TIDMMEDI 
 
RNS Number : 8091N 
Medilink-Global UK Limited 
17 June 2010 
 

17 June 2010 
 
                           Medilink-Global UK Limited 
                          ('Medilink' or the 'Group') 
 
                Final Results for the year ended 31 December 2009 
 
Medilink-Global UK Limited (AIM: MEDI), the electronic health card network 
service provider, announces its final results for the year ended 31 December 
2009. 
 
Financial highlights 
 
·      Revenue of GBP1.24 million (Revenue for the 7 months ended 31 December 
2008: GBP578,000). 
 
·      Loss before tax of GBP942,000 (Loss before tax for the 7 months ended 31 
December 2008: GBP38,000). 
 
·      Revenues were generated from Malaysia (61%), Singapore (30%) and China 
(9%). 
 
Operational highlights 
 
·      On 1 April 2009, the company entered into an arrangement with Aviva 
Limited to provide cross border administration and Provider Network Management 
Services for Thailand, Malaysia and Singapore. 
 
·      On 1 June 2009, the company entered into an arrangement with AXA Affin 
General Insurance Berhad to provide Emergency Medical Assistance (EMA) 
Facilitation services. 
 
·      On 1 January 2010, the company entered into an arrangement with Qualitas 
to provide localized administration and Provider Network Management Services for 
Malaysia Out-Patient services. 
 
·      Renewal of Third Party Administrator ("TPA") contract and new TPA 
contracts secured in China: 
 
o  On 5 June 2009, the company entered into a 3 year contract with Aviva-Cofco 
Life Insurance Co. Ltd; 
o  On 1 February 2010, the company entered into a 3 year contract with Global 
Benefits Group; 
o  On 12 February 2010, the company entered into a 2 year contract with American 
International Assurance Company (Bermuda) Limited; 
o  On 10 March 2009, the company entered into one year contract with automatic 
renewal for another year with Winterthur Insurance (Asia) Ltd. Shanghai Branch; 
and 
o  Generali China Life Insurance Co. Ltd TPA contract in China renewed during 
2009 for 3 years. 
 
·      Acquisition of a TPA company in Singapore, Lifeinc Holdings Pte Ltd, with 
existing clients and extensive healthcare provider network. 
 
·      Won maiden TPA contracts in Thailand during the first quarter of 2009. 
 
Enquiries 
 
+----------------------------------------+---------------------------+ 
| MediLink-Global UK Limited             | Tel: + 603 2296 3028      | 
| Shia Kok Fat, Chief Executive Officer  |                           | 
| www.medilink-global.com                |                           | 
|                                        |                           | 
+----------------------------------------+---------------------------+ 
| Allenby Capital Limited                | Tel: +44 (0)20 3328 5656  | 
| Nick Athanas/James Reeve               |                           | 
|                                        |                           | 
+----------------------------------------+---------------------------+ 
 
 
Chairman's Statement 
 
Medilink-Global UK Limited is pleased to present the Group's results for the 
year ended 31 December 2009. 
 
OVERVIEW 
The 2009 financial year has been a challenging year for Medilink striving to 
expand its regional healthcare provider network with a particular emphasis on 
the People's Republic of China and thereby increasing its market share in the 
South East Asia region. The Group's strategy remains focused on laying the 
foundations for its overall business expansion in China. 
 
FINANCIAL REVIEW 
The Group's 2008 comparative figures represent 7 months operating results for 
the period from June 2008 to December 2008 following the formation of the Group 
in May 2008. On this basis while it is difficult to make direct comparisons with 
the previous one, on a pro rata basis revenues increased by over 40%. This was 
mainly as a result of the infusion of income following the acquisition of 
Lifeinc Holdings Pte Ltd, our wholly owned subsidiary in Singapore, in April 
2009. 
 
The Group recorded revenues of GBP1.24 million and a loss after taxation of 
GBP924,000 for the year ended 31st December 2009. While the Malaysia operations 
continued to generate the majority of the Group revenues of 61%, Singapore made 
a significant contribution of 30% and China registered 9%. One of the main 
factors behind the loss suffered during the year was the significant step up in 
operating costs in China, which were necessarily incurred in providing the 
infrastructure to underpin the anticipated growth in that country. Other factors 
that adversely affected the results during the year were the amortisation of 
intangible assets (GBP104,000), an unrealised foreign exchange loss (GBP50,000) 
and the share of loss of the associate company in Thailand (GBP38,000). 
 
GROUP'S OPERATIONS REVIEW 
The Group's efforts in expanding its regional healthcare provider network and 
the provision and maintaining of high quality TPA services further strengthened 
our position as the leading regional TPA services provider in China and the 
South East Asian region. Our position was reinforced by the numerous new TPA 
contracts secured during the year together with the renewal of existing 
contracts as detailed in the Highlights of this Annual Report. 
 
The main business of the Group, which provides the bulk of the revenue continues 
to be third party administrator services together with significant contributions 
from maintenance fee income and one off terminal sales in 2009. There were also 
one off software license fees and associated maintenance fees, which while not 
significant in 2009 are forecast to have a greater impact in 2010. The Group is 
always examining new business opportunities and in collaboration with the 
Development Tourist Corporation of Malaysia's Ministry of Tourism have made an 
agreement to provide accident insurance cover for all in-bound tourists to 
Malaysia. This will generate additional income for the Group in 2010 and 
alongside such value added services such as Medical Second Opinion and Medical 
Assistance support. 
 
China operations recorded significant losses in the early part of the year but 
steadily improved over the year and achieved breakeven in the month of December 
2009. As our setup in China is relatively new as compared with Malaysia 
operations thus, the average monthly revenue per employee during the year for 
China operations of GBP312 was much lower than GBP1,431 for Malaysia operations. 
We expect the monthly average revenue per employee for China will improve 
significantly as the business matures. Sales for the first quarter of 2010 were 
encouraging due to an increase in members from one insurance company. Our China 
operations recorded a profit for the first two months of 2010 and now much of 
the infrastructure is in place, costs should only rise marginally in 2010 and 
consequently revenues are expected to rise to a level which should produce a 
positive contribution for the year. To date the number of healthcare providers 
operating in our network in China has reached 226. Although this falls short of 
our original target of 1,000, we have revised the time frame to achieving this 
target by the end of 2011. 
 
The acquisition of the wholly owned subsidiary in Singapore, Lifeinc Holdings 
Pte Ltd, was completed in April 2009. As a result, the Group inherited a well 
established healthcare provider network and a strong customer base in Singapore. 
The strategic importance of this acquisition has become apparent in the light of 
many of the international insurance companies establishing their Asia Pacific 
head offices in Singapore. Medilink's strong foothold in Singapore is essential 
to facilitate future collaboration with these insurance companies. It is worth 
mentioning that as a result of this acquisition we inherited an important 
customer, OCBC Bank Ltd. 
 
In the first quarter of 2009 our associated company in Thailand secured its 
maiden TPA contract with Thai Insurance Public Company Limited, a local 
insurance company. This contract started to generate revenue in November 2009. 
We expect Thailand operations will continue to sustain minor losses for another 
year before moving into profit in 2011. To date, there are 101 healthcare 
providers in our network in Thailand. We have now revised our plan to form a 
network of 250 healthcare providers instead of the original 500 previously 
planned following a careful assessment of the request made by our local and 
cross border customers. We hope this will be achieved by the end of 2010. 
 
The core business conducted by our Malaysia operations remains strong and are 
expected to continue to grow and provide a healthy contribution to the Group's 
performance for 2010. 
 
PROSPECTS 
Having set up an appropriate infrastructure from an operational, people and 
system perspective and having made significant progress in signing additional 
TPA contracts with a number of new insurers in China, we are hopeful of very 
bright prospects for a significant improvement in the Group's financial 
performance for the financial year ending 2010. 
 
The Group will leverage on its regional presence in China and South East Asia in 
general and by capitalising on the expertise of our management, personnel and 
capital resources together with the considerable potential of our business 
partners, will hope to build our customer base and maximise our top line growth. 
We will continue to strengthen all areas of the organisation and maintain our 
position as a leading regional TPA with a global servicing capacity. 
 
ACKNOWLEDGMENTS 
On behalf of the board, I would like to extend our heartfelt thanks to our 
business partners, customers, associates, healthcare providers and valued 
shareholders for their support throughout the year. We would also wish to thank 
the management and staff of the entire Medilink-Global Group for their continued 
loyalty and commitment in discharging their duties. 
 
 
 
 
Norman Lott 
Chairman 
16 June 2010 
 
 
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME 
FOR THE YEAR ENDED 31 DECEMBER 2009 
 
 
+--------------------------------------+------+---------+----------+ 
|                                      |Note  |  Year   |  Period  | 
|                                      |      |  ended  |  ended   | 
+--------------------------------------+------+---------+----------+ 
|                                      |      |  2009   |  2008    | 
+--------------------------------------+------+---------+----------+ 
|                                      |      |GBP'000  | GBP'000  | 
+--------------------------------------+------+---------+----------+ 
| Revenue                              |      |  1,243  |   578    | 
+--------------------------------------+------+---------+----------+ 
| Cost of sales                        |      |  (843)  |  (360)   | 
+--------------------------------------+------+---------+----------+ 
|                                      |      |         |          | 
+--------------------------------------+------+---------+----------+ 
| Gross profit                         |  3   |  400    |   218    | 
+--------------------------------------+------+---------+----------+ 
| Other income                         |      |  (45)   |    63    | 
+--------------------------------------+------+---------+----------+ 
| Administrative expenses              |      |(1,256)  |  (292)   | 
+--------------------------------------+------+---------+----------+ 
|                                      |      |         |          | 
+--------------------------------------+------+---------+----------+ 
| Operating loss                       |      |  (901)  |  (11)    | 
+--------------------------------------+------+---------+----------+ 
|                                      |      |         |          | 
+--------------------------------------+------+---------+----------+ 
| Share of associate undertakings'     |      |  (38)   |  (23)    | 
| loss                                 |      |         |          | 
+--------------------------------------+------+---------+----------+ 
| Finance expenses                     |      |  (3)    |   (4)    | 
+--------------------------------------+------+---------+----------+ 
|                                      |      |         |          | 
+--------------------------------------+------+---------+----------+ 
| Loss before taxation                 |      |  (942)  |  (38)    | 
+--------------------------------------+------+---------+----------+ 
|                                      |      |         |          | 
+--------------------------------------+------+---------+----------+ 
| Taxation                             |  4   |   18    |   (7)    | 
+--------------------------------------+------+---------+----------+ 
|                                      |      |         |          | 
+--------------------------------------+------+---------+----------+ 
| Loss after taxation attributable to  |      |  (924)  |  (45)    | 
| equity holders                       |      |         |          | 
+--------------------------------------+------+---------+----------+ 
|                                      |      |         |          | 
+--------------------------------------+------+---------+----------+ 
| Other comprehensive income           |      |         |          | 
+--------------------------------------+------+---------+----------+ 
| Exchange differences on translation  |      |    -    |  (34)    | 
| of foreign operations                |      |         |          | 
+--------------------------------------+------+---------+----------+ 
| Total comprehensive income for the   |      |  (924)  |  (79)    | 
| year attributable to equity holders  |      |         |          | 
+--------------------------------------+------+---------+----------+ 
|                                      |      |         |          | 
+--------------------------------------+------+---------+----------+ 
|                                      |      |         |          | 
+--------------------------------------+------+---------+----------+ 
| Loss per ordinary share (pence)      |  7   |         |          | 
+--------------------------------------+------+---------+----------+ 
| Basic                                |      | (0.89)  |  (0.07)  | 
+--------------------------------------+------+---------+----------+ 
| Diluted*                             |      | (0.89)  |  (0.07)  | 
+--------------------------------------+------+---------+----------+ 
 
 
* In accordance with IAS 33 "Earnings per share" and as the Group has reported a 
loss for the period the shares are not diluted. The Group have not issued any 
instruments with dilutive effects. 
 
All operations of the company are continuing. 
 
 
 
 
CONSOLIDATED STATEMENT OF FINANCIAL POSITION 
AT 31 DECEMBER 2009 
 
 
+--------------------------------------+------+---------+----------+ 
|                                      |Note  |  2009   |  2008    | 
+--------------------------------------+------+---------+----------+ 
| ASSETS                               |      |GBP'000  | GBP'000  | 
+--------------------------------------+------+---------+----------+ 
| Non-current assets                   |      |         |          | 
+--------------------------------------+------+---------+----------+ 
| Property, plant and equipment        |      |  236    |   223    | 
+--------------------------------------+------+---------+----------+ 
| Intangible assets                    |  5   |  4,413  |  4,282   | 
+--------------------------------------+------+---------+----------+ 
| Interest in associated company       |      |   17    |    20    | 
+--------------------------------------+------+---------+----------+ 
| Total non-current assets             |      |  4,666  |  4,525   | 
+--------------------------------------+------+---------+----------+ 
|                                      |      |         |          | 
+--------------------------------------+------+---------+----------+ 
| Current assets                       |      |         |          | 
+--------------------------------------+------+---------+----------+ 
| Inventories                          |      |    -    |    51    | 
+--------------------------------------+------+---------+----------+ 
| Trade receivables                    |      |  435    |   230    | 
+--------------------------------------+------+---------+----------+ 
| Other receivables                    |      |  349    |   173    | 
+--------------------------------------+------+---------+----------+ 
| Cash and cash equivalents            |      |  315    |  1,156   | 
+--------------------------------------+------+---------+----------+ 
| Total current assets                 |      |  1,099  |  1,610   | 
+--------------------------------------+------+---------+----------+ 
|                                      |      |         |          | 
+--------------------------------------+------+---------+----------+ 
| TOTAL ASSETS                         |      |  5,765  |  6,135   | 
+--------------------------------------+------+---------+----------+ 
|                                      |      |         |          | 
+--------------------------------------+------+---------+----------+ 
| EQUITY                               |      |         |          | 
+--------------------------------------+------+---------+----------+ 
| Equity attributable to the equity    |      |         |          | 
| holders of Medilink-Global UK Ltd:   |      |         |          | 
+--------------------------------------+------+---------+----------+ 
| Share capital                        |      |  5,193  |  5,167   | 
+--------------------------------------+------+---------+----------+ 
| Share premium                        |      |  737    |   678    | 
+--------------------------------------+------+---------+----------+ 
| Reserves                             |      |  (909)  |  (79)    | 
+--------------------------------------+------+---------+----------+ 
| Total equity                         |      |  5,021  |  5,766   | 
+--------------------------------------+------+---------+----------+ 
|                                      |      |         |          | 
+--------------------------------------+------+---------+----------+ 
| Current liabilities                  |      |         |          | 
+--------------------------------------+------+---------+----------+ 
| Trade payables                       |      |  108    |    88    | 
+--------------------------------------+------+---------+----------+ 
| Other payables                       |      |  485    |   142    | 
+--------------------------------------+------+---------+----------+ 
| Advance from directors               |      |   71    |    46    | 
+--------------------------------------+------+---------+----------+ 
| Bank borrowings                      |      |   12    |    14    | 
+--------------------------------------+------+---------+----------+ 
| Hire purchase liabilities            |      |    3    |    3     | 
+--------------------------------------+------+---------+----------+ 
| Current tax payable                  |      |    -    |    1     | 
+--------------------------------------+------+---------+----------+ 
| Total current liabilities            |      |  679    |   294    | 
+--------------------------------------+------+---------+----------+ 
|                                      |      |         |          | 
+--------------------------------------+------+---------+----------+ 
| Non-current liabilities              |      |         |          | 
+--------------------------------------+------+---------+----------+ 
| Hire purchase liabilities            |      |    8    |    12    | 
+--------------------------------------+------+---------+----------+ 
| Bank borrowings                      |      |    1    |    14    | 
+--------------------------------------+------+---------+----------+ 
| Deferred tax                         |      |   56    |    49    | 
+--------------------------------------+------+---------+----------+ 
| Total non-current liabilities        |      |   65    |    75    | 
+--------------------------------------+------+---------+----------+ 
|                                      |      |         |          | 
+--------------------------------------+------+---------+----------+ 
| TOTAL EQUITY AND LIABILITIES         |      |  5,765  |  6,135   | 
+--------------------------------------+------+---------+----------+ 
 
 
CONSOLIDATED CASH FLOW STATEMENT 
FOR THE YEAR ENDED 31 DECEMBER 2009 
 
 
+----------------------------------------------+----------------------------------------------+---------+ 
|                                              |                    Year                      | Period  | 
|                                              |                    ended                     |  ended  | 
+----------------------------------------------+----------------------------------------------+---------+ 
|                                              |                    2009                      |  2008   | 
+----------------------------------------------+----------------------------------------------+---------+ 
| Cash flows from operating activities         |                   GBP'000                    |GBP'000  | 
+----------------------------------------------+----------------------------------------------+---------+ 
| Loss before taxation                         |                    (942)                     |  (38)   | 
+----------------------------------------------+----------------------------------------------+---------+ 
| Adjustments for:                             |                                              |         | 
+----------------------------------------------+----------------------------------------------+---------+ 
| Amortisation of intangible assets            |                     104                      |   45    | 
+----------------------------------------------+----------------------------------------------+---------+ 
| Depreciation of property, plant and          |                     114                      |   22    | 
| equipment                                    |                                              |         | 
+----------------------------------------------+----------------------------------------------+---------+ 
| Provision for bonus payable in shares        |                      94                      |    -    | 
+----------------------------------------------+----------------------------------------------+---------+ 
| Share of loss of associated company          |                      38                      |   23    | 
+----------------------------------------------+----------------------------------------------+---------+ 
| Finance costs                                |                      3                       |    4    | 
+----------------------------------------------+----------------------------------------------+---------+ 
| Cash from operating activities before        |                    (589)                     |   56    | 
| changes in working capital                   |                                              |         | 
+----------------------------------------------+----------------------------------------------+---------+ 
| Decrease / (increase) in Inventories         |                      51                      |  (51)   | 
+----------------------------------------------+----------------------------------------------+---------+ 
| (Increase) / decrease in trade and other     |                    (381)                     |   62    | 
| receivables                                  |                                              |         | 
+----------------------------------------------+----------------------------------------------+---------+ 
| Increase / (decrease) in trade and other     |                     388                      |  (38)   | 
| payables                                     |                                              |         | 
+----------------------------------------------+----------------------------------------------+---------+ 
| Cash flow from operations                    |                    (531)                     |   29    | 
+                                              +----------------------------------------------+---------+ 
|                                              |                                              |         | 
+----------------------------------------------+----------------------------------------------+---------+ 
| Tax paid                                     |                     (4)                      |  (32)   | 
+----------------------------------------------+----------------------------------------------+---------+ 
| Interest paid                                |                     (3)                      |  (4)    | 
+----------------------------------------------+----------------------------------------------+---------+ 
| Net cash flow from operations                |                    (538)                     |  (7)    | 
+----------------------------------------------+----------------------------------------------+---------+ 
|                                              |                                              |         | 
+----------------------------------------------+----------------------------------------------+---------+ 
| Investing activities                         |                                              |         | 
+----------------------------------------------+----------------------------------------------+---------+ 
| Purchase of property, plant and equipment    |                    (127)                     |  (193)  | 
+----------------------------------------------+----------------------------------------------+---------+ 
| Cash & cash equivalent of subsidiaries at    |                      -                       |   91    | 
| the date of acquisition                      |                                              |         | 
+----------------------------------------------+----------------------------------------------+---------+ 
| Acquisition of subsidiary                    |                    (208)                     |    -    | 
+----------------------------------------------+----------------------------------------------+---------+ 
| Investment in associated company             |                    (35)                      |  (43)   | 
+----------------------------------------------+----------------------------------------------+---------+ 
| Cash flow used in investing activities       |                    (370)                     |  (145)  | 
+----------------------------------------------+----------------------------------------------+---------+ 
|                                              |                                              |         | 
+----------------------------------------------+----------------------------------------------+---------+ 
| Financing activities                         |                                              |         | 
+----------------------------------------------+----------------------------------------------+---------+ 
| Proceeds from issue of shares                |                      97                      |  2,399  | 
+----------------------------------------------+----------------------------------------------+---------+ 
| Share issue costs                            |                    (11)                      |(1,054)  | 
+----------------------------------------------+----------------------------------------------+---------+ 
| Repayment of bank borrowings                 |                    (15)                      |  (2)    | 
+----------------------------------------------+----------------------------------------------+---------+ 
| Repayment of hire purchase liabilities       |                     (4)                      |  (1)    | 
+----------------------------------------------+----------------------------------------------+---------+ 
| Cash flow from financing activities          |                      67                      |  1,342  | 
+                                              +----------------------------------------------+---------+ 
|                                              |                                              |         | 
+----------------------------------------------+----------------------------------------------+---------+ 
| Net (decrease) / increase in cash and cash   |                    (841)                     |  1,190  | 
| equivalents                                  |                                              |         | 
+                                              +----------------------------------------------+---------+ 
|                                              |                                              |         | 
+----------------------------------------------+----------------------------------------------+---------+ 
| Effect of exchange rate changes              |                      -                       |  (34)   | 
+----------------------------------------------+----------------------------------------------+---------+ 
| Cash and cash equivalents at the beginning   |                    1,156                     |    -    | 
| of the period                                |                                              |         | 
+----------------------------------------------+----------------------------------------------+---------+ 
|                                              |                                              |         | 
+----------------------------------------------+----------------------------------------------+---------+ 
| Cash and cash equivalents at the end of the  |                     315                      |  1,156  | 
| period                                       |                                              |         | 
+                                              +----------------------------------------------+---------+ 
|                                              |                                              |         | 
+----------------------------------------------+----------------------------------------------+---------+ 
 
 
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY 
FOR THE YEAR ENDED 31 DECEMBER 2009 
 
 
+------------------+---------+---------+----------+----------+---------+ 
|                  |  Share  |  Share  |Exchange  |Retained  |  Total  | 
|                  |capital  |premium  | reserve  |earnings  |         | 
+------------------+---------+---------+----------+----------+---------+ 
|                  |GBP'000  |GBP'000  | GBP'000  | GBP'000  |GBP'000  | 
+------------------+---------+---------+----------+----------+---------+ 
| As at Date of    |    -    |    -    |    -     |    -     |    -    | 
| Incorporation    |         |         |          |          |         | 
+------------------+---------+---------+----------+----------+---------+ 
|                  |         |         |          |          |         | 
+------------------+---------+---------+----------+----------+---------+ 
| Loss for the     |    -    |    -    |    -     |  (45)    |  (45)   | 
| period           |         |         |          |          |         | 
+------------------+---------+---------+----------+----------+---------+ 
| Exchange         |    -    |    -    |  (34)    |    -     |  (34)   | 
| differences      |         |         |          |          |         | 
+------------------+---------+---------+----------+----------+---------+ 
| Total            |    -    |    -    |  (34)    |  (45)    |  (79)   | 
| comprehensive    |         |         |          |          |         | 
| income for the   |         |         |          |          |         | 
| period           |         |         |          |          |         | 
+------------------+---------+---------+----------+----------+---------+ 
|                  |         |         |          |          |         | 
+------------------+---------+---------+----------+----------+---------+ 
| Issue of shares  |  5,167  |  1,732  |    -     |    -     |  6,899  | 
+------------------+---------+---------+----------+----------+---------+ 
| Share issue      |    -    |(1,054)  |    -     |    -     |(1,054)  | 
| costs            |         |         |          |          |         | 
+------------------+---------+---------+----------+----------+---------+ 
|                  |         |         |          |          |         | 
+------------------+---------+---------+----------+----------+---------+ 
|                  |         |         |          |          |         | 
+------------------+---------+---------+----------+----------+---------+ 
| Balance as at 31 |  5,167  |  678    |  (34)    |  (45)    |  5,766  | 
| December 2008    |         |         |          |          |         | 
+------------------+---------+---------+----------+----------+---------+ 
|                  |         |         |          |          |         | 
+------------------+---------+---------+----------+----------+---------+ 
| Loss for the     |    -    |    -    |    -     |  (924)   |  (924)  | 
| year             |         |         |          |          |         | 
+------------------+---------+---------+----------+----------+---------+ 
| Total            |    -    |    -    |    -     |  (924)   |  (924)  | 
| comprehensive    |         |         |          |          |         | 
| income for the   |         |         |          |          |         | 
| year             |         |         |          |          |         | 
+------------------+---------+---------+----------+----------+---------+ 
| Provision for    |    -    |    -    |    -     |    94    |   94    | 
| bonus payable in |         |         |          |          |         | 
| shares           |         |         |          |          |         | 
+------------------+---------+---------+----------+----------+---------+ 
| Issue of shares  |   26    |   70    |    -     |    -     |   96    | 
+------------------+---------+---------+----------+----------+---------+ 
| Share issue      |    -    |  (11)   |    -     |    -     |  (11)   | 
| costs            |         |         |          |          |         | 
+------------------+---------+---------+----------+----------+---------+ 
|                  |         |         |          |          |         | 
+------------------+---------+---------+----------+----------+---------+ 
|                  |         |         |          |          |         | 
+------------------+---------+---------+----------+----------+---------+ 
| Balance as at 31 |  5,193  |  737    |  (34)    |  (875)   |  5,021  | 
| December 2009    |         |         |          |          |         | 
+------------------+---------+---------+----------+----------+---------+ 
 
 
SELECTED NOTES TO THE FINANCIAL INFORMATION 
FOR THE YEAR ENDED 31 DECEMBER 2009 
 
1.   Basis of Preparation 
 
The financial information has been prepared in accordance with International 
Financial Reporting Standards and using accounting policies which are consistent 
with those adopted in the financial statements. 
 
The financial information set out in this announcement does not constitute the 
Group's statutory financial statements for the period ended 31 December 2009, 
but was derived from those financial statements.  The auditors have reported on 
the statutory financial statements for the period ended 31 December 2009; this 
report was unqualified. 
 
The financial information set out in this announcement was approved by the board 
on 16th June 2010. 
 
The directors do not recommend the payment of a dividend. 
 
 
2.   Operating segments 
 
The Group has adopted IFRS 8 Operating Segments with effect from 1 January 2009. 
Per IFRS 8 operating segments are based on internal reports about components of 
the group, which are regularly reviewed and used by the Board of Directors being 
the Chief Operating Decision Maker ("CODM") for strategic decision making and 
resource allocation, in order to allocate resources to the segment and to assess 
its performance. The Group's reportable operating segments are as follows: 
 
i) Third party administrator 
ii) Software licensing 
 
The CODM monitors the operating results of each segment for the purpose of 
performance assessments and making decisions on resource allocation. The 
management has organised the entity based on differences in products and 
services. Third party administrator segment is derived from aggregating China, 
Malaysia and Singapore entity while Software licensing segment represent a 
single entity from Malaysia.  Performance is based on external and internal 
revenue generations and profit before tax, which the CODM believes are the most 
relevant in evaluating the results relative to other entities in the industry. 
Segment assets and liabilities are presented inclusive of inter segment 
balances, as inter-segment pricing. Information regarding each of the operations 
of each reportable segment is included below. 
 
+------------------+---------------+-----------+---------------+---------+ 
|                  |    Third      | Software  |Consolidation  |  Total  | 
| 2009             |    party      |licensing  |               |         | 
|                  |administrator  |           |               |         | 
+------------------+---------------+-----------+---------------+---------+ 
|                  |    GBP'000    |  GBP'000  |    GBP'000    |GBP'000  | 
+------------------+---------------+-----------+---------------+---------+ 
| External revenue |    1,096      |    147    |      -        |  1,243  | 
+------------------+---------------+-----------+---------------+---------+ 
| Internal revenue |      -        |    69     |     (69)      |    -    | 
+------------------+---------------+-----------+---------------+---------+ 
| Total revenue    |    1,096      |    216    |     (69)      |  1,243  | 
+------------------+---------------+-----------+---------------+---------+ 
|                  |               |           |               |         | 
+------------------+---------------+-----------+---------------+---------+ 
| Interest revenue |      1        |    -      |      -        |    1    | 
+------------------+---------------+-----------+---------------+---------+ 
| Interest         |      (3)      |    -      |      -        |  (3)    | 
| expenses         |               |           |               |         | 
+------------------+---------------+-----------+---------------+---------+ 
| Depreciation and |    (196)      |   (21)    |      -        |  (217)  | 
| amortization     |               |           |               |         | 
+------------------+---------------+-----------+---------------+---------+ 
| Corporation tax  |      17       |    1      |      -        |   18    | 
+------------------+---------------+-----------+---------------+---------+ 
| Earning before   |    (932)      |   (10)    |      -        |  (942)  | 
| tax (EBT)        |               |           |               |         | 
+------------------+---------------+-----------+---------------+---------+ 
|                  |               |           |               |         | 
+------------------+---------------+-----------+---------------+---------+ 
| Assets           |    7,766      |    250    |    (2,251)    |  5,765  | 
+------------------+---------------+-----------+---------------+---------+ 
| Liabilities      |    (1,935)    |  (176)    |    1,367      |  (744)  | 
+------------------+---------------+-----------+---------------+---------+ 
 
(i)   The assets of third party administrator are including the goodwill on 
consolidation of GBP4,138,000 (2008: GBP4,078,000) 
 
Revenues from two customers amounted to GBP349,000: ING Insurance Bhd GBP204,000 
and AXA Insurance Bhd GBP145,000 (2008: GBP302,000: ING Insurance Bhd GBP187,000 
and AXA Insurance Bhd GBP115,000), arising from sales by third party 
administrator segment. 
 
+------------------+---------------+-----------+---------------+---------+ 
|                  |    Third      | Software  |Consolidation  |  Total  | 
| 2008             |    party      |licensing  |               |         | 
|                  |administrator  |           |               |         | 
+------------------+---------------+-----------+---------------+---------+ 
|                  |    GBP'000    |  GBP'000  |    GBP'000    |GBP'000  | 
+------------------+---------------+-----------+---------------+---------+ 
| External revenue |      431      |    147    |      -        |  578    | 
+------------------+---------------+-----------+---------------+---------+ 
| Internal revenue |      -        |    10     |     (10)      |    -    | 
+------------------+---------------+-----------+---------------+---------+ 
| Total revenue    |      431      |    157    |     (10)      |  578    | 
+------------------+---------------+-----------+---------------+---------+ 
|                  |               |           |               |         | 
+------------------+---------------+-----------+---------------+---------+ 
| Interest revenue |      1        |    -      |      -        |    1    | 
+------------------+---------------+-----------+---------------+---------+ 
| Interest         |      (4)      |    -      |      -        |  (4)    | 
| expenses         |               |           |               |         | 
+------------------+---------------+-----------+---------------+---------+ 
| Depreciation and |     (56)      |   (11)    |      -        |  (67)   | 
| amortization     |               |           |               |         | 
+------------------+---------------+-----------+---------------+---------+ 
| Income tax       |      (4)      |    (3)    |      -        |  (7)    | 
+------------------+---------------+-----------+---------------+---------+ 
| Earning before   |     (52)      |    14     |      -        |  (38)   | 
| tax (EBT)        |               |           |               |         | 
+------------------+---------------+-----------+---------------+---------+ 
|                  |               |           |               |         | 
+------------------+---------------+-----------+---------------+---------+ 
| Assets           |    6,948      |    197    |    (1,010)    |  6,135  | 
+------------------+---------------+-----------+---------------+---------+ 
| Liabilities      |    (849)      |  (110)    |      590      |  (369)  | 
+------------------+---------------+-----------+---------------+---------+ 
 
(i)   The assets of third party administrator are including the goodwill on 
consolidation of GBP4,078,000. 
 
The geographical split of revenue and non-current assets arises as follows: 
 
+-------------------+---------+-----------+---------+----------+----------+---------+ 
|                   |         |           |         |          |          |         | 
+-------------------+---------+-----------+---------+----------+----------+---------+ 
| 2009              |      UK | Singapore |   China | Malaysia |          |   Total | 
+-------------------+---------+-----------+---------+----------+----------+---------+ 
|                   | GBP'000 |   GBP'000 | GBP'000 |  GBP'000 |          | GBP'000 | 
+-------------------+---------+-----------+---------+----------+----------+---------+ 
| Revenue           |       - |       374 |     112 |      757 |          |   1,243 | 
+-------------------+---------+-----------+---------+----------+----------+---------+ 
| Intangible assets |     275 |         - |       - |        - |          |     275 | 
+-------------------+---------+-----------+---------+----------+----------+---------+ 
| Goodwill          |   4,138 |         - |       - |        - |          |   4,138 | 
+-------------------+---------+-----------+---------+----------+----------+---------+ 
| PPE               |       - |        21 |      44 |      171 |          |     236 | 
+-------------------+---------+-----------+---------+----------+----------+---------+ 
|                   |         |           |         |          |          |         | 
+-------------------+---------+-----------+---------+----------+----------+---------+ 
 
+-------------------+---------+-----------+---------+----------+----------+---------+ 
| 2008              |      UK | Singapore |   China | Malaysia |          |   Total | 
+-------------------+---------+-----------+---------+----------+----------+---------+ 
|                   | GBP'000 |   GBP'000 | GBP'000 |  GBP'000 |          | GBP'000 | 
+-------------------+---------+-----------+---------+----------+----------+---------+ 
| Revenue           |       - |         - |      29 |      549 |          |     578 | 
+-------------------+---------+-----------+---------+----------+----------+---------+ 
| Intangible assets |     204 |         - |       - |        - |          |     204 | 
+-------------------+---------+-----------+---------+----------+----------+---------+ 
| Goodwill          |   4,078 |         - |       - |        - |          |   4,078 | 
+-------------------+---------+-----------+---------+----------+----------+---------+ 
| PPE               |       - |         - |       4 |      219 |          |     223 | 
+-------------------+---------+-----------+---------+----------+----------+---------+ 
|                   |         |           |         |          |          |         | 
+-------------------+---------+-----------+---------+----------+----------+---------+ 
 
 
3.   Loss from operations 
 
Loss from operation has been arrived at after charging: 
 
+--------------------------------------+---------+------------+ 
|                                      |  2009   |  Period    | 
|                                      |         |  ended 31  | 
|                                      |         |  December  | 
|                                      |         |    2008    | 
+--------------------------------------+---------+------------+ 
|                                      |GBP'000  |  GBP'000   | 
+--------------------------------------+---------+------------+ 
| Depreciation                         |  114    |    22      | 
+--------------------------------------+---------+------------+ 
| Amortisation of intangible assets    |  104    |    45      | 
+--------------------------------------+---------+------------+ 
| Auditors remuneration - audit of the |   31    |     5      | 
| company accounts                     |         |            | 
+--------------------------------------+---------+------------+ 
|                                      |    7    |     1      | 
| - non -audit services                |         |            | 
+--------------------------------------+---------+------------+ 
 
 
4. Taxation 
 
+---------------------------------+------------+------------+ 
|                                 |    2009    |  Period    | 
|                                 |            |  ended 31  | 
|                                 |            |  December  | 
|                                 |            |    2008    | 
+---------------------------------+------------+------------+ 
|                                 |  GBP'000   |  GBP'000   | 
+---------------------------------+------------+------------+ 
| Current tax charge              |    (3)     |     -      | 
+---------------------------------+------------+------------+ 
| Deferred tax                    |    21      |     7      | 
+---------------------------------+------------+------------+ 
|                                 |    18      |     7      | 
+---------------------------------+------------+------------+ 
|                                                           | 
+-----------------------------------------------------------+ 
| Factors affecting tax charge:   |            |            | 
+---------------------------------+------------+------------+ 
| Loss before tax                 |   (978)    |    (38)    | 
+---------------------------------+------------+------------+ 
|                                 |            |            | 
+---------------------------------+------------+------------+ 
| Tax on ordinary activities at   |   (166)    |    (6)     | 
| 17%  (2008:17%)                 |            |            | 
+---------------------------------+------------+------------+ 
| Tax effects of:                 |            |            | 
+---------------------------------+------------+------------+ 
| -  Non taxable income -         |            |            | 
| unrealised foreign exchange     |    (1)     |    (13)    | 
| gain                            |            |            | 
+---------------------------------+------------+------------+ 
| - Non deductible amortization   |    18      |     8      | 
+---------------------------------+------------+------------+ 
| -  Non deductible losses of     |    143     |     6      | 
| the Company subsidiaries        |            |            | 
+---------------------------------+------------+------------+ 
| - Non deductible losses of      |     6      |     5      | 
| associates                      |            |            | 
+---------------------------------+------------+------------+ 
|  - Non deductible expenses      |     3      |     -      | 
+---------------------------------+------------+------------+ 
|  - Other                        |    36      |     -      | 
+---------------------------------+------------+------------+ 
|  - Deferred tax                 |    (21)    |    (7)     | 
+---------------------------------+------------+------------+ 
|                                 |    18      |    (7)     | 
+---------------------------------+------------+------------+ 
|                                 |            |            | 
+---------------------------------+------------+------------+ 
The applicable tax of the Group is derived from the consolidation of all Group 
companies applicable tax band on their domestic tax rates. 
 
 
 
5. Intangible assets 
 
+---------------------+----------+-----------+----------+------------+---------+ 
| 2009                |                 Intellectual Property                  | 
+---------------------+--------------------------------------------------------+ 
|                     |Goodwill  |Trademark  |  System  |Contracted  |  Total  | 
|                     |          |           |software  | customers  |         | 
+---------------------+----------+-----------+----------+------------+---------+ 
| Cost                | GBP'000  |  GBP'000  | GBP'000  |  GBP'000   |GBP'000  | 
+---------------------+----------+-----------+----------+------------+---------+ 
| As at 1 January     |  4,078   |           |   138    |    111     |  4,327  | 
| 2009                |          |           |          |            |         | 
+---------------------+----------+-----------+----------+------------+---------+ 
| Acquisition of      |    60    |    2      |    71    |    102     |  235    | 
| subsidiary          |          |           |          |            |         | 
+---------------------+----------+-----------+----------+------------+---------+ 
| As at 31 December   |  4,138   |    2      |   209    |    213     |  4,562  | 
| 2009                |          |           |          |            |         | 
+---------------------+----------+-----------+----------+------------+---------+ 
| Amortisation        |          |           |          |            |         | 
+---------------------+----------+-----------+----------+------------+---------+ 
| As at 1 January     |    -     |    -      |    30    |    15      |   45    | 
| 2009                |          |           |          |            |         | 
+---------------------+----------+-----------+----------+------------+---------+ 
| Amortisation        |    -     |    2      |    38    |    64      |  104    | 
+---------------------+----------+-----------+----------+------------+---------+ 
| As at 31 December   |    -     |    2      |    68    |    79      |  149    | 
| 2009                |          |           |          |            |         | 
+---------------------+----------+-----------+----------+------------+---------+ 
| Net book value      |          |           |          |            |         | 
+---------------------+----------+-----------+----------+------------+---------+ 
| As at 31 December   |  4,138   |    -      |   141    |    134     |  4,413  | 
| 2009                |          |           |          |            |         | 
+---------------------+----------+-----------+----------+------------+---------+ 
 
 
Description of intangibles 
 
Goodwill arising on the acquisition of the subsidiaries represents the excess of 
the cost of acquisition over the Group's interest in the net fair value of the 
identifiable assets, liabilities and contingent liabilities of the subsidiaries 
recognised at the date of acquisition.  Goodwill is initially recognised as an 
asset at cost and is subsequently measured at cost less any accumulated 
impairment losses. The carrying value of Goodwill is allocated to the respective 
segments as follows: - 
 
 
 
 
+--------------------------------+------------+----------+ 
|                                |    2009    |  2008    | 
|                                |  GBP'000   | GBP'000  | 
+--------------------------------+------------+----------+ 
| Third party administrator      |      4,057 |    3,997 | 
+--------------------------------+------------+----------+ 
| Software licensing             |         81 |       81 | 
+--------------------------------+------------+----------+ 
| Total carrying value of        |      4,138 |    4,078 | 
| Goodwill                       |            |          | 
+--------------------------------+------------+----------+ 
 
System software comprises Electronics Claims Clearance System and Loyalty 
Programme software. The system software is initially recognised based on the 
cost that would be incurred in re-creating the asset and is subsequently 
amortised based on straight-line method over a period of three years. Contracted 
customers are the existing customers of the acquired subsidiaries. The 
contracted customers are initially recognised based on the estimated net present 
value of the service contracts entered into between the customers and 
subsidiaries acquired and is subsequently amortised based on straight-line 
method over a period of five years. The recoverable amount of cash generating 
unit is determined based on value in use calculation as set out below. 
 
The intangible assets are tested for impairment as part of the cash-generating 
unit to which it belongs.  The carrying amount of the cash generating units are 
tested for impairment based on 5 years discounted cash flow method for the 
period from year 2010 to year 2014 at the discount rate of 8% and the expected 
annual growth rate based on the Group historical record for each cash-generating 
unit range from 10% to 50%. 
 
Acquisition of Lifeinc Holdings Pte Ltd 
+--------------------------------+---------+------------+---------+ 
| Purchase consideration         |  Book   |Adjustment  |  Fair   | 
|                                |  value  |            |  value  | 
+--------------------------------+---------+------------+---------+ 
|                                |GBP'000  |  GBP'000   |GBP'000  | 
+--------------------------------+---------+------------+---------+ 
| Cash                           |  112    |     -      |  112    | 
+--------------------------------+---------+------------+---------+ 
| Shares                         |   96    |     -      |   96    | 
+--------------------------------+---------+------------+---------+ 
| Total purchase consideration   |  208    |     -      |  208    | 
+--------------------------------+---------+------------+---------+ 
| Fair value of net assets       |    -    |     -      |         | 
| acquired                       |         |            |         | 
+--------------------------------+---------+------------+---------+ 
| Intangible fixed assets        |    -    |   (175)    |  (175)  | 
| acquired (Note 10)             |         |            |         | 
+--------------------------------+---------+------------+---------+ 
| Deferred tax liabilities       |    -    |    27      |   27    | 
+--------------------------------+---------+------------+---------+ 
| Goodwill                       |  208    |   (148)    |   60    | 
+--------------------------------+---------+------------+---------+ 
 
Goodwill includes a well established healthcare provider network which brings 
with its expected future growth in Singapore. 
+-----------------------------------------------------+---------+ 
| Acquisition of subsidiary, net of cash and cash     |         | 
| equivalents acquired                                |         | 
+-----------------------------------------------------+---------+ 
|                                                     |GBP'000  | 
+-----------------------------------------------------+---------+ 
| Property, plant and equipment                       |    -    | 
+-----------------------------------------------------+---------+ 
| Trade and other receivables                         |    -    | 
+-----------------------------------------------------+---------+ 
| Cash and cash equivalents                           |    -    | 
+-----------------------------------------------------+---------+ 
| Inventories                                         |    -    | 
+-----------------------------------------------------+---------+ 
| Total liabilities                                   |    -    | 
+-----------------------------------------------------+---------+ 
| Net total asset acquired                            |    -    | 
+-----------------------------------------------------+---------+ 
| Deferred tax                                        |    -    | 
+-----------------------------------------------------+---------+ 
| Total consideration                                 |  208    | 
+-----------------------------------------------------+---------+ 
| Payment through shares                              |  (96)   | 
+-----------------------------------------------------+---------+ 
| Cash consideration                                  |     112 | 
+-----------------------------------------------------+---------+ 
| Cash payment made in the previous year              |       - | 
+-----------------------------------------------------+---------+ 
| Cash consideration paid during the year             |     112 | 
+-----------------------------------------------------+---------+ 
| Cash and cash equivalents acquired                  |       - | 
+-----------------------------------------------------+---------+ 
| Acquisition of subsidiaries, net of cash and cash   |     112 | 
| equivalents acquired                                |         | 
+-----------------------------------------------------+---------+ 
 
 
 
 
The revenue and profit and loss of Lifeinc Holdings Pte Ltd for the year are as 
follows: - 
 
+------------------------------------+----------+----------+ 
|                                    |  2009    |  2008    | 
|                                    | GBP'000  | GBP'000  | 
+------------------------------------+----------+----------+ 
| Revenue                            |   373    |    -     | 
+------------------------------------+----------+----------+ 
| Net loss                           |  (19)    |    -     | 
+------------------------------------+----------+----------+ 
 
 
6. Share capital 
 
The Company has one class of ordinary share capital which carry no rights to 
fixed income, any preferences or restrictions. 
 
Authorised share capital: 
 
+----------------------------------------+---------+---------+ 
|                                        |  2009   |  2008   | 
+----------------------------------------+---------+---------+ 
| Authorised:                            |GBP'000  |GBP'000  | 
+----------------------------------------+---------+---------+ 
| 200,000,000 Ordinary shares of 5p each | 10,000  | 10,000  | 
+----------------------------------------+---------+---------+ 
| Issued:                                |         |         | 
+----------------------------------------+---------+---------+ 
| 103,865,847 Ordinary shares of 5p each |  5,193  |         | 
+----------------------------------------+---------+---------+ 
| 103,330,630                            |         |  5,167  | 
+----------------------------------------+---------+---------+ 
 
Share issues during year: 
 
+--------------------+------+-------------+------------+------------+ 
| 2009               |      |   Shares    |   Share    |   Share    | 
|                    |      |             |  capital   |  premium   | 
+--------------------+------+-------------+------------+------------+ 
|                    |Note  |    No.      |  GBP'000   |  GBP'000   | 
+--------------------+------+-------------+------------+------------+ 
| As at 1 January    |      |103,330,630  |   5,167    |    678     | 
| 2009               |      |             |            |            | 
+--------------------+------+-------------+------------+------------+ 
| Issued on 30 June  |  i)  |  535,217    |    26      |    70      | 
| 2009               |      |             |            |            | 
+--------------------+------+-------------+------------+------------+ 
| Less: share issue  |      |      -      |     -      |    (11)    | 
| costs              |      |             |            |            | 
+--------------------+------+-------------+------------+------------+ 
|                    |      |             |            |            | 
+--------------------+------+-------------+------------+------------+ 
| At 31 December     |      |103,865,847  |   5,193    |    737     | 
| 2009               |      |             |            |            | 
+--------------------+------+-------------+------------+------------+ 
 
i)          On 30 June 2009, 535,217 ordinary shares of 5p were issued at 18p 
per share to the vendors as the final and full payment for the purchase 
consideration of Lifeinc Holdings Pte Ltd. 
 
+--------------------+------+-------------+------------+------------+ 
| 2008               |      |   Shares    |   Share    |   Share    | 
|                    |      |             |  capital   |  premium   | 
+--------------------+------+-------------+------------+------------+ 
|                    |Note  |             |  GBP'000   |  GBP'000   | 
+--------------------+------+-------------+------------+------------+ 
| Issued on 7        |  i)  |    2,000    |     -      |     -      | 
| January 2008       |      |             |            |            | 
+--------------------+------+-------------+------------+------------+ 
| Issued on 12 May   | ii)  | 90,000,000  |   4,500    |     -      | 
| 2008               |      |             |            |            | 
+--------------------+------+-------------+------------+------------+ 
| Issued on 18       |iii)  | 13,328,630  |    667     |   1,732    | 
| November 2008      |      |             |            |            | 
+--------------------+------+-------------+------------+------------+ 
| Less: share issue  |      |      -      |     -      |  (1,054)   | 
| costs              |      |             |            |            | 
+--------------------+------+-------------+------------+------------+ 
|                    |      |             |            |            | 
+--------------------+------+-------------+------------+------------+ 
| At 31 December     |      |103,330,630  |   5,167    |    678     | 
| 2008               |      |             |            |            | 
+--------------------+------+-------------+------------+------------+ 
 
i)    On 7 January 2008, 2,000 ordinary shares of 5p were issued for cash of 5p 
per share 
ii)    On 12 May 2008, 90,000,000 ordinary shares of 5p were issued in respect 
of the transfer of 100% of the issued shares in the capital of Medilink-Global 
(Asia) Pte Ltd. 
iii)   On 18 November 2008, 13,328,630 ordinary shares of 5p were issued for 
cash of 18p per share, representing a premium of 13p per share. 
 
7. Loss per share 
 
Basic loss per share is calculated by dividing the loss attributable to equity 
holders of the Company by the weighted average number of ordinary shares in 
issue during the period.  In accordance with IAS 33 and as the Group has 
reported a loss for the period the shares are not diluted. 
 
+--------------------------------------------+-------------+------------+ 
|                                            | 31.12.2009  |31.12.2008  | 
+--------------------------------------------+-------------+------------+ 
| Loss after taxation  (GBP'000)             |    (924)    |    (45)    | 
+--------------------------------------------+-------------+------------+ 
| Basic weighted average shares in issue     |103,600,438  |60,057,432  | 
+--------------------------------------------+-------------+------------+ 
| Basic and diluted loss per share based     |   (0.89)    |  (0.07)    | 
| on issued share capital as at 31 December  |             |            | 
| (pence)                                    |             |            | 
+--------------------------------------------+-------------+------------+ 
 
8. Post balance sheet events 
 
On 13 April 2010, the Company had successfully raised GBP321,198 through the 
placing of 1,784,433 new ordinary shares of 5 pence each at a price of 18 pence 
per share. The net proceeds will be used for general working capital purposes 
and to develop its Chinese operations. The new shares shall rank pari-passu in 
all respects with the existing shares. 
 
 
 
These summarised financial statements have been extracted from, and should be 
read in conjunction with, the Annual Report and Accounts which will be published 
by the Company shortly and will be available on the Company's website at 
www.medilink-global.com. 
 
 
 
This information is provided by RNS 
            The company news service from the London Stock Exchange 
   END 
 
 FR UBUORRAANAAR 
 

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