DXS International plc : Half-yearly report

DXS INTERNATIONAL PLC

INTERIM RESULTS

The Board of DXS International Plc ("DXS" or the "Company"), the ISDX quoted developer and supplier of clinical decision support systems to Clinical Commissioning Groups, GPs, doctors and healthcare professionals, is pleased to announce its Interim Results for the 6 months ended 31 October 2015.

HIGHLIGHTS:

Revenues increased by 31% to £1.52m (2014 £1.16m)
Profit increased by £92,000 to £54,000 (2014 Loss £38,000)
Earnings per share increased to 0.2p (2014 Loss 0.1p) per share
Current run rate is £3.4m p.a. - an increase of 25% on year ending April 2015
DXS has now signed 37 CCGs

The six months results reflect the team's efforts to produce positive results and has seen the Company extending its reach into the UK primary care market. We now have 37 CCG clients which is an increase of 8 from the same period in 2014. We have a strong forward looking pipeline as we continue with our program of aggressive sales and marketing to the sector, underpinned by a high quality of service delivery.

The significant increase in staff and systems required to comply with the NHS conditions of GPSoc has now tapered off and the Board expects future cost increases will be required only for servicing increases in client numbers and new projects. The Company's trading is cashflow positive and comfortably within its facility limits.

As the NHS continues to seek ways of curbing ever increasing costs - for example in 2017 it is estimated that an additional one million UK residents will fall into the 70+ age category - DXS is strategically positioned to capitalise on the emerging and innovative cost saving and care improvement initiatives within the UK.

We look forward to reporting on our further progress in due course.

David Immelman
CEO

INTERIM RESULTS TO 31^st OCTOBER 2015

CONSOLIDATED PROFIT AND LOSS ACCOUNT

for the six month period ended 31^st October 2015

	Unaudited Group 6 Months ended 31st Oct 2015		Restated Unaudited 6 Months ended 31st Oct 2014		Audited Year to 30th April 2015
		£		£		£
Turnover	1,521,081		1,164,476		2,723,762
Cost of Sales	(222,008)		(223,576)		(461,608)
	_________		_________		_________
	1,299,073		940,900		2,262,154
Administrative Expenses	(1,140,076)		(782,643)		(2,149,982)
Goodwill written off	nil		nil
Selling Expenses	(155,350)		(150,468)
Provision for costs of share option scheme	(27,000)		(70,000)		(108,580)
	_________		_________		_________
Operating Profit/(Loss)	(23,353)		(62,211)		3,592
Other interest receivable and similar income	1,184		1,073		2,170
Interest payable and similar charges	(16,378)		(16,812)		(35,477)
	_________		_________		_________
Profit/(Loss) on Ordinary Activities before taxation	(38,547)		(77,950)		(29,715)
Taxation on ordinary activities	92,974		50,000		272,290
	_________		_________		_________
Profit/ (Loss) for the period	54,427		(27,950)		242,575
	=========		=========		=========
Profit/ (Loss) per share
basic	0.2p		(0.1)p		0.7p
fully diluted	0.1p		(0.1)p		0.6p
	=========		=========		=========

Notes:	the 2015 figures have been adjusted for the effect of FRS 102 which will be applicable to the accounts for the year ending 30th April 2016, and for the grant of options to management which took place in the second half of 2015. The balance sheet has also been restated for these effects to allow for comparability.
	All amounts relate to continuing activities.
	All recognised gains and losses are included in the profit and loss account.

CONSOLIDATED BALANCE SHEET

as at 31^st October 2015

	Unaudited Group 31st Oct 2015		Restated Unaudited Group 31st Oct 201		Restated Audited Group 30^th April 2014
		£		£		£
Fixed Assets
Intangible Assets	2,525,596		2,654,028		2,461,732
Tangible Assets	16,232		41,810		22,132
	_________		_________		_________
	2,541,828		2,695838		2,483,864
	_________		_________		_________
Current assets
Debtors
Amounts due in less than one year	1,307,737		606,007		1,068,112
Amounts due in more than one year	80,254		89,251		85,842
Cash at bank and in hand	307,671		397,767		480,928
	_________		_________		_________
	1,695,662		1,093,025		1,634,882
Creditors: amounts falling due within one year	(2,063,792)		(1,468,275)		(1,942,841)
	_________		_________		_________
Net current liabilities	(368,130)		(375,250)		(307,959)
	_________		_________		_________

Total assets less current liabilities	2,173,698		2,320,588		2,175,905
Creditors: amounts falling due after more than one year	(158,494)		(332,526)		(242,128)
	_________		_________		_________
	2,015,204		1,988,062		1,933,777
	=========		=========		=========
Capital and reserves
Called up share capital	108,592		108,518		108,592
Share Premium account	1,591,709		1,584,047		1,591,709
Provision for costs of share option awards	135,580		70,000		108,580
Profit and loss account	179,323		225,497		124,896
	_________		_________		_________
	2,015,204		1,988,062		1,933,777
	=========		=========		=========

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	01252 719800
DXS International Plc
www.dxs-systems.com

Corporate Adviser
City & Merchant Ltd
David Papworth	020 7101 7676

MB Communications
Maxine Barnes	07860489571

Notes to Editors

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.