XS INTERNATIONAL PLC
INTERIM RESULTS
for the half year ending 31st October 2016
The Board of DXS International Plc ("DXS" or the "Company"), the ISDX quoted developer and supplier of clinical decision support systems to Clinical Commissioning Groups ("CCGs"), GPs, doctors and healthcare professionals, is pleased to announce its Interim Results for the 6 months ended 31st October 2016.
FINANCIAL HIGHLIGHTS:
- Revenue up 17% at £1,778,402 for the 6 months to October 2016 (2015: £1,521,081);
- Profit up by 130% at £128,248 for the 6 months to October 2016 (2015: £54,427);
- Revenue has grown over the last 3 years from £1.4 million in the year ending 30 April 2013 to £3.25 million at 30 April 2016;
- Continued investment in new projects is approximately £480,000 p.a.
OPERATIONAL HIGHLIGHTS
- Awarded the LPP (London Partnership Procurement) tender - currently 100 members including CCGs. Hospital and Mental Health Trusts - DXS now preferred supplier (the LPP controls procurement spending of £1.5 billion over the 4 year period of the contract);
- Major release of Version 5 of the DXS technology providing many solutions to previous challenges, such as easier and faster deployment, improved updating of content and new releases, as well as improved user interfaces;
- From January 2017 introduction of new agile release process with new releases monthly ensuring that customers see regular improvement and innovation;
- Have improved customer satisfaction levels via improved service delivery throughout the company;
CEO, David Immelman, commented: "Our long-term view is that, in the ever-changing healthcare marketplace, a continued repositioning and evolution of the Group's business strategy is necessary. We have developed innovative initiatives which leverage off our existing footprint and which will bring new revenue areas to the Company. Further announcements will be made shortly.
Our strategy includes providing new IT solutions that we have been investing in for the past few years as well as sourcing and forming joint ventures with providers of various medical devices. This is in line with the NHS' vision and objective of where healthcare is going with the ultimate aim of saving costs and improving outcomes."
EXISTING BUSINESS OVERVIEW
The current principal DXS offering, DXS Point of Care, is a clinical decision support solution that is installed at GP practices and retail pharmacies throughout the UK. It is integrated with all four patient record systems used by GP practices in the UK providing the advantage that when a GP is consulting with a patient, DXS Point of Care is accessing the patient record and presenting the practitioner with recommended treatment advice. This advice comes from credible NHS sources and when adhered to by the practitioner, results in better outcomes delivered more cost effectively.
DXS is an accredited supplier to the NHS and DXS Point of Care is paid for from a national NHS fund that covers England. Today, DXS Point of Care is deployed at 1,400 GP practices under the National NHS Fund and in addition maintains and supports 2,045 non-National Fund GP practices.
Our current sources of revenue are The National Fund (via CCGs representing GP practices), CCGs via their local funds and Pharmaceutical companies.
DXS currently have 40 CCGs funded by the National Fund and 28 Pharmaceutical Companies self-funding advice on medicines.
INTERIM RESULTS TO 31st OCTOBER 2016
CONSOLIDATED PROFIT AND LOSS ACCOUNT
for the six month period ended 31st October 2016
| Unaudited Group 6 Months ended 31st Oct 2016 | Unaudited 6 Months ended 31st Oct 2015 | Audited Year to 30th April 2016 | ||||||
| £ | £ | £ | ||||||
| Turnover | 1,778,482 | 1,521,081 | 3,255,081 | |||||
| Cost of Sales | (248,490) | (222,008) | (517,991) | |||||
| _________ | _________ | _________ | ||||||
| 1,529,992 | 1,299,073 | 2,737,090 | ||||||
| Administrative and Selling Expenses | (1,458,747) | (1,295,426) | (2,612,286) | |||||
| Provision for costs of share option scheme | - | (27,000) | (54,000) | |||||
| _________ | _________ | _________ | ||||||
| Operating Profit/(Loss) | (71,245) | (23,353) | 70,804 | |||||
| Other interest receivable and similar income | 1,303 | 1,184 | 2,403 | |||||
| Interest payable and similar charges | (8,916) | (16,378) | (27,271) | |||||
| _________ | _________ | _________ | ||||||
| Profit/(Loss) on Ordinary Activities before taxation | 63,632 | (38,547) | 45,936 | |||||
| Tax on Profit/(Loss) on ordinary activities | 64,968 | 92,974 | 173,153 | |||||
| _________ | _________ | _________ | ||||||
| Profit/ (Loss) for the period | 128,600 | 54,427 | 219,089 | |||||
| ========= | ========= | ========= | ||||||
| Profit/ (Loss) per share | ||||||||
| 0.4p | 0.1p | 0.7p | |||||
| 0.3p | 0.1p | 0.6p | |||||
| ========= | ========= | ========= | ||||||
| All amounts relate to continuing activities. | |
| All recognised gains and losses are included in the profit and loss account. | |
.
CONSOLIDATED BALANCE SHEET
as at 31st October 2016
| Unaudited Group 31st Oct 2016 | Restated Unaudited Group 31st Oct 2015 | Restated Audited Group 30th April 2016 | ||||
| £ | £ | £ | ||||
| Fixed Assets | ||||||
| Intangible Assets | 2,281,234 | 2,525,596 | 2,111,147 | |||
| Tangible Assets | 6,755 | 16,232 | 11,650 | |||
| _________ | _________ | _________ | ||||
| 2,287,989 | 2,541,828 | 2,122,797 | ||||
| _________ | _________ | _________ | ||||
| Current assets | ||||||
| Debtors | ||||||
| 371,486 | 1,307,737 | 1,481,274 | |||
| 96,557 | 80,254 | 111,036 | |||
| Cash at bank and in hand | 361,314 | 307,671 | 315,049 | |||
| _________ | _________ | _________ | ||||
| 829,357 | 1,695,662 | 1,907,359 | ||||
| Creditors: amounts falling due within one year | (671,886) | (1,205,337) | (1,197,623) | |||
| _________ | _________ | _________ | ||||
| Net current assets | 157,471 | 490,325 | 709,736 | |||
| _________ | _________ | _________ | ||||
| Total assets less current liabilities | 2,445,460 | 3,032,153 | 2,832,533 | |||
| Creditors: amounts falling due after more than one year | (91,849) | (158,494) | (94,849) | |||
| Accruals and Deferred income | (558,171) | (858,455) | (1,070,844) | |||
| _________ | _________ | _________ | ||||
| 1,795,440 | 2,015,204 | 1,666,840 | ||||
| ========= | ========= | ========= | ||||
| Capital and reserves | ||||||
| Called up share capital | 110,174 | 108,592 | 110,174 | |||
| Share Premium account | 1,639,523 | 1,591,709 | 1,639,523 | |||
| Provision for costs of share option awards | 162,580 | 135,580 | 162,580 | |||
| Profit and loss account | (116,837) | 179,323 | (245,437) | |||
| _________ | _________ | _________ | ||||
| 1,795,440 | 2,015,204 | 1,666,840 | ||||
| ========= | ========= | ========= | ||||
The above figures have not been reviewed by the company's auditors LDP Luckmans.
The Directors of DXS International plc accept responsibility for this announcement
Contacts:
| David Immelman, CE0 | 01252 719800 |
| DXS International plc | |
| www.dxs-systems.com | |
| Corporate Adviser | |
| City & Merchant | |
| David Papworth | 020 7101 7676 |
Notes to Editors
About DXS:
DXS International presents up to date treatment guidelines and recommendations, from Clinical Commissioning Groups and other trusted NHS sources, to doctors, nurses and pharmacists in their workflow and during the patient consultation. This effective clinical decision support ultimately translates to improved healthcare outcomes delivered more cost effectively which should significantly contribute towards the NHS achieving its projected efficiency savings.