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Update

30th Sep 2011 17:51

RNS Number : 3673P
Avia Health Informatics PLC
30 September 2011
 

Avia Health Informatics PLC

30 September 2011

Avia Health Informatics Plc

("Avia" or the "Company")

Update

Further to the announcement of 30 August, 2011, Avia (AIM: AVIA), the AIM-listed developer and provider of clinical decision support systems, provides the following update.

Audit work on the results for financial year ended (FYE) 31 March 2011 is approaching completion, but is now expected to be completed with results released within the next three weeks. The Company's current cash resources remain tightly constrained, but recent trading and management of working capital have enabled the Company to continue trading. The Company will give a further update on its financial condition and current trading at the time of its results, or sooner if appropriate.

Based on draft accounts, there is no change to the Company's expectations as previously communicated, namely to report for FYE March 2011:

a) revenue in the order of GBP2.1 million, an increase of approximately 20% compared to the previous year (broadly in line with expectations of GBP 2.2 million), and

b) an operating loss before any impairment of intangible assets and non-recurring items of c. GBP500k (compared with c. GBP300k market expectations, reflecting both the small revenue shortfall vs. expectations of GBP2.2m and higher than expected market development costs.

The Company intends to give an update on its expectations for the financial year ended 31 March 2012 at or shortly before the confirmation of its audited results for FYE March 2011.

The Company's primary business objective remains to develop, market and sell a range of products for use in the UK and international markets, and Avia is actively seeking strategic investment from partners able to distribute its products and services internationally.

In order to provide a more stable base for future growth, the Board is continuing to seek additional external funding. The Board continues to believe, based on current trading, that it is appropriate to seek additional funding of c. GBP1 million as a working capital reserve and to fund growth. While there can be no certainty at this time as to the availability of additional funding, the Board continues to examine all funding options available to the Company. Approaches have been received and/or solicited from potentially interested parties, to whom the Company expects to provide initial information for further discussion.

In addition, the Company has been approached by parties interested in acquiring the principal operating business held by the group, including its intellectual property, with whom it is also engaging.

The Board is seeking to evaluate all such approaches, whether oriented towards funding or the purchase of its operating assets, with a view to seeking to maximise shareholder value.

The Company will give a further update on its financial condition and working capital on publication of its audited results for FYE March 2011 referred to above, and will make further announcements as appropriate.

The shares will remain suspended pending release of its annual audited accounts and further clarification of the Company's financial position.

##Ends##

Enquiries:

Avia Health Informatics Plc Tel. +44 (0) 1494 618 503

Barry Giddings, Chairman

 

Panmure Gordon (UK) Limited Tel. +44 (0) 20 7459 3600

Aubrey Powell, Corporate Finance

Adam Pollock, Corporate Broking

 

About Avia Health Informatics Plc

Avia is a developer and provider of clinical decision support systems. Its Odyssey product range is used by clinicians and non-clinicians in various environments around the world to provide effective healthcare support, increasing the levels of patient care while delivering operational efficiencies. The delivery of Odyssey can be in a static or mobile environment from a PC, laptop, tablet or mobile device, with clinical content, training and services delivered via the web. The groups other product, PathFinderRF offers on-line referral facilitation to manage the quality of referrals.

Avia's partners provide market reach into geographies outside of the UK, including the United States and Australia.

The Odyssey range is built on a common medical content database which has been developed over the past 15 years. Odyssey is continually updated, tailored with question and answer sets and has a user interface adapted for the particular user groups and the environment in which it is used.

Environments include prisons, ships, call centres, GP out of hours, walk in centres, care homes, pharmacies and other clinical and non-clinical environments.

For more information on Avia please visit: www.ahi-plc.com and the Odyssey product range: www.odyssey-cdss.com

This information is provided by RNS
The company news service from the London Stock Exchange
 
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