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 2018.
As stated at the AGM in 2018, DXS has continued to build a solid foundation, following previous NHS budget cuts and uncertainty, which has seen the following achievements:
- Released four new versions of our mainstay product - DXS Point-of-Care ;
- Implemented Phase 1 of our new template version of DXS Point-of-Care ;
- Launched Phase 1 of the DXS MyVytalCare app and in piloting stage - The DXS Call and Recall app, which automatically analyses a patient’s record and then communicates with the patient via the appregarding required health checks, medicine compliance, signposting to preferred services etc;
- Launched Phase 1 of DXS ExpertCare and in piloting stage - The DXS ExpertCare 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.
Considering that worldwide healthcare systems are in crisis with ageing populations, clinician shortages, and cash crises, we are confident that our forward planning and preparation during the past 7 years will see significant growth in revenue and profitability over the next four to five years which should result in major shareholder value.
During this half year of consolidation, our turnover grew by 5% and profits compared to the same period for the previous year grew from £27,000 to £70,000, even though we continued to invest heavily in R&D.
Although behind schedule, the new GPSoC 3 tender is underway and is expected to be completed within 2019. As stated previously, the NHS intend addressing the shortcomings of GPSoC 2 as well as extending the funding across all care, which will open new opportunities for DXS.
With much of our planned strategy in place for renewed growth, we are intent on building shareholder value by significantly increasing our revenue over the next 4-5 years and targeting an annual profit of £7 million by year 5.
In addition, our new products create the opportunity to expand into international markets and we currently have interest in China, India and South Africa. When one considers that China has 330 million people with hypertension with a relatively small number controlled, the opportunity for DXS Hypertension ExpertCare helping to improve control becomes evident.
The Board thanks you for your continued support and invites you to contact our CEO should you wish to discuss anything. We urge you to ensure that you are included on our circulation list of communications and to do so please contact our office on +44 (0)1252 719800 or send an email to info@dxs-systems.co.uk.
David Immelman CEO
INTERIM RESULTS to 31 OCTOBER 2018
CONSOLIDATED INCOME STATEMENT
for the six month period ended 31 October 2018
| Unaudited Group 6 Months ended 31 Oct 2018 | Restated Unaudited 6 Months ended 31 Oct 2017 | Audited Year to 30 April 2018 | ||||||
| £ | £ | £ | ||||||
| Turnover | 1,692,451 | 1,608,023 | 3,406,976 | |||||
| Cost of Sales | (193,244) | (225,083) | (470,824) | |||||
| _________ | _________ | _________ | ||||||
| Gross Profit | 1,499,207 | 1,382,940 | 2,936,152 | |||||
| Administrative Costs | (1,267,734) | (1,259,542) | (2,506,575) | |||||
| Depreciation and Amortisation | (237,476) | (211,612) | (445,267) | |||||
| _________ | _________ | _________ | ||||||
| Operating Profit/(Loss) | (6,003) | (88,214) | (15,690) | |||||
| Other interest receivable and similar income | 219 | 1,431 | 9,329 | |||||
| Interest payable and similar charges | (28,896) | (5,497) | (39,791) | |||||
| _________ | _________ | _________ | ||||||
| Profit / (Loss) on ordinary activities before taxation | (34,680) | (92,280) | (46,152) | |||||
| Taxation on ordinary activities | 104,963 | 119,980 | 194,973 | |||||
| _________ | _________ | _________ | ||||||
| Profit / (Loss) for the period | 70,283 | 27,700 | 148,821 | |||||
| ========= | ========= | ========= | ||||||
| Profit/ (Loss) per share | ||||||||
| 0.2p | 0.0p | 0.4p | |||||
| 0.1p | 0.3p | 0.3p | |||||
| ========= | ========= | ========= | ||||||
STATEMENT of FINANCIAL POSITION
as at 31 October 2018
| Unaudited Group 31 Oct 2018 | Restated Unaudited Group 31 Oct 2017 | Audited Group 30 April 2018 | ||||
| £ | £ | £ | ||||
| Fixed Assets | ||||||
| Intangible Assets | 3,372,762 | 2,646,290 | 3,057,575 | |||
| Tangible Assets | 3,580 | 848 | 4,735 | |||
| _________ | _________ | _________ | ||||
| 3,376,342 | 2,647,138 | 3,062,310 | ||||
| _________ | _________ | _________ | ||||
| Current assets | ||||||
| Debtors | ||||||
| 1,326,216 | 1,551,359 | 1,484,870 | |||
| 84,500 | 92,127 | 58,500 | |||
| Cash at bank and in hand | 78,000 | 135,602 | 140,012 | |||
| _________ | _________ | _________ | ||||
| 1,488,716 | 1,779,088 | 1,683,382 | ||||
| Creditors: amounts falling due within one year | (1,232,694) | (1,364,634) | (997,441) | |||
| _________ | _________ | _________ | ||||
| Net current liabilities | 256,022 | 414,454 | 685,941 | |||
| _________ | _________ | _________ | ||||
| Total assets less current liabilities | 3,632,364 | 3,061,592 | 3,748,251 | |||
| Creditors: amounts falling due after more than one year | (467,098) | (194,253) | (539,251) | |||
| Accruals and Deferred income | (936,555) | (948,677) | (1,169,217) | |||
| _________ | _________ | _________ | ||||
| 2,228,711 | 1,918,662 | 2,039,783 | ||||
| ========= | ========= | ========= | ||||
| Capital and reserves | ||||||
| Called up share capital | 115,988 | 110,174 | 110,174 | |||
| Share Premium account | 1,752,355 | 1,639,523 | 1,639,523 | |||
| Provision for costs of share option awards | 162,580 | 162,580 | 162,580 | |||
| Retained earnings | 197,788 | 6,385 | 127,506 | |||
| _________ | _________ | _________ | ||||
| 2,228,711 | 1,918,662 | 2,039,783 | ||||
| ========= | ========= | ========= | ||||
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 | 020 7101 7676 |
| City & Merchant Ltd | |
| 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 and which should significantly contribute towards the NHS achieving its projected efficiency savings.
