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Wednesday, 31 January 2018

DXS International plc : Half-year Report

DXS International plc    

Published: 16:00 CET 31-01-2018 /GlobeNewswire /Source: DXS International plc / : DXSP /ISIN: GB00B2Q6HZ92

DXS International plc : Half-year Report

DXS INTERNATIONAL PLC

HALF YEAR REPORT

 

 

DXS International plc ("DXS" or "the Company"), the NEX Growth Market quoted healthcare information and clinical decision support systems provider today announces its half year report for the 6 month period ending 31 October 2017.

As DXS has previously indicated Government budget cuts and reorganisations within the NHS have severely affected our plans for organic growth during the past year. With the cuts in CCG budgets adversely affecting both sales and retention of existing clients, turnover fell by 7% in the second half of the last financial year and a further 2.5% in the first half of the current financial year.  The decline has now been arrested and we have been able to source additional loans to be able to continue our investment in our new products (outlined below).  While the outcome for the six months to October 2017 is disappointing, the Board believes that the Company is  now on the turn back to growth.  The NHS have informed us that the new GPSoC 3 tender will happen this year and that they intend addressing the shortcomings of GPSoC 2 during the past two years which have made business difficult for many NHS suppliers.

Management are confident that the Company is poised to achieve significant growth over the next three years. The basis for the positive outlook is founded on the following premises:

  • The NHS and Healthcare providers globally continue to face continual rising costs and simply have no choice other than to find ways of curbing costs;
  • It is a fact that globally 70% of healthcare costs are incurred by 27% of the population - these are people with one or more long term conditions;
  • It is an accepted fact that if the chronic conditions of this sector of the population were better managed the result will be reduced admissions to hospital - the main cost factor.
  • Newly developed DXS products focus particularly on improving the effective management of patient care particularly those with these expensive long term conditions.

 

DXS has spent the past three years innovating and developing cutting edge solutions that will contribute to helping manage patients with long term conditions. These products are generating impressive feedback from the clinicians who have seen them.

  • The four key modules are:  An intelligent referral management system. This has been trialled for the past eight months and is achieving significant results for the client, particularly by reducing unwarranted referrals;
  • The DXS Call and Recall app, which automatically analyses a patient's record and then communicates with the patient via the app regarding required health checks, medicine compliance, signposting to preferred services etc;
  • The DXS PCP tool that reads a patient's record and then makes medicine treatment recommendations to a prescriber ensuring that a patient is compliant with the best evidence treatment;
  • Care in the home monitoring devices that have built in sim cards and seamlessly send various readings, such as Blood Pressure, to both the GP practice and the patient's App.

 

A pilot of all of the foregoing has commenced at Warrington, focusing on one of the most significant and complex major long term conditions - hypertension. There are three additional pilots addressing Diabetes, Pregnancy and Arthritis and the initial response is very positive.  The roll out of these pilots is a major focus for the Company.

While DXS continues to invest in R&D, management has planned an aggressive sales and marketing campaign to achieve significant revenue growth over the next three years.

The Board is focused on continuing to improve communication with shareholders and has introduced a programme of newsletters.  If you wish to be added to the circulation list of recipients please contact our office on +441252719800 or send an email to info@dxs-systems.co.uk.

 

 

 

David Immelman

CEO

 

 

 

INTERIM RESULTS TO 31 OCTOBER 2017

CONSOLIDATED PROFIT AND LOSS ACCOUNT

for the six month period ended 31 October 2017

 

 


Unaudited Group
6 Months ended
31st Oct 2017

 

Restated
Unaudited
6 Months ended
31st Oct 2016

 


Audited
Year to
30th April 2017

 

 

£

 

 

£

 

 

£

Turnover

1,608,023

 

1,778,482

 

3,428,632

Cost of Sales

(225,083)

 

(248,490)

 

(468.092)

 

_________

 

_________

 

_________

 

1,382,940

 

1,529.992

 

2,960,540

Administrative and Selling Expenses

(1,471,154)

 

(1,458,747)

 

(2,945,032)

 

_________

 

_________

 

_________

Operating Profit/(Loss)

(88,214)

 

71,245

 

15,508

Other interest receivable and similar income

1,431

 

1,303

 

2,642

Interest payable and similar charges

(5,497)

 

(8,916)

 

20,682

 

_________

 

_________

 

_________

Profit / (Loss) on ordinary activities before taxation

(92,280)

 

63,632

 

38,832

Taxation on ordinary activities

119,980

 

64,968

 

185,290

 

_________

 

_________

 

_________

Profit  for the period

27,700

 

128,600

 

224,122

 

=========

 

=========

 

=========

Profit per share

 

 

 

 

 

  • basic

0.0p

 

0.4p

 

0.7p

  • fully diluted

0.0p

 

0.3p

 

0.6p

 

=========

 

=========

 

=========

 

Notes: 

 

 

All amounts relate to continuing activities.

 

All recognised gains and losses are included in the profit and loss account.

.

CONSOLIDATED BALANCE SHEET

as at 31 October 2017

 


Unaudited
Group
31 Oct 2017

Restated
Unaudited
Group
31 Oct 2016


Restated
Audited Group
30 April 2017

 

 

£

 

£

 

£

Fixed Assets

 

 

 

Intangible Assets

2,646,290

2,281,234

2,460,085

Tangible Assets

848

6,755

3,253

 

_________

_________

_________

 

2,647,138

2,287,989

2,463,338

 

_________

_________

_________

Current assets

 

 

 

Debtors

 

 

 

  • Amounts due in less than one year

1,551,359

371,486

1,376,513

  • Amounts due in more than one year

92,127

96,557

96,550

Cash at bank and in hand

135,602

361,314

165,736

 

_________

_________

_________

 

1,779,088

829,357

1,638,799

Creditors: amounts falling due within one year

(1,364,634)

(671,886)

(1,123,277)

 

_________

_________

_________

Net current liabilities

414,454

157,471

515,522

 

_________

_________

_________

 

 

 

 

Total assets less current liabilities

3,061,592

2,445,460

2,978,860

Creditors: amounts falling due after more than one year

(194,253)

(91,849)

(97,849)

Accruals and Deferred Income

(948,677)

(558,171)

(990,049)

 

_________

_________

_________

 

1,918,662

1,795,440

1,890,962

 

=========

=========

=========

Capital and reserves

 

 

 

Called up share capital

110,174

110,174

110,174

Share Premium account

1,639,523

1,639,523

1,639,523

Provision for costs of share option awards

162,580

162,580

162,580

Profit and loss account

6,385

(116,837)

(21,315)

 

_________

_________

_________

Equity Shareholders Funds

1,918,662

1,795,440

1,890,962

 

=========

=========

=========

 

 

 

 

 

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 Ltd

0207 101 7676

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.





This announcement is distributed by Nasdaq Corporate Solutions (One Liberty Plaza, 165 Broadway, New York, NY 10006. Tel: +1 212 401 8700. www.nasdaqomx.com) on behalf of Nasdaq Corporate Solutions clients. Source: DXS International plc, Unit 1,Abbey Business Park, Surrey, GU9 8HT, United Kingdom
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