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
2022CONSOLIDATED
INCOME STATEMENT
for the six month period ended 31 October 2022
|
Unaudited Group
6 Months ended
31 Oct
2022 |
|
Unaudited6 Months
ended31 Oct
2021 |
|
AuditedYear
to30 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 |
|
|
|
|
|
|
0.1p |
|
0.3p |
|
0.5p |
|
0.1p |
|
0.3p |
|
0.5p |
|
========= |
|
========= |
|
========= |
STATEMENT of FINANCIAL POSITION
as at 31 October 2022
|
UnauditedGroup
at31 Oct
2022 |
UnauditedGroup
at31 Oct
2021 |
AuditedGroup
at30 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
|
UnauditedGroupSix months
ended 31 Oct
2022 |
UnauditedGroupSix 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 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.
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