TIDMTLY
RNS Number : 9787X
Totally PLC
02 May 2023
2 May 2023
Totally plc
("Totally", the "Company" or the "Group")
Trading Update for 12 months ending 31 March 2023
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 2023 ("FY23").
Financial performance in line with revised consensus
Based on unaudited draft numbers, the Group anticipates
reporting EBITDA* for FY23 in line with consensus market
expectations. At year end, the Company had gross cash of GBP6.4
million (31 March 2022: GBP15.3 million); net cash at the same date
was GBP3.9 million.
The Group's Care Quality Commission (CQC) registered services
continue to be rated as "Good".
During the last quarter of the period, Totally undertook
multiple actions to manage and control costs driven by the
high-inflation economy and national workforce challenges, whilst
continuing to deliver essential services on behalf of the NHS.
These actions will lead to exceptional costs being incurred for
FY23 and, to a lesser extent, in the current financial year.
Actions included the restructuring of the business to bring
together all healthcare services under one healthcare delivery
business focused on Urgent Care and Elective Care, the realisation
of economies of scale and the removal of duplicated costs. In
aggregate, these actions are expected to enhance the operational
and financial performance of the Group's businesses.
A healthcare market full of opportunity
The Totally management team is working closely with healthcare
commissioners to respond to opportunities to support the reduction
of record waiting lists for elective care and help meet or beat
waiting time targets in urgent care.
Totally's insourcing and outsourcing revenue, delivered through
Pioneer Healthcare, doubled in FY23 compared to the previous year,
and the Company recently announced two new contracts for urology
services in Ireland and a key position on a new framework agreement
in Wales.
Within Urgent Care, the Company successfully retendered and
mobilised a five-year contract for the delivery of two Urgent
Treatment Centres in Bromley, and was the first provider to fully
mobilise on NHS England's Single Virtual Contact Centre model,
enabling rapid mobilisation of additional NHS 111 services where
required. Totally continues to deliver other urgent care services
across London, Staffordshire and the North East of England.
Following the demobilisation of four Urgent Treatment Centre
contracts in North West London, as announced in January 2023, the
Company is not expecting any further revenue, costs or liabilities
from these contracts for the year to 31 March 2024.
Corporate Wellbeing demand returning
Corporate Fitness revenues, delivered through Energy Fitness
Professionals ("EFP"), have returned to almost pre-pandemic levels
with the addition of new contracts, including Adidas, and equipment
installations for existing customers such as EA (Electronics Arts)
and Network Rail. EFP also agreed on a new contract to support the
Royal Mail for a further five years, extending this relationship to
more than 20 years.
New business opportunities continue to be driven by employers
wanting to entice employees back into the workplace and have
refocused on core bricks and mortar fitness centres, supported by a
flexible digital offering, which has been enhanced by a new
licensing agreement with Les Mills, market leaders in class
instruction, to provide digital classes to all EFP members.
Looking ahead the Company has invested in additional business
development capacity to help respond to the increasing
opportunities available.
Financial Results for FY23
Final results for FY23 are expected to be released in July 2023
when the Annual Report and Accounts are also expected to be
available, along with confirmation of the date for the Company's
Annual General Meeting.
* EBITDA is defined as earnings before interest, tax,
depreciation and amortisation and excludes one-off exceptional
items.
For further information, please contact:
Totally plc
Wendy Lawrence, Chief Executive 020 3866
Bob Holt, Chairman 3330
Canaccord Genuity Limited (Nominated Adviser &
Joint Corporate Broker) 020 7523
Bobbie Hilliam / Harry Rees 8000
Singer Capital Markets (Joint Corporate Broker) 020 7496
Aubrey Powell / Sam Butcher 3000
Yellow Jersey PR 020 3004
Sarah Hollins / Annabelle Wills / Jazmine Clemens 9512
Notes to editors
About Totally
Totally is a leading provider of healthcare and wellbeing
services across the UK and Ireland, working in partnership with the
NHS, other healthcare providers and corporate customers to help
address the challenges of increased demand for healthcare
services.
The Company 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.
Totally helps healthcare commissioners and hospitals ensure
patients can access the most appropriate care quickly and
efficiently by delivering quality urgent care services, such as NHS
111 and urgent treatment centres, elective care services including
insourcing, outsourcing and elective care delivered via 'Any
Qualified provider', as well as community dermatology clinics; and
therapy servicing including first contact practitioner and a full
physiotherapy and podiatry offering. Our corporate customer
services also play a role in reducing reliance on healthcare by
promoting healthy lifestyles and physical and mental health.
Healthcare services
Urgent Care: Totally's urgent care services are delivered under
the Totally Urgent Care brand, by Vocare and Greenbrook Healthcare.
Both businesses have a strong heritage and have been delivering
quality urgent care services including NHS 111, GP Out of Hours and
Urgent Treatment centres on behalf of the NHS for more than 25
years and 15 years respectively.
Elective care: Totally's elective care services are delivered by
Pioneer Healthcare, About Health and Premier Physical
Healthcare.
-- Pioneer Healthcare was established in 2007 and delivers a
wide range of acute services to NHS patients, in partnership with
independent healthcare sector private hospitals across England, to
help the NHS reduce waiting lists whilst maintaining patient care
and quality. Pioneer offer services through insourcing and
outsourcing agreements and through its Any Qualified Provider
status.
-- About Health has been delivering community-based specialist
care with a focus on delivering prompt assessment and treatment
across the country since 2008.
-- Premier Physical Healthcare was established in 2007 and
provides physiotherapy and podiatry services to NHS patients, often
within a community GP practice, and to the prison service.
Corporate Wellbeing Services
Energy Fitness Professionals ("EFP"): EFP is a corporate fitness
provider established in 1990 to address a gap in the market for
workplace fitness, which has grown to offer a range of services
covering workplace wellbeing. EFP manages 58 gyms on behalf of its
corporate customers, with more than 11,500 members.
For more information visit www.totallyplc.com
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END
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May 02, 2023 02:01 ET (06:01 GMT)
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