Strong performance from Ascribe as MBO talks continue
HEALTHCARE IT group Ascribe today announced a 28% rise in profits on the back of winning more work with the NHS as it said it was still in talks over a potential management buyout.
The Bolton-based company saw pre-tax profits increase to £3.8m in the 12 months to June 30 from £3m the previous year on turnover that was up 14% to £17.4m.
The group, which acquired Scorpio Information Systems last October and then added WCI Consulting’s healthcare division last week, said that 10% of its revenue growth had been organic
It said that it will not pay a dividend until the outcome of the managment buyout talks, which began last month, has been reached.
Stephen Critchlow, executive chairman of Ascribe, said: “This has been a landmark year for Ascribe and I am delighted with the growth and development of the group.
“The move to local level procurement decisions within the NHS this year has led to a marked increase in the orders received. There is emerging clarity in the procurement policy of the UK market which is endorsing Ascribe’s strategy of delivering clinician-focused solutions that benefit patients and healthcare providers. This has attracted rising levels of interest in the UK and abroad, leading to an increase in sales for the year and good momentum for new orders moving into the new financial year.”
Ascribe sells its products in the UK, Asia, Australia and New Zealand and said it had seen double digit growth in all its markets over the last 12 months.
Mr Critchlow added: “The feedback we are getting from our customers about our new products and integrated offerings means we are confident about management expectations for 2008/9. Many of our customers have extended their contracts with us this year giving us further confidence about our long term maintenance income which remains at around 60% of our turnover.”
