UK Markets open in 1 hr 25 mins

Half-year report

DXS INTERNATIONAL PLC

(AQSE: DXSP)

HALF YEAR RESULTS

DXS International plc ("DXS" or the "Company"), the digital clinical decision support company, is pleased to provide shareholders with its unaudited interim results for the half year ending 31 October 2022.

Financial Highlights

  • Revenue for the six-month period was marginally up at £1,652,467 (2021: £1,618,4383);

  • Profit/Loss before tax is a loss of (£131,269) (2021: Profit £21,427) and profit after tax £27,656 (2021: £137,352).

  • Cash on hand £398,745.

Results overall are in line with projections. Reduced profit is largely due to increased operating costs and depreciation.

Operational Highlights

  • A six month referral trial utilising DXS SMART referral functionality produced significant results in reducing referral rejections from 36% to less than 2% and cutting waiting times from 44 to 22 weeks.

  • The IM1 (Interface Mechanism 1 – the NHS owned API providing access to patient records) development and integration with our new generation Aios Platform is complete providing improved user functionality and ability to meet new NHS COVID induced challenges.

  • The first revised model ExpertCare hypertension trials, commencing before the end of January 2023 with a group of Primary Care organisations recruited, is ready for participation in up to a 6-month trial.

  • Overall development of our new cloud based DXS Point-of-Care solution is progressing well with a first version expected to be launched in the first quarter 2023.

  • Concluded the renewal of existing CCG (Clinical Commissioning Group) agreements due to the NHS restructuring.

Engaging with the various NHS organisations remains challenging due to COVID induced backlogs, clinician shortages and NHS restructuring. On the positive side the NHS announced the following goals for the next 12-months:

  • Recover NHS core services and productivity.

  • As they recover, make progress in delivering the key ambitions in the NHS Long Term Plan (LTP).

  • Continue transforming the NHS for the future.

To achieve this the NHS have set out clear objectives, some which fit squarely within our solution capabilities.

  • On 23 December 2022, the NHS CEO announced the 2023/24 priorities and operational guidance which includes reducing waiting times and improving blood pressure control to 77% by March 2023.

  • Empowering the wider workforce to tackle clinician shortages.

David Immelman, CEO of DXS International plc, said:

“With the persistent challenges facing the NHS, our solutions have never been more aligned to NHS priorities.  Our new products are currently being trialled in numerous clinical commissioning groups with significant results demonstrated in reducing referral rejections and drastically cutting waiting times.  We are solely focused in converting these trials to commercial contracts. 

This provides us with an opportunity to engage with the NHS in utilising both our referral and hypertension solutions in significantly contributing towards achieving these objectives.

We are a passionate and bold team with innovative solutions that can make a significant positive contribution towards curbing and cutting rising healthcare costs and ensuring healthier populations. Future sales prospects, in the UK and abroad, are promising, generated by the persistent efforts of our dedicated sales and marketing team. This will ensure the achievement of our objectives resulting in planned shareholder rewards."

INTERIM RESULTS to 31 OCTOBER 2022
CONSOLIDATED INCOME STATEMENT

for the six month period ended 31 October 2022

 

Unaudited GroupMonths ended 31 Oct 2022

 



Unaudited
6 Months ended
31 Oct 2021

 



Audited
Year to
30 April 2022

 

Continuing Operations

 

Continuing Operations

 

Continuing Operations

 

 

£

 

 

£

 

 

£

Turnover

1,652,467

 

1,618,439

 

3,285,050

Cost of Sales

(229,308)

 

(191,952)

 

(412,904)

Gross Profit

1,423,159

 

1,426,487

 

2,872,146

Administration Costs

(1,175,224)

 

(1,111,965)

 

(2,269,633

Depreciation and Amortisation

(354,363)

 

(274,093)

 

(660,289)

Operating Profit / Loss

(106,428)

 

40,429

 

(57,776)

Sundry Income

-

 

2,152

 

2,153

 

(106,428)

 

42,581

 

(55,623)

Interest payable and similar expenses

(24,841)

 

(21,154)

 

(43,022)

Loss / Profit on ordinary activities before taxation

(131,269)

 

21,427

 

(98,645)

Tax on profit on ordinary activities

158,925

 

115,925

 

320,895

Profit for the period

27,656

 

137,352

 

222,250

 

=========

 

=========

 

=========

Profit per share

 

 

 

 

 

  • basic

0.1p

 

0.3p

 

0.5p

  • fully diluted

0.1p

 

0.3p

 

0.5p

 

=========

 

=========

 

=========

STATEMENT of FINANCIAL POSITION

as at 31 October 2022

 

Unaudited
Group at
31 Oct 2022

Unaudited
Group at
31 Oct 2021

Audited
Group at
30 April 2022

 

 

£

 

£

 

£

Fixed Assets

 

 

 

Intangible Assets

5,499,920

4,921,943

5,183,683

Tangible Assets

1,868

961

2,645

 

_________

_________

_________

 

5,501,788

4,922,904

5,186,328

 

_________

_________

_________

Current assets

 

 

 

Debtors Amounts falling due within one year

487,179

320,784

693,702

Cash at bank and in hand

398,745

543,281

452,379

 

_________

_________

_________

 

885,924

864,065

1,146,081

Creditors: amounts falling due within one year

(839,344)

(689,586)

(889,761)

 

_________

_________

_________

Net current assets / (liabilities)

46,580

174,479

256,320

 

_________

_________

_________

 

 

 

 

Total assets less current liabilities

5,548,368

5,097,383

5,442,648

 

 

 

 

Creditors: amounts falling due after more than one year

(607,095)

(364,681)

(331,330)

Deferred income

(548,975)

(447,958)

(746,676)

 

_________

_________

_________

 

4,392,298

4,284,744

4,364,642



 

=========

=========

=========

Capital and reserves

 

 

 

Called up share capital

159,246

159,246

159,246

Share Premium

2,671,321

2,676,321

2,671,321

Provision for costs of share option awards

173,808

173,808

173,808

Retained earnings

1,387,923

1,275,369

1,360,267

 

_________

 

_________

Shareholders’ Funds

4,392,298

4,284,744

4,364,642

 

=========

=========

=========

 

 

 

 

STATEMENT of CASH FLOWS

Six months ended 31 October 2022

 

Unaudited
Group
Six months ended 31 Oct 2022

Unaudited
Group
Six months ended 31 Oct 2021

Audited Group year ended 30 April 2022

 

 

£

 

£

 

£

 

 

 

 

Cash flow from operating activities

(135,175)

242,179

907,862

Interest paid

(24,841)

(21,154)

(43,022)

Sundry Income

-

2,152

2,153

R&D tax credit

323,925

249,925

249,895

 

_________

_________

_________

Cash flow from operating activities

163,909

473,102

1,116,888

 

_________

_________

_________

 

 

 

 

Cash flow from investing activities

 

 

 

Payments to acquire intangible fixed assets

(669,967)

(637,695)

(1,284,961)

Expense in respect of share issue in February 2022

-

-

(5,000)

Proceeds / (Payments) in respect of tangibe fixed assets

144

-

(2,354)

Payments to acquire tangible fixed assets

 

 

 

 

_________

_________

_________

 

(669,823)

(637,695)

(1,292,315

 

_________

_________

_________

 

 

 

 

Cash flow from investing activities

 

 

 

Repayment of long term loans

(47,720)

(84,444)

(164,512)

Advance of long term loans

500,000

-

-

 

_________

_________

_________

 

452,280

(84,444

(164,512)

 

_________

_________

_________

 

 

 

 

Net increase / (decrease) in cash and cash equivalents

(53,634)

(249,037)

(339,939)

Cash and Cash equivalents at 30 April 2022

452,379

792,318

792,318

 

_________

_________

_________

 

 

 

 

Cash and Cash equivalents at 31 October 2022

398,745

543,281

452,379

 

=========

=========

=========

Cash and Cash equivalents consists of:

 

 

 

Cash at bank and in hand

398,745

543,281

452,379

 

=========

=========

=========

Net Debt Reconciliation

 

Current Debt

Non Current Debt

Cash

Total

 

 

£

£

£

 

 

 

 

 

At 30 April 2021

(207,139)

(449,125)

792,318

136,054

Cash flow

(85,993)

117,795

(339,939)

(308,137)

 

_________

_________

_________

_________

 

 

 

 

 

At 30 April 2022

(293,132)

(331,330)

452,379

(172,083)

Cash flow

(45,963)

(275,765)

(53,634)

(375,362)

 

_________

_________

_________

_________

At 31 October 2022

(339,095)

(607,095)

398,745

(547,445)

 

=========

=========

=========

=========

The above figures have not been reviewed by the company's auditors Crowe U.K. LLP.

The Directors of DXS International plc accept responsibility for this announcement

Contacts:

David Immelman      (Chief Executive)
DXS International plc

01252 719800
david@dxs-systems.com

https://www.dxs-systems.co.uk

 


Corporate Advisor

 

City & Merchant
David Papworth

020 7101 7676


Corporate Broker

 

Hybridan LLP
Claire Louise Noyce

020 3764 2341

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.