MyHealthChecked PLC Preliminary Results (0385V)

TIDMMHC

RNS Number : 0385V

MyHealthChecked PLC

03 April 2023

THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION AS STIPULATED UNDER THE UK VERSION OF THE MARKET ABUSE REGULATION NO 596/2014 WHICH IS PART OF ENGLISH LAW BY VIRTUE OF THE EUROPEAN (WITHDRAWAL) ACT 2018, AS AMED. ON PUBLICATION OF THIS ANNOUNCEMENT VIA A REGULATORY INFORMATION SERVICE, THIS INFORMATION IS CONSIDERED TO BE IN THE PUBLIC DOMAIN.

MyHealthChecked PLC

("MyHealthChecked" or the "Company")

Preliminary Results

Year Ended 31 December 2022

MyHealthChecked PLC (AIM: MHC), the consumer home-testing healthcare company, announces its preliminary results for the year ended 31 December 2022, a successful year with strong revenue growth and profitability achieved for the second consecutive year, driven by significant demand from the top high street pharmacy retailers for COVID Lateral Flow Tests ("LFTs").

MyHealthChecked remains focused on delivering high-quality wellness testing solutions and guidance to meet the evolving needs of our customers and help them navigate this new and exciting space.

Financial highlights

 
 --   Revenue up 36% to GBP22.3m (2021: GBP16.4m) 
 --   Gross Profit of GBP4.6m (2021: GBP5.1m) 
 --   Adjusted EBITDA of GBP2.3m (2021: GBP2.7m) - reflecting the change 
       in product mix away from higher margin PCR testing to the distribution 
       of LFTs 
 --   Net cash generated from operating activities of GBP1.6m (2021: 
       GBP3.0m) 
 --   Cash balance at year end of GBP7.6m (2021: GBP6.4m) - whilst continuing 
       to invest across the business for future growth 
 --   Strong cash position to ensure next growth phases remain self-funded 
 

Commercial and operational highlights

 
 --   Actively developing B2B2C customer relationships in preparation 
       to launch an expanded portfolio of at-home wellness tests nationwide 
       in 2023 
 --   Soft launch of initial DNA at-home wellness portfolio in July 
       2022 
 --   Reinvestment of earnings into developing new products for pipeline 
       of at-home wellness tests and building scalable, digital healthcare-centric 
       technology 
 --   Capabilities strengthened by establishing key relationships 
       with high-quality laboratory and kit-build partners 
 --   Working towards ISO 27001 and migration of digital Quality Management 
       System ('QMS') to support key compliance activity including 
       transition to the requirements of the In Vitro Diagnostics Regulation 
       ("IVDR"). 
 

The full Group Annual Report and Financial Statements will be posted to shareholders today, together wth the notice of the AGM, and will also be available shortly at www.investors.myhealthcheckedplc.com .

Penny McCormick, Chief Executive Officer of MyHealthChecked PLC, said : " MHC has not only established itself as a player in the wellness industry but has also achieved excellent financial results in the last two years. Our commitment to innovation, customer satisfaction, and financial stability and management has set us on a path to delivering our goal of sustained liquidity. As we enter an investment phase, we are confident in our ability to execute our plans and scale our operations to meet the demand of our growing customer base. With a robust balance sheet and a team of highly skilled professionals, we are well-positioned to deliver a solid business in 2023 and beyond. The upcoming launch of new tests and further development of our digital platform presents a strong opportunity to create value for our shareholders and solidify our position as a leading wellness company."

Investor Presentation

Penny McCormick, Chief Executive Officer and Nicholas Edwards, Chief Financial Officer, will provide a live presentation relating to the preliminary results via the Investor Meet Company platform today (Monday 3 April 2023) at 4:30pm BST. The presentation is open to all existing and potential shareholders.

Investors can sign up to Investor Meet Company for free and register for the presentation via the link below:

https://www.investormeetcompany.com/myhealthchecked-plc/register-investor

 
 MyHealthChecked PLC                                                     www.myhealthcheckedplc.com 
 P enny McCormick , Chief Executive                                                 via Walbrook PR 
  Officer 
 Nicholas Edwards, Chief Financial 
  Officer 
 
 SPARK Advisory Partners Limited                                           Tel: [phone] 
  (NOMAD) 
 Neil Baldwin 
 
 Dowgate Capital Limited (Broker)                                          Tel: [phone] 
 David Poutney / Nicholas Chambers 
 
 Walbrook PR Ltd (Media               Tel: [phone] or [e-mail] 
  & IR) 
 Paul McManus / Alice Woodings                               Mob: [phone] 
                                                                                            804 654 
 
 

About MyHealthChecked PLC ( www.myhealthcheckedplc.com )

MyHealthChecked PLC, based in Cardiff, is an AIM-quoted pioneering UK healthcare company focused on a range of at-home healthcare and wellness tests.

MyHealthChecked is the umbrella brand of a range of at-home rapid tests, as well as DNA, RNA and blood sample collection kits which have been created to support customers on their journeys to wellness. The tests are lateral-flow self-tests, and the sample collection kits enable the collection of blood, urine, nasal or mouth swab samples that are analysed in partner laboratories for a range of biomarkers. The tests will also be made available online and will be viable for over-the-counter purchase.

The MyHealthChecked portfolio has been identified as part of a change in mindset as customers become more familiar with the concept of accessible healthcare in the growing at home testing kit market with a focus on accessibility at the right price, led by UK-based experts.

JOINT CHAIRMAN AND CHIEF EXECUTIVE'S REPORT

MyHealthChecked has had a successful year in 2022, with strong revenue growth and profitability achieved for the second consecutive year. We surpassed management expectations with our financial performance, maintaining a reliable track record of delivery for our valued retail customers and partners.

Despite the unpredictable demand for our services throughout the challenging COVID period, we were able to deliver and meet the high demands of our customers in terms of volume. Our revenue increased by GBP5.9m (36%) to GBP22.3m, and this growth has enabled us to achieve our ultimate goal of a second year of positive cash flow. We ended the year with a cash balance of GBP7.6m (2021: GBP6.4m), providing us with substantial working capital to drive the business forward in 2023 and beyond.

It's a very exciting time for consumer healthcare and specifically testing, and in our many years in the consumer healthcare and testing space, we have never felt so energised around the potential for consumer self-testing. We are excited about how this can positively impact the lives of millions as we embrace preventative methods of care, can make a major difference to individuals' lives, and ultimately release the pressure on much strained healthcare services. Never before has there been so much information and guidance available for us to make informed decisions on how we reduce our future risks.

As we navigate this dynamic period of behavioural change, MHC remains focused on delivering high-quality wellness testing solutions and guidance to meet the evolving needs of our customers and help them navigate this new and exciting space.

COVID-19 testing

COVID has been a major catalyst for this change in customer behaviour, and in the past two years we have seen the market dominated by COVID testing. This familiarisation of both self-testing and laboratory testing has given customers confidence and normalised testing outside of a medical setting.

Throughout 2021 and 2022, COVID testing has been a major part of our business, with over 17 million tests delivered to the market this past year.

However, as a result in the shift in product mix from higher margin Polymerase Chain Reaction ("PCR") testing to lateral flow tests ("LFTs") during the current year, we have seen gross margins in our COVID portfolio reducing. However, post period we are launching a new testing portfolio to counter this trend, whilst we continue to deliver value to our customers.

Retail launches

We are actively developing B2B2C customer relationships and are preparing to launch an expanded portfolio of at-home wellness tests nationwide. Since the soft-launch of our initial DNA portfolio in July of last year we have remained focused on developing our wellness portfolio and supporting our retail customers in expanding their own commercial strategies to meet their customers' needs for at-home testing.

Market reports indicate significant growth potential for the home testing market, with projections indicating the market will reach $45.58 billion by 2031 (source : Allied Market Research Nov 2022, At-Home Testing Market Research 2031, Author(s) : Vikita T, Shubham S , Onkar S).

In order to play a major role in this market, we have prioritised building strong relationships with our retail partners, with the goal of reaching as many end users as possible. Beyond our retail partner launches we plan to expand our core target base, while keeping a close eye on market trends to ensure an optimal user journey, and positioning ourselves as cost-effective and understanding of the current economic climate.

Product portfolio

Amid the challenges of the COVID era, we positioned ourselves as a leading provider of products and services to meet the demand for testing - and we succeeded. Our unique multi-platform portfolio of tests offers users access to a variety of test types, sample collection options, and levels of analysis, enabling us to meet diverse customer needs. Whether a customer requires an initial screener, a lab analysis, or a DNA assessment, our tests provide reliable results and guidance that empower our customers to make positive changes to their nutrition and lifestyle.

But we don't stop there in our mission to improve our customers' health in the longer term. Our tests are not just end-products, but tools that open up a dialogue with the customer and facilitate the building of a long-term relationship based on guidance, support, and monitoring. We don't simply provide test results; through our evolving digital platform we are providing a supportive relationship and guidance to ensure our customers achieve their wellness goals.

As a result of our careful cash control, we have entered another new financial year in a position of strength. We are reinvesting our earnings into developing new products for our pipeline of at-home wellness tests and building scalable, digital healthcare-centric technology. We remain committed to delivering innovative solutions that meet the evolving needs of our customers and the broader healthcare industry.

Developing talent within our team

Our new and dynamic management team has been the driving force in our past and future success. The team's determined "can-do" mindset, coupled with a customer-first approach and an agile streamlined delivery methodology is our greatest asset.

In 2022, we restructured our product development process and grew our team to ensure efficient delivery of milestone sprints. We also implemented a constant feedback loop, where our customers and triallists provided input into each iteration of our products before launch.

As we move forward, we are further strengthening the MHC team with new resources in product and digital development operations, and commercial. We have recently appointed a talented individual in the newly created role of Operations Director and our primary focus in 2023 is to grow our commercial team to further expand our B2B2C customer base and drive greater success.

Operations

Despite making the decision to close down our own laboratory operations due to the downturn in COVID PCR testing in H1 of 2022, our lean distribution channel has continued to underpin our success this past year. Our rapid responses to changing customer and market needs has seen us bring our distribution centre in-house near to our Cardiff headquarters, and we continue to strengthen our highly effective operational set-up.

In 2022, we further strengthened our position as a gold-standard partner by establishing key relationships with high-quality laboratory and kit-build partners, as well as digital partners. These proactive and compliant suppliers have further strengthened our capabilities and added to our credentials.

Compliance

Our regulatory team is fully committed to meet the new requirements of the In Vitro Diagnostic Regulation ("IVDR") which affects our products in the UK. We have a robust network of experienced regulatory partners to support us through the transitional provisions of the IVDR and we have commenced a transition to a digital Quality Management System to support us during this transition.

We have also submitted an application to the Healthcare Inspectorate Wales ("HIW") which will enable us to offer doctor-verified testing, and to provide remote phlebotomy services in the future, whilst safeguarding our customers in line with our commitments to best practice under HIW.

Investment in future technology

The cash generated from COVID testing has not only allowed us to define an investment plan around future growth opportunities, it has also put us in a position of strength where we can achieve our current plans for the business without the need for additional working capital. This is a crucial advantage that will allow us to move forward with confidence. As we worked to expand our testing portfolio in 2023, we also committed to investing in our digital platform, the plan for which is to unlock further growth potential.

Current Trading

While we anticipate a reduction in the demand for COVID tests as the general public learns how to respond to living with the virus, we expect that testing will remain an essential part of our business into 2023 and beyond. We have seen steady sales in 2023, and as the year progresses, we will establish a new trendline and will be ready to respond to spikes in demand.

Regarding our new multi-platform range of tests, 2023 will see us moving beyond our initial soft launch to deliver a national rollout. W e are confident that the investments that we make in our portfolio and service will deliver growing revenues in the future and a digital infrastructure upon which we can build and grow, and we are energised by the many opportunities ahead.

Summary

MHC has not only established itself as a player in the wellness industry but has also achieved excellent financial results in the last two years. Our commitment to innovation, customer satisfaction, and financial stability and management has set us on a path to delivering our goal of sustained liquidity. As we enter an investment phase, we are confident in our ability to execute our plans and scale our operations to meet the demand of our growing customer base. With a robust balance sheet and a team of highly skilled professionals, we are well-positioned to deliver a solid business in 2023 and beyond. The upcoming launch of new tests and further development of our digital platform presents a strong opportunity to create value for our shareholders and solidify our position as a leading wellness company.

   Adam Reynolds                                                                    Penny McCormick 

Chairman Chief Executive Officer

FINANCIAL REVIEW

Income statement

Revenue for the year increased by 36% to GBP22.3m (2021: 16.4m) due to the significant demand from the top high street pharmacy retailers for COVID Lateral Flow Tests ("LTFs"). Gross margins reduced from 31% to 21% reflecting the change in product mix from the processing of higher margin COVID PCR testing ("PCR") to the distribution of LFTs in a highly competitive market. In addition, capitalised costs amounting to GBP328,000 associated with the development of COVID user interface on the digital platform, were fully impaired during the current year through cost of sales.

Sales and marketing costs have increased from GBP699,000 to GBP798,000 due to the increased investment in marketing activities associated with the new and planned product launches.

Total administrative expenses were broadly comparable to the prior year at GBP2,343,000 (2021: GBP2,386,000). Excluding the impairment of intangible assets, share based payments and the laboratory closure costs other administrative expenses increased to GBP2,087,000 (2021: GBP1,860,000) largely due to the significant investment in the development of the digital platform in readiness for the launch of the new product offerings in 2023. Research and development costs expensed to administrative expenses in 2022 amounted to GBP546,000 (2021: GBP175,000). As part of our focus on tight cost control the decision was also taken to close the Manchester laboratory at a total cost of approximately GBP226,000 as the facility was no longer operating cost effectively following the drop in demand for PCR "Fit to Fly" tests. The impairment charge of GBP50,000 in administration expenses relates to patents and other costs associated with the MYLO/myLotus products previously capitalised.

The Group's operating profit amounted to GBP1,506,000 (2021: GBP2,046,000) and, after the release of the provision for contingent consideration of GBP1m, the impairment of the associated goodwill of GBP987,000 and net interest payable of GBP2,000 (2021: GBP2,000) the Group's profit before and after taxation was GBP1,517,000 (2021: GBP2,004,000) giving a basic earnings per share of 0.20p (2021: 0.28p) and fully diluted earnings per share of 0.19p (2021: 0.27p).

Adjusted EBITDA is calculated as follows:

 
                                               2022      2021 
                                            GBP'000   GBP'000 
-----------------------------------------  --------  -------- 
 Operating profit                             1,506     2,046 
 Depreciation and amortisation                  222       157 
 Impairment of intangible assets                378       414 
 Share based payments                          (20)       112 
 Laboratory closure costs (excluding the        171         - 
  loss on disposal of equipment) 
 Adjusted EBITDA                              2,257     2,729 
-----------------------------------------  --------  -------- 
 

Financial position

The Group's net assets at 31 December 2022 amounted to GBP8,850,000 (2021: GBP7,113,000). This comprised total assets of GBP11,428,000 (2021: GBP11,668,000) and total liabilities of GBP2,578,000 (2021: GBP4,555,000). The total assets included property, plant and equipment (including right-of-use assets) of GBP150,000 (2021: GBP163,000) and intangible assets, being development costs in respect of the digital platform and website, know-how, goodwill and patent costs, of GBP1,098,000 (2021: GBP2,289,000). As noted above an impairment provision was made against the goodwill arising on the acquisition of Nell Health Limited which was acquired last year.

Cashflow

The Group's cash balance at the year-end was GBP7,608,000 (2021: GBP6,387,000). The net inflow from operating activities amounted to GBP1,606,000 (2021: GBP3,014,000), whilst the cash outflows from investing activities amounted to GBP338,000 (2021: GBP299,000) and GBP47,000 (2021: GBP3,206,000 inflow) was spent on financing activities.

Capital management

The Board's objective is to maintain a balance sheet that is both efficient and delivers long term shareholder value. The Board continues to monitor the balance sheet to ensure it has an adequate capital structure.

Key Performance Indicators ("KPIs")

The Board recognises the importance of both financial and non-financial KPIs in driving appropriate behaviours and enabling the monitoring of Group performance.

The key financial KPIs monitored by the Board are revenue, gross margin and EBITDA which are discussed under the review of the Income Statement above. In addition, the Board also reviews cash and working capital balances on a monthly basis.

With regard to non-financial KPIs, the Board monitors its relationship with key customers and suppliers, the motivation and retention of employees and progress against the planned development of the digital platform and new product offerings.

Events after the reporting year

On 17 January 2023 the Court approved the reduction of the share capital of the Company which involved the cancellation of all the Deferred Shares, the Share Premium Account and the Capital Redemption Reserve. The purpose of the Capital Reduction was to create distributable reserves.

Nicholas Edwards

Chief Financial Officer

FINANCIAL STATEMENTS

The notes to the Financial Statement are an integral part of these financial statements and will be available in full in the Group Annual Report and Financial Statements which will be available on the Company website later today.

www.investors.myhealthcheckedplc.com

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

For The Year Ended 31 December 2022

 
                                            2022       2021 
                                         GBP'000    GBP'000 
 ------------------------------------  ---------  --------- 
 
 Revenue                                  22,314     16,376 
 Cost of sales                          (17,667)   (11,245) 
------------------------------------- 
 Gross profit                              4,647      5,131 
 Sales and marketing costs                 (798)      (699) 
 
 Other administrative expenses           (2,087)    (1,860) 
 Closure of laboratory                     (226)          - 
 Impairment of intangible assets            (50)      (414) 
 Share based payments                         20      (112) 
-------------------------------------  ---------  --------- 
 Administration expenses                 (2,343)    (2,386) 
-------------------------------------  ---------  --------- 
 
 Operating profit                          1,506      2,046 
 Finance costs                               (5)        (2) 
 Finance income                                3          - 
 Contingent consideration no 
  longer payable on the acquisition 
  of Nell Health Limited                   1,000          - 
 Impairment of goodwill arising 
  on acquisition of Nell Health 
  Limited                                  (987)          - 
 Additional consideration payable 
  on the 
  acquisition of The Genome Store 
  Limited                                      -       (40) 
-------------------------------------  ---------  --------- 
 Profit before income tax                  1,517      2,004 
 Tax charge                                    -          - 
-------------------------------------  ---------  --------- 
 Profit for the year                       1,517      2,004 
 Other comprehensive income                    -          - 
-------------------------------------  ---------  --------- 
 Total comprehensive profit 
  for the year                             1,517      2,004 
-------------------------------------  ---------  --------- 
 
 Attributable to owners of 
  the parent:                              1,517      2,004 
 
 Earnings per ordinary share 
  - basic                                  0.20p      0.28p 
 Fully diluted earnings per 
  ordinary share                           0.19p      0.27p 
 
 

All activities relate to continuing operations.

CONSOLIDATED STATEMENT OF FINANCIAL POSITION

As At 31 December 2022

 
                                       2022       2021 
                                    GBP'000   `GBP'000 
 -------------------------------  ---------  --------- 
 Non-current assets 
 Property, plant and equipment           75        163 
 Right of use assets                     75          - 
 Intangible assets                    1,098      2,289 
 Total non-current assets             1,248      2,452 
--------------------------------  ---------  --------- 
 
 Current assets 
 Inventories                          1,284        497 
 Trade and other receivables          1,288      2,332 
 Cash and cash equivalents            7,608      6,387 
--------------------------------  ---------  --------- 
 Total current assets                10,180      9,216 
--------------------------------  ---------  --------- 
 
 Total assets                        11,428     11,668 
--------------------------------  ---------  --------- 
 
 Current liabilities 
 Trade and other payables             2,525      3,315 
 Lease liabilities                       29          - 
 Deferred consideration                   -      1,240 
 Total current liabilities            2,554      4,555 
--------------------------------  ---------  --------- 
 Non-current liabilities 
 Lease liabilities                       24          - 
--------------------------------  ---------  --------- 
 Total non-current liabilities           24          - 
--------------------------------  ---------  --------- 
 
 Total liabilities                    2,578      4,555 
--------------------------------  ---------  --------- 
 Net assets                           8,850      7,113 
--------------------------------  ---------  --------- 
 
 Share capital                          780        756 
 Deferred shares                      6,359      6,359 
 Share premium account               16,887     16,671 
 Capital redemption reserve           1,815      1,815 
 Reverse acquisition reserve        (6,044)    (6,044) 
 Retained earnings                 (10,947)   (12,444) 
--------------------------------  ---------  --------- 
 Total equity                         8,850      7,113 
--------------------------------  ---------  --------- 
 

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

 
                                                      Share-based        Capital        Reverse 
                      Share    Deferred       Share       payment     redemption    acquisition     Retained 
                    capital      shares     Premium       reserve        reserve        reserve     earnings     Total 
                   GBP '000     GBP'000     GBP'000       GBP'000        GBP'000        GBP'000      GBP'000   GBP'000 
----------------  ---------  ----------  ----------  ------------  -------------  -------------  -----------  -------- 
 Equity as 
  at 
  1 January 
  2021                  518       6,359      12,442           916          1,815        (6,044)     (15,476)       530 
 Profit for 
  the year                -           -           -             -              -              -        2,004     2,004 
----------------  ---------  ----------  ----------  ------------  -------------  -------------  -----------  -------- 
 Total 
  comprehensive 
  profit                  -           -           -             -              -              -        2,004     2,004 
 Transfer from 
  share based 
  payment 
  reserve                 -           -           -         (916)              -              -          916         - 
 Issue of shares 
  net of 
  expenses              194           -       2,979             -              -              -            -     3,173 
 Conversion 
  of loan note 
  and interest           13                      92             -              -              -            -       105 
 Exercise of 
  options                 2           -          18             -              -              -            -        20 
 Other share 
  issue                   1                      16             -              -              -            -        17 
 Share-based 
  payments                -           -           -             -              -              -          112       112 
 Acquisition 
  of Nell Health 
  Limited                28                   1,124             -              -              -            -     1,152 
----------------  ---------  ----------  ----------  ------------  -------------  -------------  -----------  -------- 
 Equity as 
  at 
  31 December 
  2021                  756       6,359      16,671             -          1,815        (6,044)     (12,444)     7,113 
 Profit for 
  the year                -           -           -             -              -              -        1,517     1,517 
----------------  ---------  ----------  ----------  ------------  -------------  -------------  -----------  -------- 
 Total 
  comprehensive 
  profit                  -           -           -             -              -              -        1,517     1,517 
 Share-based 
  payments                -           -           -             -              -              -         (20)      (20) 
 The Genome 
  Store Limited 
  deferred 
  consideration          24           -         216             -              -              -            -       240 
 Equity as 
  at 
  31 December 
  2022                  780       6,359      16,887             -          1,815        (6,044)     (10,947)     8,850 
----------------  ---------  ----------  ----------  ------------  -------------  -------------  -----------  -------- 
 

CONSOLIDATED STATEMENT OF CASH FLOWS

For The Year Ended 31 December 2022

 
 
 
                                                2022      2021 
                                             GBP'000   GBP'000 
------------------------------------------  --------  -------- 
 Cash flows from operating activities 
 Profit before taxation                        1,517     2,004 
 Adjustments for: 
 Deferred consideration                      (1,000)        40 
 Decrease in provisions                            -      (26) 
 Depreciation and amortization                   222       157 
 Impairment of intangible assets               1,365       414 
 Loss on sale of laboratory assets                55         - 
 Finance expenses                                  5         2 
 Finance income                                  (3)         - 
 Share-based payments                           (20)       112 
 Adjusted operating profit before 
  changes in working capital                   2,141     2,703 
 Changes in working capital 
 Increase in inventory                         (787)     (494) 
 Decrease/(Increase) in trade and 
  other receivables                            1,044   (2,124) 
 (Decrease)/Increase in trade and 
  other payables                               (790)     2,931 
 Cash generated in operations                  1,608     3,016 
 Net interest payable                            (2)       (2) 
------------------------------------------  --------  -------- 
 Net cash inflow from operating 
  activities                                   1,606     3,014 
------------------------------------------  --------  -------- 
 Investing activities 
 Acquisition of Nell Health Limited                -      (50) 
 Purchase of property, plant and 
  equipment                                     (22)     (147) 
 Purchase of intangible assets                 (316)     (102) 
 Net cash flows used in investing 
  activities                                   (338)     (299) 
------------------------------------------  --------  -------- 
 Financing activities 
 Issue of ordinary shares (net of 
  issue expenses)                                  -     3,211 
 Repayment of lease liability                   (47)       (5) 
 Net cash flows from financing activities       (47)     3,206 
------------------------------------------  --------  -------- 
 Net change in cash and cash equivalents       1,221     5,921 
 Cash and cash equivalents at the 
  beginning of the year                        6,387       466 
------------------------------------------  --------  -------- 
 Cash and cash equivalents at the 
  end of the year                              7,608     6,387 
------------------------------------------  --------  -------- 
 

NOTES TO THE FINANCIAL STATEMENTS

The notes to the Financial Statement are available in full in the Group Annual Report and Financial Statements which will be available shortly on the Company website: www.myhealthcheckedplc.com

Basis of preparation

The financial statements have been prepared in accordance with UK adopted international accounting standards (IFRS), and with those parts of the Companies Act 2006 applicable to companies reporting under IFRS

Earnings per share

 
                                                                         2022           2021 
 Basic and diluted 
 Profit for the year and earnings used in basic & diluted EPS    GBP1,517,000   GBP2,004,000 
 Weighted average number of shares - basic                        774,303,000    710,852,000 
 Weighted average number of shares - fully diluted                778,223,000    744,056,000 
 Earnings per share                                                     0.20p          0.28p 
 Fully diluted earnings per share                                       0.19p          0.27p 
--------------------------------------------------------------  -------------  ------------- 
 

Basic earnings per share is calculated by dividing the profit attributable to equity holders of the Company by the weighted average number of ordinary shares in issue during the year.

Events after the reporting date

On 17 January 2023 the Court approved the reduction of the share capital of the Company, involving the cancellation of all the Deferred Shares, the Share Premium Account and the Capital Redemption Reserve. The purpose of the Capital Reduction was to create distributable reserves.

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