TIDMTLY
RNS Number : 2155V
Totally PLC
13 April 2021
Certain information contained within this announcement is deemed
by the Company to constitute inside information as stipulated under
the Market Abuse Regulations (EU) No. 596/2014 as amended by Market
Abuse (Amendment) (EU Exit) Regulations 2019/310. Upon the
publication of this announcement, this inside information is now
considered to be in the public domain.
13 April 2021
Totally plc
("Totally", the "Company" or the "Group")
Trading update
The Board of Totally plc (AIM: TLY), a leading provider of a
range of healthcare services across the UK, today announces an
update on trading for the 12-month period ended 31 March 2021.
Excellent trading performance
Based on draft unaudited numbers, the Group anticipates
reporting EBITDA* for the year ended 31 March 2021 substantially
ahead of both management expectations and the historic underlying
EBITDA of GBP4.0 million reported by the Group in the financial
year ended 31 March 2020. The resilient and improved trading
performance across the Group is due to multiple factors but
primarily as a result of the Company being able to respond
proactively and quickly to the numerous demands for its healthcare
services during the global COVID-19 pandemic, through which the
Company has assisted the NHS in providing frontline care across the
UK. The Directors would like to put on record their thanks for the
services provided by their own frontline employees, the NHS and
every healthcare organisation the Group works with.
As at 31 March 2021 the Company was in a healthy financial
position with GBP14.8 million of net cash (31 March 2020: GBP8.9
million). The Company has no debt financing ** and all deferred
HMRC payments have been paid in full.
Agile and quick response
Against the backdrop of a global pandemic, the year to 31 March
2021 was undoubtedly one of the most challenging periods of time
for the Company. Through effective management, however, the
emergency preparedness and response was quickly and efficiently
executed.
All operations of the Group were impacted with some services,
particularly face-to-face, understandably paused. However, with the
increased demand for urgent healthcare support, the Group was well
placed to respond quickly through, among others, the delivery of
COVID-19 Management Services, National Clinical Assessment Services
and the ramping up of 111 capacity.
Strong market position
Totally continues to make strong progress with its stated
strategy of delivering a range of quality healthcare services
across the UK and Ireland in partnership with the NHS and other
healthcare providers. Over the course of the 12-month period the
Group announced numerous contract renewals and new business models
being delivered, many targeted to manage demand during the
pandemic, which amounted to an aggregate contract value of c.
GBP92.5m. The Group was also pleased at the end of March 2021 to be
chosen as a qualified provider to Yorkshire Ambulance Service NHS
Trust, the first agreement that Totally has entered into under the
new NHS Integrated Care System framework.
Totally saw positive movement in its Care Quality Commission
(CQC) ratings, resulting in all of its registered services now
being rated as "Good". These activities and successes have placed
the Group in a strong position as a preferred partner of the
NHS.
The Directors also note that waiting lists across the UK have
all increased during the last year as a result of elective care
being paused during the COVID-19 period. The Group's insourcing
division continues to be appointed by numerous hospitals across the
UK and Ireland to provide services to help reduce these waiting
lists. The Directors therefore anticipate significant growth for
the insourcing division of the Group in the short term. The Group's
Planned Care division has also resumed services during the past few
months, mobilising new dermatology services across Manchester and
physiotherapy services to a number of police forces in the
south-west of England.
Patient and staff wellbeing remains the Group's top priority as
it continues to deliver critical front-line services across the UK
and Ireland.
Financial Results for the 12-month period ended 31 March
2021
The Directors expect the Company to release its audited final
results for the 12-month period ended 31 March 2021 in July 2021.
The Directors expect to re-introduce market guidance at the time of
the final results.
* EBITDA is defined as earnings before interest, tax,
depreciation and amortisation and excludes one-off exceptional
items.
** Following the adoption of IFRS 16, the Company has reported
operating lease commitments as a debt on its balance sheet however
these do not affect the day to day working capital available to the
Group.
For further information please contact:
Totally plc 020 3866 3330
Wendy Lawrence, Chief Executive
Bob Holt, Chairman
Allenby Capital Limited (Nominated Adviser
& Joint Corporate Broker) 020 3328 5656
Nick Athanas / Liz Kirchner (Corporate Finance)
Amrit Nahal (Sales & Corporate Broking)
Canaccord Genuity Limited (Joint Corporate
Broker) 020 7523 8000
Bobbie Hilliam
Alex Aylen
Yellow Jersey PR 020 3004 9512
Joe Burgess, Henry Wilkinson
Notes to Editors
Totally plc is a leading healthcare service provider in the UK
and Ireland, working in partnership with the NHS and other
providers to deliver healthcare services through its divisions of
Urgent Care, Planned Care and Insourcing.
Totally is committed to pursuing a progressive buy-and-build
consolidation strategy within the fragmented healthcare market and
looks to capitalise on the attractive opportunities that its
disruptive service model offers, to generate value to
shareholders.
Urgent Care
Totally offers a full range of urgent care services via its
subsidiaries, Vocare and Greenbrook Healthcare, two of the largest
urgent care providers in the UK, including:
--NHS 111 services
--Clinical Assessment services
--GP Out-of-Hours services
--Urgent Treatment Centres
www.vocare.org.uk
www.greenbrook.nhs.uk
Planned Care
Totally delivers planned care services, which include community
based Out-Patient Services, Referral Management Services,
Physiotherapy and Podiatry Services. It provides these through its
planned care subsidiaries, About Health, Premier Physical
Healthcare and Optimum Physiotherapy.
www.abouthealthgroup.com
www.premierphysicalhealthcare.co.uk
www.optimum-hcs.com
Insourcing
Launched in October 2019, Totally Healthcare provides bespoke
insourcing solutions across multiple specialities to trusts and
hospitals in the UK and Ireland, reducing waiting lists by
utilising their spare capacity outside of normal working hours and
weekends.
www.totallyhealthcarelimited.com
More information on Totally plc can be found at the following link : www.totallyplc.com .
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