28th Sep 2022 09:32
(Alliance News) - Emis Group PLC on Wednesday recorded steady interim revenue growth, as profit slipped due to one-off costs.
For the first half of the year, the Leeds-based healthcare software and systems company recorded revenue of GBP87.3 million, a 5% increase year-on-year from GBP83.5 million.
This included GBP1.6 million from the Edenbridge and FourteenFish acquisitions. Recurring revenue rose 9% to GBP71.8 million, now constituting 82% of total revenue.
Pretax profit fell 6.1% to GBP15.4 million from GBP16.4 million.
It recorded GBP4.3 million of "exceptional" costs, relating to its technology transformation programme, as well as corporate transaction costs.
It noted its takeover by a wholly-owned subsidiary of UnitedHealth Group Inc was "moving forwards well". It remains subject to court approval and the satisfaction or waiver of the remaining conditions.
In mid-June, the firm announced it had agreed to a GBP1.24 billion takeover offer from Optum Health Solutions UK Ltd.
It maintained the previous year's interim payout of 17.6 pence per share; consistent with the terms of the proposed takeover.
"It has been a positive first half of the year with good performance from the business. Our focus remains on developing our technology strategy in alignment with healthcare policy and market trends, most notably in the areas of connected care and data and analytics. Our strategy will address the needs of the healthcare sector as it moves further into the digital future and we look forward with confidence," said Chief Executive Officer Andy Thorburn.
Shares in Emis were up 0.1% to 1,892.00 pence each in London on Wednesday morning.
By Elizabeth Winter; [email protected]
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