TIDMTLY
RNS Number : 4167F
Totally PLC
10 July 2023
Totally plc
("Totally", the "Company" or the "Group")
Preliminary results for the 12-month period ended 31 March
2023
Continued growth and solid organisational progress
Totally plc (AIM: TLY), a leading provider of frontline
healthcare services which increases access to quality healthcare
across the UK and in Ireland by targeting the reduction of waiting
lists and waiting times for patients, alongside corporate fitness
and wellbeing services for corporate customers, is pleased to
announce its preliminary results for the 12-month period ended 31
March 2023.
Financial highlights
-- Revenue up 6.5% to GBP135.7 million (2022: GBP127.4 million).
-- Gross margin increased 0.4pp to 18.4% (2022: 18.0%).
-- Underlying EBITDA increased 11% to GBP6.9 million (2022:
GBP6.2 million), excluding GBP0.6 million in exceptional items.
-- Substantial increase in profit before tax to GBP1.8 million (2022: GBP1.3 million).
-- Gross cash as at 31 March 2023 of GBP6.5 million (31 March 2022: GBP15.3 million).
-- Cash consumption in the year of GBP8.9 million includes
GBP8.2 million on investing activities, including GBP6.4 million of
contingent consideration relating to acquisitions.
-- Final dividend of 0.125 pence per share, making a total
dividend for the year of 0.625 pence per share (2022: 1.00 pence
per share).
-- Increase in basic earnings per share to 0.94 pence (2022: 0.92 pence).
-- Electives care revenue almost doubled to GBP35.2 million
(2022: GBP17.8 million) with gross margin increasing to 19.8%
(2022: 18.4%). Excluding the impact of acquired revenue in FY22
(GBP12 million) organic growth was 21%.
-- Urgent Care revenue decreased 10% to GBP98.8 million (2022:
GBP109.2 million) as four contracts in North West London came to an
end; with gross margin stable at 17.6% (2023 17.7%).
-- Corporate wellbeing revenue of GBP1.7 million (2022: GBP0.3
million) with gross margin increasing to 41.5% (2022: 31.9%).
Excluding the impact of acquired revenue in FY22 (c. GBP1.2
million) organic growth was 40%.
Operational highlights
-- All Care Quality Commission ("CQC") registered services continue to be rated as "Good".
-- Ensured c. two million patients were able to access
appropriate urgent care services and treated c. 120,000 patients
from elective care waiting lists.
-- First, and only, 111 provider to fully mobilise NHS England's
Single Virtual Contact Centre ("SVCC") model, following contract
win for NHS 111 resilience provision worth c. GBP10 million,
enabling rapid mobilisation of additional NHS 111 services and
strengthening our position when tendering for additional NHS 111
contracts.
-- Retendered and mobilised a five-year contract for the
delivery of two urgent treatment centres in Bromley, where we have
delivered services since 2013.
-- Numerous new contracts awarded to Energy Fitness
Professionals ("EFP") for corporate wellbeing services, including
Adidas and the expansion of existing long-term contract with Royal
Mail.
-- Restructured our operational services to bring together all
of our healthcare services under one operational team focusing on
Urgent and Elective care.
Post period update
The Board anticipates revenue in the year ahead to be lower than
in the period to 31 March 2023. EBITDA is expected to be marginally
below the period to 31 March 2023 reflecting improved margin driven
by higher volumes in elective care, and the continued management
and reduction of overhead spend. The Board are confident that the
actions and strategy put in place over the past 12 months will
ensure the Company remains in a strong position to continue to grow
significantly over the coming years.
Investor presentation
Wendy Lawrence, CEO and Lisa Barter, CFO, will provide a live
presentation relating to the preliminary results and outlook for
the Company via the Investor Meet Company platform on 12 July 2023
at 11.00 am BST. The presentation is open to all existing and
potential shareholders. Questions can be submitted pre-event via
the Investor Meet Company dashboard up until 9:00 am the day before
the meeting, or at any time during the live presentation.
Investors can sign up to Investor Meet Company for free and add
to meet Totally plc via:
https://www.investormeetcompany.com/totally-plc/register-investor
Investors who already follow Totally plc on the Investor Meet
Company platform will automatically be invited.
For further information please contact:
Totally plc
Wendy Lawrence, Chief Executive Officer
Bob Holt, Chairman 020 3866 3330
Canaccord Genuity Limited (Nominated Adviser
& Joint Corporate Broker)
Bobbie Hilliam / Harry Rees 020 7523 8000
Singer Capital Markets (Joint Corporate Broker)
Aubrey Powell / Sam Butcher 020 7496 3000
Yellow Jersey PR
Sarah Hollins / Annabelle Wills / Jazmine Clemens 020 3004 9512
CHAIRMAN'S STATEMENT
I am pleased to report a further year of continued growth as we
rebalanced our portfolio towards higher margin business, and made
significant organisational progress across the Group.
Revenues were GBP135.7 million (2022: GBP127.4 million) with
underlying EBITDA (excluding exceptional items) of GBP6.9 million
(2022: GBP6.2 million). Gross cash as at 31 March 2023 stood at
GBP6.5 million (31 March 2022: GBP15.3 million), net cash was
GBP4.0 million.
During the year we continued to support the NHS and other
healthcare providers with the management of increasing demand
whilst consolidating recent acquisitions and rebalancing our
portfolio to higher margin business. As a provider of both urgent
care and elective care services, we are uniquely positioned to
respond to the changing needs of the NHS and maximise potential in
higher margin markets.
Following the acquisition of Pioneer Healthcare ("Pioneer") in
March 2022, we invested in the business to grow our insourcing and
outsourcing capability and respond to increases in demand. The
urgent care market has proven more challenging as individual
Integrated Care Boards ("ICBs") and trusts focused on their
response to operational challenges. We invested in NHS England's
new SVCC Model and focused on urgent care contracts which enabled
sufficient staffing and an acceptable margin.
Our corporate wellbeing business, EFP, has performed well during
the year as demand for services rebounded post-pandemic. The
corporate wellbeing market continues to present huge potential for
the future.
I remain indebted to our teams and their ongoing commitment to
quality and safety. We have now completed the difficult task of
restructuring our business to ensure that we remain fit for the
challenge at hand. The NHS is under extreme pressure to provide its
services where demand continues to rise in excess of the available
capacity. As an independent sector partner, we encounter challenges
on a daily basis and I thank everyone who continues to deliver our
services and those who have left the business, for their engagement
and commitment to patient care during the year.
We look forward to a year of further improvement as we ready
ourselves, and become more efficient than ever before, to support
our healthcare and corporate partners with the challenge ahead.
Bob Holt OBE
Chairman
10 July 2023
CHIEF EXECUTIVE OFFICER'S REVIEW
Introduction
The NHS is in crisis and we continue to operate in what are
exceptionally challenging conditions which see the NHS facing
unrelenting pressure. Our continued focus on delivering excellent
quality and safe services, alongside close attention to cost
management and the generation of shareholder value, means we are
announcing a robust set of results, with good revenue growth versus
the prior year, profit in line with previously revised market
expectations and a restructured business responding to the
opportunities presented.
All of our CQC registered services continue to be rated as
"Good" and we enabled millions of people across England and Ireland
to access the care and treatment they needed during the year.
Nevertheless, we have not been immune to the challenges facing
all businesses in the UK and the impact of well-publicised pressure
within the healthcare sector including an NHS in crisis. We have
been required to make difficult decisions as increased demand,
workforce shortages and inflationary challenges impacted our
business in exactly the same way as the NHS and other providers of
NHS services. Until the NHS resolves pay disputes and strike action
no longer impacts services, we expect some ongoing disruption to
service provision. We have now completed a range of actions taken
to integrate Pioneer into the Group, remove duplication within
services, manage costs and reduce our reliance on agency staff. Our
restructured business brings together all healthcare services under
one healthcare delivery business focused on urgent care and
elective care.
This new structure enables the realisation of economies of scale
and removes duplicated services and costs following the acquisition
of Pioneer, meaning that we can deliver highly efficient services
which benefit from a single management and governance structure and
greater adoption of best practice.
We remain confident in the quality of our services, our ability
to deliver and the opportunities available for independent
providers in this sector.
Financial performance in line with revised consensus
Totally delivered good revenue growth against the prior year at
GBP135.7 million (FY22: GBP127.4 million). The continued growth of
NHS waiting lists saw revenue for elective services almost double
to GBP35.2 million. Excluding the impact of acquired revenue from
Pioneer in March 2022, growth was 21%.
Within Urgent Care, revenue reduced as additional COVID-19
services fell away and as certain contracts in North West London
came to an end. The Group was awarded a new contract with NHS
England in January 2023 for the delivery of NHS 111 resilience
support and mobilised new five-year contracts for the delivery of
two urgent treatment centres in Bromley.
Demand for corporate wellbeing services, delivered by EFP,
rebounded and exceeded pre-pandemic levels as we onboarded exciting
new customers including sportswear brand Adidas, and expanded
relationships with existing customers such as global video-game
developer, Electronic Arts, Royal Mail and Network Rail.
Following actions to integrate Pioneer into the Group, remove
duplication within services, manage and control costs driven by the
high inflation economy and national workforce challenges, we are
reporting EBITDA for FY23 in line with our revised forecast
announced in March. At year end, the Company had gross cash of
GBP6.5 million (31 March 2022: GBP15.3 million) with net cash at
the same date of GBP4.0 million.
A detailed update on our financial performance is included later
in the Financial Review from our Chief Financial Officer, Lisa
Barter.
Strategic progress
During the year, as we exited the period directly impacted by
COVID-19, we focused on positioning the Group effectively for all
future opportunities and growth.
We invested in our recent acquisitions, Pioneer and EFP, to
enable further growth and ensure that our broader operations
benefited from our larger footprint and enhanced expertise within
the business. Our healthcare business restructure also means that
we have our best people in key roles to drive growth and quality
services.
Following work undertaken in the previous year, we substantially
completed activity to rationalise our IT infrastructure and ensure
compliance with Cyber Essentials Plus, a new and key requirement
for all NHS tenders and frameworks. We were also the first provider
to fully mobilise on NHS England's SVCC framework, which means that
Totally can respond more quickly than other providers to support
requests for NHS 111 service area due to the associated rapid
onboarding capabilities the system provides, strengthening our
position when tendering for additional NHS 111 contracts.
Following the relaunch of our websites in early 2022, we have
continued to develop this important communication channel,
enhancing our patient-facing information and career-focused areas
to ensure that both audiences can access the information they need
easily. We have also continued the development of our all-people
intranet, My Totally and we are currently trialling an app to
increase ease of accessibility further.
Healthcare and corporate wellbeing markets remain full of
opportunity
We support healthcare commissioners and providers to respond
proactively and robustly to changes in demand for services and to
provide new models of care as required. The opportunities that are
presented by recent operational progress, achieved during the year,
are huge. The Totally management team is working closely with
healthcare commissioners to support the reduction of increasing
waiting lists for elective care and help meet or beat waiting time
targets in urgent care.
Our newly centralised business development team for all
healthcare services is achieving good levels of success in response
to high levels of tender activity as the NHS and other providers
continue to seek ways to stem the challenges within the healthcare
sector.
Elective care continues to present a significant opportunity for
the organisation and we have recently confirmed positions on
frameworks which facilitates the rapid tendering for new contracts
for insourcing and outsourcing support. We have also expanded the
services we provide in the Republic of Ireland, helping to reduce
waiting lists and waiting times.
Within urgent care, we are NHS England's only named resilience
partner and the first and only provider to have fully mobilised on
the new SVCC framework, enabling rapid onboarding of further NHS
111 contracts, and helping to further strengthen our relationship
with NHS England. The service is delivering better than national
average performance, and provides much-needed additional capacity
to ensure that people from across England can access the care they
need. We also mobilised a new five-year contract for the delivery
of two urgent treatment centres in Bromley, where we have been
delivering services since 2013, maintaining our position as a
long-term provider for urgent treatment centres.
Within corporate wellbeing, 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. Our on-site services are supported by a flexible digital
offering, which has been enhanced during the year by a new
licensing agreement with Les Mills, market leaders in class
instruction, to provide digital classes to all EFP members. EFP,
which celebrated 25 years in corporate wellbeing in June 2023, is a
well-respected provider within this growing sector.
Our people
Our people are our greatest asset and what makes Totally unique
in its flexibility to respond quickly and professionally to every
demand faced.
We continue to invest in our workforce, seeking to increase the
number of clinicians who choose to work solely for Totally, but
also provide flexible working for those clinicians who want to work
across NHS and independent provider roles. This flexibility is a
key reason why many choose to work for us.
We are very aware of the workforce challenges which the
healthcare sector faces and continue to support the development of
the next generation of NHS clinical staff through the development
of postgraduate doctors in training by providing hands on
experience within our services.
Attracting the best people remains a top priority for Totally,
hence the time, effort and resources we dedicate to this important
function, which ensures that we have the people in place to provide
high quality, safe services.
Outlook
In line with our buy and build strategy, we remain acquisitive
where opportunities enhance our ability to deliver increased
shareholder returns and broaden services for commissioners.
In the year ahead, we will remain focused on making further
progress with our growth strategy whilst ensuring we maintain the
delivery of high-quality services and manage our costs. We expect
the coming year to be challenging as the NHS continues to operate
in crisis and faces ever-increasing demand across all services.
The Board remains very confident in that the number of
opportunities for the Company continue to grow and we are ready and
prepared to further support the NHS as it continues to focus on the
recovery and embedding of sustainable services able to cope with
continuing higher levels of demand and the reduction of waiting
times and waiting lists.
I thank all of our shareholders for their support during this
challenging year. We will continue to focus on driving business
growth, both within existing operations and through sensible
acquisitions.
Wendy Lawrence
Chief Executive Officer
10 July 2023
STRATEGIC REVIEW
Well-positioned for future opportunities
HEALTHCARE
We provide urgent and elective care services to healthcare
commissioners and other corporate organisations, the police and the
prison services.
During the year, we brought all healthcare operations together
under one leadership structure which will enable economies of
scale, the reduction of duplication, increased opportunities to
drive best practice and a simplification of branding for our
customers.
Urgent care services continue to be delivered under the Totally
Urgent Care brand and include all services which were previously
awarded to and delivered by Vocare and Greenbrook Healthcare,
including urgent treatment centres, NHS 111, clinical assessment
services, GP out-of-hours and acute visiting services.
Elective care services make up a range of services previously
provided under the Pioneer Healthcare, Totally Healthcare, Totally
Planned Care, About Health and Premier Physical Healthcare brands.
All services are focused on tackling growing waiting lists and
accessibility to services, including:
-- Working with hospitals and trusts to help support the
reduction of waiting lists through insourcing, outsourcing and a
range of extended primary and secondary care collaborative
partnerships through our Any Qualified Provider ("AQP") status;
-- Provision of community outpatient services including
specialist dermatology and referral management services;
-- Therapy services, with a focus on physiotherapy and podiatry
across a number of settings, including GP practices, prisons and
health centres.
In March 2023, we achieved accreditation for Cyber Essentials
Plus, a new accreditation requirement for tendering NHS contracts
and frameworks which was fast-tracked by the NHS in response to the
increased threat of cyber-attacks worldwide.
Urgent care services
Urgent care services help healthcare commissioners ensure
patients have access to the right healthcare service, at the right
time, in the right place, both in hours and out of hours. Our
services aim to reduce emergency admissions and unnecessary
attendances at hospitals to reduce pressure on the overall
healthcare system. Each year we support around two million patients
who are seeking treatment or advice.
Our clinical team is made up of experienced doctors, nurses and
paramedics, who can provide detailed assessments, advise on
treatment options, support patients to care for themselves at home
and arrange urgent care if required.
2023 2022 2021 2020
Revenue
(GBPm) 98.8 109.2 105.4 96.5
------ ------ ------ ------
Gross margin 17.6% 17.7% 17.8% 17.5%
------ ------ ------ ------
Following inspections during the year by the CQC of our urgent
treatment centres in London, we are pleased to confirm that all our
CQC registered services continue to be rated 'Good' overall.
Demand for urgent care services remained high during the period.
Our experienced management team worked closely with healthcare
commissioners to respond to these challenges and maintain service
delivery. In total, our Urgent Care teams responded to the needs of
around two million patients either through NHS 111, at urgent
treatment centres or within other services.
Over the course of the 12-month period, the Urgent Care team
secured and mobilised new long-term contracts worth c.GBP77
million, the most significant being a new five-year contract for
the continued delivery of two urgent treatment centres in Bromley,
where we have delivered services since 2013.
As part of a new contract for the delivery of NHS 111 resilience
services on behalf of NHS England, Totally was also the first and
only provider to date to fully mobilise on NHS England's SVCC
model. This strategic investment also enables the mobilisation of
new, additional contracts for the delivery of NHS 111 services to
be undertaken at the click of a button, strengthening our position
when tendering for additional NHS 111 contracts.
In addition to these new contracts, nine services due for
contract renewal during the year, collectively valued at c.GBP20
million, were extended for further periods.
A further ten services, with an overall contract value of
c.GBP12.5 million, which were due for renewal on 31 March 2023 have
also since also been extended.
Elective Care
All our elective care services focus on helping commissioners,
trusts and hospitals maximise accessibility to good quality, safe
elective care which helps support the reduction of waiting
lists.
2023 2022 2021 2020
Revenue
(GBPm) 35.2 17.8 8.3 9.4
------ ------ ------ ------
Gross margin 19.8% 18.4% 24.8% 23.3%
------ ------ ------ ------
Revenue for elective care services almost doubled during the
year, primarily driven by the full year contribution from Pioneer
which benefited from a rapid increase in demand for insourcing and
outsourcing services. Waiting lists for elective care increased
significantly during the COVID-19 pandemic and are now 67% higher
than in March 2020 and continue to grow as industrial action
impacts elective procedures further.
During the year, we saw a continued increase in demand for
insourcing and outsourcing services. Totally Elective Care provides
resilient capacity to deliver much-demanded insourcing and
outsourcing services across a wide range of surgical and medical
patients, free at the point of delivery to NHS patients. Most
recently, we have broadened activity with the Saolta Hospital Group
in Ireland for the provision of urology services and successfully
tendered for a position on a key new framework in Wales to support
with waiting lists, enabling rapid procurement of services to
enable trusts to respond to increasing demand.
Healthcare - looking ahead
We expect the coming year to be challenging but still see
increasing potential within the market. The NHS is in crisis,
struggling to manage demand and workforce issues and demand for all
services continues to outstrip all available capacity. As a partner
to the NHS, we will continue to identify and act upon all
opportunities to support the delivery of quality patient care,
which enables Totally to grow and continue to build its reputation
as that partner of choice.
CORPORATE WELLBEING
"EFP" was acquired by Totally in December 2021 and works with a
growing number of high-profile organisations across the UK,
including large corporate companies, central government
departments, universities and colleges to provide workplace
wellbeing and corporate fitness services.
EFP manages 61 gyms on behalf of corporate customers and also
offers gym design alongside digital services to support employee
wellbeing in the workplace.
2023 2022 2021 2020
Revenue
(GBPm) 1.7 0.3 - -
------ ------ ----- -----
Gross margin 41.5% 31.9% - -
------ ------ ----- -----
During the year, corporate wellbeing demand exceeded
pre-pandemic levels and revenues rose strongly (up 40% on a
like-for-like basis) with the addition of new contracts, including
Adidas, Codemasters and Oxford University Press, and equipment
installations for existing customers such as EA (Electronics Arts)
and Network Rail. EFP also confirmed a new five-year contract to
support Royal Mail, 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.
In March, EFP agreed a new licensing agreement with Les Mills,
the market leaders in class instruction, to provide digital classes
to all EFP members, providing additional options for customers with
hybrid or work from home colleagues.
Corporate wellbeing - looking ahead
There are still significant opportunities for growth as
corporate wellbeing becomes a priority for more and more corporate
employers looking to enhance their workplace and encourage
employees back to the office environment.
During the year we invested in additional business development
capacity to help respond to the increasing opportunities available
and we will be investigating new opportunities for growth,
including the cross-selling of services from across the Totally
Group, in the coming year.
FINANCIAL REVIEW
Further growth within challenging operating environment
The NHS and other healthcare providers remain under significant
pressure as the impact of long waiting lists and delays in
treatment for many millions of people continues. During the year we
responded to the needs of this challenging market and an NHS in
crisis, which experienced economic, political and operational
pressure. We continued to support our commissioners, trusts and
hospitals across England with services which enabled them to focus
on patients only they could see and ensured patients accessed the
most appropriate service to meet their needs.
Alongside this, we undertook planned activity to begin to
rebalance our portfolio towards higher market elective care and
corporate wellbeing business, maximising the potential of new
acquisitions, Pioneer and EFP, by creating additional capacity for
patients to be seen via insourcing and outsourcing agreements, the
delivery of clinics and other care in community settings, and
helping corporate customers ensure their employees remain fit and
healthy.
Totally delivered revenue growth against the prior year and in
line with revised market forecasts issued on 2 March 2023. Overall
revenue for the Group increased by 6.5% year on year at GBP135.7
million (2022: GBP127.4 million), supported by increased demand for
services to reduce elective care waiting lists, which increased 21%
in real terms, and the recognition of a full year's trading for
Pioneer.
High inflation and a competitive workforce environment have been
key themes across the period and, like the NHS, we have been
required to take difficult decisions as we sought to deliver
quality services under contracts which had been procured in a
significantly different economy, and a pre-pandemic healthcare
system.
As at 31 March 2023, the Company held GBP6.5 million in cash
(2022: GBP15.3 million) with net cash at the same date of GBP4.0
million. Cash consumption in the year of GBP8.9 million includes
GBP(8.2) million on investing activities, including GBP6.4 million
contingent consideration paid, and GBP(1.9) million outflow in
working capital as a new normalised position settles, GBP(0.3)
million corporation tax and GBP(1.0) million outflow from financing
activities. This includes the cost of the dividend of GBP(1.9)
million.During the period, the Company utilised half of the GBP5.0
million rolling credit facility which was secured in the previous
year to support working capital requirements.
The Group generated a profit before tax of GBP1.8 million (2022:
GBP1.3 million), up 42% against prior year., underlying EBITDA was
lower than anticipated but in line with revised guidance issued in
March 2023, up 11% at GBP6.9 million (2022: GBP6.2 million),
excluding exceptional items of GBP0.6 million.
The Company accordingly made the distribution of its interim
dividend in February 2022. The Board recommends to shareholders a
final dividend of 0.125 pence per share. The intention remains to
consider future dividend payments based upon the trading
performance of the Group.
Trading performance
Growth in revenue was primarily driven by an increase in revenue
from our elective services (previously reported as Planned Care,
Totally Healthcare and Pioneer Healthcare). Revenue for Elective
Care almost doubled to GBP35.2 million (2022: GBP17.8 million), as
hospitals and trusts continued to seek support to tackle increasing
waiting lists. The full year effect of the acquisition of Pioneer
was GBP11.3 million revenue.
Urgent Care revenue decreased 10% to GBP98.8 million (2022:
GBP109.2 million) as COVID-19-related demand fell away, and
contracts expired. As previously disclosed, this includes four
urgent treatment centres in North West London.
Revenue from EFP totalled GBP1.7 million (2022: GBP0.3 million
for the period 15 December 2021 to 31 March 2022), up 40% on a like
for like basis as demand exceeded pre-pandemic levels driven by a
focus on bricks and mortar fitness and wellbeing services as
employers sought to entice employees back to the office. The full
year effect of the acquisition of EFP was GBP0.9 million.
The Group secured a number of new contracts for Urgent Care
services during the financial year totalling c.GBP77 million,
including a five-year contract retention for the provision of two
urgent treatment centres in Bromley and a contract for the delivery
of NHS 111 national resilience services which together deliver
annualised income of c. GBP18 million. Additionally, contract
extensions for Urgent Care services worth c.GBP20 million were
secured within the period, reflecting long-term relationships with
healthcare commissioners and service quality. A further ten
services, with an overall contract value of c.GBP12.5 million,
which were due for renewal on 31 March 2023 have also been
extended.
At the end of the period, the business was restructured to bring
all healthcare operations under a single leadership team with
centralised business development. We continue to actively tender
for new business across healthcare and corporate wellbeing.
Gross margin increased slightly to 18.4% (2022: 18.0%) largely
as a result of delivering more higher margin elective care and
corporate wellbeing services.
On 2 March 2023, the Group updated shareholders on current
trading and the impact of inflationary and workforce challenges.
Following multiple actions taken to manage costs and reduce
reliance on agency staff, the Group posted an underlying EBITDA of
GBP6.9 million (2022: GBP6.2 million) excluding exceptional items
of GBP(0.6) million (2022: GBP(0.2) million). The profit before tax
of GBP1.8 million (2022: GBP1.3 million) is stated after an
amortisation charge of GBP1.5 million relating to the intangible
value of contracts acquired.
31 March 2023 31 March 2022
Revenue GBP135.7m GBP127.4m
-------------- --------------
Gross profit GBP25.0m GBP22.9m
-------------- --------------
EBITDA GBP6.9m GBP6.2m
-------------- --------------
Exceptional items (GBP0.6m) (GBP0.2m)
-------------- --------------
Depreciation (GBP2.0m) (GBP1.9m)
-------------- --------------
Amortisation (GBP2.2m) (GBP2.6m)
-------------- --------------
PBT GBP1.8m GBP1.3m
-------------- --------------
Net assets GBP37.1m GBP35.4m
-------------- --------------
Cash GBP6.5m GBP15.3m
-------------- --------------
Exceptional items
Exceptional items, amounting to GBP0.6 million, related to costs
incurred from the restructure of operational and management teams.
Prior year exceptional items were acquisition related.
Cash flow statement
31 March 2023 31 March 2022
Net cash flows from (GBP2.2m) GBP11.2m
operating activities
-------------- --------------
Net cash flows from (GBP8.2m) (GBP7.6m)
investing activities
-------------- --------------
Net cash flows from GBP1.6m (GBP3.1m)
financing activities
-------------- --------------
Net increase in cash (GBP8.8m) GBP0.5m
and cash equivalents
-------------- --------------
Cash and cash equivalents GBP15.3m GBP14.8m
at the beginning
of the year
-------------- --------------
Cash and cash equivalents GBP6.5m GBP15.3m
at the end of the
year
-------------- --------------
Contingent Consideration
EFP Pioneer Vocare Total
GBP000 GBP000 GBP000 GBP000
At 31 March
2022 300 6,100 236 6,636
-------- -------- -------- --------
Paid in the
period - (6,100) (8) (6,108)
-------- -------- -------- --------
As at 31 March
2023 300 - 228 528
-------- -------- -------- --------
The remaining balance of the Vocare contingent consideration
relates to pre-acquisition monies advanced to employees during the
first month of employment. The balance is payable quarterly and
reflects advances recovered from employees when they leave. The
consideration related to EFP is expected to be paid during the
third quarter of the current financial year, following the audit of
FY23 performance.
Dividend
We remain committed to the payment of dividends as we believe
this reflects our continued confidence in the Company's future
prospects. The Board is, therefore, pleased to be recommending to
shareholders a final dividend of 0.125 pence per share. This,
together with the interim dividend of 0.50 pence paid in February
2023, makes a total dividend for the year of 0.625 pence per share.
The final dividend will be satisfied by dividends distributed by
subsidiaries to the parent prior to the Annual General Meeting.
Subject to approval by shareholders at the Annual General Meeting
to be held on 1 September 2023, the final dividend will be paid on
11 October 2023 to shareholders on the register as at the close of
business on 7 September 2023. The shares will be marked ex-dividend
on 8 September 2023.
Outlook
Following our review at the end the final quarter of FY23 we
revised our forecasts to recognise increasingly challenging
operating conditions. For the forthcoming year, we are confident
that there is further ever-increasing opportunity which we believe
cannot be satisfied without the support of existing independent
sector capacity. Our pipeline of opportunities remains
considerable.
We are working closely with ICBs, trusts and NHS England and
continue to build our reputation as a reliable and responsive
partner of choice so that we can respond quickly when they seek to
procure additional services.
Lisa Barter FCA
Chief Financial Officer
10 July 2023
31 March 31 March
2023 2022
Continuing operations GBP000 GBP000
Revenue 135,696 127,373
Cost of
sales (110,695) (104,504)
--------------------------------------------- ---------- ----------
Gross
profit 25,001 22,869
Administrative expenses (18,113) (16,730)
Other income 2 26
--------------------------------------------- ---------- ----------
Profit before exceptional
items 6,890 6,165
Exceptional acquisition
costs (562) (179)
------------------------------------------- ---------- ----------
Profit before interest, tax and
depreciation 6,328 5,986
Depreciation and amortisation (4,249) (4,516)
------------------------------------------- ---------- ----------
Operating profit 2,079 1,470
Finance
income 26 1
Finance
costs (321) (211)
--------------------------------------------- ---------- ----------
Profit before taxation 1,784 1,260
Income tax charge - (179)
Profit for the year attributable to the
equity
shareholders of the parent company 1,784 1,081
--------------------------------------------- ---------- ----------
Other comprehensive
income - -
------------------------------------------- ---------- ----------
Total comprehensive profit for the year
net of tax
attributable to the equity shareholders
of the parent company 1,784 1,081
--------------------------------------------- ---------- ----------
31 March 31 March
2023 2022
Profit per share Pence Pence
From continuing operations:
Basic 0.94 0.92
Diluted 0.93 0.90
--------------------------------------------- ---------- ----------
Consolidated Statement of Changes in Equity
For the year ended 31 March 2023
Share Share Retained Equity shareholders'
capital premium earnings funds
GBP000 GBP000 GBP000 GBP000
---------------------- --------- --------- ---------- ---------------------
At 1 April 2021 18,219 2 15,753 33,974
Total comprehensive
profit for the year - - 1,081 1,081
Issue of share
capital 504 1,051 - 1,555
Dividend payment - - (1,367) (1,367)
Credit on issue
of warrants and
options - - 167 167
At 31 March
2022 18,723 1,053 15,634 35,410
Comprehensive profit
for the year - - 1,784 1,784
Issue
of share
capital 887 892 - 1,779
Dividend payment - - (1,908) (1,908)
Credit on issue
of warrants and
options - - - -
At 31 March
2023 19,610 1,945 15,510 37,065
----------------------- --------- --------- ---------- ---------------------
Consolidated Statement of Financial Position
As at 31 March 2023
31 March 2023 31 March 2022
GBP000 GBP000
--------------------------- -------------- --------------
Non current assets
Intangible assets 47,737 48,935
Property, plant and
equipment 1,218 1,139
Right-of-use assets 1,362 2,336
Deferred
tax 363 242
------------------------------ --------------
50,680 52,652
--------------------------- -------------- --------------
Current
assets
Inventories 75 74
Trade and other
receivables 13,680 14,099
Cash and cash equivalents 6,451 15,311
20,206 29,484
--------------------------- -------------- --------------
Total
assets 70,886 82,136
------------------------------ -------------- --------------
Current liabilities
Trade and other
payables (28,172) (36,629)
Contingent consideration (528) (6,636)
Borrowings (2,500) -
Lease liabilities (275) (446)
(31,475) (43,711)
--------------------------- -------------- --------------
Non current liabilities
Trade and other
payables (140) (22)
Lease liabilities (1,661) (1,981)
Deferred
tax (545) (1,012)
(2,346) (3,015)
--------------------------- -------------- --------------
Total liabilities (33,821) (46,726)
---------------------------- -------------- --------------
Net current liabilities (11,269) (14,227)
---------------------------- -------------- --------------
Net assets 37,065 35,410
------------------------------ -------------- --------------
Shareholders'
equity
Called up share
capital 19,610 18,723
Share premium 1,945 1,053
Retained earnings 15,510 15,634
Equity shareholders'
funds 37,065 35,410
---------------------------- -------------- --------------
Consolidated Cash Flow Statement
For the year ended 31 March 2023
31 March 31 March
2023 2022
GBP000 GBP000
-------------------------------------- --------- ---------
Cash flows from operating activities
Profit before taxation 1,784 1,260
Adjustments for:
- options and warrants
charge 25 167
- depreciation and
amortisation 4,249 4,516
- finance income (26) (1)
- finance costs 321 211
Movements in working
capital:
- inventories 1 26
- movement in trade and other
receivables 419 (2,382)
- movement in trade and other
payables (8,674) 7,366
Cash used for operations (1,901) 11,163
Income tax paid (280) -
Net cash flows from operating
activities (2,181) 11,163
---------------------------------------- --------- ---------
Cash flows from investing activities
Purchase of property, plant and
equipment (730) (418)
Additions of intangible
assets (1,070) (1,085)
Acquisition of subsidiaries,
net of cash acquired - (6,071)
Contingent consideration
paid (6,370) (22)
Net cash flows from investing
activities (8,170) (7,596)
---------------------------------------- --------- ---------
Cash flows from financing activities
Issued share capital 1,779 22
Expenses attached to equity issue - (70)
Borrowings 2,500
Dividends paid to holders of
the parent (1,908) (1,367)
Interest paid (321) (126)
Payments on lease
liabilities (559) (1,512)
Net cash flows from financing
activities 1,491 (3,053)
---------------------------------------- --------- ---------
Net increase in cash and cash
equivalents (8,860) 514
Cash and cash equivalents at
the beginning of year 15,311 14,797
Cash and cash equivalents at
the end of the year 6,451 15,311
---------------------------------------- --------- ---------
NOTES TO THE FINANCIAL INFORMATION
FOR THE YEARED 31 MARCH 2023
1. GENERAL INFORMATION
Totally plc is a public limited company ("the Company")
incorporated in the United Kingdom under the Companies Act 2006
(registration number 3870101). The Company is domiciled in the
United Kingdom and its registered address is Cardinal Square West,
10 Nottingham Road, Derby DE1 3QT. The Company's ordinary shares
are traded on the AIM market of the London Stock Exchange
("AIM").
The Group's principal activities are the provision of innovative
and consolidatory solutions to the healthcare sector, which are
provided by the Group's wholly owned subsidiaries.
The Company's principal activity is to provide management
services to its subsidiaries.
2. BASIS OF PREPARATION
The financial information set out in this announcement does not
constitute statutory accounts as defined by section 435 of the
Companies Act 2006. It has been prepared in accordance with the
prepared in accordance with the recognition and measurement
principles of international accounting standards in conformity with
the requirements of the Companies Act 2006 and in accordance with
the AIM rules and is therefore not in full compliance with IFRS.
The principal accounting policies applied in the preparation of the
financial information are detailed in note 3.
The financial statements for the year ended 31 March 2023 are
not authorised for issue however it is anticipated that audit
reports will not be modified and will not draw attention to any
matters by way of emphasis or contain a statement under 498(2) or
498(3) of the Companies Act 2006.
The financial information has been prepared on the historical
cost basis and is presented in Sterling and all values are rounded
to the nearest thousand pounds (GBP000) except when otherwise
indicated.
The Group's business activities, together with the factors
likely to affect its future development, performance and position
are set out in the Strategic Report. The financial position of the
Group is described in the Financial Review.
The Group has consistently had net current liabilities in recent
reporting periods which reflects the nature of the contractual
terms with customers and suppliers. The Group carefully manages
financial resources, closely monitoring the working capital cycle
and has long-term contracts with a number of customers and
suppliers across different geographic areas within the United
Kingdom and industries. Based on the existing cash balances,
underlying performance and cash flows generated from operating
activities, the Directors believe that the Group has sufficient
financial resources to be able to meet its obligations as they fall
due for a period of at least 12 months from the date of this
financial information and are comfortable that it is a going
concern.
3. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Basis of consolidation
The Group's financial statements include the results of the
Company and its subsidiaries, all of which are prepared up to the
same date as the parent company.
Subsidiaries
Subsidiaries are all entities over which the Company has the
ability to exercise control and are accounted for as subsidiaries.
The trading results of subsidiaries acquired or disposed of during
the period end are included in the income statement from the
effective date of acquisition or up to the effective date of
disposal, as appropriate. There were no acquisitions or disposals
during the period.
All intra-group transactions, balances, income and expenditure
are eliminated on consolidation.
The purchase method of accounting is used to account for the
acquisition of subsidiaries by the Company. The cost of an
acquisition is measured as the fair value of the assets given,
equity instruments issued and liabilities incurred or assumed at
the date of exchange. Identifiable assets acquired and liabilities
and contingent liabilities assumed in a business combination are
initially measured at fair value at the acquisition date
irrespective of the extent of any non-controlling interest. The
excess of cost of acquisition over the fair values of the Group's
share of identifiable net assets acquired is recognised as
goodwill. Any deficiency of the cost of acquisition below the fair
value of identifiable net assets acquired (i.e. discount on
acquisition) is recognised directly in the income statement. All
acquisition expenses have been reported within the income statement
immediately.
Any contingent consideration to be transferred by the Group is
recognised at fair value at the acquisition date. Subsequent
changes to the fair value of the contingent consideration that are
deemed to be an asset or liability are recognised in accordance
with IAS 39 either in profit or loss or as a change to other
comprehensive income.
Where necessary, adjustments are made to the financial
information of subsidiaries to bring the accounting policies used
in line with those used by other members of the Group.
Revenue recognition
Revenue comprises the provision of services to the healthcare
sector, including urgent care, physiotherapy, dermatology,
insourcing, outsourcing and corporate wellbeing services. Services
are provided through short-term and long-term contracts .
The IFRS 15 5 step revenue recognition criteria is applied as
follows: identifying the contracts with customer, identifying
performance obligation, determine the transaction price, allocate
the transaction price to the performance obligation and the
satisfying of performance obligation. This applies to all contracts
with customers, except where they fully in the scope of other
standards.
Elective care Services
Revenue represents invoiced sales of services to regional
Clinical Commissioning Groups of the National Health Service
('NHS') as well as non NHS clients. Revenue is recognised as
services are provided. Revenue is recognised in the month when the
service is provided, as this is the point when revenue activity can
be reliably measured. For the NHS contracts, revenue can be subject
to clawback adjustments based on performance against criteria as
detailed in the individual contracts.
Urgent care services
Revenue is recognised in the month when the service is provided,
as this is the point when revenue activity can be reliably
measured. Revenue can be subject to clawback adjustments based on
performance against criteria as detailed in the individual
contracts.
Corporate wellbeing services
Revenue arises from provision of management services for
corporate gyms and upfront monthly membership fees for gyms paid by
individuals. Both are recognised in the month to which they
relate.
All revenue originates in the United Kingdom and Eire.
Finance income
Finance income comprises bank interest received, recognised on
an accruals basis.
Finance costs
Finance costs comprise bank charges, interest on leases
recognised under IFRS 16 and interest on the revolving credit
facility utilised.
Property, plant and equipment
Property, plant and equipment is carried at cost less
accumulated depreciation and any recognised impairment in value.
Cost comprises the aggregate amount paid to acquire assets and
includes costs directly attributable to making the asset capable of
operating as intended.
Depreciation is calculated to write down the cost of the assets
to their residual values by equal instalments over the estimated
useful economic lives as follows:
Motor vehicles - 3 and 5
years
Computer equipment - 2 and 5
years
Plant and machinery and Office equipment - 2 to 5 years
Freehold property improvements and Short - 3 to 10
leasehold property years
The assets' residual values, useful lives and methods of
depreciation are reviewed, and adjusted if appropriate, on an
annual basis. An asset is derecognised upon disposal or when no
future economic benefits are expected from its use or disposal. Any
gain or loss arising on de-recognition of the asset (calculated as
the difference between the net disposal proceeds and the carrying
amount of the asset) is included in the income statement in the
period that the asset is derecognised.
Inventories
Inventories are valued at the lower of cost and net realisable
value. In general, cost is determined on a first in first out basis
and includes all direct expenditure based on a normal level of
activity. Net realisable value is the price at which the stocks can
be sold in the normal course of business after allowing for the
costs of realisation and where appropriate for the costs of
conversion from its existing state to a finished condition.
Intangible assets other than goodwill
Intangible assets other than goodwill comprise development
costs, computer software and customer contracts and
relationships.
Computer software is recognised at cost and subsequently
amortised over its expected useful economic life of three
years.
Customer contracts and the related customer relationships were
acquired in business combinations and recognised separately from
goodwill. They are initially recognised at their fair value at the
acquisition date (which is regarded as their cost). Subsequent to
initial recognition, these assets are amortised over the expected
life of contracts and reported at cost less accumulated
amortisation and accumulated impairment losses. Assets are reviewed
for impairment on at least an annual basis.
Goodwill
Goodwill represents the excess of the fair value of the
consideration of an acquisition over the fair value of the Group's
share of the net identifiable assets of the acquired subsidiary at
the date of acquisition. Goodwill is considered to have an
indefinite useful life. Goodwill is tested for impairment annually
and again whenever indicators of impairment are detected and is
carried at cost less any provision for impairment.
Impairment of non-current assets
For the purposes of impairment testing, goodwill is allocated to
each of the Group's cash-generating units ("CGU"s) or groups of
CGUs that is expected to benefit from the synergies of the
combination.
A CGU to which goodwill has been allocated is tested for
impairment annually, or more frequently when there is an indication
that the unit may be impaired. If the recoverable amount of the CGU
is less than its carrying amount, the impairment loss is allocated
first to reduce the carrying amount of any goodwill allocated to
the unit and then to the other assets of the unit pro-rata based on
the carrying amount of each asset in the unit. Any impairment loss
for goodwill is recognised directly in profit or loss. An
impairment loss recognised for goodwill is not reversed in
subsequent periods.
The value of the goodwill was tested for impairment during the
current financial year by means of comparing the recoverable amount
of each CGU or group of CGUs with the carrying value of its
goodwill.
On disposal of the relevant CGU, the attributable amount of
goodwill is included in the determination of the profit or loss on
disposal.
Trade and other receivables
Trade receivables, which are generally received by the end of
the month following terms, are recognised and carried at the lower
of their original invoiced value less provision for expected credit
losses.
Cash and cash equivalents
Cash and cash equivalents comprise cash at bank and short-term
deposits with an original maturity of three months or less.
Trade and other payables
Trade payables are obligations to pay for goods and services
that have been acquired in the ordinary course of business from
suppliers. Trade and other payables are recognised at original
cost.
Borrowings
Borrowings are initially recognised at fair value, being
proceeds received less directly attributable transaction costs
incurred. Borrowings are subsequently measured at amortised cost
with any transaction costs amortised to the income statement over
the period of the borrowings using the effective interest
method.
Foreign currency transactions
Transactions denominated in foreign currencies are translated at
the exchange rate at the date of the transaction. Monetary assets
and liabilities denominated in foreign currencies at the period end
are translated at the exchange rate ruling at that date. Foreign
exchange differences arising on translation are recognised in the
income statement.
Leased assets
Assets and liabilities arising from a lease are initially
measured on a present value basis. Lease liabilities include the
net present value of fixed lease payments. The lease payments are
discounted using the interest rate implicit in the lease. If that
rate cannot be readily determined, the lessee's incremental
borrowing rate is used, being the rate that the lessee would have
to borrow the funds necessary to obtain an asset of similar value
to the right-of-use asset with similar terms, security and
conditions.
Lease payments are allocated between principal and finance
costs. The finance cost is charged to profit or loss over the lease
period so as to produce a constant periodic rate of interest on the
remaining balance of the liability for each period.
Right-of-use assets are measured at cost comprising the initial
measurement of lease liability, any lease payments made at or
before the commencement date less any lease incentives received,
and any initial direct costs.
Right-of-use assets are depreciated over the shorter of the
asset's useful life and the lease term on a straight-line
basis.
Payments associated with short-term leases of equipment and
vehicles and all leases of assets considered low value are
recognised as an expense in profit or loss on a straight-line
basis. Short-term leases are leases with a lease term of twelve
months or less.
Exceptional items
Exceptional items are those items that, in the Directors' view,
are required to be separately disclosed by virtue of their size or
incidence to enable a full understanding of the Group's financial
performance.
Income taxes
Current income tax assets and liabilities are measured at the
amount expected to be recovered or paid to the taxation authorities
based on tax rates and laws that are enacted or substantively
enacted by the period-end date. Deferred income tax is recognised
using the balance sheet liability method, providing for temporary
differences between the tax bases and the accounting bases of
assets and liabilities. Deferred income tax is calculated on an
undiscounted basis at the tax rates that are expected to apply in
the period when the liability is settled and the asset is realised,
based on tax rates and laws enacted or substantively enacted at the
period-end date.
Deferred income tax liabilities are recognised for all temporary
differences, except for an asset or liability in a transaction that
is not a business combination, and at the time of the transaction
affects neither the accounting profit nor taxable profit or
loss.
Deferred income tax is charged or credited to the income
statement, except when it relates to items charged or credited to
equity, in which case the deferred tax is also dealt with in
equity. Deferred income tax assets and liabilities are offset
against each other only when the Company has a legally enforceable
right to do so.
Deferred income tax assets are recognised to the extent that it
is probable that future taxable profits will be available against
which the deductible temporary differences can be utilised.
Retirement benefits
The Group operates a defined contribution plan. A defined
contribution plan is a pension plan under which the employer pays
fixed contributions into a separate entity. Contributions payable
to the plan are charged to the income statement in the period to
which they relate. The Group has no legal or constructive
obligations to pay further contributions if the fund does not hold
sufficient assets to pay all employees the benefits relating to
employee service in the current and prior periods.
Share-based payments
The Group provides benefits to employees (including Directors)
of the Group in the form of share-based payment transactions,
whereby employees render services in exchange for shares or rights
over shares. The fair value of the employee services rendered is
determined by reference to the fair value of the shares awarded or
options granted. Share options are valued using the Black-Scholes
pricing model, or the Monte Carlo model where performance-based
market vesting conditions apply. This fair value is charged to the
income statement over the vesting period of the share-based payment
scheme, with the corresponding increase in equity.
The value of the charge is adjusted in the income statement over
the remainder of the vesting period to reflect expected and actual
levels of options vesting, with the corresponding adjustment made
in equity.
New and amended standards adopted by the Group
The accounting policies adopted are consistent with those of the
previous financial year. New or amended financial statements or
interpretations adopted during the year are detailed below:
-- IFRS 9: Annual Improvements to IFRS Standards 2018-2020 Cycle
-- IFRS 3: Amendments to IFRS 3 updating certain references to
the Conceptual Framework for Financial reporting
No material impact has arisen as a result of applying these
standards.
Standards, interpretations and amendments not yet effective
The following standards, amendments and interpretations, which
are effective for reporting periods beginning after the date of
these financial statements, have not been adopted early:
Standard Description Effective
date
IAS 1 Amendments regarding the classification 01 January
of liabilities 2023
IAS 1 Amendment to defer the effective date 01 January
of the January 2020 amendments 2023
IAS 1 Amendments regarding the disclosure 01 January
of accounting policies 2023
IAS 8 Amendments regarding the definition 01 January
of accounting estimates 2023
IAS 12 Amendments regarding deferred tax 01 January
on leases and decommissioning obligations 2023
IFRS 17 IFRS 17 supersedes IFRS 4 01 January
2023
IFRS 16 Amendment regarding lease liabilities 01 January
in a sale and lease back transaction 2024
IAS 1 Amendment regarding non-current liabilities 01 January
with covenants 2024
In reviewing the above standards, the Company does not believe
that there will be a material impact on the financial
statements.
4. EARNINGS PER SHARE
31 March 2023 31 March 2022
---------------------------------- ------------------------------------------
Earnings Basic Diluted Earnings Basic Diluted earnings
earnings earnings earnings per share
per per share per
share share
GBP'000 GBP'000
--- ---- ------------------ --------- ---------- ----------- --------- ---------- -------------------
Profit before
exceptional items 2,346 1.24p 1.22p 1,226 1.00p 0.98p
Effect of exceptional
items (562) (0.29)p (0.29)p (145) (0.08)p (0.08)p
Profit attributable
to owners of the
parent 1,784 0.94p 0.93p 1,081 0.92p 0.90p
----------------------------- --------- ---------- ----------- --------- ---------- ---------------
2023 2022
000s 000s
--------------------------- --------- ---------- ----------- --------- ---------- -------------------
Weighted average number
of ordinary shares 190,836 182,553
Dilutive effect of shares
from share options 3,238 3,753
Fully diluted weighted average number
of ordinary shares 194,074 186,306
----------------------------------------------------------------- --------- ---------- ---------------
Basic earnings per share is calculated by dividing the profit
attributable to equity holders of the Company by the weighted
average number of ordinary shares in issue during the year.
Dilutive potential ordinary shares are those share options granted
to employees where the exercise price is less than the average
market price of the Company's ordinary shares during the period.
For diluted earnings per share the weighted average number of
ordinary shares in issue is adjusted to assume conversion of all
dilutive potential ordinary shares unless there is a loss before
exceptional items.
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