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 2020.
Financial Highlights
- Revenue for the six month period has increased marginally by 3%
to £1,716,423 (2019: £1,664,957);
- Profit before tax is up by 68% to £150,556 (2019: £89,824) and
profit after tax up by 11% to £224,825 (2019: £202,018).
- Overall revenue has held up well and the Company continues to
maintain a healthy balance sheet with £1.2 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 6 Months ended 31 Oct
2020 |
|
Unaudited 6 Months ended 31 Oct 2019 |
|
Audited Year to 30 April 2020 |
|
|
£ |
|
|
£ |
|
|
£ |
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
|
UnauditedGroup at31 Oct
2020 |
UnauditedGroup at31 Oct
2019 |
AuditedGroup at30 April
2020 |
|
|
£ |
|
£ |
|
£ |
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
|
UnauditedGroupSix months
ended 31 Oct 2020 |
UnauditedGroupSix months
ended 31 Oct 2019 |
Audited Group year ended 30 April 2020 |
|
|
£ |
|
£ |
|
£ |
|
|
|
|
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 Debt |
Non
Current Debt |
Cash |
Total |
|
£ |
£ |
£ |
£ |
|
|
|
|
|
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)DXS International plc |
01252 719800david@dxs-systems.com |
https://www.dxs-systems.co.uk |
|
Corporate
Advisor |
|
City &
Merchant David Papworth |
020 7101 7676 |
Corporate
Broker |
|
Hybridan
LLPClaire 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.
DXS (AQSE:DXSP)
Historical Stock Chart
From Jun 2024 to Jul 2024
DXS (AQSE:DXSP)
Historical Stock Chart
From Jul 2023 to Jul 2024