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DO & CO AG Earnings Release 2017
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Positive Healthcare Plc - Final Results
PR Newswire
London, August 30
30 August 2017
POSITIVE HEALTHCARE PLC
(“Positive Healthcare” or the “Company”)
Final Results
Chairman Statement
I am pleased to present the consolidated financial results of Positive Healthcare Plc for the period from 2 November 2015 to 31 March 2017. The company was incorporated on 2 November 2015.
Business and operations
Positive Healthcare PLC continues to hold investments in companies within the healthcare recruitment sector in the UK. Since being admitted on the NEX Exchange (Previously known as ISDX growth market), the company has raised debt finance of £1.33 million via a Bond issue and used the funds to complete the acquisition of a 75% stake in Capital Care Services (UK) Limited and Fine Locums Limited on the 30th June 2016.
Both of these businesses operate within the healthcare recruitment industry. Based in London, they specialise in the recruitment of locum nurses, doctors and domiciliary care workers. The Directors are confident the addition of these two companies within the group will result in a significant improvement in the future profit outlook for the group.
Capital Care Services (UK) Limited generated a revenue of £4.40 million for the period from 1 July 2016 to 31 March 2017 and EBITDA of (£74,144) for the same period. Fine Locums Limited generated revenue of £950K for the period from 01 July 2016 to 31 March 2017 and EBITDA of £65,739 for the same period.
Financial results
The consolidated EBITDA for the period to 31 March 2017 is £16,412 and loss after exceptional items and taxation was £264,687 on consolidated revenue of £7,803,986. The exceptional items comprise costs associated with the bond issue of £154,300.
Outlook
The first financial period has been an exciting time of change and growth for Positive Healthcare. The acquisition of the majority stake of CCS and Fine Locums in June has given the group an enlarged platform for growth. The increasing number of people living in the UK, combined with an ageing population, contribute to an insatiable appetite for free healthcare and as a result the NHS struggles to keep pace which leads to a growing demand for a flexible workforce plus a growing over-run into the private sector creating opportunities there too.
The company has since the completion of the acquisition invested in more fee earners, an updated CRM system and stronger marketing to attract nurses and doctors and service the new framework awards that have been won during the reporting period. We look forward to further organic growth and continue to evaluate strategic acquisitions in the sector.
We would like to take this opportunity to thank the entire staff of the company for their hard work and passion during this period of change, without whom, none of this would have been possible.
Gary Ashworth
Chairman
Company Statement of Comprehensive Income
For the period ended 31 March 2017
| Period ended 31 March 2017 | |||
| £ | |||
| Revenue | 7,803,986 | ||
| Cost of sales | (6,209,243) | ||
| Gross profit | 1,594,743 | ||
| Administrative expenses | (1,592,199) | ||
| Exceptional costs | (154,300) | ||
| Finance cost | (124,017) | ||
| Loss before tax | (275,773) | ||
| Taxation | 11,086 | ||
| Loss for the year | (264,687) | ||
| Attributable to: | |||
| Owners of the parent | (262,639) | ||
| Non-controlling interest | (2,048) | ||
| (264,687) | |||
| Loss per share | Pence | ||
| Basic loss per share attributable to equity holders of the parent | (5.253) | ||
| Diluted loss per share attributable to equity holders of the parent | (5.253) | ||
Consolidated Statement of Financial Position
As at 31 March 2017
| As at 31 March 2017 | |||||||||
| £ | |||||||||
| ASSETS | |||||||||
| Non-current assets | |||||||||
| Intangible assets | 1,001,778 | ||||||||
| Property, plant and equipment | 90,645 | ||||||||
| 1,092,423 | |||||||||
| Current assets | |||||||||
| Trade and other receivables | 1,758,061 | ||||||||
| Cash and cash equivalents | 49,108 | ||||||||
| 1,807,169 | |||||||||
| TOTAL ASSETS | 2,899,592 | ||||||||
| EQUITY AND LIABILITIES | |||||||||
| Equity attributable to equity holders | |||||||||
| Share capital | 50,000 | ||||||||
| Retained deficit | (262,639) | ||||||||
| Non-controlling interest | 236,735 | ||||||||
| Total equity | 24,096 | ||||||||
| Non-current liabilities | |||||||||
| Borrowings | 1,330,675 | ||||||||
| 1,330,675 | |||||||||
| Current liabilities | |||||||||
| Trade and other payables | 1,544,821 | ||||||||
| 1,544,821 | |||||||||
| TOTAL EQUITY AND LIABILITIES | 2,899,592 | ||||||||
The financial information set out in this announcement does not constitute statutory accounts. This financial information has been extracted from the audited full accounts of the Group for the year ended 31 March 2017. The Group does not declare a dividend for the period.
The Directors of Positive Healthcare accept responsibility for this announcement.
For further information, please contact:
Positive Healthcare plc
Chris Ledbury - CEO
Tel: +44 (0) 203 587 7566
Email: [email protected]
Peterhouse Corporate Finance Limited
Fungai Ndoro and Mark Anwyl
Tel: +44 (0) 20 7469 0930
