TIDMMEDI
RNS Number : 8209K
Medilink-Global UK Limited
27 June 2014
MEDILINK-GLOBAL UK LIMITED
("Medilink", the "Company" or the "Group")
FINAL RESULTS
Medilink-Global UK Limited (AIM: MEDI), the electronic health
card network service provider, is pleased to announce its audited
results for the year ended 31 December 2013. A copy of the annual
report and accounts and notice of the Company's annual general
meeting, to be held at 4(th) Floor, Office Tower, Syed Kechik
Foundation Building, Jalan Kapas, 59100 Kuala Lumpur, Malaysia on
17 July 2014at 11.00 am (Malaysian time) has been posted to
shareholders today and will be available shortly from the Company's
website, www.medilink-global.com.
FINANCIAL HIGHLIGHTS
-- TPA revenues increased by 3% to GBP2,047,000 (2012:
GBP1,993,000) despite a fall in revenue in Singapore (GBP89,000)
and a loss of revenue from AXA-Affin General Insurance Berhad, one
of our major customers, as a result of their reorganisation
(GBP134,000)
-- Revenue contribution from our China operations increased by
34% to GBP753,000 (2012 GBP563,000)
-- Loss before taxation reduced to GBP674,000 (2012: GBP705,000)
-- Administrative costs have decreased by 3% to GBP1,474,000 (2012 GBP1,527,000)
-- Medilink Malaysia have managed to replace much of the revenue
lost with AXA-Affin General Insurance Berhad in 2013 by focusing
their attention on the small and medium enterprises sector and
government linked bodies and have won TPA contracts with several
new clients in these growing market segments (see Operational
highlights)
-- A 30% share of our investment in Medilink-Global TPA Pte Ltd
(Medilink Singapore) was sold to WMG Management Pte Ltd for SGD
150,000 on 16 September 2013 resulting in a profit on sale of
GBP61,000
OPERATIONAL HIGHLIGHTS
The business highlights of Medilink-Global UK Limited (the
"Company") in the following regions.
People's Republic of China ("China")
Medilink (Beijing) TPA Co., Ltd ("Medilink China"), a wholly
owned subsidiary of Medilink-Global UK Limited, continues to secure
and renew its Third Party Administration ("TPA") service contracts
with reputable and established insurers in China.
Contract renewals:
-- On 20 October 2013, Medilink China renewed its contract with
Taikang Pension & Insurance Company Limited for 1 year up to 19
October 2014. The contract will be automatically renewed for
another year upon its expiry
-- On 31 December 2013, Medilink China renewed its contract with
CCB Life Insurance Company Limited, for a period of 1 year to 30
December 2014
-- On 19 April 2014, Medilink China renewed its contract with
Ping An Annuity Insurance Company Limited, Guangzhu Branch; for a 3
year period to 18 April 2017. The contract will be automatically
renewed for another 3 years upon its expiry
New contracts secured:
-- Medilink China entered into a one year contract with Founder
Meiji Yasuda Life Insurance Co., Ltd (24 October 2013 to 23 October
2014), a joint venture entity between Peking University Founder
Group Company Limited and Haier Meiji Yasuda Life Insurance Company
Limited. Founder Meiji Yasuda Life Insurance Co. Ltd was
established in 2002 and is headquartered in Shanghai. It provides a
broad range of individual and group insurance products distributed
through five branches and 16 sales and service locations that cover
one city and four provinces in China. Together, Founder Group,
Haier Group and Meiji Yasuda Life will now join forces to continue
to grow the joint venture life insurance company and its business
throughout China
-- Medilink China entered into a 1 year TPA Service contract
with Taikang Life Insurance Company Limited and the contract will
be automatically renewed for another year upon its expiry on 19
October 2014
-- In line with the corporate strategy, as well as to satisfy
the market demand, Medilink China has started offering healthcare
management services to large employers and insurance companies in
China. It has secured 4 healthcare management service contracts
with the below-named customers contributing a total membership of
5000 as of 31 May 2014
ü TOTAL Petrochemicals Trade (China) Co., Ltd. Shanghai Branch
(01 January 2014 to 31 December 2014)
ü Everbright Bank Credit Card Center (01 January 2014 to 31
December 2014)
ü China United Property Insurance Company Shanghai Branch (02
December 2013 to 01 December 2014)
ü Generali China Life Insurance Company Limited (01 December
2013 to 31 December 2023)
ü Generali China Life Insurance Company Limited Shanghai Branch
(11 October 2013 to 31 July 2017)
In view of the favourable acceptance received to-date from
existing customers, the Directors believe that this healthcare
management services will increase membership levels in Medilink
China.
Malaysia and Singapore
Great Eastern Life Assurance Malaysia Berhad
On 1 March 2013, MedilinkGlobal (M) Sdn Bhd ("Medilink
Malaysia") renewed its Managed Care System maintenance contract
with Great Eastern Life Assurance Berhad for one year and it was
automatically renewed for another year upon its expiry on 29
February 2014.
AIA Co., Ltd
-- American International Assurance Berhad (AIA) has operated
under a single license in Malaysia since June 2013, after acquiring
ING Group's local insurance operations
-- Malaysia's leading life insurer AIA has successfully
integrated its Takaful companies AIA AFG Takaful Bhd. and AIA
PUBLIC Takaful Bhd. (formerly known as ING PUBLIC Takaful Ehsan
Berhad). Since 1 March 2014, the businesses have operated under a
single licence and brand, and has been known as AIA PUBLIC Takaful
Bhd. AIA PUBLIC is jointly owned by AIA Co. Ltd. (AIA), Public Bank
Berhad and Public Islamic Bank Berhad
-- The Directors of Medilink are confident that there will be a
significant positive effect for Medilink Malaysia following the
integration between AIA and ING Group's local insurance operators;
both in the areas of Third Party Administration services as well as
system development and enhancement
Self-funded and Government-Linked Employers market
Medilink Malaysia continues its effort in making in-roads into
the self-funded employer market and government-linked
organisations. During the period under review, the company managed
to secure several significant government-linked customers, which
collectively contributed 35,000 members to the membership growth of
Medilink Malaysia.
Great Eastern Life Assurance Co. Ltd ("GE Singapore")
Medilink-Global (Asia) Pte Ltd received a purchase order from
Great Eastern Life Assurance Co., Ltd, to study and outline the
user requirement and system specification, with the possible
intention to license the Medilink's Managed Care System, in
2014.
MedilinkGlobal (M) Sdn Bhd reaches ISO 9001:2008
Certification
The Directors of Medilink are proud to announce that Medilink
Malaysia, has achieved ISO 9001:2008 certification through
International Certification Services. This achievement is an
important milestone for Medilink Malaysia as it brings us a step
closer to our corporate goals. Through a process of continuous
improvement, we aim to deliver supreme quality products and
services to our clients.
For further information contact:
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
(Nominated Adviser and Broker)
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 2013.
FINANCIAL REVIEW
The Group recorded revenues of GBP2.069 million (2012: GBP2.084
million) and a loss after taxation of GBP678,000 (2012: GBP705,000)
for the year ended 31 December 2013.
While the overall turnover was marginally down due to the lower
level of software licensing revenues of GBP22,000 (2012:
GBP91,000), the TPA revenues increased by 3% to GBP2,047,000 (2012:
GBP1,993,000). This was despite the declining business from
Medilink Singapore, which saw a drop in revenue of GBP89,000 (15%)
compared to 2012. In addition there was a significantly lower
contribution in turnover from AXA-Affin General Insurance Berhad,
one of our major customers, following their internal
reorganization.
On the positive side we have won a significant number of new TPA
clients in Malaysia replacing much of this lost revenue increasing
our portfolio of customers and thereby reducing the risk of being
exposed to one or two major clients. Revenues also continue to grow
in China, which increased by a further 34% in 2013. We also
continued to manage our costs and in this regard administrative
costs fell by 3% from GBP1,527,000 in 2012 to GBP1,474,000 in
2013.
GROUP'S OPERATIONS REVIEW
China
Revenue from our China operations continued to grow steadily,
achieving a growth rate of 34% in the period under review to
GBP753,000 (China revenue for 2012: GBP563,000) as a result of the
growth in membership enrolment arising from the TPA Contracts and
healthcare management service contracts with the Insurance
Companies. Membership levels increased by 36% from 14,000 at the
end of 2012 to 19,000 by the end of 2013. At the date of this
report membership levels are standing at 21,000.
Medilink China's operating costs have stabilised which resulted
in only a marginal increase of 1.94% over the previous year.
The average monthly revenue per employee during the year for our
China operations was GBP1,307, an improvement of 20% compared to
the previous year figure of GBP1,090. We expect the monthly average
revenue per employee for China to continue to improve as business
volumes increase.
To date, we have signed TPA and healthcare management service
contracts with 30 insurance companies in China, of which 2 came on
board during the FY 2013. At the end of 2013, there were 549 (2012:
348) healthcare providers operating throughout our network in
China.
Malaysia
As previously reported the acquisition of ING Malaysia by AIA is
an important corporate development which we expect will create a
positive impact for Medilink Malaysia in terms of larger business
volumes and enhanced market position. The newly-merged insurance
entity has become the number one insurer in the country in terms of
total premium size and policy holders' base. In this respect our
business with ING Malaysia, both conventional and Takaful business,
grew by 16% during 2013 from GBP244,000 to GBP283,000 in revenue
terms.
AIA was set to operate under a single license in Malaysia by
June 2013 (conventional business) and by March 2014 (Takaful
business), after acquiring ING Group's local insurance operations.
We have seen an increase of 60,756 members in the Medilink Malaysia
portfolio.
Singapore
Revenues from Singapore fell by 15% to GBP508,000 (2012:
GBP597,000) from the previous year while the number of healthcare
providers in our network remained at 146. As previously reported we
sold 30% of Medilink Singapore in September 2013 and we retain a
70% interest following this sale. We continue to work closely with
our local partner in the region.
PROSPECTS
Medilink will continue to provide excellent services to its
customers and with our new initiatives in Malaysia and our
continued membership growth in China we anticipate the Group will
continue to reduce its losses during 2014 and move towards
self-sustainability in 2015.
We will continue to strengthen all areas of the organisation and
maintain our position as a leading regional TPA in the Asia Pacific
region with a global servicing capacity.
The Company continues to monitor its cash position, which is
currently constrained. Cost cutting measures implemented during
2012 and 2013 have assisted in this regard. The Directors will
continue to explore options for supplementing the Group's cash
resources, at both the Company and subsidiary level.
ACKNOWLEDGMENTS
On behalf of the board, I would like to extend our thanks to our
business partners, customers, associates, healthcare providers and
valued shareholders for their support throughout the year. We 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
27 June 2014
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2013
Note
2013 2012
GBP'000 GBP'000
Revenue 3 2,069 2,084
Cost of sales (1,258) (1,274)
-------- --------
Gross profit 811 810
Other income 16 15
Administrative expenses (1,474) (1,527)
Operating loss (647) (702)
Finance expenses (27) (3)
-------- --------
Loss before taxation (674) (705)
Taxation (4) -
Loss after taxation attributable to
equity holders (678) (705)
======== ========
Other comprehensive loss
Exchange difference on translation
of foreign subsidiaries 132 (32)
-------- --------
Total comprehensive loss for the year
attributable to equity holders (546) (737)
-------- --------
Loss for the year attributable to:
Owners of the company (676) (705)
Non-controlling interest (2) -
-------- --------
(678) (705)
Total comprehensive loss attributable
to:
Owners of the company (544) (737)
Non-controlling interest (2) -
-------- --------
(546) (737)
Loss per ordinary share (pence) 9
Basic (0.56) (0.58)
Diluted* (0.56) (0.58)
The notes to the financial statements form an integral part of
these financial statements.
*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 has not issued any instruments with dilutive effects.
All operations of the Group are continuing.
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
AT 31 DECEMBER 2013
Note 2013 2012
ASSETS GBP'000 GBP'000
Non-current assets
Property, plant and equipment 163 116
Intangible assets 3,140 3,200
Total non-current assets 3,303 3,316
-------- --------
Current assets
Trade receivables 826 1,303
Other receivables 281 223
Cash and cash equivalents 5 304 196
-------- --------
Total current assets 1,411 1,722
-------- --------
TOTAL ASSETS 4,714 5,038
======== ========
EQUITY
Equity attributable to the equity
holders of the parent:
Share capital 8 6,045 6,045
Share premium 1,507 1,507
Reserves (5,473) (4,990)
-------- --------
Total shareholders' equity 2,079 2,562
Non-controlling interests (2) -
-------- --------
Total equity interest 2,077 2,562
-------- --------
Current liabilities
Trade payables 433 847
Other payables 867 762
Advance from directors and a shareholder 815 508
Hire purchase liabilities 3 3
Total current liabilities 2,118 2,120
-------- --------
Non-current liabilities
Hire purchase liabilities 7 12
Advance from a director 6 318 300
Term loan 7 150 -
Deferred tax 44 44
-------- --------
Total non-current liabilities 519 356
-------- --------
TOTAL EQUITY AND LIABILITIES 4,714 5,038
======== ========
The notes to the financial statements form an integral part of
these financial statements.
CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2013
2013 2012
GBP'000 GBP'000
Cash flows from operating activities
Loss before taxation (674) (705)
Adjustments for:
Amortisation of intangible assets 52 88
Depreciation of property, plant and equipment 126 120
Loss / (gain) on disposal of property, plant
& equipment 1 (1)
Disposal of a non controlling interest 61 -
-------- -------------------
Finance costs 27 3
-------- -------------------
Cash from operating activities before changes
in working capital (407) (495)
Decrease /(increase) in trade and other receivables 510 (550)
Increase / (decrease) in trade and other
payables 55 729
-------- -------------------
Cash flow from operations 158 (316)
Interest paid (3) (3)
-------- -------------------
Net cash flow from operations 155 (319)
-------- -------------------
Investing activities
Purchase of property, plant and equipment (180) (48)
Cash flow used in investing activities (180) (48)
-------- -------------------
Financing activities
Term loan 150 -
Loan from a director - 300
Repayment of hire purchase liabilities (4) (5)
-------- -------------------
Cash flow from financing activities 146 295
-------- -------------------
Net increase/decrease in cash and cash equivalents 121 (72)
Effect of exchange rate changes (13) (22)
Cash and cash equivalents at the beginning
of the year 196 290
-------------------
Cash and cash equivalents at the end of the
year 304 196
======== ===================
The notes to the financial statements form an integral part of
these financial statements.
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2013
Share Share premium Exchange Retained Non Total
Capital reserve earnings Controlling
Interest
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
Balance at 1 January
2012 6,045 1,507 (95) (4,158) 3,299
Loss for the year (705) (705)
Exchange differences (32) (32)
---------- -------------- --------------- ------------- ------------- -----------
Total comprehensive
loss for the year (32) (705) (737)
Issue of shares
Transfer of shares
from shareholders
to employees and directors
---------- -------------- --------------- ------------- ------------- -----------
Balance at 31 December
2012 6,045 1,507 (127) (4,863) 2,562
Loss for the year (676) (2) (678)
Exchange differences 132 132
---------- -------------- --------------- ------------- ------------- -----------
Total comprehensive
loss for the year 132 (676) (2) (546)
Disposal of non controlling
interest without a
loss of control 61 61
Balance at 31 December
2013 6,045 1,507 5 (5,478) (2) 2,077
---------- -------------- --------------- ------------- ------------- -----------
The notes to the financial statements form an integral part of
these financial statements.
NOTES TO THE FINANCIAL INFORMATION
FOR THE YEAR ENDED 31 DECEMBER 2013
1. General information
The Company was incorporated in Jersey as a limited liability
par value company under the laws of Jersey, with the name
Medilink-Global UK Limited and with company number 99680. The
Company is governed by its articles of association and the
principal statute governing the Company is Jersey law. The
liability of the members of the Company is limited. The Company's
registered office is Queensway House, Hilgrove Street, St Helier
Road, Jersey, JE1 1ES. The Company is domiciled in Jersey. The
Company's principal place of business is Asia.
These financial statements are presented in Pound Sterling
("GBP") and rounded to the nearest thousand ("000"). The functional
currency of the entities in the Group is the Malaysian Ringgit as
that is the Currency of the primary economic environment in which
the Group operates. The directors have chosen to present these
financial statements in Pound Sterling due to the international
exposure and shareholders of the entity.
2. Basis of preparation
The financial statements of the Group and the Company have been
prepared and presented in accordance with International Financial
Reporting Standards as adopted by the European Union and the
historical cost convention as modified by the use of fair values.
The Board had reviewed the accounting policies set out in the
financial statements and consider them to be the most appropriate
to Group's business activities.
The directors do not propose a dividend in respect of the year
ended 31 December 2013 (2012: Nil).
3. Business segments
The Group applies IFRS 8 Operating Segments. 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 party Software Consolidation Total
2013 administrator licensing
GBP'000 GBP'000 GBP'000 GBP'000
External revenue 2,047 22 - 2,069
Internal revenue 30 109 (139) -
---------------- ---------------- ---------------------- ----------------
Total revenue 2,077 131 (139) 2,069
---------------- ---------------- ---------------------- ----------------
Interest revenue - - - -
Interest expenses 5 - - 5
Depreciation and
amortisation 177 1 - 178
Corporation tax - - 4 4
Earnings before tax
(EBT) (742) 2 66 (674)
Assets 5,765 190 (1,240) 4,715
Liabilities (5,663) (323) 3,320 (2,666)
---------------- ---------------- ---------------------- ----------------
(i) The assets of third party administrator are including the
goodwill on consolidation of GBP3,038,000 (2012: GBP3,038,000)
Revenues from two customers amounted to GBP381,790: ING
Insurance Bhd GBP282,485 and AXA Insurance Bhd GBP99,305 (2012:
GBP476,610: ING Insurance Bhd GBP243,685 and AXA Insurance Bhd
GBP232,925), arising from sales by third party administrator
segment.
Third party Software Consolidation Total
2012 administrator licensing
GBP'000 GBP'000 GBP'000 GBP'000
External revenue 1,993 91 - 2,084
Internal revenue - - - -
--------------- ----------- -------------- --------
Total revenue 1,993 91 - 2,084
--------------- ----------- -------------- --------
Interest revenue - - - -
Interest expenses (3) - - (3)
Depreciation and
amortisation 207 1 - 208
Share of associate
undertakings' loss - - - -
Corporation tax
Earnings before tax
(EBT) (520) (62) (123) (705)
Assets 2,714 148 2,176 5,038
Liabilities (5,398) (298) 3,220 (2,476)
--------------- ----------- -------------- --------
The geographical split of revenue and non-current assets arises
as follows:
2013 Jersey Singapore China Malaysia Total
------------------- -------- ------------ -------- --------- -------------
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
------------------- -------- ------------ -------- --------- -------------
Revenue - 508 753 808 2,069
------------------- -------- ------------ -------- --------- -------------
Intangible assets - - - 102 102
------------------- -------- ------------ -------- --------- -------------
Goodwill 3,038 - - - 3,038
-------------------
PPE - - 40 123 163
-------------------
2012 Jersey Singapore China Malaysia Total
------------------- -------- ------------ -------- --------- ----------
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
------------------- -------- ------------ -------- --------- ----------
Revenue - 597 563 924 2,084
------------------- -------- ------------ -------- --------- ----------
Intangible assets 33 - - 129 162
------------------- -------- ------------ -------- --------- ----------
Goodwill 3,038 - - - 3,038
------------------- -------- ------------ -------- --------- ----------
PPE - 1 61 54 116
------------------- -------- ------------ -------- --------- ----------
4. Loss from operations
Loss from operation has been arrived at after
charging/(crediting):
2013 2012
GBP'000 GBP'000
Unrealised loss/(gain) on exchange
difference 2 73
Depreciation 126 120
Amortisation of intangible assets 52 88
Auditor remuneration - audit of the
company accounts 30 30
- non -audit services 2 1
Impairment of goodwill - -
Impairment of loan - -
Operating lease payment 157 143
======== ========
5. Cash and cash equivalents
Group
2013 2012
GBP'000 GBP'000
Cash and bank balance 304 196
304 196
======== ========
Company
2013 2012
GBP'000 GBP'000
Cash and bank balance - 10
--------- --------
- 10
================================= ========
6. Advance from a director
Group
2013 2012
GBP'000 GBP'000
Advance from a director 318 300
318 300
======== ========
Company
2013 2012
GBP'000 GBP'000
Advance from a director 118 100
118 100
======== ========
In March 2012, Mr Shia Kok Fat, had advanced GBP300,000 to the
Group and the terms and conditions of the advance are as
follows:-
i) It carries interest at 6% per annum;
ii) The repayment of principal amount is deferred to 31 December
2016. The repayment date of the loan will be capable of being
extended beyond 31 December 2016 subject to agreement between the
Company and Shia Kok Fat and conditional on the loan being repaid
at a minimum rate of GBP50,000 per annum thereafter.
7. Term loan
Group
2013 2012
GBP'000 GBP'000
Borrowing from financial institution 150 -
150 -
======== ========
The terms and conditions of term loans are as below:-
i) It carries interest at 13% per annum;
ii) The maturity of principal on 15 October 2014. The term loan
shall auto renew for another one (1) year, on similar terms and
conditions as stated herein or shall be mutually agreed in writing
between both parties
8. Share capital
The Company has one class of ordinary share capital which
carries no rights to fixed income, any preferences or
restrictions.
2013 2012
GBP'000 GBP'000
Issued:
120,909,108 Ordinary shares of 5p each 6,045 6,045
-------- --------
9. 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 year, the shares are not diluted.
2013 2012
Loss after taxation attributable to owners
of the company (GBP'000) (678) (705)
Basic weighted average shares in issue 120,909,108 120,909,108
Basic and diluted loss per share based
on issued share capital as at 31 December
(pence) (0.56) (0.58)
------------ ------------
10. Related party transactions
Related party transactions during the year were as follow:
2013 2012
GBP'000 GBP'000
Adviser fee payable to shareholders 50 50
Loan from a shareholder 733 400
Advance from a director 300 300
Interest on advance from a director (note
17) 15 15
Amount owing to director 82 68
======== ========
The term of the loan from a shareholder is interest free and
with no fixed term of repayment. The loan is secured against the
corporate guarantee issued by the Company.
Details of Directors' remunerations (who are considered to be
the key management of the Group) are as follows:
2013 Short term
employment Share-based
benefits payment Total
GBP'000 GBP'000 GBP'000
Executive directors 47 - 47
Non-executive directors 16 - 16
Senior management staff 31 - 31
============ ============== ========
2012 Short term
employment Share-based
benefits payment Total
GBP'000 GBP'000 GBP'000
Executive directors 34 - 34
Non-executive directors 12 - 12
Senior management staff 31 - 31
============ ============== ========
11. Subsequent events
There were no other subsequent events that require adjustment to
or disclosure in the financial statements.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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