Confident performance from EMIS

14/09/2010

EMIS Group, which supplies software to GP practices, today said it believed its service could blossom despite public sector cutbacks after announcing positive half year results today.

The Leeds-based group said that revenues were up to £29m in the six months to June 30 from £28.9m in the first half of 2009 and reported a recurring revenue of 81% from 74% in the first half of last year.

Earnings before interest, tax, depreciation and amortisation was flat at £8.8m.

EMIS said that its successful admission to AIM raised £50m gross and positioned it as the UK’s leading GP software market leader with 53.8% market share.

Market share in Scotland increased from 12.7% to 46.9%, EMIS said.

EBITDA (earnings before interest, tax, non operating exceptional items and amortisation) was unchanged at £8.8m.

Earnings per share increased by 7.1% to 7.89p from 7.37p in the first half of last year.

Chief executive Sean Riddell said: "Following our successful IPO, we have delivered on our key promises, namely the successful accreditation of EMIS Web, ahead of schedule, the significant increase in our market share in Scotland, the delivery on interoperability through the joint venture with INPS and the bolt-on acquisition of Rx Systems.

"We are now commencing the controlled roll-out of EMIS Web, working with GPs and commissioning groups to deliver on the requirements set out in the recent Government White Paper on the NHS.“

He added: “Our main priority is to build on the foundations we have put in place to increase the scale of the roll-out of EMIS Web. We are already seeing a high level of intent from customers to upgrade to our transformational, next generation system.

"Despite the cut backs being seen within the NHS, we are confident we can help healthcare professionals to deliver more for less."

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