Totally Share Discussion Threads

[1gw] 04/9/2024 14:01

Financial non-sequitur of the day, from the Financial Review and Note 14 to the accounts (Annual Report published today):

Financial Review:

"...the Company now expects revenues for the year ending 31 March 2025 to be c. £85 million" (i.e. revenue decline of over 20% on the £107m in the year to 31 March 2024)

Note 14 to the accounts:

"The assumptions used in the four-year forecast to 31 March 2028 were as follows:

Revenue growth for year ended 31 March 2025:
7% Urgent Care
16% Elective Care
12% Corporate wellbeing

...The assumptions noted above are determined by management, based on past performance and current knowledge of future plans."

What is it that the auditors and the audit committee do?

[gbcol] 04/9/2024 08:28

Fair enough. It has certainly had ups and downs, I’ll give you that.

[1gw] 04/9/2024 07:53

GBCol, I think Totally is an interesting company and I enjoy following the ups and downs. Whether it ultimately makes it or not, it is a fascinating case study in balance sheet management and financial reporting.

[gbcol] 04/9/2024 07:44

I was wondering how you would manage to put a negative spin on this. A bit tenuous but well done for trying.

Is it just your hatred of STT that keeps you going or is there another reason for wasting so much of your time on a share you don’t own?

[1gw] 04/9/2024 07:38

That's a first purchase by the new Chairman of the Audit Committee.

I would hope that his appointment will wake up the Audit Committee (Mike Rogers & Bob Holt for FY23) and lead to a noticeable improvement in the quality of the financial reporting. Whether he has had time to influence this year's annual report remains to be seen.

"The primary function of the Audit Committee is to assist the Board in discharging its responsibilities in regard to financial reporting and external and internal controls, including:
• Reviewing and monitoring the integrity of the Group’s annual and interim financial statements and accompanying reports to shareholders;
..."

[nobbygnome] 04/9/2024 06:30

A nice £15k buy by a director; good to see

[nobbygnome] 29/8/2024 20:53

A series of new contracts today makes the last post look rather stupid….but that’s nothing unusual here!

[supernumerary] 29/8/2024 20:42

Agreed, but it's his thread, so what can you do?

[nobbygnome] 29/8/2024 19:53

Desperate is the word…..

[sikhthetech] 29/8/2024 17:08

1gw,

They said post GE they were seeing more clarity and contracts. That's exactly what is happening, isn't it?.

"post-election we are beginning to see increased clarity on NHS priorities and subsequent actions."




The GE was only last month and every govn has their own policies and plans for the NHS. Prior to the GE contracts were suspended, so this would obviously lead to lower revenues.
The company has also stated that they have restructured.


"£85m revenue guidance FY25 (issued 24th July)"
£85m revenue guidance for a £18m mcap company is still fantastic.

The revenue has lowered by 21% but the share price has fallen 60%, so oversold, isn't it?


"What about the £1m of new contracts? What's the point of the RNS if we don't know?"

They've announced new contracts, these have to be rns'ed. Why would a company change their revenue guidance of £85m based on a £1m contract!!! That's just stupidity.
You lack basic understanding of business.


You're sounding desperate

[1gw] 29/8/2024 16:27

£136m revenue FY23
£107m revenue FY24
£85m revenue guidance FY25 (issued 24th July)

FY23 to FY24: Down 21% on revenue
FY24 to FY25: Down 21% (coincidence?) on revenue guidance

Are today's RNS'd £3m contract extensions in the £85m guidance? What about the £1m of new contracts? What's the point of the RNS if we don't know?

In any event, what makes the £4m collectively worthy of an RNS, when the loss of the Staffordshire 111 contract was apparently not deemed worthy of one, despite presumably being a material contributor to the subsequently-announced revenue decline guidance?

[sikhthetech] 29/8/2024 11:21

1gw, you do know that contract requirements can and do change. Health requirements do change as priorities change.
That's pretty obvious to majority of people. It's not a case of every contract will continue to be extended on exact same requirements for the next thousand years!!!!!.

Everyone needs healthcare. The amount and clinical needs do change over time.

You do write some rubbish.

TLY have restructured and so are more focused.

[sikhthetech] 29/8/2024 11:15

Great news. More contract wins and contract extensions worth c£4m.
Good to see contract wins in other areas, like physiotherapy.

Mcap £18m

[microscope] 29/8/2024 08:31

As the company promised, contract momentum building since the removal of political uncertainty. As I said recently, and is coming to fruition, expect further successes in the coming months. And upwards share price trend to continue. (That's more important than any day to day fluctuations imho).

[fenners66] 29/8/2024 07:47

I'm waiting for the RNS of them finding an entirely new profit centre....

Something along the lines of ...

We tidied up after a recent meeting and found a pound coin in the seam at the back of a chair.
Following investigations we could not find the previous owner and our auditors advised us where to post it
in the accounts (so we don't make any more mistakes) and we can declare it is a 100% profit contribution.

We cannot at this time make any assumptions as to how much this will contribute in future years , but we are exploring options as to financing a new meetings subsidiary or buying another in order to broaden our profit appeal.

[spursspurs] 29/8/2024 07:23

Bore off ffs Zzzzzz

[1gw] 29/8/2024 07:20

Just to spell it out, the Staffordshire/Stoke-on-Trent NHS111 contract they owned up to losing in the recent preliminaries was valued at £7m back in 2022, when they announced a 1-year extension - so around double the value of the contracts announced today (or multiple times the value of the new contracts, as opposed to extensions, announced today). Note that in those days they were announcing such contracts by RNS Reach, not by full RNS.

[1gw] 29/8/2024 06:50

If you're looking for some healthy scepticism Nobby, I could remind you that we still haven't heard anything about renewal/extension of the £2.15m Saolta contracts announced in April last year (see references pasted below). I could also query how today's £1m (in 2024) Saolta contract could be the largest to date when they announced a £1.5m one last April - presumably the answer is in the value of the potential extension of today's contract into 2025, but what is their track record on contract extensions with Saolta?

And on the contract extensions I could suggest it could be considered disingenuous of them to spell out contract values for extensions like this when they don't appear to quantify the values of potentially much larger contracts when they fail to get them extended/renewed - the Staffordshire/Stoke-on-Trent NHS 111 contract comes to mind here. In the recent preliminaries they simply said

"At the end of the year, Totally's contract to deliver NHS 111 services in Staffordshire came to an end and we provided extended support to transition to the new provider as services across Staffordshire and the West Midlands were brought together for the first time. Reduced volumes for 2024/25 due to this contract change will be partly offset by the increase in volume for resilience services."

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1gw - 11 Mar 2024 - 18:45:19 - 21140 of 21424

Does the fact that they've announced this new £700k contract in Ireland mean that the £650k and £1.5m endoscopy contracts announced last year (also in Ireland, also for the Saolta Group) for May 2023-Dec 2023 have not been renewed/extended?

12th April 2023 RNS Reach
"The contract to deliver endoscopy procedures will be delivered between May 2023 and December 2023, during weekends when hospital facilities are not otherwise in use, maximising the potential number of patients that can be seen within the existing hospital infrastructure. The contract is valued at c.£650k and following the completion of this initial period, and subject to demand and budget availability, the contract may be extended for up to a further twelve months."

26th April 2023 RNS Reach
"The additional contract, valued at c.£1.5m, will support an endoscopy waiting list initiative targeting the reduction of waiting lists through the delivery of diagnostic colonoscopy, gastroscopy and flexible sigmoidoscopy procedures between May 2023 and December 2023."

[nobbygnome] 29/8/2024 06:07

So a whole load of contract extensions and new contract wins which is excellent news! It will be interesting to see how 1gw turns this into a negative….

[jugears] 27/8/2024 15:27

Teacher with his red pen again!

[sikhthetech] 27/8/2024 15:08

NHS 111 expanding to inc Mental Health


NHS 111 to offer mental health crisis support

NHS 111 will now provide direct support to patients experiencing a mental health crisis, NHS England has announced.

The service expansion announced today means that patients can now call 111, select the mental health option and speak to a mental health professional if they are in a crisis.

NHS staff will then guide them through the next steps, including ‘facilitating access’ to other services or organising face-to-face support.