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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
One Health Group PLC | AQSE:OHGR | Aquis Stock Exchange | Ordinary Share | GB00BNNT0595 | Ordinary shares |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 195.00 | 150.00 | 300.00 | 225.00 | 175.00 | 195.00 | 4,667 | 16:29:44 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
TIDMOHGR
RNS Number : 2178D
One Health Group PLC
20 June 2023
20 June 2023
One Health Group plc
("One Health" or "OHG" or the "Company")
Results for the year to 31 March 2023
One Health Group plc (AQSE: OHGR), a provider of NHS-funded medical procedures, is pleased to announce its audited results for the year ended 31 March 2023.
Financial Highlights
-- Turnover of GBP20.5m (2022: GBP17.5m), an increase of 17% -- Underlying operating profit GBP1.53m (2022: GBP1.38m), an increase of 11% -- Underlying earnings per share of 11.29p (2022: 11.13p) -- Cash at bank as of 31 March 2023 of GBP3.3m (2022: GBP3.6m)
-- Final dividend declared of 4.34p per share, in line with the Board's stated dividend policy
-- Total dividend paid in respect of the financial year of 6.00p per share, dividend cover of 1.9 times
Operational Highlights
-- New patient referrals increased by 16% compared to FY 2022
-- Increased demand from Waiting List transfers with new government initiatives through the NHS underway
-- Surgical activity began in two new geographical locations -- Outpatient activity expanded into four new locations -- Attracted eight new Surgical Consultants to the business to support growth
Outlook
All our key metrics are on an upward trajectory, and we are pleased to have achieved our forecasts for the last financial year. With the ever-increasing demand, we are confident we can achieve our future forecasts with organic growth supplemented by our own surgical capacity when required. We remain a nimble and agile company to take advantage of the opportunities offered in our part of the health sector.
It is exciting to be in a sector that has the potential to do so much good.
For more information, please contact:
One Health Group plc via Square1 Consulting
Oberon Capital - AQSE Corporate Adviser and Broker +44 203 179 5300
Nick Lovering
Mike Seabrook
Adam Pollock
Square1 Consulting +44 207 929 5599
David Bick +44 7831 381201
Chairman's Statement
One Health Group was already an established business, when it underwent a successful IPO in November 2022 despite a challenging financial market environment at the time. This has given us the springboard to achieve our strategic goals in a fast moving and expanding healthcare market. We now have the capacity to take advantage of opportunities to aid the NHS in winning its battle to control elective surgery waiting lists. With a very long list of people waiting for surgery there is no shortage of patients, and we believe we have the ability to increase our capacity and productivity to be a significant partner to the NHS.
We have an ambitious growth strategy expanding from our present footprint in the North and Midlands of England. This is based on ever expanding our community surgical clinics in areas of poor provision. In tandem we continue to attract medical consultants to the group to help meet the ever-increasing demand. We are able to expand our surgical operating capacity in partnership with independent sector hospitals and the NHS. Post IPO we have the additional option of acquiring or building our own capacity where required.
We have a very experienced team of non-executive directors who are able to guide, monitor and advise our excellent management team in achieving these strategic goals.
One Health Group is asset light, its strength is in the people who work in the organisation. It would be remiss of me not to acknowledge the depth of ability and loyalty in all our staff who managed through the Covid pandemic to emerge with renewed enthusiasm to achieve our ambitious growth agenda.
CEO's statement
This has been a year of strong post-pandemic recovery, during which we have widened our support of the NHS, helping to tackle the record number of NHS patients waiting for much needed care. It is now a generally accepted principle that the independent sector has an important part to play, working collaboratively with our NHS colleagues, in delivering significantly higher levels of activity to reverse this trend.
One Health's business model is unique. Our national AQP status in the four specialties we provide, means we can support NHS patient demands anywhere in England subject to establishing the operational and clinical governance infrastructure to support delivery.
During the last financial year One Health delivered high quality care to almost 12,000 new patients, reducing the pressure on NHS capacity to focus on more complex, demanding patient needs. Over the same period, we carried out almost 30,000 consultations, and 6,300 surgical procedures, at no cost to the patient, funded by the NHS with patient safety paramount in everything we do.
For over 19 years, One Health has become embedded as a fundamental part of the local NHS supply chain for over 60 commissioners across England. In addition to increased demand through 'Patient Choice' GP referrals, there has been a notable increase in requests directly from local NHS trusts to help reduce their internal waiting lists.
With record demand for NHS care, the patients' right to choose their care provider through 'Patient Choice' has never been more important, enabling them to access One Health's high-quality treatment, quickly and free, with all activity funded by the NHS. The Government has plans to reinforce this message, educating patients, to ensure there is a greater understanding of 'Patient Choice' to ease pressure on the NHS infrastructure.
We continue to extend our community-based network of outreach clinics, taking the care to the patient and, reducing the need to travel. In addition, we have sourced significant additional theatre capacity by widening our network of independent hospital partners, delivering NHS patients into their facilities, from geographies outside their target areas. This makes us attractive as a way to increase utilisation of their private sector infrastructure.
As well as working in collaboration with our hospital partners to maximise and extend utilisation of their facilities, we continue to source new capacity in new geographies to support organic growth. This includes identifying areas with high NHS patient demand and little or no local surgical provision, where we will develop new, owned, surgical capacity through acquisition, partnerships, joint ventures, or new build.
Financial Review
Last year was a year of growth for One Health. Performance has exceeded market expectations and the company has maintained profit margins despite a challenging financial climate. Revenue increased 17% to GBP20.5m (2022: GBP17.5m)
This represents a strong recovery following two years of Covid-19 restrictions placed upon the healthcare sector. During the year the company benefited from new revenue streams in the form of waiting list transfers and assisting the NHS with the elective recovery plan following Covid-19.
Gross profit for the year was GBP3.6m (2022: GBP3.5m) with a gross profit margin of 18% (2022: 20%), both exceeding market expectations, while Adjusted EBITDA was GBP1.53m (2022: GBP1.38m) representing an 11% increase on the previous year and ahead of market expectations.
Reconciliation of Underlying 31.03.23 31.03.22 EBITDA Reported Profit for the year 60,303 1,160,018 Adjust for: Depreciation 52,624 35,386 Interest 77,998 (32,938) Taxation 19,842 229,702 Statutory EBITDA 210,767 1,392,168 ================== ================== Adjust for exceptional non-operating items: IPO related and other one-off costs 790,556 - Costs relating to share options 360,443 272,133 Loss on revaluation of investment property 170,620 - Provision release in relation to prior years - (288,000) Adjusted EBITDA 1,532,386 1,376,301 ================== ==================
Adjusted earnings per share was 11.29p (2022: 11.13p). During the year 510,093 shares were issued mainly in relation to the exercise of share options. Net assets at the year-end were GBP5.7m (2022: GBP5.4m) of which GBP3.3m was cash (2022: GBP3.7m).
An interim dividend of 1.66p per share has been paid and a final dividend of 4.64p has been declared.
This cash position enables the company to adopt a progressive dividend policy and also means the company can invest in its future growth and development of surgical hubs.
About One Health Group
One Health engages over 100 NHS Consultants who sub-specialise in the various surgeries offered by the Company, through a growing network of community-based outreach clinics and surgical operating locations. One Health provides services to over 10,000 new patients every year, using surgeons and anaesthetists on a consultancy basis that are mostly employed by the NHS. It currently works with over 100 medical professionals across seven hospitals and approximately 30 CQC registered outreach clinics.
One Health's activities are focused on areas where the patient needs are under-supplied by the local NHS service as well as locations where population density is relatively high, and the level of private medical insurance is relatively low. One Health has also sought to expand geographically from its Head Office in Sheffield into neighbouring counties, which meet the required criteria. Currently, the Company's activities are focused in Yorkshire, Lincolnshire, Derbyshire, Nottinghamshire and Leicestershire.
One Health's business model has focused to date on four main areas: being Spine, Orthopaedics, General Surgery and Gynaecology. The split of inpatient procedures in the year to 31 March 2023 was as follows: Spine 15% Orthopaedics 60% General Surgery 15% Gynaecology 10%.
Spine and orthopaedics are particularly attractive areas for One Health as the Directors believe that they benefit from powerful growth drivers in terms of an ageing demographic, physical inactivity and an increasing proportion of the population being categorised as obese. Within orthopaedics, the most common surgeries performed by One Health are knee and hip replacements
One Health Group Plc
Consolidated Statement of Comprehensive Income
for the Year Ended 31 March 2023
31.3.23 31.3.22 GBP GBP GBP GBP
TURNOVER 20,501,807 17,515,441
Cost of sales 16,865,547 13,935,050
GROSS PROFIT 3,636,260 3,580,391
Administrative expenses 3,411,706 2,299,500
224,554 1,280,891
Other operating income 104,209 75,891
OPERATING PROFIT 328,763 1,356,782
Income from fixed asset investments - (38,949) Interest receivable and similar income 18,909 452 18,909 (38,497) 347,672 1,318,285 Gain/loss on revaluation of investment property (170,620) - 177,052 1,318,285 Interest payable and similar expenses 96,907 (71,435) PROFIT BEFORE TAXATION 80,145 1,389,720
Tax on profit 19,842 229,702
PROFIT FOR THE FINANCIAL YEAR 60,303 1,160,018
OTHER COMPREHENSIVE INCOME
Revaluation of freehold property 260,452 -
Deferred tax on revaluation (65,113) -
Income tax relating to components of other comprehensive income - - OTHER COMPREHENSIVE INCOME FOR THE YEAR, NET OF INCOME TAX 195,339 - TOTAL COMPREHENSIVE INCOME FOR THE YEAR 255,642 1,160,018
Profit attributable to:
Owners of the parent 60,303 1,160,018
Total comprehensive income attributable to:
Owners of the parent 255,642 1,160,018
Earnings per share expressed in pence per share:
Basic 2.30 11.60
Diluted 2.22 10.53
Underlying 11.29 11.13
One Health Group Plc
Consolidated Balance Sheet
31 March 2023
31.3.23 31.3.22 GBP GBP GBP GBP
FIXED ASSETS
Tangible assets 1,346,897 1,116,289
Investment property 1,691,285 1,861,905
3,038,182 2,978,194
CURRENT ASSETS
Debtors 4,326,079 4,177,462
Cash at bank and in hand 3,284,548 3,684,980
7,610,627 7,862,442
CREDITORS
Amounts falling due within one year 3,833,191 4,322,467
NET CURRENT ASSETS 3,777,436 3,539,975
TOTAL ASSETS LESS CURRENT LIABILITIES 6,815,618 6,518,169
CREDITORS
Amounts falling due after more than one year (1,071,122) (1,085,431)
PROVISIONS FOR LIABILITIES (59,794) (21,764)
NET ASSETS 5,684,702 5,410,974
CAPITAL AND RESERVES
Called up share capital 52,551 10,000
Share premium 365,448 -
Revaluation reserve 278,554 83,215
Share option reserve 242,658 305,293
Retained earnings 4,745,492 5,012,466
SHAREHOLDERS' FUNDS 5,684,702 5,410,974
One Health Group Plc
Consolidated Statement of Changes in Equity
for the Year Ended 31 March 2023
Called up
share Retained Share capital earnings premium GBP GBP GBP
Balance at 1 April 2021 10,000 3,852,448 -
Changes in equity
Total comprehensive income - 1,160,018 -
Balance at 31 March 2022 10,000 5,012,466 -
Changes in equity
Increase in share capital 42,551 (40,000) 365,448
Share option charge - - -
Dividends - (710,355) -
Transfer to/from retained earnings 423,078 -
Total comprehensive income 60,303
Balance at 31 March 2023 52,551 4,745,492 365,448
Share
Revaluation option Total reserve reserve equity GBP GBP GBP
Balance at 1 April 2021 83,215 26,860 3,972,523
Changes in equity
Total comprehensive income - - 1,160,018
Share option charge 278,433 278,433
Balance at 31 March 2022 83,215 305,293 5,410,974
Changes in equity
Increase in share capital - - 367,999
Share option charge - 360,443 360,443
Dividends - - (710,355)
Transfer to/from retained earnings - (423,708) -
Total comprehensive income 195,339 - 255,642
Balance at 31 March 2023 278,554 242,658 5,684,703
One Health Group Plc
Notes to the Consolidated Cash Flow Statement
for the Year Ended 31 March 2023
1. RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS 31.3.23 31.3.22 GBP GBP
Profit before taxation 80,145 1,389,720
Depreciation charges 52,624 29,654
Loss on disposal of fixed assets - 5,731
Gain on revaluation of fixed assets 170,620 -
Share option provision 360,443 272,133
Finance costs 96,907 (71,435)
Finance income (18,909) 38,497
741,830 1,664,300
(Increase)/decrease in trade and other debtors (173,853) 441,496
(Decrease)/increase in trade and other creditors (358,614) 1,427,988
Cash generated from operations 209,363 3,533,784 2. CASH AND CASH EQUIVALENTS
The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:
Year ended 31 March 2023
31.3.23 1.4.22 GBP GBP
Cash and cash equivalents 3,284,548 3,684,980
Year ended 31 March 2022
31.3.22 1.4.21 GBP GBP
Cash and cash equivalents 3,684,980 1,706,032
3. ANALYSIS OF CHANGES IN NET FUNDS At 1.4.22 Cash flow At 31.3.23 GBP GBP GBP
Net cash
Cash at bank and in hand 3,684,980 (400,432) 3,284,548
3,684,980 (400,432) 3,284,548
Debt
Debts falling due within 1 year (14,310) - (14,310)
Debts falling due after 1 year (1,085,431) 14,309 (1,071,122)
(1,099,741) 14,309 (1,085,432)
Total 2,585,239 (386,123) 2,199,116
Notes to the Consolidated Financial Statements
for the Year Ended 31 March 2023
1. STATUTORY INFORMATION
One Health Group Plc is a public company, registered in England and Wales. The company's registered number and registered office address can be found on the General Information page.
2. ACCOUNTING POLICIES
Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.
The financial statements have been prepared on a going concern basis. The Directors have reviewed and considered relevant information, including the annual budget and future cash flows in making their assessment. The Directors have tested their cash flow analysis to take into account the impact on their business of possible scenarios, alongside the measures that they can take to mitigate the impact of possible scenarios. Based on these assessments, given the measures that could be undertaken to mitigate the current adverse conditions, and the current resources available, the Directors have concluded that they can continue to adopt the going concern basis in preparing the annual report and accounts.
The accounts are presented in Sterling currency and rounded to the nearest pound.
Financial Reporting Standard 102 - reduced disclosure exemptions
The group has taken advantage of the exemption from disclosing the company key management personnel compensation, as required by FRS 102 paragraph 33.7.
Basis of consolidation
The group consolidated financial statements include the financial statements of the company and all of its subsidiary undertakings, together with the group's share of the results of associates made up to 31 March 2023.
A subsidiary is an entity controlled by the group. Control is the power to govern the financial and operating policies of an entity so as to obtain benefits from its activities. Where the group owns less than 50% of the voting powers of an entity but controls the entity by virtue of an agreement with other investors which give it control of the financial and operating policies of the entity, it accounts for that entity as a subsidiary.
Where a subsidiary has different accounting policies to the group, adjustments are made to those subsidiary financial statements to apply the group's accounting policies when preparing the consolidated financial statements.
Any subsidiary undertakings or associates sold or acquired during the year are included up to, or from, the dates of change of control or change of significant influence respectively.
All intra-group transactions, balances, income and expenses are eliminated on consolidation. Adjustments are made to eliminate the profit or loss arising on transactions with associates to the extent of the group's interest in the entity.
Significant judgements and estimates
In preparing the financial statements it is necessary to make certain judgements, estimates and assumptions that affect the amounts recognised in the financial statements. These assumptions are reassessed annually as part of the accounts preparation process.
The critical judgments that the directors have made in the process of applying the Group's accounting policies that have the most significant effect on the statutory financial statements are discussed below.
(i) Assessing indicators of impairment
In assessing whether there have been any indicators of impairment assets, the directors have considered both external and internal sources of information such as market conditions, counterparty credit ratings and experience of recoverability. There have been no indicators of impairments identified during the current financial year.
Key sources of estimation uncertainty
(i) Determining useful economic lives of tangible fixed assets
The Group depreciates tangible fixed assets over their estimated useful lives. The estimation of the useful lives of assets is based on historic performance as well as expectations about future use and therefore requires estimates and assumptions to be applied by management. The actual lives of these assets can vary depending on variety of factors, including technological innovation, product life cycles and maintenance programmes.
The judgment is applied by management when determining the residual values for tangible fixed assets. When determining the residual value management aim to assess the amount that the Group would currently obtain for the disposal of the asset, if it were already of the condition expected at the end of its useful life. Where possible this is done with reference to external market prices.
(ii) Recoverability of debtors
The Group establishes a provision for debtors that are estimated not to be recoverable. When assessing recoverability, the directors have considered factors such as the ageing of debtors, past experience of recoverability and the credit profile of individual or groups of customers.
(iii) Valuation of property
The freehold and investment property are subject to revaluations carried out on a regular basis. The split between properties is based on square footage of the properties. Four valuations are provided depending upon the varying occupancy options, and the average of the two most realistic scenarios is used for the revaluation exercise.
Turnover
Turnover consists of the provision of medical and clinical services, sale of medical implants, and recharge of direct costs incurred. Turnover is recognised when the procedure of consultation has taken place. All turnover is generated in the United Kingdom.
Dividend income is recognised when the right to receive payment is established.
Tangible fixed assets
Tangible assets are started at cost less accumulated depreciation and accumulated impairment losses. Depreciation on other assets is provided at the following annual rates in order to write off the cost, less estimated residual value of each asset over its estimated useful life.
Freehold property -2% straight line Long leasehold -10% straight line Plant and machinery - 15% straight line Fixtures and fittings - 10% straight line Computer equipment - 25% straight line
The assets' residual values. useful lives and depreciation methods are reviewed, if appropriate at the end of each reporting period. The effect of any change is accounted for prospectively.
Investment property
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in the Consolidated Income Statement.
Investment in a subsidiary company
Investment in subsidiary company is held at cost less accumulated impairment losses.
Financial instruments
The Group has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instruments Issues' of FRS 102 to all of its financial instruments.
Basic financial assets, including trade and other receivables, cash and bank balances and investments in commercial paper, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Such assets are subsequently carried at amortised cost using the effective interest method.
At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset's original effective interest rate. The impairment loss is recognised in profit or loss.
If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.
Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party or (c) control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions.
Basic financial liabilities, including trade and other payables, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Fees paid on the establishment of loan facilities are recognised as transaction costs of the loan to the extent that it is probable that some or all of the facility will be drawn down. In this case, the fee is deferred until the draw-down occurs. To the extent there is no evidence that it is probable that some or all of the facility will be drawn down, the fee is capitalised as a pre-payment for liquidity services and amortised over the period of the facility to which it relates.
Trade payables are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade payables are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.
Cash and cash equivalents
Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term highly liquid investments with original maturities of three months or less and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
Distributions to equity holders
Dividends and other distributions to company's shareholders are recognised as a liability in the financial statements in the period in which the dividends and other distributions are approved by the company's directors. These amounts are recognised in the statement of changes in equity.
Related party transactions
The company discloses transactions with related parties which are not wholly owned with the same group. It does not disclose transactions with its parent or with members of the same group that are wholly owned
Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated Statement of Comprehensive Income, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.
Current or deferred taxation assets and liabilities are not discounted.
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.
Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.
Hire purchase and leasing commitments
Rentals paid under operating leases are charged to the Consolidated Income Statement on a straight line basis over the period of the lease.
Pension costs and other post-retirement benefits
The group operates a defined contribution pension scheme. Contributions payable to the group's pension scheme are charged to the Consolidated Income Statement in the period to which they relate.
Employee benefits
The group provides a range of benefits to employees, including annual bonus arrangements, paid holiday arrangements and defined benefit and defined contribution pension plans.
Short term benefits, including holiday pay and other similar non-monetary benefits, are recognised as an expense in the period in which the service is received.
The group operates a number of country-specific defined contribution plans for its employees. A defined contribution plan is a pension plan under which the group pays fixed contributions into a separate entity. Once the contributions have been paid the group has no further payment obligations. The contributions are recognised as an expense when they are due. Amounts not paid are shown in accruals in the balance sheet. The assets of the plan are held separately from the group in independently administered funds.
The group operates a number of annual bonus plans for employees. An expense is recognised in the profit and loss account when the group has a legal or constructive obligation to make payments under the plans as a result of past events and a reliable estimate of the obligation can be made.
The group provides share-based payment arrangements to certain employees. Equity-settled arrangements are measured at fair value (excluding the effect of non- market based vesting conditions) at the date of the grant. The fair value is expensed on a straight-line basis over the vesting period. The amount recognised as an expense is adjusted to reflect the actual number of shares or options that will vest.
Where equity-settled arrangements are modified, and are of benefit to the employee, the incremental fair value is recognised over the period from the date of modification to date of vesting. Where a modification is not beneficial to the employee there is no change to the charge for share-based payment. Settlements and cancellations are treated as an acceleration of vesting and the unvested amount is recognised immediately in the income statement.
3. CRITICAL ACCOUNTING JUDGEMENTS AND KEY SOURCES OF ESTIMATION UNCERTAINTY
Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
4. TURNOVER
The turnover and profit before taxation are attributable to the principal activities of the group.
An analysis of turnover by class of business is given below:
31.3.23 31.3.22 GBP GBP
Provision of medical services 18,659,473 16,139,406
Direct costs recharged 1,156,656 718,084
Sale of medical implants 436,183 439,225
Clinical services income 249,495 218,726
20,501,807 17,515,441
An analysis of turnover by geographical market is given below:
31.3.23 31.3.22 GBP GBP
United Kingdom 20,501,807 17,515,441
20,501,807 17,515,441 5. EARNINGS PER SHARE
Basic earnings per share is calculated by dividing the earnings attributable to ordinary shareholders by the weighted average number of ordinary shares outstanding during the period.
Diluted earnings per share is calculated using the weighted average number of shares adjusted to assume the conversion of all dilutive potential ordinary shares.
Reconciliations are set out below.
Earnings per share 31.03.23 31.03.22 Basic EPS GBP GBP Reported Earnings 60,303 1,160,018 Weighted average number of shares 10,053,619 10,000,000 Earnings per share (pence) 0.60 11.60 ========================== ====================== Fully Diluted EPS GBP GBP Reported Earnings 60,303 1,160,018 Weighted average number of shares 10,417,424 11,019,990 Earnings per share (pence) 0.58 10.53 ========================== ====================== Underlying EPS GBP GBP Adjusted EBITDA 1,532,386 1,376,301 Depreciation (52,624) (35,386) Interest (77,998) 32,938 Underlying profit before taxation 1,401,764 1,373,853 Taxation (266,335) (261,032) Underlying earnings 1,135,429 1,112,821 --------------------------------------- -------------------------- ---------------------- Weighted average number of shares 10,053,619 10,000,000 Underlying Earnings per share (pence) 11.29 11.13 ========================== ====================== 6. DIVIDS
The total distribution of dividends for the year ended 31 March 2023 was GBP710,355 (2022; GBPnil)
Total dividend paid in respect of the financial year of 6.00p per share.
7. TANGIBLE FIXED ASSETS TANGIBLE FIXED ASSETS Group Freehold Long Plant Fixtures Computer Property leasehold and machinery and fittings equipment Total GBP GBP GBP GBP GBP GBP COST OR VALUTAION At 1 April 2022 732,842 137,509 50,172 109,837 134,946 1,165,306 Additions - 12,500 - - 11,340 23,840 Disposals - - - (13,240) (6,492) (19,732) Revaluations 260,452 - - - - 260,452 ----------------- ----------------- ----------------- ----------------- ----------------- -------------- At 31 March 2023 993,294 150,009 50,172 96,597 139,794 1,429,866 ----------------- ----------------- ----------------- ----------------- ----------------- -------------- DEPRECIATION At 1 April 2022 - 2,292 8,665 13,789 24,271 49,017 Charge for year - 14,792 6,208 9,660 21,963 52,623 Eliminated on disposal - - - (12,179) (6,492) (18,671) ----------------- ----------------- ----------------- ----------------- ----------------- -------------- At 31 March 2023 - 17,084 14,873 11,270 39,742 82,969 ----------------- ----------------- ----------------- ----------------- ----------------- -------------- NET BOOK VALUE At 31 March 2023 993,294 132,925 35,299 85,327 100,052 1,346,897 ================= ================= ================= ================= ================= ============== At 31 March 2022 732,842 135,217 41,507 96,048 110,675 1,116,289 ================= ================= ================= ================= ================= ============== Group Cost or valuation at 31 March 2023 is represented by: Freehold Long Plant Fixtures Computer Property leasehold and machinery and fittings equipment Total GBP GBP GBP GBP GBP GBP Valuation in 2023 260,452 - - - - 260,452 Cost 732,842 150,009 50,172 96,597 139,794 1,169,414 ----------------- ----------------- ----------------- ----------------- ----------------- -------------- 993,294 150,009 50,172 96,597 139,794 1,429,866 ================= ================= ================= ================= ================= ============== The 31 March 2023 Valuations were carried out by Eddison's, Chartered Surveyors. 8. INVESTMENT PROPERTY
Group
Total
GBP
FAIR VALUE
At 1 April 2022 1,861,905
Revaluations (170,620)
At 31 March 2023 1,691,285
NET BOOK VALUE
At 31 March 2023 1,691,285
At 31 March 2022 1,861,905
Investment Property relates to a 100% share in residential properties on the site.
Fair value at 31 March 2023 is represented by:
GBP
Valuation in 2021 83,215
Valuation in 2023 (170,620)
Cost 1,778,690
1,691,285
The 31 March 2023 valuations were carried out by Eddison's, Chartered Surveyors.
9. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR Group 31.03.23 31.03.23 GBP GBP Trade debtors 4,087,365 2,798,338 Amounts owed by participating interests 170,808 1,301,060 VAT - - Prepayments 67,906 78,064 ---------- ---------- 4,326,079 4,177,462 ========== ==========
Trade debtors are stated after a bad debt provision of GBP51,000 (2022: GBP51,000).
Amounts owed by group undertakings are unsecured, interest free, and have no fixed date of repayment, and are repayable on demand.
10. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR Group 31.03.23 31.03.23 GBP GBP Bank loans and overdrafts (see note 19) 14,310 14,310 Trade creditors 885,985 915,303 Amounts owed to group undertakings - - Tax 46,925 152,353 Social security and other taxes 41,827 36,616 VAT 8,755 4,781 Other creditors 369,553 170,606 LLP Member accounts 63,262 194,916 Accruals and deferred income 2,402,574 2,833,582 3,833,191 4,322,467 ========== ==========
LLP member accounts refers to the Capital and Current Account balances due to members and associates of the LLP's as at 31 March 2023.
Amounts owed by group undertakings are unsecured, interest free, and have no fixed date of repayment, and are repayable on demand.
11. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR Group 31.03.23 31.03.23 GBP GBP Bank loans (see note 13) 1,071,122 1,085,431 ========== ========== 12. LOANS
An analysis of the maturity of loans is given below:
Group
31.3.23 31.3.22 GBP GBP
Amounts falling due within one year or on demand:
Bank loans 14,310 14,310
Amounts falling due between one and two years:
Bank loans - 1-2 years 1,071,122 14,806
Amounts falling due between two and five years:
Bank loans - 2-5 years - 1,070,625
The loan is subject to a charge dated 28 May 2021 between the company and Handelsbanken plc.
The loan is for the purpose of purchasing the commercial and residential property and has a repayment date of 28 August 2024. Interest is charged at 2.75% above BEBR.
13. LEASING AGREEMENTS
Minimum lease payments fall due as follows:
Group
Non-cancellable operating leases 31.3.23 31.3.22 GBP GBP
Within one year 17,031 32,372
14. SECURED DEBTS
The following secured debts are included within creditors:
Group
31.3.23 31.3.22 GBP GBP
Bank loans 1,085,432 1,099,741
The loan is subject to a charge dated 28 May 2021 between the company and Handelsbanken plc.
The loan is for the purpose of purchasing the commercial and residential property, and has a repayment date of 28 August 2024. Interest is charged at 2.75% above BEBR.
15. FINANCIAL INSTRUMENTS
Financial assets and liabilities are measured at fair value or amortised cost, and are referred to in the notes relating to debtors and creditors.
16. PROVISIONS FOR LIABILITIES Group Company 31.3.23 31.3.22 GBP GBP
Deferred tax
Accelerated capital allowances 77,196 63,958
Property Revaluation 43,262 15,811
Deferred tax on share options (60,664) (58,005)
59,794 21,764
Group
Deferred
tax
GBP
Balance at 1 April 2022 21,764
Accelerated capital allowances (5,289)
Property revaluation 17,068
Share option reserve 11,901
CT rate change uplift 14,350
Balance at 31 March 2023 59,794
17. CALLED UP SHARE CAPITAL
Allotted, issued and fully paid:
Number: Class: Nominal 31.3.23 31.3.22
value: GBP GBP
10,510,093 Ordinary GBP0.00 5 52,551 10,000
510,093 Ordinary shares of GBP0.005 each were allotted as fully paid at a premium of 140p per share during the year.
The share capital was subdivided from GBP0.001 ordinary shares to GBP0.005 ordinary shares on 24 October 2022. GBP40,000 of reserves were transferred to share capital in October 2022 and a further GBP2,551 of share capital was issued during the year.
18. RESERVES
Retained earnings
The retained earnings account includes all current year and prior year profits earnt.
Share option reserve
The share option reserve includes the cumulative charge recognised for share based payments, less any credits for options that have been excised or cancelled.
Share premium
Share premium account represents the excess of the issue price over the nominal value of shares issued.
Revaluation reserve
The revaluation reserve represents the fair value gains recognised in respect of the Group's freehold and investment property portfolio.
19. SHARE-BASED PAYMENT TRANSACTIONS
The group operates two share-based payment schemes for its employees and consultants; one approved EMI scheme to employees and one unapproved scheme to consultants.
A) Employee share option scheme
Employees were are granted share options in the company as part of the employee share scheme. The options are granted with a fixed exercise price, are exercisable two years after the date of grant and expire ten years after the date of grant.
Employees are not entitled to dividends until the shares are exercised. Employees are required to remain in employment with the group until exercise, otherwise the awards lapse. On exercise of the options by the employees, the group issues equity shares previously held as treasury shares by the Employee Benefit Trust.
B) Unapproved share option scheme
In addition to the employee share option scheme, certain consultants participate in being offered share options in the unapproved scheme. The options are granted with a fixed exercise price, are exercisable two years after the date of grant and expire ten years after the date of grant.
Consultants are not entitled to dividends until the shares are exercised. Vesting of the options is subject to continued involvement with the group.
On exercise of the options by the consultants, the group issues new equity shares.
All schemes
A reconciliation of share option movements over the year to 31 March 2023 is shown below:
2023 2022 Exercise Exercise No Price No Price Outstanding at 1 April 1,019,990 66.67p 1,055,000 66.67p Exercised (634,300) (66.67p) - - Forfeited (21,885) (66.67p) (35,010) (66.67p) Outstanding at 31 March 363,805 66.67p 1,019,990 66.67p
All the options vested in February 2023, and the charge for the year was GBP360,443 (2022: GBP272,133).
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June 20, 2023 02:00 ET (06:00 GMT)
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