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RNS Number:7157S
Patientline PLC
02 December 2003
PATIENTLINE PLC
Interim announcement of results for the six months ended 30 September 2003.
Financial Highlights
* Revenue increased by 77% to #16.1m year on year
* EBITDA of #3.2m, up from #274,000 in the first half last year
* Terminal 2 revenue per terminal up 8% over H2 last year
Operational Highlights
* 9,000 terminals switched on, up 41% year on year
* 44,000 terminals now installed
* 100th hospital in operation, with a further 70 under contract or
selected as preferred supplier
Memo:
H1 02/03 H1 03/ 04 H2 02/03
Revenue #9.1 million #16.1 million #12.9 million
EBITDA #274,000 #3.2 million #2.1 million
Terminals installed 6,400 9,000 11,000
Hospitals in operation 59 94 75
Total Hospitals under
contract/ preferred
supplier 128 170 159
Commenting on the interim results, Derek Lewis, Chairman of Patientline, said:
'The first half of this year has seen accelerated progress against the
operational and financial goals set by the Company. This is the third reporting
period in succession in which we have delivered rapid execution of the Company's
roll out to new hospital sites. This is the most important driver of revenue
growth, operating cash generation and the move into profitability.
'We have achieved the significant milestone of 100 operational hospitals as a
result of the logistical and managerial infrastructure we have built at
Patientline. The action we have taken to streamline the supply chain
demonstrates economies of scale which can be achieved as our roll out continues.
Revenue from Terminal 2 sites grew 8% on a seasonally adjusted basis compared
with the second half of last year and we are seeing growing interest for
services to customers other than patients and their relatives and friends.
'Moving forward, we will continue to seek to grow and diversify our revenue
streams, exploiting the infrastructure we have put in place to take the Company
to profitability.'
Enquiries
Patientline PLC 020 7353 4200
Derek Lewis, Chairman
Jim Glover, Chief Executive
Peter Coleridge, Finance Director
Tulchan Communications 020 7353 4200
Andrew Honnor
Tim Lynch
Independent review report to Patientline plc
Introduction
We have been instructed by the company to review the financial information which
comprises the unaudited consolidated profit and loss account, unaudited
consolidated balance sheet, unaudited consolidated cash flow statement and notes
to the interim report and we have read the other information contained in the
interim report and considered whether it contains any apparent misstatements or
material inconsistencies with the financial information.
This report is made solely to the company in accordance with the Listing Rules
of the Financial Services Authority. Our work has been undertaken so that we
might state to the company those matters we are required to state to them in an
independent review report and for no other purpose. To the fullest extent
permitted by law, we do not accept or assume responsibility to anyone other than
the company for our work, for this report, or for the conclusions we have
formed.
Directors' responsibilities
The interim report, including the financial information contained therein, is
the responsibility of, and has been approved by the directors. The Listing Rules
of the Financial Services Authority require that the accounting policies and
presentation applied to the interim figures should be consistent with those
applied in preparing the preceding annual accounts except where any changes, and
the reasons for them, are disclosed.
Review work performed
We conducted our review in accordance with guidance contained in Bulletin 1999/4
issued by the Auditing Practices Board for use in the United Kingdom. A review
consists principally of making enquiries of management and applying analytical
procedures to the financial information and underlying financial data and based
thereon, assessing whether the accounting policies and presentation have been
consistently applied unless otherwise disclosed. A review excludes audit
procedures such as tests of controls and verification of assets, liabilities and
transactions. It is substantially less in scope than an audit performed in
accordance with United Kingdom Auditing Standards and therefore provides a lower
level of assurance than an audit. Accordingly we do not express an audit opinion
on the financial information.
Review conclusion
On the basis of our review we are not aware of any material modifications that
should be made to the financial information as presented for the six months
ended 30 September 2003.
Blueprint Audit Limited
Chartered Accountants
and Registered Auditor
Nottingham
2 December 2003
Notes:
a) The maintenance and integrity of the Patientline Plc website is the
responsibility of the directors; the work carried out by the auditors
does not involve consideration of these matters and accordingly, the
auditors accept no responsibility for any changes that may have occurred
to the interim report since it was initially presented on the website.
b) Legislation in the United Kingdom governing the preparation and
dissemination of financial information may differ from legislation in other
jurisdictions.
Patientline plc
Chairman's Statement
Progress towards the Company's operational goals, which underpin the planned
transition to profitability, accelerated during the first half of the financial
year.
Rapid roll out to new hospitals
In the short term, rapid execution of the Company's roll out to new hospital
sites is the most important driver of revenue growth and operating cash
generation. In the first half, the number of terminals switched on was 9,000 -
up 41% on the same half last year. With the addition of an increase of 3,400 in
the number of beds wired and waiting to be switched on, installation activity
was ahead of the second half of last year and well in line with our expectations
for the full year.
Last week was an important milestone for the Company, with the switching on of
our one-hundredth hospital in the UK. The number of live sites has more than
quadrupled since flotation less than three years ago - a major achievement of
logistics and management.
Despite the rapid pace of installation, we have some 70 hospitals in the
pipeline awaiting installation, where we have either signed contracts or been
selected to provide the service. During the first half, Patientline was selected
at 11 additional hospitals, taking the total of operational, contracted and
selected hospitals to 170.
Growth in revenue per terminal
Financial performance reflected the growth in the number of live terminals,
augmented by continued growth in revenues per terminal and tight control of
costs.
Like-for-like revenue per terminal at the mature first generation hospitals
(Terminal1), grew by 2% compared with last year to #1.99p per day on a
seasonally adjusted basis. Revenue per terminal at the fully-installed Terminal
2 sites was #1.98p per day, continuing the pattern of growth shown in previous
periods with a seasonally-adjusted increase of 8% compared with the second half
of last year. Fully installed Terminal 2 revenues overtook those of Terminal 1
in the second quarter.
We have seen growing interest in services for customers other than patients and
their relatives and friends. For example, new contracts have been signed to use
the system for food service and patient surveys. The potential size and
targetability of our audience is starting to attract the attention of national
as well as local advertisers. Government plans to introduce electronic
integrated care records, particularly under the National Programme for IT in
England (NPfIT), are also stimulating interest in use of the system as an
essential tool for clinical care. It is particularly timely that piloting of the
system for this purpose at Chelsea and Westminster Hospital has now started.
Continuing efficiencies
The first half saw the implementation of new supply chain arrangements which
introduce a single source for just-in-time delivery of terminals to the bedside,
coupled with an integrated repair service. The benefits are more reliable
supply, lower costs and reduced inventory. Advantage is also being taken of the
Company's growing scale to achieve economies and productivity gains throughout
our operations. These developments demonstrate the growing maturity of the
business and will help in the move to profitability.
International businesses
In the Netherlands, installation of the second Terminal 2 site has been
completed since the period end, with several 'mid-range' systems currently being
installed. Compared with the first half of last year, Dutch revenues increased
by 22% and operating profit more than doubled to #500,000.
Financial performance
Overall revenues increased by 77% to #16.1 million, hospital EBITDA doubled to
#8 million and company EBITDA grew from #274,000 to #3.2 million. The operating
loss grew from #3.8 million to #4.6 million (after goodwill amortisation of
#309,000), while the loss before tax remained constant at #5.9 million. The
increased operating loss was more than accounted for by one-off charges of #1.2
million.
Enhancements to the financial performance of the company have reduced our peak
funding requirement for the UK and Holland and allowed us to reduce the size of
our debt facility by #10 million.
Prospects
The board continues to be excited about the prospects for the company and its
products, encouraged by the high level of interest being shown in Europe, North
America and other markets and reassured by the increasing pace of implementation
of the Company's plans.
End
Patientline plc
Consolidated profit and loss account
6 months ended 6 months ended Year ended
30 September 30 September 31 March
2003 2002 2003
(Unaudited) (Unaudited) (Audited)
#'000 #'000 #'000
Turnover 16,115 9,098 21,981
Cost of Sales (1,742) (973) (2,685)
_________ _________ _________
Gross profit 14,373 8,125 19,296
Total administrative expenses (18,923) (11,918) (26,536)
_________ _________ _________
Earnings before interest,
taxation, depreciation and
amortisation 3,249 274 2,782
Depreciation and amortisation (7,799) (4,067) (10,022)
_________ _________ _________
Operating loss (4,550) (3,793) (7,240)
Net interest payable and
similar charges (1,384) (2,075) (2,789)
_________ _________ _________
Loss for the period/year
before taxation (5,934) (5,868) (10,029)
Taxation (154) - (139)
_________ _________ _________
Loss for the period/year
after taxation (6,088) (5,868) (10,168)
_________ _________ _________
Loss per share
- basic and diluted (6.7) (7.7) (12.2)
pence pence pence
_________ _________ _________
Statement of total recognised gains and losses
Loss for the financial period (6,088) (5,868) (10,168)
Exchange (loss)/gain (2) 5 1
_________ _________ _________
Total recognised loss for
the period (6,090) (5,863) (10,167)
_________ _________ _________
Patientline plc
Consolidated balance sheet
As at As at As at
30 September 30 September 31 March
2003 2002 2003
(Unaudited) (Unaudited) (Audited)
#'000 #'000 #'000
Fixed assets
Intangible assets 8,753 9,246 9,445
Tangible assets 69,490 44,179 56,592
_________ _________ _________
78,243 53,425 66,037
Current assets
Stocks 2,519 373 271
Debtors 5,573 4,395 3,423
Cash at bank and in hand 1,678 6,617 1,127
_________ _________ _________
9,770 11,385 4,821
Creditors: amounts falling due
within one year (15,014) (8,603) (9,769)
_________ _________ _________
Net current (liabilities)/assets (5,244) 2,782 (4,948)
_________ _________ _________
Total assets less current
liabilities 72,999 56,207 61,089
Creditors : amounts falling due
after more than one year (27,000) - (9,000)
_________ _________ _________
Net assets 45,999 56,207 52,089
========= ========= =========
Capital and reserves - equity
Called up share capital 4,562 4,524 4,562
Share premium account 76,180 76,032 76,180
Capital redemption reserve 1 1 1
Profit and loss account (34,744) (24,350) (28,654)
_________ _________ _________
Shareholders' funds 45,999 56,207 52,089
========= ========= =========
Patientline plc
Consolidated cashflow statement
Note 6 months 6 months Year
ended ended ended
30 September 30 September 31 March
2003 2002 2003
(Unaudited) (Unaudited) (Audited)
#'000 #'000 #'000
Net cash inflow/(outflow) from
operating activities 4a 1,716 (853) 2,061
Returns on investments and
servicing of finance
Debt issue costs - - (1,769)
Interest paid (1,384) (1,958) (1,044)
Interest received - 3 128
_________ _________ _________
Net cash outflow from
returns on investments
and servicing of finance (1,384) (1,955) (2,685)
Taxation - (183) (35)
Capital expenditure
Purchase of intangible fixed assets (524) (572) (1,670)
Purchase of tangible fixed assets (16,695) (17,885) (33,968)
Sale of tangible fixed assets - - 23
_________ _________ _________
Net cash outflow from capital expenditure (17,219) (18,457) (35,615)
Acquisitions
Payment of deferred consideration - - (107)
_________ _________ _________
Net cash outflow from acquisitions - - (107)
Net cash outflow before management of
liquid resources and financing (16,887) (21,448) (36,381)
Management of liquid resources
Increase in cash on short term deposit - (4,905) -
Financing
Issue of share capital - 37,964 37,980
Share issue expenses - (2,265) (2,543)
Debt issue costs - (143) -
Inception of bank loans 18,000 - 9,000
Repayment of bank loans - (7,676) (7,676)
Net cash inflow from financing 18,000 27,880 36,761
_________ _________ _________
Increase in cash 4b 1,113 1,527 380
_________ _________ _________
Patientline plc
Notes to the interim report
1. Basis of preparation
The interim report has been prepared using accounting policies consistent
with those adopted in the statutory accounts of the group for the year
ended 31 March 2003 except where any changes, and the reasons for them,
are disclosed.
2. Taxation
Deferred tax assets arising from accelerated capital allowances and
trading losses have not been recognised on the basis that their future
economic benefit is uncertain.
3. Segmental analysis
(a) Turnover is split geographically as follows:
6 months 6 months Year
ended ended ended
30 September 30 September 31 March
2003 2002 2003
#'000 #'000 #'000
United Kingdom 13,472 7,144 17,496
Continental Europe 2,643 1,954 4,485
_________ _________ _________
16,115 9,098 21,981
_________ _________ _________
(b) Geographical area of operation:
(Loss)/profit before tax
United Kingdom (5,990) (5,546) (10,282)
Continental Europe 56 (322) 253
_________ _________ _________
(5,934) (5,868) (10,029)
_________ _________ _________
4. Notes to cash flow statement
(a) Reconciliation of operating loss to net cash inflow/(outflow) from
operating activities:
6 months 6 months Year
ended ended ended
30 September 30 September 31 March
2003 2002 2003
#'000 #'000 #'000
Operating loss (4,550) (3,793) (7,240)
Depreciation 6,533 3,221 8,197
Amortisation 1,266 846 1,825
Profit on share of fixed assets - - (3)
Increase in stock (2,248) (126) (24)
Increase in debtors (2,151) (1,084) (362)
Increase/(decrease) in creditors 2,866 126 (289)
Decrease in provisions - (43) (43)
Net cash inflow/(outflow) from _________ _________ _________
operating activities 1,716 (853) 2,061
========= ========= =========
(b) Reconciliation of net cashflow to movements in net debt
Increase in cash in year 1,113 1,527 380
Cash outflow from increase in
liquid resources - 4,905 -
Cash outflow from decrease in
debt and investor finance - - (1,324)
_________ _________ _________
Increase/(decrease) in net debt
from cashflows 1,113 6,432 (944)
Bank loans (18,000) 7,676 -
Unsecured loan notes 2000 - 650 855
Unsecured convertible loan notes - 395 323
Deferred consideration - - 421
_________ _________ _________
(16,887) 15,153 655
Net debt brought forward (8,507) (9,162) (9,162)
_________ _________ _________
Net (debt)/funds carried forward (25,394) 5,991 (8,507)
========= ========= =========
(c) Analysis of changes in net debt
At At
1 April 30 September
2003 Cashflow 2003
#'000 #'000 #'000
Cash at bank and in hand 1,127 551 1,678
Overdraft (562) 562 -
_________ _________ _________
565 1,113 1,678
Debt due within one year
Bank loan (9,000) (18,000) (27,000)
Loan notes (72) - (72)
_________ _________ _________
(8,507) (16,887) (25,394)
_________ _________ _________
5. Reconciliation of movements in shareholders' funds
6 months 6 months Year
ended ended ended
30 September 30 September 31 March
2003 2002 2003
#'000 #'000 #'000
Loss for period/year (6,088) (5,868) (10,168)
Issue of share capital
(including premium) - 39,286 39,472
Funding costs - (2,543) (2,543)
Exchange (loss)/gain (2) 5 1
_________ ________ _________
Net movement in shareholders'
funds (6,090) 30,880 26,762
Opening shareholders' funds 52,089 25,327 25,327
_________ ________ _________
Closing shareholders' funds 45,999 56,207 52,089
_________ ________ _________
6. Basic earnings per share is calculated on a weighted average of the shares
of 91,237,212 (31 March 2003: 83,649,858, 30 September 2002: 76,408,529)
in issue for the period.
The share options are anti-dilutive due to the loss in the period.
7. Copies of this interim report are available from the Company's registered
office.
8. The interim financial information for the period ended 30 September 2003
is unaudited and does not constitute statutory accounts within the meaning
of Section 240 of the Companies Act 1985. The financial information for the
year ended 31 March 2003 is derived from the statutory accounts which were
delivered to the Registrar of Companies with an unqualified audit report.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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