Listed healthtech firm looks to future as it announces focus on two divisions
Leeds-headquartered healthtech and software business EMIS Group said its revenues for the first half of the year was “ahead of the comparative period” as it looks towards running the business with two key divisions.
Publishing a trading update for the first six months, Emis Health said trading had been in line with expectation. The group completed the disposal of its Specialist & Care business on 2 April 2019 for £14.9m and now the business has re-structured with two segments; EMIS Health and EMIS Enterprise.
Each segment now has its own management team, with Suzy Foster as Chief Executive Officer (CEO) for EMIS Health since 1 April 2019 and Ian Taylor as CEO for EMIS Enterprise. Both report directly to Andy Thorburn, CEO of EMIS Group.
The EMIS Health segment comprises revenues generated from NHS organisations. The EMIS Enterprise segment comprises revenues predominantly from private sector sources, including the results of the Community Pharmacy and Patient segments, which were previously reported separately.
However, the firm announced this morning it woll report on its financial figures differently going forward – with the two divisions being the focus.
The group’s net cash at 30 June 2019 was £26.7m (31 December 2018: £15.6m), with the seasonal first half working capital inflow and proceeds from the disposal of the Specialist & Care business in part offset by the purchase of £3.6m of shares by the Group’s Employee Benefit Trust (EBT).
Andy Thorburn, CEO of EMIS Group, said: “We are focussed on the execution of our strategic plan to provide increased revenue growth and improved margins, towards 30%, in the medium term.
“We continue to invest in our clinical, product management and global software development teams while, in parallel, streamlining our support and back office operations through the deployment of new systems and processes. The Board remains confident in the outlook for the business.”