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Induction Healthcare Group PLC announced on 22 September 2022 that AIM Regulation granted an extension to its 2022 annual reporting deadline, shifting the expected publication of its final results for the year ended 31 March 2022 from on or before 30 September 2022 to October 2022. The Company stated that FY22 results are expected to be in-line with previous guidance, with annual recurring revenues (ARR) projected at c. £15m (2021: £1.8m). Adjusted EBITDA for FY22 was at a breakeven level (2021 EBITDA loss: £4.1m), and net cash at 31 March 2022 was £7.5m (2021: £2.4m).
| Date | 22 Sept 2022 |
| Time | 07:00:13 |
| Category | Miscellaneous |
| ID | 2297A |
Induction Healthcare Group PLC
("Induction", the "Company", or the "Group")
Extension to publication deadline for Audited Final Results
Induction (AIM: INHC), a leading digital health platform driving transformation of healthcare systems worldwide, announces that following the grant by AIM Regulation of an extension to its 2022 annual reporting deadline, it now expects to report its final results for the year ended 31 March 2022 during October 2022, rather than on or before 30 September 2022.
The extension is required to complete the audit work for the year ended 31 March 2022 due to COVID related challenges and the impact it has had on resource availability to complete the required work.
FY22 Financial Performance
There is no change to the financial performance and, as previously reported on 21 April, results for FY22 are expected to be in-line with guidance. A significant increase in contracted annual recurring revenues ("ARR"), a key metric for the business, is expected to be delivered, with ARR for the full year of c. £15m (2021: £1.8m). Following upgraded market expectations adjusted EBITDA was at a breakeven level (2021 EBITDA loss: £4.1m) and net cash at 31 March 2022 was £7.5m (2021: £2.4m).
Following strong renewals of NHS England Induction Attend Anywhere ("AA") contracts, the majority with contracts renewed for 2 or 3 year terms, the Group's cash position has also increased significantly beyond period end levels.
James Balmain, CEO of Induction Healthcare, said: "FY22 was a transformational year for Induction following the acquisition of Attend Anywhere and this has continued to deliver into H1 FY23 with the AA contract renewals. I look forward to presenting our full results in October and remain confident in the future prospects of the Company, including trading for the current financial year."
ENQUIRIES
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Induction James Balmain, Chief Executive Officer Guy Mitchell, Chief Financial Officer |
Via Walbrook PR Ltd: [email protected] |
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Singer Capital Markets (Nominated Adviser and Broker) |
+44 (0)20 7496 3000 |
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Philip Davies / Kailey Aliyar |
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Walbrook PR Ltd |
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Paul McManus / Alice Woodings |
Mob: +44(0)7980 541 893 / +44 (0)7407 804 654 |
About Induction - www.inductionhealthcare.com
Induction (AIM: INHC) Induction delivers a suite of software solutions through a single integrated platform that transforms care delivery. Our system-wide applications help healthcare providers and administrators to deliver care at any stage remotely as well as face-to-face - giving the communities they serve greater flexibility, control and ease of access. Purpose-built for integration with leading Electronic Medical Record (EMR) platforms, our products offer immediate stand-alone value that becomes even greater when integrated with pre-existing systems.
Used at scale by national and regional healthcare systems, as well non-health government services, our applications are relied upon by hundreds of thousands of clinicians and millions of patients across almost every hospital in the British Isles.