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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Mobile Docs | LSE:MDG | London | Ordinary Share | GB00B1XSS585 | ORD 40P |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 35.00 | 0.00 | 00:00:00 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| 0 | 0 | N/A | 0 |
From Jan 2020 to Jan 2025
TIDMMDG
RNS Number : 8803J
Mobile Doctors Group Plc
07 July 2011
7 July 2011
Mobile Doctors Group Plc
Interim Results for the six months ended 31 May 2011
Mobile Doctors Group Plc (AIM: MDG.L), one of the leading providers of medico-legal reports for personal injury claims in the UK market, today announces its interim results for the six months ended 31 May 2011.
Financial highlights:
-- Revenue: GBP13.94m (2010: GBP12.61m)
-- Gross margin 24.2% (2010: 22.4%)
-- Profit before tax: GBP625,000 (2010: GBP298,000)
Commenting on the results, Matthew Game, Chief Executive Officer, said:
"The first half of 2011 has been very positive. We continue to focus on our core strategic principles and have seen a strong performance in terms of both new business and margin improvement resulting in a 110% growth in PBT on the same period last year. We are now in our fifth year of working with business process outsourcers and the maturity of these relationships is beginning to demonstrate fundamental improvements both in terms of customer experience and process efficiencies. The second half of the year has started positively."
Enquiries to:
Mobile Doctors Group Plc Tel: 020 8787 2000 Matthew Game www.mobile-doctors.co.uk ----------------------------- -------------------------- Daniel Stewart & Company plc Tel: 020 7776 6550 Oliver Rigby ----------------------------- --------------------------
Notes to Editors:
-- Mobile Doctors, established in 1989, has grown organically to become one of the leading suppliers of medico-legal reports for personal injury claims in the UK. It provides independent and objective medical evidence via a national panel of medical experts and therapists.
-- Mobile Doctors has a database of approximately 2,500 medical experts covering many areas of the UK and currently provides approximately 69,000 reports out of approximately 625,000 reports required annually.
-- In addition to its core medical report service, Mobile Doctors also provides ancillary services such as arranging MRI scans, X-Rays, CT scans, and ultrasounds and rehabilitation services such as physiotherapy, hospital treatment and cognitivebehaviouraltherapy.
-- Mobile Doctors Group Plc listed on AIM on 18 July 2007.
Chief Executive Officer's Statement
Summary
The first half of 2011 has been very positive. Having continued to focus on our core strategic principles we have seen a strong performance in terms of both new business and margin improvement resulting in a 110% growth in PBT on the same period last year. We are now in our fifth year of working with business process outsourcers and the maturity of these relationships is beginning to demonstrate fundamental improvements both in terms of customer experience and process efficiencies. The second half of the year has started positively.
Market
According to the 09/10 Data Monitor report, the number of accidents reported by the Compensation Recovery Unit (CRU) rose from 797,007 in 2008-09 to 846,946 in
2009-10, an increase of 6.3%. Mobile Doctors Group has continued to increase its share of the market organically and has grown revenue by 11% in comparison to the same period last year.
Key developments
The group continues to be focused on business process outsourcing and over the past few months we have been working with a leading global healthcare solutions provider, to improve our customer service responsiveness to inbound telephone enquiries. Following a very successful transition of our customer service centre within the UK and positive feedback from our customers, we expect to announce that our new partners will be handling all of our first line telephone support from July 2011.
We have been working with our IT partner Steria to deliver a generic platform for two-way data transfer which was deployed in May this year. This platform enables us to accept instructions directly from our customers' own case management systems and feed back information instantly without the need for operator intervention. This innovation and initiative will continue to be developed in support of our strategy of process automation to deliver greater value to our customers.
We are continuing to develop our long term contractual and strategic relationships with Steria (who manage our back office processing and IT support); Nuffield Health (who manage the physiotherapy, diagnostics and rehabilitation needs of our customers) and TNT (who manage all of our in and out-bound mail, print, scanning and logistics) and look forward to establishing a similar relationship with our new customer services partner.
I am pleased to be able to welcome Robert Bright to the board as non-executive director. Robert brings a wealth of experience in the insurance industry and has extensive board room experience, currently serving on the board of directors of Rias PLC, Ageas (UK) Limited and KwikFit Insurance Services Limited, amongst others.
Financial summary
The first six months of the financial year have been encouraging with a 12% increase in the level of instructions compared to the same period last year and a corresponding 11% increase in revenues.
Gross margins for the period have been maintained at between 24% and 25%. Overheads as a percentage of revenue have not increased year-on-year.
The Group continues to operate comfortably within its working capital facilities, and continues to repay its long-term borrowings on schedule.
Outlook
Although there is new legislation proposed by the Government in terms of the reform of Legal Aid in England and Wales and the implementation of Lord Jackson's recommendations, Mobile Doctors does not believe that this will impact on the requirement of medical evidence for personal injury claims.
For some time we have been working on a new consumer product offering private GP services on a national basis. I am pleased to announce that the development of this product is progressing very well and hope to launch the service during the first quarter of 2012.
As the Group now has net distributable profits, it is our intention to introduce a dividend policy within the next 12 months.
Our strategic focus remains unchanged as we maintain and continue to build a highly stable and scalable low-cost operating platform and I am pleased to report that we have had a positive start to the second half of the year and we look forward to reporting our year end results.
Matthew Game
Chief Executive
July 2011
Condensed Consolidated Income Statement
for the period ended 31 May 2011
Hot Features
Premium
Six months ended Six months ended
Note 31 May 2011 31 May 2010
GBP000 GBP000 GBP000 GBP000
Revenue 13,941 12,605
Cost of sales (10,565) (9,785)
--------- --------
Gross profit 3,376 2,820
Administrative expenses (2,667) (2,423)
--------- --------
Operating profit before
financing costs 709 397
Financial income 3 282 269
Financial expenses 3 (366) (368)
------- --------
Net financing expense (84) (99)
--------- --------
Profit before tax 625 298
Taxation (197) (120)
--------- --------
Profit for the period 428 178
--------- --------
Earnings per share
Basic 7 2.56p 1.07p
Diluted 7 2.56p 1.07p
Revenue and profits are derived from continuing activities. The entire profit for the period is attributable to equity holders of the Company.
Condensed Consolidated Balance Sheet
at 31 May 2011
Note 31 May 30 Nov
2011 2010
GBP000 GBP000
ASSETS
Non-current assets
Property, plant and equipment 4 141 160
Intangible assets 5 8,444 8,450
Deferred tax asset 39 88
------- -------
Total non-current assets 8,624 8,650
------- -------
Current assets
Trade and other receivables 29,318 28,333
Cash and cash equivalents 51 106
------- -------
Total current assets 29,369 28,439
------- -------
Total assets 37,993 37,089
LIABILITIES
Current liabilities
Bank overdraft 637 522
Other interest-bearing loans
and borrowings 15,058 14,314
Trade and other payables 17,524 17,716
Current tax 222 314
------- -------
Total current liabilities 33,441 32,667
------- -------
Non-current liabilities
Other interest-bearing loans
and borrowings 620 918
------- -------
Total liabilities 34,061 33,585
------- -------
Net assets 3,932 3,504
------- -------
EQUITY
Share capital 6,685 6,685
Share premium 531 531
Merger reserve (4,113) (4,113)
Retained earnings 829 401
------- -------
Total equity 3,932 3,504
------- -------
Condensed Consolidated Cash Flow Statement
for the period ended 31 May 2011
Six months ended
Note 31 May
2011 2010
GBP000 GBP000
Cash flows from operating activities
Profit for the period 428 178
Adjustments for:
Depreciation and amortization 4,5 90 90
Net financing costs 3 84 99
Taxation 197 120
-------- --------
Operating profit before changes in
working capital 799 487
Increase in trade and other receivables (982) (782)
Increase in trade and other payables 89 558
-------- --------
Cash generated from operations (94) 263
Interest paid (366) (368)
Tax paid (91) -
-------- --------
Net cash from operating activities (551) (105)
-------- --------
Cash flows from investing activities
Interest received 1 -
Acquisition of property, plant and
equipment 4,5 (66) (70)
Net cash from investing activities (65) (70)
-------- --------
Cash flows from financing activities
Increase in borrowings 446 597
-------- --------
Net cash from financing activities 446 597
-------- --------
Net (decrease)/increase in cash and
cash equivalents (170) 422
Cash and cash equivalents at start
of period (416) (164)
-------- --------
Cash and cash equivalents at end
of period (586) 258
-------- --------
Notes
(forming part of the interim financial statements)
1 Accounting policies
Basis of preparation
The interim financial statements have been prepared in accordance with the AIM Rules for Companies February 2010. The interim financial statements are presented in pounds sterling, rounded to the nearest thousand and have been prepared on the historical cost basis.
The interim financial statements for the six months ended 31 May 2011 have not been audited and do not constitute statutory accounts within the meaning of section 435 of the Companies Act 2006. Comparative information presented in the Condensed Consolidated Balance Sheet is extracted from the consolidated statutory accounts of Mobile Doctors Group plc for the year ended 30 November 2010. Those accounts have been reported upon by the Company's auditors and delivered to the registrar of companies. The report of the auditors:
(i) was unqualified;
(ii) did not include a reference to any matters to which the auditors drew attention by way of emphasis without qualifying their report, and;
(iii) did not contain a statement under section 498 of the Companies Act 2006.
Significant accounting policies
The interim financial statements should be read in conjunction with and have been prepared on a basis consistent with the accounting policies that were applied in the preparation of the Group's financial statements for the year ended 30 November 2010. Current taxation has been calculated at the expected average rate of 26.67% for the financial year ending 30 November 2011. Deferred tax balances have been calculated at the rate at which they are expected to reverse.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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