EMIS Group confirms float on AIM

A YORKSHIRE healthcare IT company set up by two GPs who saw an opportunity to computerise patient records has confirmed that it will launch on the Alternative Investment Market by the end of this month.

EMIS Group, which is based in Rawdon, Leeds, announced last month that it is to list on AIM to raise £50m.

The company is looking to issue £25m worth of new shares as part of the arrangements with a further £25m being placed by existing shareholders.

The floatation will also enable the company to continue its growth – both organically and through acquisitions.

EMIS – which stands for Egton Medical Information Systems – provides clinical software systems to GP practices in the UK and approximately 39 million patient records are held on its records.

EMIS’ core activities include software licensing and support, hardware support and maintenance services, hardware sales, third party software sales and training services. .

It employs 774 people at its offices in Leeds and last year had an operating profit of £15.8m – up from £5.8m in 2008 – on turnover of £57.7m.

A statement released by the company confirmed that it has continued to trade in line with its expectations since the new year.

Chief executive Sean Riddell said: “EMIS benefits from a leading market position built on a loyal customer base in response to GP practice requirements for simple to use, scalable data systems.

“A flotation on AIM will signal a new chapter in the group’s development, enabling us to further incentivise management and build on our strong position by taking advantage of the growth opportunities available to us.”

EMIS – which also has an office in Canada – is being advised on its flotation by Evolution Securities in Leeds as nominated adviser and broker.

Later this year the group will launch a major new product, EMIS Web, which it believes represents the future of healthcare software.

EMIS Web electronically connects GPs with other NHS professionals by enabling secure, shared, centrally hosted access to patients’ electronic health records held at the group’s data centres.

The company was launched in 1987 in a rural practice in Egton near Whitby in North Yorkshire.