14th Jul 2015 09:06
LONDON (Alliance News) - EMIS Group PLC Tuesday said that trading in the first half of 2015 was in line with the board's expectations, with continued organic growth complemented by good performances from the acquisitions it made in 2014, and said it has bought Pinbellcom Group Ltd for GBP3 million net of cash acquired.
The healthcare software and services company added that its revenue visibility, order book and pipeline remain strong.
In Primary and Community Care, EMIS Web for GPs was live in 4,431 practices, EMIS said, which is an increase of 168 since the end of 2014.
In Secondary and Specialist Care, good progress has been made delivery major contracts, and a strong pipeline is expected to lead to further contract wins in the second half of the year, EMIS said, adding that Indigo and Medical Imaging, which were acquired in 2014, were both earnings enhancing in the half year.
"While the NHS in England has identified the need to create GBP22 billion in efficiency savings to fill a GBP30 billion gap between likely demand and funding by 2020, Tim Kelsey, National Director for Patients and Information at NHS England, has announced that the use of digital technology can create savings of GBP8.3 billion to GBP13.7 billion a year by then. We continue to regard EMIS Group as uniquely placed to help deliver those savings and remain confident in our outlook for the remainder of the year," Chief Executive Chris Spencer said in a statement.
In a separate statement, EMIS said that it has acquired Pinbellcom Group for GBP3 million net of cash acquired.
Pinbellcom supplies a web-based product suite designed to improve efficiency through communication and knowledge-sharing within primary and secondary care. It will be integrated into Egton, EMIS's engineering, hardware and solutions division. Pinbellcom founder Edward Bellamy will join Egton's management as head of the web services team, while the founders Ian Pinder and David Coverdale will retire with immediate effect.
Pinbellcom made an adjusted pretax profit of GBP0.4 million and revenue of GBP1.2 million in its last financial year, and the acquisition is expected to be immediately earnings enhancing.
The GBP3 million will be paid in cash from existing resources, EMIS said.
"This acquisition further enhances our product suite for primary and secondary care. These new products also support efficiency gains by providing a single point of access for all administration, process and management functions," Spencer said.
Shares in EMIS were trading down 0.1% at 922.50 pence Tuesday morning.
By Karolina Kaminska; [email protected] @KarolinaAllNews
Copyright 2015 Alliance News Limited. All Rights Reserved.
Related Shares:
EMIS.L