value of each asset over its expected useful life, as follows:
Plant & equipment 3-4 years straight line
1.7 Intangible fixed Assets
The Computer software is the basis for the software development of the company. The software is continually updated and improved. The cost of the Computer software is being amortised in equal instalments over its estimated useful economic life of 20 years.
1.8 Foreign Currency Translation
Monetary assets and liabilities denominated in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are recorded at the rates ruling at the date of the transaction. All differences are taken to profit and loss account.
The taxation charge in the profit and loss account is based on the taxable profits for the period at current rates of taxation and takes into account any provision for deferred taxation.
1.10 Deferred taxation
Deferred taxation is provided in full on timing differences arising from the different treatment of items for accounting and taxation purposes which are expected to reverse in the future, calculated at current tax rates, where deemed material. Deferred tax assets and liabilities are not discounted.
1.11 Research and Development
Research expenditure is written off to the profit and loss account in the year in which it is incurred. Development expenditure is written off in the same way unless the directors are satisfied as to the technical, commercial and financial viability of individual projects. In this situation, the expenditure is deferred and amortised over the period during which the company is expected to benefit.
1.12 Operating leases
Rentals payable under operating leases are charged against income on a straight line basis over the lease term.
1.13 Company Profit and Loss Account
The company has taken advantage of the exemption permitted under Section 408 of the Companies Act 2006 and has not presented its own profit and loss account in these financial statements. The company's loss after tax for the year was £454 (2013 - (loss) of £ (2,381)).
1.14 Fixed Asset Investments
Fixed asset investments are stated at cost less provision for permanent diminution in value.
The Directors confirm that the Company has complied with Guidance Note 69.1 of the ISDX Rules for Issuers throughout the period.
The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.