INDUCTION HEALTHCARE GROUP PLC

Report Publication Announcement • Sep 22, 2022

National Storage Mechanism | Additional information

RNS Number : 2297A

Induction Healthcare Group PLC

22 September 2022

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

Induction James Balmain, Chief Executive Officer Guy Mitchell, Chief Financial Officer	Via Walbrook PR Ltd: induction@walbrookpr.com
Singer Capital Markets (Nominated Adviser and Broker)	+44 (0)20 7496 3000
Philip Davies / Kailey Aliyar
Walbrook PR Ltd	induction@walbrookpr.com
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. 

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