TIDMTLY
RNS Number : 1311J
Totally PLC
25 April 2022
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.
25 April 2022
Totally plc
("Totally", the "Company" or the "Group")
Trading update
The Board of Totally plc (AIM: TLY), a leading provider of
frontline healthcare services, corporate fitness and wellbeing
services across the UK and Ireland, today announces an update on
trading for the 12-month period ended 31 March 2022.
Outstanding trading performance
Based on unaudited draft numbers, the Group anticipates
reporting EBITDA*, for the year ended 31 March 2022, substantially
ahead of consensus market expectations of GBP5.4 million EBITDA and
prior year of GBP5.0 million. This strong trading performance
across the Group was driven by enhanced demand attributed to the
impact of the global pandemic, which has increased demand for
services and led to significant growth in waiting lists which has
been regularly reported in the press. The Directors would like to
put on record their thanks for the services provided by everyone
who works for and with the Group.
As at 31 March 2022, the Company was in a healthy financial
position with GBP15.3 million of net cash (31 March 2021: GBP14.8
million) which is particularly pleasing given that GBP7.4 million
in cash has been utilised to complete two significant acquisitions
during the period, in line with the Group's stated 'buy &
build' strategy. The Company has no debt financing**. During the
period the Company secured a GBP5.0 million rolling credit
facility, should it be required at any time in the future. To date,
this has not been utilised.
Partnering with healthcare commissioners and hospitals to
respond to the ongoing, increased demand for services
The removal of COVID-19 restrictions for the general population
during the year and the emergence of the several COVID-19 variants
increased pressure across all services, with demand at record
levels. This trend impacted everyone working in the healthcare
sector across the UK and Ireland. COVID-19 infection rates remain
higher than ever, driving demand for NHS 111. A population no
longer constricted by social distancing rules, and embracing their
'freedom' has increased demand for urgent treatment to
unprecedented highs.
Our experienced management team has worked closely with
healthcare commissioners throughout the year to enable us to
respond to these challenges and support patients seeking care.
Totally continues to work with our partners to ensure that we can
support healthcare delivery wherever demand for services is
increasing.
Totally continues to operate all services in line with guidance
for healthcare providers to protect our staff and service delivery.
This means that all staff must still use PPE (Personal Protective
Equipment) and continue to test regularly using LFTs (Lateral Flow
Testing). Recruitment and retention of staff has been a key
challenge throughout the year and continues to be challenging.
Nevertheless, Totally has maintained service delivery across all
its contracts and provided additional capacity to its commissioners
and other healthcare providers in response to growing demands upon
healthcare services.
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 was awarded new contracts totalling c. GBP59 million and
contract extensions worth c. GBP72 million. The new contracts
include:
-- New three-year contract with Kings College NHS Foundation
Trust for a new Urgent Treatment Centre at Denmark Hill worth c.
GBP12 million;
-- New five-year contract for the provision of GP out of hours
(OOH) services in Staffordshire and Stoke valued at GBP45 million;
and
-- Two new contracts for the delivery of NHS 111 online clinical
services in North East England and South-East London Clinical
Assessment Services (CAS) running for 3 months from January 2022
worth a total of GBP0.6 million.
Care Quality Commission (CQC) registered services continue to be
rated as "Good" for all services, including those within Pioneer
Health Care Limited ("Pioneer"), which joined the Group in March
2022. Pioneer has recently seen its services at Sloan Medical
Centre in Sheffield rated as "Good" by the CQC across all
domains.
Update on the acquisition of Pioneer Health Care Limited
The acquisition of Pioneer in March 2022 provides a significant
opportunity for the Group as waiting lists for elective care
continue to rise. Work to bring Pioneer and Totally Healthcare
together to create a single, established provider of insourcing and
outsourcing services (including Any Qualified Provider
opportunities) under the Pioneer brand has commenced. The combined
business will leverage the strengths within each organisation and
provide resilient capacity to deliver much-demanded insourcing and
outsourcing services across a wide range of surgical and medical
specialities to NHS patients.
Since the acquisition was announced on 7 March 2022, we have
made good progress. A strong and hugely experienced leadership team
is in place to take forward the enlarged business. The opportunity
available to the combined business is evident. Pioneer has seen a
stepped increase in the number of enquiries from hospitals to
assist with waiting list reduction. They have also secured multiple
contract extensions which include the expansion of the medical
specialties undertaken as well as an increase in the number of
hospitals from where services are delivered. Contract extensions
cover the whole of England but with a particular focus on the
Midlands, Yorkshire and North of England including a contract
extension for spinal services to run until 31 March 2024.
Since the acquisition Pioneer has also secured a new contract
with the Countess of Chester Hospital in Chester which includes
Gynaecology, Oral Maxillofacial Facial Surgery, Urology, Plastic
Surgery and Ophthalmology specialties.
Update on the acquisition of Energy Fitness Professionals
Limited ("EFP")
The acquisition of EFP in December 2021 brings the opportunity
to offer diversification across existing contracts and enhance
services targeting workplace fitness and wellness, including
physical and mental wellbeing services. The acquisition also
presents the opportunity for the Group to deliver enhanced digital
services, which complement the existing service offerings of
Totally and EFP, by harnessing the technical capabilities in both
businesses and further developing digital offerings.
EFP has a large portfolio of 'blue-chip,' clients, which include
the Royal Mail and QinetiQ, as well as Kingston University, and
public sector services including Ministry of Justice, HM Treasury
and Network Rail. EFP is benefiting from increased demand for
corporate fitness and wellbeing services, which is further
increased by leveraging existing relationships and opportunities,
as well as the breadth of services available for customers across
the Group.
Since the acquisition, EFP has mobilised two new contracts and
work on the development of digital services, which is key to future
strategy, has been initiated. It has also seen a strong increase in
new opportunities and enquiries from businesses as employers
encourage their workforces to return to work.
Financial Results for the 12-month period ended 31 March
2022
The Directors expect the Company to release its final results
for the 12-month period ended 31 March 2022 in July 2022 when our
Annual Report and Accounts is expected to also be available along
with confirmation of the date for our Annual General Meeting.
* 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
Sarah Hollins / Henry Wilkinson / Annabelle
Wills
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.
On 16 December 2021, Totally acquired Energy Fitness
Professionals Limited, an established corporate fitness provider
with operations across the UK and a focus on workplace
wellbeing.
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
ww.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 and Outsourcing
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
at weekends. On 7 March 2022, Totally announced the acquisition of
Pioneer Health Care Limited, an independent provider of specialist
NHS secondary care services. Pioneer Healthcare and Totally
Healthcare are being brought together to create a single,
established, provider of insourcing and outsourcing services under
the Pioneer brand.
www.totallyhealthcarelimited.com
www.pioneerhealthcare.co.uk
Energy Fitness Professionals Limited
An established corporate fitness provider with operations across
the UK and a focus on workplace wellbeing.
www.energy-fitpro.co.uk
More information on Totally plc can be found at the following
link: www.totallyplc.com.
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