TIDMDXSP
DXS INTERNATIONAL PLC
HALF YEAR RESULTS
DXS International plc ("DXS", the "Company"), the digital clinical
decision support company, today announces its unaudited interim results
for the 6 months ended 31 October 2019.
Financial Highlights:
-- Turnover for the period held steady at GBP1,650,000;
-- The Company continued its investment into research and development with
GBP600,000 invested in the period;
-- EBIT is up from (GBP6,003) to GBP124,300 for the period;
-- Net Profit after tax at GBP202,000 is up from GBP70,000 for the same
period in the previous year;
Operational Highlights:
DXS achieved a conditional NHS Digital Care Services (GP IT Futures)
contract. The award is subject to final assurance accreditation due to
be achieved by 15th December 2019. The contract award ensured that our
current solution will once again be centrally funded by the NHS. This is
the new NHS centrally funded framework that funds digital technology
solutions for the UK NHS Primary Care sector.
The Company is also at an advanced stage of achieving central funding
for each of its newly completed solutions under the new GPIT Futures
framework. Our new, advanced digital clinical decision support solution
pilots continue to provide valuable and positive end-user feedback.
Outlook:
-- The imminent commencement of GPIT Futures in early 2020 is an exciting
milestone for DXS. After an arduous 12-month-long tender process, DXS has
again been awarded an NHS contract. This enables Primary Care NHS
organisations such as GP practices to procure DXS solutions paid for from
a central fund.
-- Caps have been removed from pricing which have been a limiting factor on
our current revenue under GPSoC2, the current framework agreement.
Revenues under the new GP IT Futures Framework, which begins in January
2020, are expected to increase.
-- Our new suite of solutions, into which we have invested more than GBP4
million are aligned with the NHS' long term plan and promise to deliver
major benefits to patients, clinicians and the NHS. Our new solutions are
focused on helping clinicians manage long-term conditions with the
initial focus on the UK's 10 million hypertensive patients.
David Immelman, Chief Executive Officer, commented:
"I am very pleased with the progress achieved in the first half of 2019.
Our improved overall results were achieved through a process of
efficiency improvements and consolidation. Our recent GPIT Futures
contract award, together with the launch of our three new products and
their associated revenue potential, bode well for 2020. Supported by an
amazing team of motivated capable people we believe that the company is
heading for significant achievements".
INTERIM RESULTS to 31 OCTOBER 2019
CONSOLIDATED INCOME STATEMENT
for the six-month period ended 31 October 2019
Unaudited
Unaudited Group 6 Months Audited
6 Months ended ended Year to
31 Oct 2019 31 Oct 2018 30 April 2019
GBP GBP GBP
Turnover 1,664,957 1,692,451 3,346,343
Cost of Sales (169,081) (193,244) (385,426)
_________ _________ _________
Gross Profit 1,495,876 1,499,207 2,960,917
Administrative Costs 1,113,939 (1,267,734) (2,568,074)
Depreciation and
Amortisation (257,637) (237,476) (530,292)
_________ _________ _________
Operating Profit/(Loss) 124,300 (6,003) (137,449)
Interest received and
similar income 4,397 219 221
Interest payable and
similar charges (38,873) (28,896) (62,387)
_________ _________ _________
Profit / (Loss) on
ordinary activities
before taxation 89,824 (34,680) (199,615)
Tax on profit on ordinary
activities 112,194 104,963 284,711
_________ _________ _________
Profit / (Loss) for
the period 202,018 70,283 85,096
========= ========= =========
--------------------------
Profit/ (Loss) per
share
- basic 0.6p 0.2p 0.2p
- fully diluted 0.5p 0.1p 0.2p
========= ========= =========
STATEMENT of FINANCIAL POSITION
as at 31 October 2019
Unaudited Unaudited Audited
Group Group Group
31 Oct 2019 31 Oct 2018 30 April 2019
GBP GBP GBP
Fixed Assets
Intangible Assets 3,855,025 3,372,762 3,673,141
Tangible Assets 2,196 3,580 3,060
_________ _________ _________
3,857,221 3,376,342 3,676,201
_________ _________ _________
Current assets
Debtors
- Amounts due in less than
one year 360,861 1,326,216 1,688,720
- Amounts due in more than
one year - 84,500 -
Cash at bank and in hand 134,249 78,000 55,242
_________ _________ _________
495,110 1,488,716 1,743,962
Creditors: amounts falling
due within one year 766,043 (1,232,694) 1,518,021
_________ _________ _________
Net current
(liabilities)/assets (270,933) 256,022 225,943
_________ _________ _________
Total assets less current
liabilities 3,586,288 3,632,364 3,902,142
Creditors: amounts falling
due after more than one year (458,071) (467,098) (464,951)
Accruals and Deferred income (642,619) (936,555) (1,193,611)
_________ _________ _________
2,485,598 2,228,711 2,243,580
========= ========= =========
Capital and reserves
Called up share capital 117,419 115,988 116,099
Share Premium account 1,790,979 1,752,355 1,752,299
Provision for costs of share
option awards 162,580 162,580 162,580
Retained earnings 414,620 197,788 212,602
_________ _________ _________
Shareholder Funds 2,485,598 2,228,711 2,243,580
========= ========= =========
Statement of Cash Flows
for the six-month period ended 31 October 2019
Unaudited 6 Months Unaudited
ended 6 Months ended
31 Oct 2019 31 Oct 2018
GBP GBP
Cash flow from operating activities 259,430 852,681
Interest paid (38,873) (62,387)
Interest Received 4,397 221
Taxation received 257,194 179,711
_________ _________
Net cash flow from operating
activities 482,148 970,226
Cash flow from investing activities _________ _________
Payments to acquire intangible
fixed assets (438,657) (1,143,900)
Payments to acquire tangible fixed
assets - (283)
_________ _________
(438,657) (1,144,183)
_________ _________
External Funding
Proceeds on issue of shares 40,000 118,701
_________ _________
Cash Flow from investing activities
_________ _________
Repayment of long term loans (4,484) (51,670)
Advance of long term loans - 22,156
_________ _________
(4,484) (29,514)
_________ _________
Net increase (decrease) in cash
and cash equivalents 79,007 (84,770)
Cash and cash equivalents at 30
April 2019 55.242 140,012
_________ _________
Cash and cash equivalents at 31
October 2019 134,249 55,242
_________ _________
------------------ ---------------
Cash and cash equivalents consist
of:
Cash at bank and in hand 134,249 55,242
_________ _________
------------------ ---------------
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 (Chief Executive) 01252 719800
DXS International plc 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.
(END) Dow Jones Newswires
December 06, 2019 02:00 ET (07:00 GMT)
Copyright (c) 2019 Dow Jones & Company, Inc.
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