TIDMINHC
RNS Number : 5227I
Induction Healthcare Group PLC
05 December 2022
Induction Healthcare Group PLC
("Induction", the "Company", or the "Group")
Unaudited Interim Results
for the six months ended 30 September 2022
Induction Healthcare (AIM: INHC), a leading digital health
platform driving transformation of healthcare systems , announces
its unaudited interim results for the six months ended 30 September
2022, a period of continued revenue growth driven by the Company's
leading position providing products to support the digitization of
healthcare delivery.
Induction's products power remote consultations, capture patient
reported data and empower patients to self-manage their care
pathway. They are designed around the needs of the patient and
deliver cost and efficiency benefits to hospitals, regional care
systems and governments. Used at scale by national and regional
healthcare systems, Induction's applications are relied upon by
hundreds of thousands of clinicians and millions of patients across
almost every hospital in the British Isles.
Financial Highlights
-- Recorded Revenues up 54% to GBP7.1m (H1 2021: GBP4.6m) with
organic growth across key products
- Induction Attend Anywhere revenues GBP5.6m (H1 2021: GBP3.6m)
- Induction Zesty revenue GBP1.1m (H1 2021: GBP0.6m)
-- Adjusted EBITDA loss of GBP1.0m (H1 2021: GBP0.7m)
-- Annual Recurring Revenues ("ARR") at period end of GBP14.5m
up from GBP13.5m at the start of H1 2022
-- Cash position as at 30 September 2022 of GBP9.0m (31 March 2022: GBP7.5m)
Operational Highlights
-- Strong start to the financial year with better-than-expected
Induction Attend Anywhere renewals across NHS England
-- Value Added Reseller agreement signed with System C for Induction Zesty
-- Induction Zesty contracts with 8 further hospitals in
England, building on the previously announced contract win with 4
hospitals in South West London
-- Christopher Samler appointed as Non-Executive Chairman
James Balmain, CEO of Induction, said: " We are confident that
the business is well-positioned to deliver continued revenue growth
from its core products, Induction Attend Anywhere and Induction
Zesty. It is however apparent that the rate of growth this year
will be impacted by the delays we've seen in the implementation of
centrally funded digitisation programmes and the general political
turmoil of recent months. We don't expect to see these
opportunities drop away, rather they are now more likely to
conclude next financial year.
"Despite these headwinds, we remain confident that overall year
end revenues will show an improvement of at least 75% against our
year end 31 March 2022 recognised revenues of GBP7.9m and we expect
to grow our recurring revenues by at least 23% year on year. Both
of these key metrics, whilst encouraging, are lower than our
expectation and as a result the business is heavily focussed on
underlying profitability and cash. We have initiated programmes
internally to ensure our business is sized correctly to capture
growth and to ensure that we do not have to raise further working
capital pending reaching our objective of cash-flow breakeven by
the fourth quarter of next financial year.
"Nothing has changed in terms of the critical need to further
advance the digital transformation of the NHS, and in particular to
drive efficiencies and support the reduction of extended waiting
times. The strategic pillars for growth, as described in our
recently published Annual Report remain as relevant as before and
we remain confident about the future prospects of the Group."
Investor Presentation
The Company will be hosting a live online presentation via the
Investor Meet Company platform at 4pm (GMT) today. The presentation
is open to all existing and potential shareholders.
Investors can sign up to Investor Meet Company for free and
register for the presentation here:
https://www.investormeetcompany.com/induction-healthcare-group-plc/register-investor
.
A recording of the presentation, a PDF of the slides used, and
responses to the Q&A session will be available on the Investor
Meet Company platform and the Company's investor website
afterwards.
ENQUIRIES
Induction Via Walbrook PR Ltd: induction@walbrookpr.com
James Balmain, Chief Executive Officer
Christopher Samler, Chair
Singer Capital Markets (Nominated
Adviser and Broker) +44 (0)20 7496 3000
Philip Davies / Kailey Aliyar
Walbrook PR Ltd induction@walbrookpr.com
Paul McManus / Alice Woodings Mob: +44 (0)7980 541 893 / +44
(0)7407 804 654
About Induction - www.inductionhealthcare.com
Induction (AIM: INHC) Induction delivers a suite of software
solutions through a single integrated platform that transforms care
delivery. Our system-wide applications help healthcare providers
and administrators to deliver care at any stage remotely as well as
face-to-face - giving the communities they serve greater
flexibility, control and ease of access. Purpose-built for
integration with leading Electronic Medical Record (EMR) platforms,
our products offer immediate stand-alone value that becomes even
greater when integrated with pre-existing systems.
Used at scale by national and regional healthcare systems, as
well non-health government services, our applications are relied
upon by hundreds of thousands of clinicians and millions of
patients across almost every hospital in the British Isles.
CEO REVIEW
Overview
Over the last six months we have seen continued year-on-year
revenue growth from our Induction Zesty patient engagement platform
and maintained strong annually recurring revenue from our Induction
Attend Anywhere video consultation platform, building on a
successful renewal of key NHS England contracts at the start of the
year.
The need to continue the digital transformation of the NHS
remains as strong as ever. Despite recent political and economic
turmoil in the UK, delivering this transformation is still very
much a key focus for the Government and NHS bodies across the UK.
There is committed funding to support the roll-out of software that
will help reduce NHS waiting lists.
However, the allocation of this central capital to fund key
digital programmes has been slower than expected. Central funding
and policy guidance is now in place to drive all hospitals in
England to have suitable patient engagement platforms in place by
the end of March 2023 . This has had the net effect of deferring
some expected contract wins and their associated revenue into next
financial year.
Induction is well positioned to receive new contracts as a
result of this funding:
-- Induction Attend Anywhere is the leading hospital video
consultation platform throughout NHS England
-- Induction Zesty's selected as one of the first four patient
engagement platforms to be directly integrated into the NHS App
-- To qualify for central funding NHS Trusts have been strongly
encouraged to procure those platforms that have integrated into the
NHS App
-- Induction's unique Value Added Reseller Agreements with both
Oracle Cerner and System C for Induction Zesty allows Induction to
exclusively capture separate funding made available for upgrades to
hospital EMR systems.
H1 performance
Overall recorded revenues for the first half showed an
improvement of just over 54% to GBP7.1m (H1 2021: GBP4.6m).
We continue to work closely with NHS Wales, NHS Scotland and the
Scottish government in ensuring Induction Attend Anywhere continues
to deliver a high quality service to the millions of users it
serves. Looking ahead to the second half of this year, we remain
confident in key H2 contract renewals with these customers.
We have seen some delays in the roll-out of Induction Attend
Anywhere in relation to the Department of Work and Pensions (DWP)
contract announced in November 2021 as we seek to meet changing
platform requirements from the DWP. Completion of these platform
updates will be required before the DWP can make the platform
available to a wider range of departments, a key driver of
increased revenue.
As announced in April, the South West London ICS, comprising
four NHS Acute Trusts, signed up to deploy Induction Zesty to
support their outpatient transformation programme. Building on
this, eight further hospitals have been signed as at 30 September.
Induction Zesty revenues nearly doubled to GBP1.1m (H1 2021:
GBP0.6m) and, for the reasons described above, we believe we will
see further significant sales growth in Induction Zesty sales in
the second half and through into the next financial year, albeit at
a slower rate than originally anticipated.
Other Induction products (our clinical apps Induction Guidance
and Induction Switch) delivered revenues of GBP0.4m (H1 2021:
GBP0.3m). As we've stated in our Annual Report, given the
relatively minor contribution of these clinical apps to overall
group revenues, as well as their cost base, we are considering the
future role of clinical apps within the group.
At the period end, the Group recorded GBP14.5m of annual
recurring revenue (compared to GBP13.5m at the start of H1 2022)
with recurring revenue for the period accounting for over 90% of
total revenues.
In the first half we recorded an adjusted EBITDA loss of GBP1.0m
(H1 2021: GBP0.7m).
Cash position
The Group ended the first half with cash on hand of GBP9.0 m (
31 March 2022: GBP7.5m).
We currently expect revenue for the full year to be
approximately GBP3m lower than forecast . In addition, we expect
cost escalations of GBP0.9m relating to increased hosting costs
(AWS) and adverse foreign exchange movements versus the US Dollar
which is the payment currency of many of our IT services. To offset
this , the business is con ducting an immediate review of its
expenditure to align with the current and expected future growth of
our public sector customer base. These and other related savings
will be material and are to be initiated forthwith, although the
benefits are not expected to fully flow through until the first
half of next financial year.
The majority, by value, of our main Induction Attend Anywhere
contracts renew at the end of March . We therefore receive
significant cash inflows during April and May. A notable feature of
the recent upheaval across public sector finance is a move towards
fewer advance payments and a trend towards quarterly payments .
These two trends further underline the need to tightly manage our
expenditure, enforce our contractual payment terms more rigorously
and drive the business towards profitability. The Group considers
that it should give more prominence to adjusted operating income
(free cash flow) which will provide investors with a clearer view
of cash generation from operations.
Whilst we currently do not foresee a need for further working
capital, it is not yet possible to fully quantify the value and
timing of our major contracts or the cadence of their cash inflows.
T he Group intends to update its guidance on this metric ,
providing investors with additional clarity in due course. In the
meantime, we recognise the need to take a conservative approach to
cash and cash management.
Board Changes
During the first half we announced a number of Board changes as
part of the natural evolution of the business. In May 2022 Dr Hugo
Stephenson returned to the Non-executive Director role he
originally held on admission to AIM in May 2019, and in July 2022
we announced the appointment of Christopher Samler as Non-Executive
Chairman and the executive team are delighted to benefit from their
combined experience and support as we drive the business
forward.
Ian Johnson has been appointed to the Board as the Senior
Independent Director ('SID') replacing Leslie-Ann Reed who will be
stepping down following completion of her three-year term. Ian
brings over 30 years of Board experience working with quoted and
private companies in the Life Sciences space, having spent a career
providing strategic direction and business development expertise.
He has a proven track record of overseeing business growth and
providing commercial advice through scale-up, organic growth and
M&A activity.
More recently, Guy Mitchell has stepped down as the company CFO
and is replaced by John Mcintosh as Interim CFO. The board will
commence a process to recruit a permanent CFO.
James Balmain
Chief Executive Officer
Condensed Income Statement (Unaudited)
For the six months ended 30 September 2022
30 September 2022 30 September 2021
Unaudited Unaudited
Note GBP'000 GBP'000
------------------ ------------------
Revenue from contracts with customers 2 7,118 4,593
Cost of sales (2,414) (997)
--------------------------------------- ------------------ ------------------
Gross Profit 4,704 3,596
Sales and marketing expenses 3 (821) (514)
Development expenses 3 (4,159) (2,711)
Administrative expenses 3 (4,237) (5,959)
Operating loss (4,513) (5,588)
--------------------------------------- ------------------ ------------------
Finance Costs (4) (12)
Finance Income - -
--------------------------------------- ----- ------------------ ------------------
Loss before tax (4,517) (5,600)
--------------------------------------- ------------------ ------------------
Taxation (311) (404)
---------------------------------------
Loss for the financial period (4,828) (6,004)
--------------------------------------- ------------------ ------------------
Attributable to:
Equity holders of the parent (4,828) (6,004)
---------------------------------------
(4,828) (6,004)
--------------------------------------- ------------------ ------------------
Loss per share from operations
--------------------------------------- ------------------ ------------------
- Basic 4 (0.06) (0.08)
- Diluted 4 (0.06) (0.08)
--------------------------------------- ------------------ ------------------
Condensed Consolidated Statement of Comprehensive Income
(Unaudited)
For the six months ended 30 September 2022
30 September 30 September
2022 2021
Unaudited Unaudited
Note GBP'000 GBP'000
------------- -------------
Loss for the period (4,828) (6,004)
-------------------------------- ------------- -------------
Other comprehensive income
Items that may be reclassified
to profit or loss
Foreign currency translation
differences 457 (59)
Reclassified to profit and
loss during the period (801) 9
Other comprehensive income
for the financial period (344) 50
-------------------------------- ------------- -------------
Total comprehensive loss
for the financial period (5,172) (6,054)
-------------------------------- ------------- -------------
Attributable to:
Equity holders of the parent (5,172) (6,054)
(5,172) (6,054)
-------------------------------- ------------- -------------
Loss per share:
Basic loss per share (GBP) 4 (0.06) (0.08)
Diluted loss per share (GBP) 4 (0.06) (0.08)
Unaudited Condensed Consolidated Statement of Financial
Position
As at 30 September 2022
30 September 31 March
2022 2022
Unaudited Unaudited
Note GBP'000 GBP'000
------------- ----------
Non-current assets
Goodwill 6 19,758 19,758
Intangible Assets 6 20,213 20,962
Property, Plant and Equipment 213 244
Deferred tax assets 1,549 1,540
41,733 42,504
----------------------------------------------------- ------------- ----------
Current assets
Trade and other receivables 7 3,543 3,349
Contract Assets 2 2,090 787
Current tax receivable 1,208 1,240
Cash and cash equivalents 7 8,978 7,495
-----------------------------------------------------
15,819 12,872
----------------------------------------------------- ------------- ----------
Total assets 57,552 55,376
----------------------------------------------------- ------------- ----------
Non-current liabilities
Contract liabilities 2 (310) (326)
Deferred tax liabilities 2 (5,833) (5,851)
Other financial liabilities 2 (170) (128)
(6,313) (6,305)
----------------------------------------------------- ------------- ----------
Current liabilities
Trade and other payables 8 (4,316) (3,365)
Contract liabilities (8,944) (2,580)
Current tax payable (833) (789)
Other financial liabilities - (73)
(14,093) (6,806)
----------------------------------------------------- ------------- ----------
Total liabilities (20,406) (13,111)
-----------------------------------------------------
Net assets/(liabilities) 37,146 42,265
----------------------------------------------------- ------------- ----------
Equity attributable to equity holders of the parent
Share capital 9 471 460
Share premium 9 41,665 41,665
Translation reserve 9 457 801
Other reserves 9 1,447 1,405
Merger reserve 9 20,206 20,206
Accumulated deficit (27,100) (22,272)
-----------------------------------------------------
Total equity 37,146 42,265
----------------------------------------------------- ------------- ----------
Unaudited Condensed Consolidated Statement of Changes in
Equity
For the six months ended 30 September 2022
Share Share Translation Other Merger Accumulated Total
Capital Premium reserve reserve reserve deficit equity
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
---------------- ----------------- -------------- -------------------- -------------------- -------------- ------------------- -----------
Balance at 1
April 2022 460 41,665 801 1,405 20,206 (22,272) 42,265
Total
comprehensive
loss for the
period
Loss for the
period - - - - - (4,828) (4,828)
Other
comprehensive
loss for the
period - - (344) - - - (344)
Total
comprehensive
loss for the
period - - (344) - - (4,828) (5,172)
---------------- ----------------- -------------- -------------------- -------------------- -------------- ------------------- -----------
Transactions
with owners, in
their
capacity as
owners
Issue of
ordinary
shares 11 - - (204) - - (193)
Issue of
ordinary shares
as
consideration
for a business
combination - - - - - - -
Equity-settled
share-based
payments - - - 246 - - 246
Total
contributions
by and
distributions
to owners 11 - - 42 - - 53
---------------- ----------------- -------------- -------------------- -------------------- -------------- ------------------- -----------
Balance at 30
September 2022 471 41,665 457 1,447 20,206 (27,100) 37,146
---------------- ----------------- -------------- -------------------- -------------------- -------------- ------------------- -----------
Unaudited Condensed Consolidated Statement of Changes in
Equity
For the six months ended 30 September 2022
Share Share Translation Other Merger Accumulated Total
Capital Premium reserve reserve reserve deficit equity
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
---------------- ------------------ -------------- ------------------- -------------------- ------------------ ------------------- -----------
Balance at 1
April 2021 210 18,432 (9) 792 10,879 (13,838) 16,466
Total
comprehensive
loss for the
period
Loss for the
period - - - - - (6,004) (6,004)
Other
comprehensive
loss for the
period - - (50) - - - 37
Total
comprehensive
loss for the
period - - (50) - - (6,004) (6,004)
---------------- ------------------ -------------- ------------------- -------------------- ------------------ ------------------- -----------
Transactions
with owners, in
their
capacity as
owners
Issue of
ordinary
shares 179 24,821 - - - - 25,000
Issue of
ordinary
shares as
consideration
for a business
combination 71 - - - 8,928 - 9,000
Equity-settled
share-based
payments - - - 332 - - 332
Total
contributions
by and
distributions
to owners 250 28,821 - 332 8,928 - 34,332
---------------- ------------------ -------------- ------------------- -------------------- ------------------ ------------------- -----------
Balance at 30
September 2021 460 43,253 (59) 1,124 19,807 (19,842) 44,747
---------------- ------------------ -------------- ------------------- -------------------- ------------------ ------------------- -----------
Unaudited Condensed Consolidated Statement of Cash Flows
For the six months ended 30 September 2022
For the period ended For the period ended
30 September 2022 30 September 2021
GBP'000 GBP'000
------------------------------------------------------------------- --------------------- ---------------------
Cash flows from operating activities
Loss for the financial period (4,828) (6,004)
Adjustments for:
Depreciation of property, plant and equipment 39 4
Amortisation and impairment of intangible assets 2,363 1,569
Finance costs 4 12
Finance income - -
Share-based payment expense 246 332
Net foreign exchange differences - 49
Fair value adjustment of contingent consideration - -
Net loss arising on fair value adjustments of deferred income - 1,742
Taxation 311 404
2,963 4,112
--------------------- ---------------------
Decrease / (Increase) in trade and other receivables and contract
assets (1,500) 3,911
(Decrease) / Increase in trade and other payables and contract
liabilities 7,303 (1,491)
Interest received - -
Interest paid (4) (12)
Income taxes received 44 -
Income taxes paid (288) (404)
Net cash generated from / (used in) operating activities 3,690 112
-------------------------------------------------------------------- --------------------- ---------------------
Cash flows from investing activities
Payments for acquiring businesses, net of cash acquired - (13,486)
Payment of software development costs (1,615) (1,207)
Acquisitions of property, plant and equipment (5) -
Net cash from investing activities (1,620) (14,693)
-------------------------------------------------------------------- --------------------- ---------------------
Cash flow from financial activities
Repayments of loans and borrowings - -
Share issue costs - -
Share issue proceeds (194) 25,000
Net cash from financing activities (194) 25,000
-------------------------------------------------------------------- --------------------- ---------------------
Net increase in cash equivalents 1,876 10,419
Cash and cash equivalents at the beginning of the financial period 7,495 2,472
Effects of exchange rate changes on cash and cash equivalents (393) (49)
Cash and cash equivalents at the end of the financial period 8,978 12,842
==================================================================== ===================== =====================
Notes to the Unaudited Condensed Consolidated Interim Financial
Statements
1. Accounting Policies
1.1 Reporting entity
Induction Healthcare Group PLC ("Induction", the "Group" or the
"Company") is publicly listed on the AIM market of the London Stock
Exchange ("LSE"), and incorporated, domiciled and registered in the
United Kingdom. The registered number is 11852026 and the
registered address is 20 St. Dunstan's Hill, London, United
Kingdom, EC3R 8HL. Induction is a leading healthcare technology
company helping to streamline delivery of care by providing
software to healthcare professionals.
As of 30 September 2022, Induction Healthcare Group PLC
comprised of nine legal subsidiaries, that are majority owned and
controlled, and therefore fully consolidated in the Company's
consolidated financial statements. Details of the Company's
subsidiaries are included in note 5.
1.2 Basis of preparation
These interim financial statements have been prepared and
approved by the directors in accordance with International
Financial Reporting Standards ("Adopted IFRSs"). They do not
include all the information required for a complete set of IFRS
financial statements. However, selected explanatory notes are
included to explain events and transactions that are significant to
an understanding of the changes in the Group's financial position
and performance since the most recent annual consolidated financial
information included in the annual report and accounts as of and
for the year ended 31 March 2022.
The accounting policies applied are consistent with those
applied in the most recent consolidated annual report and accounts
for the year ended 31 March 2022, which are available on the
Company's website at www.inductionhealthcare.com under "Investors -
Financial reports & publications."
Subsidiaries are fully consolidated from the date of
acquisition, being the date on which the Group obtained control and
continue to be consolidated until the date when such control
ceases. The financial information of the subsidiaries is prepared
for the same reporting period as the Group, using consistent
accounting policies. All intra-group balances, transactions,
unrealised gains and losses resulting from intra-group transactions
are eliminated in full.
Changes in the Group's interest in a subsidiary that do not
result in a loss of control are accounted for as equity
transactions.
When the Group loses control over a subsidiary, the assets and
liabilities are derecognised along with any related non-controlling
interest and other components of equity. Any resulting gain or loss
is recognised in profit or loss. Any interest retained in the
former subsidiary is measured at fair value when control is
lost.
These interim condensed consolidated financial statements are
unaudited and were approved by the Board of Directors and
authorised for issue on 5 December 2022 and are available on the
Company's website at www.inductionhealthcare.com under "Investors -
Financial reports & publications".
2. Revenue
2.1 Revenue by performance obligations
Period to 30 September 2022 Period to 30 September
2021
GBP'000 GBP'000
--------------------------------------------- ---------------------------- -----------------------
Provision of software 6,296 4,382
Post-contract support and maintenance 103 76
Set-up services 30 3
Professional services 492 -
Text message revenue 197 132
----------------------------------------------
Total Revenue from contracts with customers 7,118 4,593
---------------------------------------------- ---------------------------- -----------------------
2.2 Revenue by geographical location
Period to 30 September Period to 30 September
2022 2021
GBP'000 GBP'000
--------------------------------------------- ----------------------- -----------------------
United Kingdom 7,086 4,528
Europe 7 6
United States 9 8
Rest of World 16 51
---------------------------------------------- ----------------------- -----------------------
Total Revenue from contracts with customers 7,118 4,593
---------------------------------------------- ----------------------- -----------------------
2.3 Revenue by product line
Period to 30 September Period to 30 September
2022 2021
GBP'000 GBP'000
--------------------------------------------- ----------------------- -----------------------
Induction Anywhere 5,600 3,638
Induction Zesty 1,162 617
Induction Guidance 340 322
Induction Switch 16 16
---------------------------------------------- ----------------------- -----------------------
Total Revenue from contracts with customers 7,118 4,593
---------------------------------------------- ----------------------- -----------------------
2.4 Timing of revenue recognition
Period to 30 September Period to 30 September
2022 2021
GBP'000 GBP'000
--------------------------------------------- ----------------------- -----------------------
Services transferred over time 6,628 4,451
Services transferred at a point in time 490 142
Total Revenue from contracts with customers 7,118 4,593
---------------------------------------------- ----------------------- -----------------------
2.5 Contract balances
31 March
30 September 2022 2022
GBP'000 GBP'000
---------------------- ------------------ ---------
Trade receivables 2,121 1,039
Contract assets 2,090 399
Contract liabilities (9,254) (2,657)
3. Expenses by nature
Period to 30 September Period to 30 September
2022 2021
GBP'000 GBP'000
---------------------- ----------------------
Employee benefit expense 4,810 3,444
Contractors 1,858 1,520
Fundraise and acquisition related transaction costs - 1,613
Amortisation of intangible assets 2,363 1,568
Depreciation of property, plant and equipment 39 4
Professional and legal fees 251 56
Research and development expense capitalised (1,615) (1,207)
Remeasurement of contingent consideration - -
Fair value adjustments on contract liabilities - 1,742
4. Earnings per share
Basic EPS is calculated by dividing the profit for the year
attributable to ordinary equity holders of the parent by the
weighted average number of ordinary shares outstanding during the
year.
Diluted EPS is calculated by dividing the profit attributable to
ordinary equity holders of the parent (after adjusting for interest
on the convertible preference shares) by the weighted average
number of ordinary shares outstanding during the year plus the
weighted average number of ordinary shares that would be issued on
conversion of all the dilutive potential ordinary shares into
ordinary shares.
The following table reflects the income and share data used in
the basic and diluted EPS calculations:
Loss attributable to ordinary shares (basic and diluted)
30 September 30 September
2022 2021
GBP'000 GBP'000
--------------------------------------------------------- ------------ ------------
Loss attributable to ordinary shares (basic and diluted) (4,828) (6,004)
---------------------------------------------------------- ------------ ------------
(4,828) (6,004)
------------ ------------
Weighted average number of ordinary shares (basic and
diluted)
Period to 30 September 2022 Period to 30 September 2021
----------------------------------------------------- ---------------------------- ----------------------------
Shares in issue on 1 April 92,050,727 42,050,728
Shares issued 248,089 35,714,285
Shares issued in a business combination - 14,285,714
------------------------------------------------------
Issued ordinary shares as at the end of the period 92,298,816 92,050,727
------------------------------------------------------ ---------------------------- ----------------------------
Weighted-average number of ordinary shares (basic and
diluted) 73,413,131 72,925,044
------------------------------------------------------ ---------------------------- ----------------------------
Basic loss per share (0.06) (0.08)
Diluted loss per share (0.06) (0.08)
5. Investments in subsidiaries
Company Registered number Principal Country of Ownership
activities incorporation
-------------------- ------------------ ------------------- -------------------
30 September 2022 31 March 2022
-------------------- ------------------ ------------------- ------------------- ------------------ --------------
Induction Investment Holding
Healthcare Limited 11232772 Company United Kingdom 100% 100%
Induction 11237890 Provision of United Kingdom 100% 100%
Healthcare (UK) software to
Limited healthcare
providers
Induction 625119397 Provision of Australia 100% 100%
Healthcare Pty Ltd software to
healthcare
providers
Podmedics Limited 6840040 Dormant United Kingdom 100% 100%
Horizon Strategic 6285278 Provision of United Kingdom 100% 100%
Partners Limited software to
healthcare
providers
Zesty Limited 08294659 Provision of United Kingdom 100% 100%
software to
healthcare
providers
Attend Anywhere Pty 081211707 Provision of Australia 100% 100%
Ltd software to
healthcare
providers
Attend Anywhere 11883931 Provision of United Kingdom 100% 100%
Limited software to
healthcare
providers
A.C.N. 167 231 307 Investment Holding
Pty Ltd 167231307 Company Australia 100% 100%
6. Goodwill and intangible assets
Goodwill Technology Users Tradename Development costs Total
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
---------------------------- --------- ----------- -------- ---------- ------------------ --------
Cost
Balance at 31 March 2022 20,175 7,972 9,460 633 9,442 47,682
Recognised on acquisitions - - - - - -
Internally developed - - - - 1,615 1,615
Translation differences - - - - - -
At 30 September 2022 20,175 7,972 9,460 633 11,057 49,297
---------------------------- --------- ----------- -------- ---------- ------------------ --------
Amortisation
Balance at 31 March 2022 418 1,532 1,386 144 3,482 6,962
Recognised on acquisitions - - - - - -
Provided during the year - 719 645 31 968 2,363
Translation differences - - - - - -
At 30 September 2022 418 2,251 2,031 175 4,450 9,325
---------------------------- ------- ------ ------ ---- ------ -------
Net book value
At 31 March 2022 19,757 6,440 8,074 489 5,960 40,720
---------------------------- ------- ------ ------ ---- ------ -------
At 30 September 2022 19,757 5,721 7,429 458 6,607 39,972
---------------------------- ------- ------ ------ ---- ------ -------
7. Trade and other receivables
30 September 2022 31 March
2022
GBP'000 GBP'000
Receivables from third-party customers 2,880 2,900
Other receivables 210 116
Prepayments 373 251
Social security and other taxes receivable 80 82
------------------ ---------
3,543 3,349
------------------ ---------
Allowance for credit losses - -
------------------ ---------
3,543 3,349
------------------ ---------
Trade receivables are non-interest bearing and are generally on
terms of 30 days. Included within trade and other receivables is
GBPnil expected to be recovered in more than 12 months.
Cash and cash equivalents
30 September 2021 31 March
2022
GBP'000 GBP'000
Cash at banks and on hand 8,978 6,995
Short-term deposits - 500
------------------ ------------------
Cash and cash equivalents per the statement of financial position and
cash flow statement 8,978 7,495
------------------ ------------------
Cash at banks earns interest at floating rates based on daily
bank deposit rates. Short-term deposits are made on a weekly basis,
depending on the immediate cash requirements of the Group, and earn
interest at the respective short-term deposit rates.
8. Trade and other payables
30 September 31 March 2022
2022
GBP'000 GBP'000
------------- --------------
Trade payables 833 901
Accruals 1,864 1,680
Social security and other taxes 230 238
Other payables 1,389 108
Current tax payable 833 765
------------- --------------
5,149 3,692
------------- --------------
Included within trade and other payables is GBPnil expected to
be settled in more than 12 months.
All trade and other payables are non-interest bearing and are
normally settled on 30 day terms.
9. Capital and Reserves
9.1 Share Capital
2022 2021
No. of shares ('000) GBP'000 No. of shares ('000) GBP'000
--------------------- -------- --------------------- --------
In issue at 1 April 92,051 460 42,051 210
Issue of ordinary shares as consideration for a
business combination - - 14,286 71
Issue of ordinary shares 248 1 35,714 179
--------------------- -------- --------------------- --------
In issue at 30 September 92,299 461 92,051 460
--------------------- -------- --------------------- --------
9.2 Share Premium
2022 2021
GBP'000 GBP'000
(Restated)
-------- -----------
At 1 April 41,665 18,432
Issue of ordinary shares as consideration for a business combination - 23,223
At 30 September 41,665 41,665
-------- -----------
9.3 Merger Reserve
2022 2021
GBP'000 GBP'000
(Restated)
At 1 April 2022 20,206 10,879
Issue of ordinary shares as consideration for a business combination - 9,327
Transaction costs on issue of shares - -
At 30 September 2022 20,206 20,206
-------- -----------
During the completion of the annual report and accounts for 31
March 2022, amounts recognised in share premium that related to the
issuance of ordinary shares as consideration for a business
combination were reclassified to the merger reserve. Management
have therefore restated the amounts presented for the merger
reserve and for the share premium for the 6 months ended 30
September 2021 to reflect this.
10. Related Parties
Transactions with key management personnel
The compensation of key management personnel (directors) is as
follows:
30 September 2022 30 September 2021
GBP'000 GBP'000
------------------ ------------------
Short-term employee benefits 338 384
Post-employment pension and other benefits 8 6
Termination benefits - -
Share based payment transactions 123 123
Key management remuneration including social security costs 469 513
------------------ ------------------
Total compensation paid to key management personnel 469 513
------------------ ------------------
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END
IR DDBDDIBGDGDS
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