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Half-year report

·7-min read

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 2021.

Financial Highlights

  • Revenue for the six-month period has held well at £1,618,439 (2020: £1,716,424).

  • In line with projections, profit before tax is £21,427 (2020: £150,556) and profit after tax £137,352 (2020: £224,825).

  • Cash on hand £543,000.

Results overall are in line with projections for the revised strategy to capitalise on opportunities resulting from COVID including increased investment in order to scale solutions aimed at managing significant backlogs in “healthcare business as usual” and the increased clinician shortage crisis. DXS has been investing for growth over the past six months and is expecting to have a stronger second half to the business, as it traditionally does and did in the financial year to 30 April 2021.

Operational Highlights

  • CompleteCare templates and toolkits well received in early pilots, providing much needed solutions in managing healthcare backlogs in areas such as medicines monitoring, cancer care, mental health and learning disability.

  • ExpertCare hypertension pilots completed, confirming that only 50% of the pilot patients are being managed in compliance with “Gold Standard” treatment guidelines and that by using ExpertCare this immediately improved to 75%.

  • Development of our new cloud based DXS Point of Care solution is progressing well.

Reorganisation of the NHS Management Structure

The current 106 Clinical Commissioning Groups responsible for the planning and commissioning of healthcare in their respective areas, and responsible for approximately 60% of the NHS budget, are being replaced by 42 Integrated Care Systems (ICSs). These ICSs are intended to bring about major changes in how health and care services are planned, paid for and delivered, and are a key part of the future direction for the NHS as set out in the NHS Long Term Plan. Another major change for primary care has been the formation of 1,250 Primary Care Networks (PCNs) each representing small groupings of GP practices with registered patients numbering between 30,000 -50,000.

One major opportunity this represents for DXS is that these PCN’s are mandated to utilise clinical pharmacists, a 70% NHS funded reimbursable role, to conduct structured medicine reviews on behalf of the GP practices. Our new AI medicines management solution will provide an invaluable tool empowering these pharmacists to manage complex reviews with minimal GP input and help the NHS manage COVID backlogs and GP shortages.

Refined Strategy

Against this backdrop, we have refined our strategy by accelerating our planned development of adding additional long-term conditions, such as diabetes, to our new solutions, underpinned by an aggressive sales and marketing campaign. Due to this increased investment in growth, we expect profitability to decline in the short to medium term resulting in an aggressive upward revenue and profitability curve within 18 months.

David Immelman, Chief Executive of DXS said: “We remain resolute in our conviction that our foresight and efforts into developing a world beating expert long term condition management solutions is 100% aligned with the global strategy of digital transformation in healthcare. This was again evidenced by the recent announcement of the NHS commitment to digital transformation to merge NHS Digital and NHSX with NHS England and Improvement.

We expect our suite of Expert AI Solutions to have a major positive impact in the improvement of healthcare outcomes.”

INTERIM RESULTS to 31 OCTOBER 2021

CONSOLIDATED INCOME STATEMENT

for the six-month period ended 31 October 2021

Unaudited Group 6 Months ended 31 Oct 2021



Unaudited
6 Months ended
31 Oct 2020



Audited
Year to
30 April 2021

Continuing Operations

Continuing Operations

Continuing Operations

£

£

£

Turnover

1,618,439

1,716,424

3,605,766

Cost of Sales

(191,952)

(177,367)

(419,757)

_________

_________

_________

Gross Profit

1,426,487

1,539,057

3,186,009

Administration Costs

(1,111,965)

(1,064,034)

(1,917,310)

Depreciation and Amortisation

(274,093)

(302,623)

(980,683)

_________

_________

_________

Operating Profit

40,429

172,398

288,016

Sundry Income

2,152

-

9,539

_________

_________

_________

42,581

172,398

297,555

Interest payable and similar expenses

(21,154)

(21,842)

(43,882

_________

_________

_________

Profit on ordinary activities before taxation

21,427

150,556

253,673

Tax on profit on ordinary activities

115,925

74,269

243,240

_________

_________

_________

Profit for the period

137,352

224,825

496,913

=========

=========

=========

Profit per share

0.3p

0.6p

1p

0.3p

0.5p

1p

=========

=========

=========

STATEMENT of FINANCIAL POSITION

as at 31 October 2021

Unaudited
Group at
31 Oct 2021

Unaudited
Group at
31 Oct 2020

Audited
Group at
30 April 2021

£

£

£

Fixed Assets

Intangible Assets

4,921,943

4,273,801

4,557,969

Tangible Assets

961

1,680

1,333

_________

_________

_________

4,922,904

4,275,481

4,559,302

_________

_________

_________

Current assets

Debtors Amounts falling due within one year

320,784

283,515

850,258

Cash at bank and in hand

543,281

1,207,305

702,318

_________

_________

_________

864,065

1,490,820

1,642,576

Creditors: amounts falling due within one year

(689,586)

(845,059)

(951,673)

_________

_________

_________

Net current assets / (liabilities)

174,479

645,761

690,903

_________

_________

_________

Total assets less current liabilities

5,097,383

4,921,242

5,250,205

Creditors: amounts falling due after more than one year

(364,681)

(563,580)

(449,125)

Deferred income

(447,958)

(482,358)

(653,688)

_________

_________

_________

4,284,744

3,875,304

4,147,392

=========

=========

=========

Capital and reserves

Called up share capital

159,246

159,246

159,246

Share Premium

2,676,321

2,676,321

2,676,321

Provision for costs of share option awards

173,808

173,808

173,808

Retained earnings

1,275,369

865,929

1,138,017

_________

_________

_________

Shareholders’ Funds

4,284,744

3,875,304

4,147,392

=========

=========

=========

STATEMENT of CASH FLOWS

Six months ended 31 October 2021

Unaudited
Group
Six months ended 31 Oct 2021

Unaudited
Group
Six months ended 31 Oct 2020

Audited Group year ended 30 April 2021

£

£

£

Cash flow from operating activities

242,179

435,895

1,088,409

Interest paid

(21,154)

(21,842)

(43,882)

Sundry Income

2,152

-

9,539

R&D tax credit

249,925

186,269

186,240

_________

_________

_________

Cash flow from operating activities

473,102

600,322

1,240,306

_________

_________

_________

Cash flow from investing activities

Payments to acquire intangible fixed assets

(637,695)

(568,259)

(1,529,762)

Payments to acquire tangible fixed assets

-

(1,329)

(1,707)

_________

_________

_________

(637,695)

(569,588)

(1.531,469)

_________

_________

_________

Cash flow from investing activities

Repayment of long term loans

(84,444)

(24,074)

(117,164)

Advance of long term loans

-

190,000

190,000

_________

_________

_________

84,444

165,926

72,836

_________

_________

_________

Net increase / (decrease) in cash and cash equivalents

(249,037)

196,660

(218,327)

Cash and Cash equivalents at 30 April 2021

792,318

1,010,645

1,010,645

_________

_________

_________

Cash and Cash equivalents at 3 October 2020

543,281

1,207,305

792,318

=========

=========

=========

Cash and Cash equivalents consists of:

Cash at bank and in hand

543,281

1,207,305

792,318

=========

=========

=========

Net Debt Reconciliation

Current Debt

Non Current Debt

Cash

Total

£

£

£

£

At 30 April 2019

(420,131)

(376,289)

1,010,645

(214,225)

Cash flow

212.992

(72,836)

(218,327)

(78,171)

_________

_________

_________

_________

At 30 April 2020

(207,139)

(449,125)

792,318

136,054

Cash flow

64,771

84,444

(249,037)

(99,882)

_________

_________

_________

_________

At 31 October 2021

(142,368)

(364,681)

543,281

36,232

=========

=========

=========

=========

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.


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