DXS INTERNATIONAL PLC
(AQSE: DXSP)
HALF YEAR RESULTS
DXS International plc ("DXS" or the "Company"), the digital clinical decision support company, is pleased to provide shareholders with its unaudited interim results for the half year ending 31 October 2022.
Financial Highlights
- Revenue for the six-month period was marginally up at £1,652,467 (2021: £1,618,4383);
- Profit/Loss before tax is a loss of (£131,269) (2021: Profit £21,427) and profit after tax £27,656 (2021: £137,352).
- Cash on hand £398,745.
Results overall are in line with projections. Reduced profit is largely due to increased operating costs and depreciation.
Operational Highlights
- A six month referral trial utilising DXS SMART referral functionality produced significant results in reducing referral rejections from 36% to less than 2% and cutting waiting times from 44 to 22 weeks.
- The IM1 (Interface Mechanism 1 – the NHS owned API providing access to patient records) development and integration with our new generation Aios Platform is complete providing improved user functionality and ability to meet new NHS COVID induced challenges.
- The first revised model ExpertCare hypertension trials, commencing before the end of January 2023 with a group of Primary Care organisations recruited, is ready for participation in up to a 6-month trial.
- Overall development of our new cloud based DXS Point-of-Care solution is progressing well with a first version expected to be launched in the first quarter 2023.
- Concluded the renewal of existing CCG (Clinical Commissioning Group) agreements due to the NHS restructuring.
Engaging with the various NHS organisations remains challenging due to COVID induced backlogs, clinician shortages and NHS restructuring. On the positive side the NHS announced the following goals for the next 12-months:
- Recover NHS core services and productivity.
- As they recover, make progress in delivering the key ambitions in the NHS Long Term Plan (LTP).
- Continue transforming the NHS for the future.
To achieve this the NHS have set out clear objectives, some which fit squarely within our solution capabilities.
- On 23 December 2022, the NHS CEO announced the 2023/24 priorities and operational guidance which includes reducing waiting times and improving blood pressure control to 77% by March 2023.
- Empowering the wider workforce to tackle clinician shortages.
David Immelman, CEO of DXS International plc, said:
“With the persistent challenges facing the NHS, our solutions have never been more aligned to NHS priorities. Our new products are currently being trialled in numerous clinical commissioning groups with significant results demonstrated in reducing referral rejections and drastically cutting waiting times. We are solely focused in converting these trials to commercial contracts.
This provides us with an opportunity to engage with the NHS in utilising both our referral and hypertension solutions in significantly contributing towards achieving these objectives.
We are a passionate and bold team with innovative solutions that can make a significant positive contribution towards curbing and cutting rising healthcare costs and ensuring healthier populations. Future sales prospects, in the UK and abroad, are promising, generated by the persistent efforts of our dedicated sales and marketing team. This will ensure the achievement of our objectives resulting in planned shareholder rewards."
INTERIM RESULTS to 31 OCTOBER 2022
CONSOLIDATED INCOME STATEMENT
for the six month period ended 31 October 2022
| Unaudited Group 6 Months ended 31 Oct 2022 | Unaudited 6 Months ended 31 Oct 2021 |
Audited Year to 30 April 2022 |
||||||
| Continuing Operations | Continuing Operations | Continuing Operations | ||||||
| £ | £ | £ | ||||||
| Turnover | 1,652,467 | 1,618,439 | 3,285,050 | |||||
| Cost of Sales | (229,308) | (191,952) | (412,904) | |||||
| Gross Profit | 1,423,159 | 1,426,487 | 2,872,146 | |||||
| Administration Costs | (1,175,224) | (1,111,965) | (2,269,633 | |||||
| Depreciation and Amortisation | (354,363) | (274,093) | (660,289) | |||||
| Operating Profit / Loss | (106,428) | 40,429 | (57,776) | |||||
| Sundry Income | - | 2,152 | 2,153 | |||||
| (106,428) | 42,581 | (55,623) | ||||||
| Interest payable and similar expenses | (24,841) | (21,154) | (43,022) | |||||
| Loss / Profit on ordinary activities before taxation | (131,269) | 21,427 | (98,645) | |||||
| Tax on profit on ordinary activities | 158,925 | 115,925 | 320,895 | |||||
| Profit for the period | 27,656 | 137,352 | 222,250 | |||||
| ========= | ========= | ========= | ||||||
| Profit per share | ||||||||
|
0.1p | 0.3p | 0.5p | |||||
|
0.1p | 0.3p | 0.5p | |||||
| ========= | ========= | ========= | ||||||
STATEMENT of FINANCIAL POSITION
as at 31 October 2022
| Unaudited Group at 31 Oct 2022 |
Unaudited Group at 31 Oct 2021 |
Audited Group at 30 April 2022 |
||||
| £ | £ | £ | ||||
| Fixed Assets | ||||||
| Intangible Assets | 5,499,920 | 4,921,943 | 5,183,683 | |||
| Tangible Assets | 1,868 | 961 | 2,645 | |||
| _________ | _________ | _________ | ||||
| 5,501,788 | 4,922,904 | 5,186,328 | ||||
| _________ | _________ | _________ | ||||
| Current assets | ||||||
| Debtors Amounts falling due within one year | 487,179 | 320,784 | 693,702 | |||
| Cash at bank and in hand | 398,745 | 543,281 | 452,379 | |||
| _________ | _________ | _________ | ||||
| 885,924 | 864,065 | 1,146,081 | ||||
| Creditors: amounts falling due within one year | (839,344) | (689,586) | (889,761) | |||
| _________ | _________ | _________ | ||||
| Net current assets / (liabilities) | 46,580 | 174,479 | 256,320 | |||
| _________ | _________ | _________ | ||||
| Total assets less current liabilities | 5,548,368 | 5,097,383 | 5,442,648 | |||
| Creditors: amounts falling due after more than one year | (607,095) | (364,681) | (331,330) | |||
| Deferred income | (548,975) | (447,958) | (746,676) | |||
| _________ | _________ | _________ | ||||
| 4,392,298 | 4,284,744 | 4,364,642 | ||||
| |
========= | ========= | ========= | |||
| Capital and reserves | ||||||
| Called up share capital | 159,246 | 159,246 | 159,246 | |||
| Share Premium | 2,671,321 | 2,676,321 | 2,671,321 | |||
| Provision for costs of share option awards | 173,808 | 173,808 | 173,808 | |||
| Retained earnings | 1,387,923 | 1,275,369 | 1,360,267 | |||
| _________ | _________ | |||||
| Shareholders’ Funds | 4,392,298 | 4,284,744 | 4,364,642 | |||
| ========= | ========= | ========= | ||||
STATEMENT of CASH FLOWS
Six months ended 31 October 2022
| Unaudited Group Six months ended 31 Oct 2022 |
Unaudited Group Six months ended 31 Oct 2021 |
Audited Group year ended 30 April 2022 | ||||
| £ | £ | £ | ||||
| Cash flow from operating activities | (135,175) | 242,179 | 907,862 | |||
| Interest paid | (24,841) | (21,154) | (43,022) | |||
| Sundry Income | - | 2,152 | 2,153 | |||
| R&D tax credit | 323,925 | 249,925 | 249,895 | |||
| _________ | _________ | _________ | ||||
| Cash flow from operating activities | 163,909 | 473,102 | 1,116,888 | |||
| _________ | _________ | _________ | ||||
| Cash flow from investing activities | ||||||
| Payments to acquire intangible fixed assets | (669,967) | (637,695) | (1,284,961) | |||
| Expense in respect of share issue in February 2022 | - | - | (5,000) | |||
| Proceeds / (Payments) in respect of tangibe fixed assets | 144 | - | (2,354) | |||
| Payments to acquire tangible fixed assets | ||||||
| _________ | _________ | _________ | ||||
| (669,823) | (637,695) | (1,292,315 | ||||
| _________ | _________ | _________ | ||||
| Cash flow from investing activities | ||||||
| Repayment of long term loans | (47,720) | (84,444) | (164,512) | |||
| Advance of long term loans | 500,000 | - | - | |||
| _________ | _________ | _________ | ||||
| 452,280 | (84,444 | (164,512) | ||||
| _________ | _________ | _________ | ||||
| Net increase / (decrease) in cash and cash equivalents | (53,634) | (249,037) | (339,939) | |||
| Cash and Cash equivalents at 30 April 2022 | 452,379 | 792,318 | 792,318 | |||
| _________ | _________ | _________ | ||||
| Cash and Cash equivalents at 31 October 2022 | 398,745 | 543,281 | 452,379 | |||
| ========= | ========= | ========= | ||||
| Cash and Cash equivalents consists of: | ||||||
| Cash at bank and in hand | 398,745 | 543,281 | 452,379 | |||
| ========= | ========= | ========= | ||||
Net Debt Reconciliation
| Current Debt | Non Current Debt | Cash | Total | |
| £ | £ | £ | ||
| At 30 April 2021 | (207,139) | (449,125) | 792,318 | 136,054 |
| Cash flow | (85,993) | 117,795 | (339,939) | (308,137) |
| _________ | _________ | _________ | _________ | |
| At 30 April 2022 | (293,132) | (331,330) | 452,379 | (172,083) |
| Cash flow | (45,963) | (275,765) | (53,634) | (375,362) |
| _________ | _________ | _________ | _________ | |
| At 31 October 2022 | (339,095) | (607,095) | 398,745 | (547,445) |
| ========= | ========= | ========= | ========= |
The above figures have not been reviewed by the company's auditors Crowe U.K. LLP.
The Directors of DXS International plc accept responsibility for this announcement
Contacts:
| David Immelman (Chief Executive) DXS International plc |
01252 719800 david@dxs-systems.com |
| https://www.dxs-systems.co.uk |
| Corporate Advisor |
|
| City & Merchant David Papworth |
020 7101 7676 |
| Corporate Broker |
|
| Hybridan LLP Claire Louise Noyce |
020 3764 2341 |
Notes to Editors
About DXS:
DXS International presents up to date treatment guidelines and recommendations, from Clinical Commissioning Groups and other trusted NHS sources, to doctors, nurses and pharmacists in their workflow and during the patient consultation. This effective clinical decision support ultimately translates to improved healthcare outcomes delivered more cost effectively and which should significantly contribute towards the NHS achieving its projected efficiency savings.