24th Jul 2007 07:00
Ascribe plc24 July 2007 Press Release 24 July 2007 Ascribe plc ("Ascribe" or "the Group") Trading Update Ascribe plc (AIM:ASP), the health IT Group, today announces an update on currenttrading in advance of its final results for the year ended 30 June 2007, to beannounced on 19 September 2007. Ascribe's business model is to supply health IT solutions directly to healthcareproviders at a local level in the UK and overseas. During 2007 the Group hascontinued to expand its capacity by maximising operational synergies through thetransfer of products to a more efficient web-based platform and through furtherrecruitment. The Group is therefore in a position to take full advantage of themarket it operates in and the opportunities available. Business levels in the UK reflect the annual NHS procurement cycle as well aslocalised purchasing processes. Uncertainty over the National Programme for ITmoving to local procurement has distorted investment decisions and led to anumber of delays in customer orders which would otherwise have been receivedtowards the end of our financial year. Additionally, as we install new web-basedIT systems and as we have introduced new operational solutions there have alsobeen some delays to contract implementations. As a consequence of these delaysand our investment in personnel, Group turnover and profits for the year ended30 June 2007 are expected to be slightly below market expectations. The Group continues its active negotiations on all delayed contracts and expectsthat they will be delivered within the year ending 30 June 2008. It is pleasingthat a number of these contracts have already been delivered in recent weeks. The feedback received from customers about the new products and integratedofferings gives the Board confidence in the Group's prospects for 2007/8. Anumber of customers have already extended their contracts this year, providingincreased confidence about long-term maintenance income, which still exceeds 60%of forecast turnover in the current financial year. Taking into considerationthe maintenance revenue, order book and a healthy prospect list arising from ahigh level of tendering activity, both in the UK and overseas, the Board isconfident that the Group will deliver against expectations for 2007/8. - Ends - For further information:Ascribe plcStephen Critchlow, Executive Chairman Tel: +44 (0) 870 053 4545Jeremy Lee, Group Finance Director www.ascribe.com Cenkos Securities plcIan Soanes, Corporate Finance Tel: +44 (0) 20 7397 [email protected] www.cenkos.com Media enquiries:AbchurchHelen Spivey / Sarah Hollins Tel: +44 (0) 20 7398 [email protected] www.abchurch-group.com Notes to editors Ascribe plc is a leading healthcare company that develops and markets softwaresolutions supporting patient, clinical and business processes to Primary &Secondary healthcare providers in the UK and overseas. Ascribe is committed to providing technologies that improve patient safetystandards and the Company's solutions directly improve patient care and deliverfinancial savings to customers. The Group sells directly to hospitals andPrimary Care Trusts rather than through centrally driven political initiatives. The Group provides solutions to clinical professionals in all healthcaresectors; customers include Emergency and Minor Injuries Units, Mental Health andSocial Care Units, Hospitals requiring patient administration systems (PAS) andmedical equipment management, Hospital and Retail Pharmacies, and GeneralPractice surgeries. Offering patient and decision support information to theseclinicians in context with their activity is the key to the Company's ongoingsuccess. Ascribe plc was floated on AIM in 2004, and currently employs over 200 personnelthrough its operating companies in the UK, Kenya, Australia and New Zealand. Formore information, please visit www.ascribe.com. (c) Ascribe 2007. Ascribe is a registered trademark of Ascribe plc. All otherbrands and product names and trademarks are the registered property of theirrespective companies. This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
ASP.L