TIDMDXSP
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 2020.
Financial Highlights
-- Revenue for the six month period has increased marginally by 3% to
GBP1,716,423 (2019: GBP1,664,957);
-- Profit before tax is up by 68% to GBP150,556 (2019: GBP89,824) and profit
after tax up by 11% to GBP224,825 (2019: GBP202,018).
-- Overall revenue has held up well and the Company continues to maintain a
healthy balance sheet with GBP1.2 million in cash at the period end and
continues to trade profitably.
While the ongoing COVID situation continues to slow down the planned
market launches of our new solutions we are persevering with initiating
pilots and initial responses from GPs remain positive and enthusiastic.
From an operational perspective we are pleased to announce the following
important milestones.
Operational Highlights
-- To qualify for NHS GP IT Futures accreditation our hypertension solution
(ExpertCare) is classified as a medical device and therefore requires
certification within the UK and EU. We are pleased to announce that the
Hypertension Expert Solution is now CE accredited.
-- The company also attained ISO accreditation at three ISO standards:
-- ISO27001:2013 - Information Security Management.
-- ISO22301:2019 - Business Continuity Management.
-- ISO20000-1:2018 - Information Technology Service Management.
-- Progress with planned ExpertCare hypertension solution pilots with 37 GP
practices having indicated a willingness to participate with a number at
varying stages of progress.
As an accredited Supplier to the NHS we are required to migrate our DXS
Point of Care solution to a web--based system. We are currently
accelerating this process which, once complete, will provide additional
benefits to the business including the ability to scale more rapidly and
reduce support and maintenance costs. It will also enable enhanced
functionality for our customers thereby moving the solution to new
levels and revenue streams. This project is significant and will be
completed in a phased approach over the next 12 to 18 months.
David Immelman, Chief Executive Officer, commented:
I am extremely proud of our staff who have continued to mostly work from
home while maintaining excellent levels of service for our customers and,
when required, pivoting to adapt during these unusual times. We expect
our GP practice clients to remain busy with the planned vaccination
program over the coming months and hope that the situation should begin
to normalise towards March/April 2021.
INTERIM RESULTS to 31 OCTOBER 2020
CONSOLIDATED INCOME STATEMENT
for the six month period ended 31 October 2020
Unaudited Group Unaudited Audited
6 Months ended 6 Months ended Year to
31 Oct 2020 31 Oct 2019 30 April 2020
GBP GBP GBP
Turnover 1,716,424 1,664,957 3,279,787
Cost of Sales (177,367) (169,081) (318,424)
_________ _________ _________
Gross Profit 1,539,057 1,495,876 2,961,363
Administrative Costs (1,064,034) (1,113,939) (2,085,776)
Depreciation and
Amortisation (302,623) (257,637) (571,562)
_________ _________ _________
Operating Profit 172,398 124,300 304,025
Interest received and
similar income - 4,397 4,398
Interest payable and
similar charges (21,842) (38,873) (69,116)
_________ _________ _________
Profit on ordinary
activities before taxation 150,556 89,824 239,307
Tax on profit on ordinary
activities 74,269 112,194 189,195
_________ _________ _________
Profit / (Loss) for
the period 224,825 202,018 428,502
========= ========= =========
Profit per share
- basic 0.5p 0.6p 1.1p
- fully diluted 0.5p 0.5p 1.1p
========= ========= =========
STATEMENT of FINANCIAL POSITION
as at 31 October 2020
Unaudited Unaudited Audited
Group at Group at Group at
31 Oct 2020 31 Oct 2019 30 April 2020
GBP GBP GBP
Fixed Assets
Intangible Assets 4,273,801 3,855,025 4,007,411
Tangible Assets 1,680 2,196 1,105
_________ _________ _________
4,275,481 3,857,221 4,008,516
_________ _________ _________
Current assets
Debtors Amounts falling due
within one year 283,515 360,861 759,405
Cash at bank and in hand 1,207,205 134,249 1,010,645
_________ _________ _________
1,490,820 495,110 1,770,050
Creditors: amounts falling
due within one year (845,059) (766,043) (1,180,704)
_________ _________ _________
Net current assets /
(liabilities) 645,761 (270,933) 589,346
_________ _________ _________
Total assets less current
liabilities 4,921,242 3,586,288 4,597,862
Creditors: amounts falling
due after more than one year (563,580) (458,071) (376,289)
Deferred income (482,358) (642,619) (571,094)
_________ _________ _________
3,875,304 2,485,598 3,650,479
========= ========= =========
Capital and reserves
Called up share capital 159,246 117,419 159,246
Share Premium 2,676,321 1,790,979 2,676,321
Share option reserve 173,808 162,580 173,808
Retained earnings 865,929 414,620 641,104
_________ _________ _________
Shareholders' Funds 3,875,304 2,485,598 3,650,479
========= ========= =========
STATEMENT of CASH FLOWS
Six months ended 31 October 2020
Unaudited Unaudited
Group Group Audited Group
Six months ended Six months ended year ended
31 Oct 2020 31 Oct 2019 30 April 2020
GBP GBP GBP
Cash flow from operating
activities 435,895 259,430 777,709
Interest paid (21,842) (38,873) (69,116)
Interest received - 4,397 4,398
R&D tax credit 186,269 257,194 257,195
_________ _________ _________
Net Cash flow from operating
activities 600,322 482,148 970,186
_________ _________ _________
Cash flow from investing
activities
Payments to acquire intangible
fixed assets (568,259) (438,657) (904,503
Payments to acquire tangible
fixed assets (1,329) - -
Disposal of tangible fixed
assets - - 626
_________ _________ _________
(569,588) (438,657) (903,877)
_________ _________ _________
Financing activities
Net Proceeds on issue of
shares - 40,000 978,397
Repayment of long term loans (24,074) (4,484) (89,303)
Advance of long term loans 190,000 - -
_________ _________ _________
165,926 35,516 889,094
_________ _________ _________
Net increase in cash and
cash equivalent 196,660 79,007 955,403
Cash and Cash equivalents
at 1 May 2020 1,010,645 55,242 55,242
_________ _________ _________
Cash and Cash equivalents
at 3 October 2020 1,207,305 134,249 1,010,645
========= ========= =========
Cash and Cash equivalents
consists of:
Cash at bank and in hand 1,207,305 134,249 1,010,645
========= ========= =========
Net Debt Reconciliation
Current Non Current
Debt Debt Cash Total
GBP GBP GBP GBP
At 30 April 2019 (665,212) (464,951) 55,242 (1,074.921)
Cash flow 244,440 89,203 955,403 1,289,146
Transfer from Current to
Non Current Debt 641 (641) - -
_________ _________ _________ _________
At 30 April 2020 (420,131) (376,289) 1,010,645 214,225
Cash flow 360,351 (187,291) 196,660 369,720
Transfer from Current to
Non Current Debt - - - -
_________ _________ _________ _________
At 31 October 2020 (59,780) (563,580) 1,207,305 583,945
========= ========= ========= =========
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) 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
November 26, 2020 02:00 ET (07:00 GMT)
Copyright (c) 2020 Dow Jones & Company, Inc.
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