DXS INTERNATIONAL PLC
HALF-YEARLY REPORT
The Directors of DXS International plc are pleased to announce the results of the Company for the six month period ending 31st October 2014.
The six months to October 2014 reflects the significant investment made by DXS in GPSoC and the continuing attractiveness of the Company's products for the GP market place. Investment in new products, policies and people has resulted in a substantial increase in the Company's overhead base. While the revenue from this investment will lag the costs, the Company has already seen a sufficient increase in sales such that the current period has achieved break even.
In November 2014, we were delighted to announce that we had been selected as one of only 30 companies and were awarded a further contract in respect of GPSoC Lot 2 to provide additional GP IT services. The Government's Health & Social Care Information Centre has now published its Lot 2 Catalogue and DXS has an online entry detailing its offering.
The expansion of the cost base is largely complete and efforts are now focussed on improving the Company's top line. Reported revenues have increased by 44% over the comparable period of 2013 and DXS has thus far signed 29 CCGs (approximately 1,350 GP practices) to the basic care pathway service. DXS aims to increase this to 32 by April 2015.
With more than 250 CCG's and Health Boards throughout the UK, the potential growth for DXS over the next few years is indeed exciting.
Yours sincerely
David Immelman
CEO
INTERIM RESULTS TO 31st OCTOBER 2014
CONSOLIDATED PROFIT AND LOSS ACCOUNT
for the six month period ended 31st October 2014
| Unaudited 6 Months ended 31st Oct 2014 | Unaudited 6 Months ended 31st Oct 2013 | Audited Year to 30th April 2014 | ||||||||||||
| £ | £ | £ | ||||||||||||
| Turnover | 1,164,476 | 810,580 | 1,815,795 | |||||||||||
| Cost of Sales | (223,576) | (223,979) | (407,675) | |||||||||||
| 940,900 | 586,601 | 1,408,120 | ||||||||||||
| Administrative Expenses | (782,643) | (521,583) | (982,991) | |||||||||||
| Goodwill written off | (14,252) | (14,253) | (28,505) | |||||||||||
| Selling Expenses | (150,468) | - | (220,490) | |||||||||||
| GPSoc Costs | - | - | (59,532) | |||||||||||
| Operating Profit/(loss) | (6,463) | 50,765 | 116,602 | |||||||||||
| Other interest receivable and similar income | 1,073 | 958 | 1,946 | |||||||||||
| Interest payable and similar charges | (16,812) | (28,333) | (41,519) | |||||||||||
| Profit/ (Loss) on Ordinary Activities before taxation | (22,202) | 23,390 | 77,029 | |||||||||||
| Tax on Profit on ordinary activities | 50,000 | 50,000 | 156,335 | |||||||||||
| Profit/ (Loss) for the period | 27,798 | 73,390 | 233,364 | |||||||||||
| Profit/ (Loss) per share | 0.2p | 0.0p | 0.8p | |||||||||||
CONSOLIDATED BALANCE SHEET
as at 31st October 2014
| Unaudited 31st Oct 2014 | Unaudited 31st Oct 2013 | ||||
| £ | £ | ||||
| Fixed Assets | |||||
| Intangible Assets | 2,654,028 | 2,306,456 | |||
| Tangible Assets | 41,810 | 20,419 | |||
| 2,695,838 | 2,326,875 | ||||
| Current assets | |||||
| Debtors | 695,258 | 702,882 | |||
| Cash at bank and in hand | 397,767 | 135,168 | |||
| 1,093,025 | 838,050 | ||||
| Creditors: amounts falling due within one year | (1,468,275) | (1,239,885) | |||
| Net current assets/ liabilities | (375,250) | (401,835) | |||
| Total assets less current liabilities | 2,320,588 | 1,925,040 | |||
| Creditors: amounts falling due after more than one year | (332,526) | (513,416) | |||
| 1,988,062 | 1,411,624 | ||||
| Capital and reserves | |||||
| Called up share capital | 108,518 | 107,695 | |||
| Share Premium account | 1,584,047 | 1,196,204 | |||
| Profit and loss account | 295,497 | 107,725 | |||
| 1,988,062 | 1,411,624 | ||||
The above figures have not been reviewed by the Company's auditors LDP Luckmans.
The Directors of DXS International plc accept responsibility for this announcement.
Contacts:
| David Immelman, CE0 DXS International plc www.dxs-systems.com | 01252 719800 |
| City & Merchant Ltd (Corporate Adviser) David Papworth | 020 7101 7676 |
| MB Communications (Financial PR) | |
| Maxine Barnes | 07860 489571 |
About DXS:
DXS International presents up to date treatment guidelines and recommendations, from Clinical Commissioning Groups and other trusted NHS sources, to doctors, nurses and pharmacists in their workflow and during the patient consultation. This effective clinical decision support ultimately translates to improved healthcare outcomes delivered more cost effectively which should significantly contribute towards the NHS achieving its projected efficiency savings.