TIDMDXSP
DXS INTERNATIONAL PLC
(AQSE: DXSP)
HALF YEAR RESULTS
DXS International plc ("DXS" or the "Company"), the digital
clinical decision support company, is pleased to provide
shareholders with its unaudited interim results for the half year
ending 31 October 2022.
Financial Highlights
-- Revenue for the six-month period was marginally up at GBP1,652,467 (2021:
GBP1,618,4383);
-- Profit/Loss before tax is a loss of (GBP131,269) (2021: Profit GBP21,427)
and profit after tax GBP27,656 (2021: GBP137,352).
-- Cash on hand GBP398,745.
Results overall are in line with projections. Reduced profit is
largely due to increased operating costs and depreciation.
Operational Highlights
-- A six month referral trial utilising DXS SMART referral functionality
produced significant results in reducing referral rejections from 36% to
less than 2% and cutting waiting times from 44 to 22 weeks.
-- The IM1 (Interface Mechanism 1 -- the NHS owned API providing access to
patient records) development and integration with our new generation Aios
Platform is complete providing improved user functionality and ability to
meet new NHS COVID induced challenges.
-- The first revised model ExpertCare hypertension trials, commencing before
the end of January 2023 with a group of Primary Care organisations
recruited, is ready for participation in up to a 6-month trial.
-- Overall development of our new cloud based DXS Point-of-Care solution is
progressing well with a first version expected to be launched in the
first quarter 2023.
-- Concluded the renewal of existing CCG (Clinical Commissioning Group)
agreements due to the NHS restructuring.
Engaging with the various NHS organisations remains challenging
due to COVID induced backlogs, clinician shortages and NHS
restructuring. On the positive side the NHS announced the following
goals for the next 12-months:
-- Recover NHS core services and productivity.
-- As they recover, make progress in delivering the key ambitions in the NHS
Long Term Plan (LTP).
-- Continue transforming the NHS for the future.
To achieve this the NHS have set out clear objectives, some
which fit squarely within our solution capabilities.
-- On 23 December 2022, the NHS CEO announced the 2023/24 priorities and
operational guidance which includes reducing waiting times and improving
blood pressure control to 77% by March 2023.
-- Empowering the wider workforce to tackle clinician shortages.
David Immelman, CEO of DXS International plc, said:
"With the persistent challenges facing the NHS, our solutions
have never been more aligned to NHS priorities. Our new products
are currently being trialled in numerous clinical commissioning
groups with significant results demonstrated in reducing referral
rejections and drastically cutting waiting times. We are solely
focused in converting these trials to commercial contracts.
This provides us with an opportunity to engage with the NHS in
utilising both our referral and hypertension solutions in
significantly contributing towards achieving these objectives.
We are a passionate and bold team with innovative solutions that
can make a significant positive contribution towards curbing and
cutting rising healthcare costs and ensuring healthier populations.
Future sales prospects, in the UK and abroad, are promising,
generated by the persistent efforts of our dedicated sales and
marketing team. This will ensure the achievement of our objectives
resulting in planned shareholder rewards."
INTERIM RESULTS to 31 OCTOBER 2022
CONSOLIDATED INCOME STATEMENT
for the six month period ended 31 October 2022
Unaudited Group Unaudited Audited
6 Months ended 6 Months ended Year to
31 Oct 2022 31 Oct 2021 30 April 2022
Continuing Continuing Continuing
Operations Operations Operations
GBP GBP GBP
Turnover 1,652,467 1,618,439 3,285,050
Cost of Sales (229,308) (191,952) (412,904)
--------------- ---------------- ---------------
Gross Profit 1,423,159 1,426,487 2,872,146
Administration Costs (1,175,224) (1,111,965) (2,269,633
Depreciation and
Amortisation (354,363) (274,093) (660,289)
--------------- ---------------- ---------------
Operating Profit /
Loss (106,428) 40,429 (57,776)
Sundry Income - 2,152 2,153
(106,428) 42,581 (55,623)
Interest payable and
similar expenses (24,841) (21,154) (43,022)
--------------- ---------------- ---------------
Loss / Profit on ordinary
activities before taxation (131,269) 21,427 (98,645)
Tax on profit on ordinary
activities 158,925 115,925 320,895
--------------- ---------------- ---------------
Profit for the period 27,656 137,352 222,250
========= ========= =========
Profit per share
0.1p 0.3p 0.5p
-- basic
0.1p 0.3p 0.5p
-- fully diluted
========= ========= =========
STATEMENT of FINANCIAL POSITION
as at 31 October 2022
Unaudited Unaudited Audited
Group at Group at Group at
31 Oct 2022 31 Oct 2021 30 April 2022
GBP GBP GBP
Fixed Assets
Intangible Assets 5,499,920 4,921,943 5,183,683
Tangible Assets 1,868 961 2,645
_________ _________ _________
5,501,788 4,922,904 5,186,328
_________ _________ _________
Current assets
Debtors Amounts falling due
within one year 487,179 320,784 693,702
Cash at bank and in hand 398,745 543,281 452,379
_________ _________ _________
885,924 864,065 1,146,081
Creditors: amounts falling
due within one year (839,344) (689,586) (889,761)
_________ _________ _________
Net current assets /
(liabilities) 46,580 174,479 256,320
_________ _________ _________
Total assets less current
liabilities 5,548,368 5,097,383 5,442,648
Creditors: amounts falling
due after more than one year (607,095) (364,681) (331,330)
Deferred income (548,975) (447,958) (746,676)
_________ _________ _________
4,392,298 4,284,744 4,364,642
========= ========= =========
Capital and reserves
Called up share capital 159,246 159,246 159,246
Share Premium 2,671,321 2,676,321 2,671,321
Provision for costs of share
option awards 173,808 173,808 173,808
Retained earnings 1,387,923 1,275,369 1,360,267
_________ _________
Shareholders' Funds 4,392,298 4,284,744 4,364,642
========= ========= =========
STATEMENT of CASH FLOWS
Six months ended 31 October 2022
Unaudited Unaudited
Group Group Audited Group
Six months ended Six months ended year ended
31 Oct 2022 31 Oct 2021 30 April 2022
GBP GBP GBP
Cash flow from operating
activities (135,175) 242,179 907,862
Interest paid (24,841) (21,154) (43,022)
Sundry Income - 2,152 2,153
R&D tax credit 323,925 249,925 249,895
_________ _________ _________
Cash flow from operating
activities 163,909 473,102 1,116,888
_________ _________ _________
Cash flow from investing
activities
Payments to acquire intangible
fixed assets (669,967) (637,695) (1,284,961)
Expense in respect of share
issue in February 2022 - - (5,000)
Proceeds / (Payments) in
respect of tangibe fixed
assets 144 - (2,354)
Payments to acquire tangible
fixed assets
_________ _________ _________
(669,823) (637,695) (1,292,315
_________ _________ _________
Cash flow from investing
activities
Repayment of long term loans (47,720) (84,444) (164,512)
Advance of long term loans 500,000 - -
_________ _________ _________
452,280 (84,444 (164,512)
_________ _________ _________
Net increase / (decrease)
in cash and cash equivalents (53,634) (249,037) (339,939)
Cash and Cash equivalents
at 30 April 2022 452,379 792,318 792,318
_________ _________ _________
Cash and Cash equivalents
at 31 October 2022 398,745 543,281 452,379
========= ========= =========
Cash and Cash equivalents
consists of:
Cash at bank and in hand 398,745 543,281 452,379
========= ========= =========
Net Debt Reconciliation
Current Non Current
Debt Debt Cash Total
GBP GBP GBP
At 30 April 2021 (207,139) (449,125) 792,318 136,054
Cash flow (85,993) 117,795 (339,939) (308,137)
_________ _________ _________ _________
At 30 April 2022 (293,132) (331,330) 452,379 (172,083)
Cash flow (45,963) (275,765) (53,634) (375,362)
_________ _________ _________ _________
At 31 October 2022 (339,095) (607,095) 398,745 (547,445)
========= ========= ========= =========
The above figures have not been reviewed by the company's
auditors Crowe U.K. LLP.
The Directors of DXS International plc accept responsibility for
this announcement
Contacts:
David Immelman (Chief Executive) 01252 719800
DXS International plc david@dxs-systems.com
https://www.dxs-systems.co.uk
Corporate Advisor
City & Merchant
David Papworth 020 7101 7676
Corporate Broker
Hybridan LLP
Claire Louise Noyce 020 3764 2341
Notes to Editors
About DXS:
DXS International presents up to date treatment guidelines and
recommendations, from Clinical Commissioning Groups and other
trusted NHS sources, to doctors, nurses and pharmacists in their
workflow and during the patient consultation. This effective
clinical decision support ultimately translates to improved
healthcare outcomes delivered more cost effectively and which
should significantly contribute towards the NHS achieving its
projected efficiency savings.
(END) Dow Jones Newswires
January 19, 2023 02:00 ET (07:00 GMT)
Copyright (c) 2023 Dow Jones & Company, Inc.
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