Half-year report InPublic Half-year report

DXS INTERNATIONAL PLC

(AQSE: DXSP)

HALF YEAR RESULTS

DXS International plc ("DXS" or the "Company"), the digital clinical decision support company, is pleased to provide shareholders with its unaudited interim results for the half year ending 31 October 2022.

Financial Highlights

  • Revenue for the six-month period was marginally up at £1,652,467 (2021: £1,618,4383);
  • Profit/Loss before tax is a loss of (£131,269) (2021: Profit £21,427) and profit after tax £27,656 (2021: £137,352).
  • Cash on hand £398,745.

Results overall are in line with projections. Reduced profit is largely due to increased operating costs and depreciation.

Operational Highlights

  • A six month referral trial utilising DXS SMART referral functionality produced significant results in reducing referral rejections from 36% to less than 2% and cutting waiting times from 44 to 22 weeks.
  • The IM1 (Interface Mechanism 1 – the NHS owned API providing access to patient records) development and integration with our new generation Aios Platform is complete providing improved user functionality and ability to meet new NHS COVID induced challenges.
  • The first revised model ExpertCare hypertension trials, commencing before the end of January 2023 with a group of Primary Care organisations recruited, is ready for participation in up to a 6-month trial.
  • Overall development of our new cloud based DXS Point-of-Care solution is progressing well with a first version expected to be launched in the first quarter 2023.
  • Concluded the renewal of existing CCG (Clinical Commissioning Group) agreements due to the NHS restructuring.

Engaging with the various NHS organisations remains challenging due to COVID induced backlogs, clinician shortages and NHS restructuring. On the positive side the NHS announced the following goals for the next 12-months:

  • Recover NHS core services and productivity.
  • As they recover, make progress in delivering the key ambitions in the NHS Long Term Plan (LTP).
  • Continue transforming the NHS for the future.

To achieve this the NHS have set out clear objectives, some which fit squarely within our solution capabilities.

  • On 23 December 2022, the NHS CEO announced the 2023/24 priorities and operational guidance which includes reducing waiting times and improving blood pressure control to 77% by March 2023.
  • Empowering the wider workforce to tackle clinician shortages.

David Immelman, CEO of DXS International plc, said:

“With the persistent challenges facing the NHS, our solutions have never been more aligned to NHS priorities.  Our new products are currently being trialled in numerous clinical commissioning groups with significant results demonstrated in reducing referral rejections and drastically cutting waiting times.  We are solely focused in converting these trials to commercial contracts. 

This provides us with an opportunity to engage with the NHS in utilising both our referral and hypertension solutions in significantly contributing towards achieving these objectives.

We are a passionate and bold team with innovative solutions that can make a significant positive contribution towards curbing and cutting rising healthcare costs and ensuring healthier populations. Future sales prospects, in the UK and abroad, are promising, generated by the persistent efforts of our dedicated sales and marketing team. This will ensure the achievement of our objectives resulting in planned shareholder rewards."

INTERIM RESULTS to 31 OCTOBER 2022
CONSOLIDATED INCOME STATEMENT

for the six month period ended 31 October 2022

  Unaudited GroupMonths ended 31 Oct 2022    

Unaudited
6 Months ended
31 Oct 2021
   

Audited
Year to
30 April 2022
  Continuing Operations   Continuing Operations   Continuing Operations
    £     £     £
Turnover 1,652,467   1,618,439   3,285,050
Cost of Sales (229,308)   (191,952)   (412,904)
Gross Profit 1,423,159   1,426,487   2,872,146
Administration Costs (1,175,224)   (1,111,965)   (2,269,633
Depreciation and Amortisation (354,363)   (274,093)   (660,289)
Operating Profit / Loss (106,428)   40,429   (57,776)
Sundry Income -   2,152   2,153
  (106,428)   42,581   (55,623)
Interest payable and similar expenses (24,841)   (21,154)   (43,022)
Loss / Profit on ordinary activities before taxation (131,269)   21,427   (98,645)
Tax on profit on ordinary activities 158,925   115,925   320,895
Profit for the period 27,656   137,352   222,250
  =========   =========   =========
Profit per share          
  • basic
0.1p   0.3p   0.5p
  • fully diluted
0.1p   0.3p   0.5p
  =========   =========   =========

STATEMENT of FINANCIAL POSITION

as at 31 October 2022

  Unaudited
Group at
31 Oct 2022
Unaudited
Group at
31 Oct 2021
Audited
Group at
30 April 2022
    £   £   £
Fixed Assets      
Intangible Assets 5,499,920 4,921,943 5,183,683
Tangible Assets 1,868 961 2,645
  _________ _________ _________
  5,501,788 4,922,904 5,186,328
  _________ _________ _________
Current assets      
Debtors Amounts falling due within one year 487,179 320,784 693,702
Cash at bank and in hand 398,745 543,281 452,379
  _________ _________ _________
  885,924 864,065 1,146,081
Creditors: amounts falling due within one year (839,344) (689,586) (889,761)
  _________ _________ _________
Net current assets / (liabilities) 46,580 174,479 256,320
  _________ _________ _________
       
Total assets less current liabilities 5,548,368 5,097,383 5,442,648
       
Creditors: amounts falling due after more than one year (607,095) (364,681) (331,330)
Deferred income (548,975) (447,958) (746,676)
  _________ _________ _________
  4,392,298 4,284,744 4,364,642
 

 

 
========= ========= =========
Capital and reserves      
Called up share capital 159,246 159,246 159,246
Share Premium 2,671,321 2,676,321 2,671,321
Provision for costs of share option awards 173,808 173,808 173,808
Retained earnings 1,387,923 1,275,369 1,360,267
  _________   _________
Shareholders’ Funds 4,392,298 4,284,744 4,364,642
  ========= ========= =========
       

STATEMENT of CASH FLOWS

Six months ended 31 October 2022

  Unaudited
Group
Six months ended 31 Oct 2022
Unaudited
Group
Six months ended 31 Oct 2021
Audited Group year ended 30 April 2022
    £   £   £
       
Cash flow from operating activities (135,175) 242,179 907,862
Interest paid (24,841) (21,154) (43,022)
Sundry Income - 2,152 2,153
R&D tax credit 323,925 249,925 249,895
  _________ _________ _________
Cash flow from operating activities 163,909 473,102 1,116,888
  _________ _________ _________
       
Cash flow from investing activities      
Payments to acquire intangible fixed assets (669,967) (637,695) (1,284,961)
Expense in respect of share issue in February 2022 - - (5,000)
Proceeds / (Payments) in respect of tangibe fixed assets 144 - (2,354)
Payments to acquire tangible fixed assets      
  _________ _________ _________
  (669,823) (637,695) (1,292,315
  _________ _________ _________
       
Cash flow from investing activities      
Repayment of long term loans (47,720) (84,444) (164,512)
Advance of long term loans 500,000 - -
  _________ _________ _________
  452,280 (84,444 (164,512)
  _________ _________ _________
       
Net increase / (decrease) in cash and cash equivalents (53,634) (249,037) (339,939)
Cash and Cash equivalents at 30 April 2022 452,379 792,318 792,318
  _________ _________ _________
       
Cash and Cash equivalents at 31 October 2022 398,745 543,281 452,379
  ========= ========= =========
Cash and Cash equivalents consists of:      
Cash at bank and in hand 398,745 543,281 452,379
  ========= ========= =========

Net Debt Reconciliation

  Current Debt Non Current Debt Cash Total
    £ £ £
         
At 30 April 2021 (207,139) (449,125) 792,318 136,054
Cash flow (85,993) 117,795 (339,939) (308,137)
  _________ _________ _________ _________
         
At 30 April 2022 (293,132) (331,330) 452,379 (172,083)
Cash flow (45,963) (275,765) (53,634) (375,362)
  _________ _________ _________ _________
At 31 October 2022 (339,095) (607,095) 398,745 (547,445)
  ========= ========= ========= =========

The above figures have not been reviewed by the company's auditors Crowe U.K. LLP.

The Directors of DXS International plc accept responsibility for this announcement

Contacts:

David Immelman      (Chief Executive)
DXS International plc
01252 719800
david@dxs-systems.com
https://www.dxs-systems.co.uk  


Corporate Advisor

 
 
City & Merchant
David Papworth

 
020 7101 7676

 


Corporate Broker

 
 
Hybridan LLP
Claire Louise Noyce

 
020 3764 2341

 

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 and which should significantly contribute towards the NHS achieving its projected efficiency savings.

 


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