Induction Healthcare Group PLC

("Induction", the "Company", or the "Group")

Board appointments and Trading Update

Induction (AIM: INHC), a leading digital health platform driving transformation of healthcare systems, provides an update on trading and other changes following the year ending 31 March 2023 (FY23).

Consistent with our statements earlier in 2023, the Board is pleased to report progress in our commitment to self-sustaining growth and cash breakeven in 2024. We remain on track to hit both objectives and we have completed our rightsizing plan for the business, the costs of which have been fully provided for in FY23.

In January we committed to re-focusing the company and to divesting the business of non-core and non-cash generating assets.  We are pleased to announce the completion of the sale of Switch, a directory app, for an undisclosed sum. The consideration has been applied to working capital. This is in line with the previously announced strategy to focus on sustainable growth and allows additional cost savings to be applied.  

With the business now stable, and consistent with our commitment to hire a permanent leadership team to drive the business, the Board announces the appointment, effective immediately, of Paul Tambeau as CEO (currently interim COO) and John McIntosh as CFO (currently interim CFO). Christopher Samler, currently executive Chair, will resume his previous position as non-executive Chair. Both are appointed as board members.

Paul Tambeau (CEO) started his career in management consulting, spending 11 years on strategy and transformation engagements within Canada's public and private health sectors. This included 3 years in KPMG's national health care strategy practice. Over the last 7 years, he has held senior executive roles in digital health companies in Canada and the UK, most recently as Chief Commercial Officer of Doctor Care Anywhere. Paul holds an MBA with Distinction from the University of Edinburgh, and a Bachelor of Arts (Honours) from Wilfrid Laurier University in Waterloo, Canada.

John McIntosh (CFO) has worked as a consultant CFO, interim FD and CFO for public and private entities in the UK, USA, and Europe.  After qualifying with Deloitte in 1994, John worked with Sony, advertising agency DMB&B and the BBC, before focusing towards online, and multi-media businesses. Between 2006 and 2021, John held a number of CFO and Board positions in companies such as DCD Media plc, Progility Plc and Bidstack Group plc and Anzen Technology Systems Ltd. John holds a B.Com (Hons) from Edinburgh University and is a member of the Institute of Chartered Accountants of Scotland.

Induction Chair, Christopher Samler, said: "We are pleased with the progress we have made towards our objective of self-sustaining growth and cash flow breakeven in 2024. The business is in far better shape than in the last quarter of last year and the Board is confident that we remain on track to meet our commitments for the year. The leadership provided by both Paul and by John has been instrumental in helping to turn the business around and whilst we still have challenges to face, we are confident that the business is in safe hands. I look forward to working even more closely with both Paul and John as we drive the business to the next phase of growth."

Disclosures in accordance with the AIM Rules

Paul Tambeau, 42, is, or has been, a director or partner of the following companies or partnerships during the past five years:

Current directorships and partnerships

None

Previous directorships and partnerships held in the past five years

Doctor at Hand Diagnostics Limited

Paul holds 350,000 options in the Company at a nominal value through the Non-Tax Advanced Share Option Plan. With his appointment as CEO, a further 700,000 options are being granted today through the same scheme at a nominal value.

John McIntosh, 54, is, or has been, a director or partner of the following companies or partnerships during the past five years:

Current directorships and partnerships

Colourful Parachute Ltd

Anzen Technology Systems Ltd

Previous directorships and partnerships held in the past five years

Bidstack Group plc

Bidstack Ltd

Pubguard Ltd

Bidstack SIA

With John's appointment as CFO, 500,000 options in the Company are being today granted at a nominal value through the Non-Tax Advanced Share Option Plan.

There are no further disclosures required in accordance with AIM Rule 17 and Schedule Two paragraph (g) of the AIM Rules for Companies.

Enquiries

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.