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| Date | 20 Jan 2022 |
| Time | 07:00:08 |
| Category | Trading updates |
| ID | 0057Z |
20 January 2022
EMIS Group plc
("EMIS Group" or "the Group")
Trading update
Notice of results
"Positive outcome for the year slightly above the top end of consensus"
EMIS Group plc (AIM: EMIS.L), the UK leader in connected healthcare software and systems, today announces a trading update for the year ended 31 December 2021.
Overview
The Group has performed strongly in 2021, with both revenue and adjusted operating profit ahead of 2020 and slightly above the top end of consensus* for the year.
Divisional review
In EMIS Health, the Group's revenues reflected a more normalised trading period compared to 2020, with a higher proportion of non-hardware revenues than the comparative period last year. Looking forward, we continue to invest in the Group's technology roadmap with the potential for acceleration over the next couple of years.
In EMIS Enterprise, the Group continues to drive double digit growth in the areas of patient-facing services, analytics and pharmacy, and is proud to be supporting the NHS Covid-19 vaccination programme through its Pinnacle software.
Post year-end acquisition
Following the year-end, the Group completed the acquisition of Edenbridge Healthcare Limited, a leading provider of business intelligence tools for GP practices, federations and commissioners. It will expand the Group's capabilities in the growing analytics markets by providing real time insight to support GP practice access, efficiency, transformation and workforce planning. EMIS Group acquired the business for £4.0m in cash paid from the Group's existing cash resources, with further cash consideration of up to £6.0m payable on the attainment of certain performance targets.
Financial position
The Group has a strong balance sheet with net cash of £64.0m as at 31 December 2021 (31 December 2020: £53.0m), and in December 2021 successfully secured a replacement revolving credit facility of up to £60.0m with Barclays and NatWest for an initial three year period.
Notice of final results
The Group intends to announce its results for the year ended 31 December 2021 on Thursday 17 March 2022. There will be a webcast presentation for analysts and investors on the day, which will also be available on the Group's website; please contact [email protected] for further information.
Andy Thorburn, Chief Executive Officer of EMIS Group, said:
"I am delighted to confirm another year of positive progress at the top end of our expectations.
"Our business continues to build good momentum for the future, with our technology investment programme, bolt on acquisitions such as that announced today, and continued high quality customer-focussed execution from our team."
For further information, contact:
EMIS Group plc Tel: 0330 024 1269
Andy Thorburn, CEO
Peter Southby, CFO
Numis Securities Limited (Nominated Adviser & Broker) Tel: 020 7260 1000
Joshua Hughes/Simon Willis/James Black
MHP Communications Tel: 020 3128 8567
Reg Hoare/James Bavister/Florence Mayo [email protected]
*Information for investors, including analyst consensus forecasts, can be found on the Group's website at www.emisgroupplc.com/investors.
Notes to Editors
EMIS Group is the UK leader in connected healthcare software and systems. Its solutions are widely used across every major UK healthcare setting. EMIS Group's aim is to join up healthcare through innovative technology, helping to deliver better health outcomes to the UK population, supporting longer and healthier lives.
EMIS Group has two core business segments: EMIS Health and EMIS Enterprise.
EMIS Health is a supplier of innovative integrated care technology to the NHS, including primary, community, acute and social care.
EMIS Enterprise is focussed on growth in the business-to-business technology sector within the healthcare market, including management of medicines, partner businesses, patient-facing services and analytics.
LEI: 213800K474ZZK76NX913