9th Nov 2020 13:54
(Alliance News) - Totally PLC on Monday posted a swing to profit for the first half of financial 2021 as it noted an increase in demand amid the Covid-19 lockdown.
Shares in the Derby, England-based healthcare services provider were trading 2.9% higher at 17.75 pence each on Monday afternoon in London.
For the six months ended September 30, Totally posted pretax profit of GBP100,000, swinging from a loss of GBP2.6 million the year prior. This was as revenue rose % year-on-year to GBP54.1 million from GBP49.2 million.
By unit, the Urgent Care division - which comprises Vocare Ltd and Greenbrook Healthcare and provides NHS 111 services - experienced higher demand, securing significant contract extensions across the UK as well as funding for additional clinical services worth a total of around GBP27 million. However, the Planned Care division income fell by around 50% as many elective care services were paused during the first UK lockdown. Revenue for the Insourcing division was at around 80% of the level at the same time last year.
An interim dividend of 0.25p was proposed, maintained from the year prior.
Looking ahead, Chair Bob Holt said: "We continue to see increases in demand for some services as a direct result of Covid-19 and expect this to increase during the second national lockdown. Urgent Care will no doubt continue to see demand increase for some services, whilst the other divisions may see waiting lists increase further if elective care is reduced to guarantee access to hospitals.
"It remains extremely challenging to forecast with any degree of accuracy given the volatility of demand and accessibility of patient service delivery. We intend to continue to plan, deliver and respond positively to these changing market dynamics," added Finance Director Lisa Barter.
Cash held as at September-end was GBP12.3 million, up from GBP8.4 million at the same time last year.
By Ife Taiwo; [email protected]
Copyright 2020 Alliance News Limited. All Rights Reserved.
Related Shares:
Totally