TIDMOHGR
RNS Number : 2178D
One Health Group PLC
20 June 2023
20 June 2023
One Health Group plc
("One Health" or "OHG" or the "Company")
Results for the year to 31 March 2023
One Health Group plc (AQSE: OHGR), a provider of NHS-funded
medical procedures, is pleased to announce its audited results for
the year ended 31 March 2023.
Financial Highlights
-- Turnover of GBP20.5m (2022: GBP17.5m), an increase of 17%
-- Underlying operating profit GBP1.53m (2022: GBP1.38m), an increase of 11%
-- Underlying earnings per share of 11.29p (2022: 11.13p)
-- Cash at bank as of 31 March 2023 of GBP3.3m (2022: GBP3.6m)
-- Final dividend declared of 4.34p per share, in line with the
Board's stated dividend policy
-- Total dividend paid in respect of the financial year of 6.00p
per share, dividend cover of 1.9 times
Operational Highlights
-- New patient referrals increased by 16% compared to FY 2022
-- Increased demand from Waiting List transfers with new
government initiatives through the NHS underway
-- Surgical activity began in two new geographical locations
-- Outpatient activity expanded into four new locations
-- Attracted eight new Surgical Consultants to the business to support growth
Outlook
All our key metrics are on an upward trajectory, and we are
pleased to have achieved our forecasts for the last financial year.
With the ever-increasing demand, we are confident we can achieve
our future forecasts with organic growth supplemented by our own
surgical capacity when required. We remain a nimble and agile
company to take advantage of the opportunities offered in our part
of the health sector.
It is exciting to be in a sector that has the potential to do so
much good.
For more information, please contact:
One Health Group plc via Square1 Consulting
Oberon Capital - AQSE Corporate Adviser and Broker +44 203 179 5300
Nick Lovering
Mike Seabrook
Adam Pollock
Square1 Consulting +44 207 929 5599
David Bick +44 7831 381201
Chairman's Statement
One Health Group was already an established business, when it
underwent a successful IPO in November 2022 despite a challenging
financial market environment at the time. This has given us the
springboard to achieve our strategic goals in a fast moving and
expanding healthcare market. We now have the capacity to take
advantage of opportunities to aid the NHS in winning its battle to
control elective surgery waiting lists. With a very long list of
people waiting for surgery there is no shortage of patients, and we
believe we have the ability to increase our capacity and
productivity to be a significant partner to the NHS.
We have an ambitious growth strategy expanding from our present
footprint in the North and Midlands of England. This is based on
ever expanding our community surgical clinics in areas of poor
provision. In tandem we continue to attract medical consultants to
the group to help meet the ever-increasing demand. We are able to
expand our surgical operating capacity in partnership with
independent sector hospitals and the NHS. Post IPO we have the
additional option of acquiring or building our own capacity where
required.
We have a very experienced team of non-executive directors who
are able to guide, monitor and advise our excellent management team
in achieving these strategic goals.
One Health Group is asset light, its strength is in the people
who work in the organisation. It would be remiss of me not to
acknowledge the depth of ability and loyalty in all our staff who
managed through the Covid pandemic to emerge with renewed
enthusiasm to achieve our ambitious growth agenda.
CEO's statement
This has been a year of strong post-pandemic recovery, during
which we have widened our support of the NHS, helping to tackle the
record number of NHS patients waiting for much needed care. It is
now a generally accepted principle that the independent sector has
an important part to play, working collaboratively with our NHS
colleagues, in delivering significantly higher levels of activity
to reverse this trend.
One Health's business model is unique. Our national AQP status
in the four specialties we provide, means we can support NHS
patient demands anywhere in England subject to establishing the
operational and clinical governance infrastructure to support
delivery.
During the last financial year One Health delivered high quality
care to almost 12,000 new patients, reducing the pressure on NHS
capacity to focus on more complex, demanding patient needs. Over
the same period, we carried out almost 30,000 consultations, and
6,300 surgical procedures, at no cost to the patient, funded by the
NHS with patient safety paramount in everything we do.
For over 19 years, One Health has become embedded as a
fundamental part of the local NHS supply chain for over 60
commissioners across England. In addition to increased demand
through 'Patient Choice' GP referrals, there has been a notable
increase in requests directly from local NHS trusts to help reduce
their internal waiting lists.
With record demand for NHS care, the patients' right to choose
their care provider through 'Patient Choice' has never been more
important, enabling them to access One Health's high-quality
treatment, quickly and free, with all activity funded by the NHS.
The Government has plans to reinforce this message, educating
patients, to ensure there is a greater understanding of 'Patient
Choice' to ease pressure on the NHS infrastructure.
We continue to extend our community-based network of outreach
clinics, taking the care to the patient and, reducing the need to
travel. In addition, we have sourced significant additional theatre
capacity by widening our network of independent hospital partners,
delivering NHS patients into their facilities, from geographies
outside their target areas. This makes us attractive as a way to
increase utilisation of their private sector infrastructure.
As well as working in collaboration with our hospital partners
to maximise and extend utilisation of their facilities, we continue
to source new capacity in new geographies to support organic
growth. This includes identifying areas with high NHS patient
demand and little or no local surgical provision, where we will
develop new, owned, surgical capacity through acquisition,
partnerships, joint ventures, or new build.
Financial Review
Last year was a year of growth for One Health. Performance has
exceeded market expectations and the company has maintained profit
margins despite a challenging financial climate. Revenue increased
17% to GBP20.5m (2022: GBP17.5m)
This represents a strong recovery following two years of
Covid-19 restrictions placed upon the healthcare sector. During the
year the company benefited from new revenue streams in the form of
waiting list transfers and assisting the NHS with the elective
recovery plan following Covid-19.
Gross profit for the year was GBP3.6m (2022: GBP3.5m) with a
gross profit margin of 18% (2022: 20%), both exceeding market
expectations, while Adjusted EBITDA was GBP1.53m (2022: GBP1.38m)
representing an 11% increase on the previous year and ahead of
market expectations.
Reconciliation of Underlying 31.03.23 31.03.22
EBITDA
Reported Profit for the year 60,303 1,160,018
Adjust for:
Depreciation 52,624 35,386
Interest 77,998 (32,938)
Taxation 19,842 229,702
Statutory EBITDA 210,767 1,392,168
================== ==================
Adjust for exceptional non-operating
items:
IPO related and other one-off
costs 790,556 -
Costs relating to share options 360,443 272,133
Loss on revaluation of investment
property 170,620 -
Provision release in relation
to prior years - (288,000)
Adjusted EBITDA 1,532,386 1,376,301
================== ==================
Adjusted earnings per share was 11.29p (2022: 11.13p). During
the year 510,093 shares were issued mainly in relation to the
exercise of share options. Net assets at the year-end were GBP5.7m
(2022: GBP5.4m) of which GBP3.3m was cash (2022: GBP3.7m).
An interim dividend of 1.66p per share has been paid and a final
dividend of 4.64p has been declared.
This cash position enables the company to adopt a progressive
dividend policy and also means the company can invest in its future
growth and development of surgical hubs.
About One Health Group
One Health engages over 100 NHS Consultants who sub-specialise
in the various surgeries offered by the Company, through a growing
network of community-based outreach clinics and surgical operating
locations. One Health provides services to over 10,000 new patients
every year, using surgeons and anaesthetists on a consultancy basis
that are mostly employed by the NHS. It currently works with over
100 medical professionals across seven hospitals and approximately
30 CQC registered outreach clinics.
One Health's activities are focused on areas where the patient
needs are under-supplied by the local NHS service as well as
locations where population density is relatively high, and the
level of private medical insurance is relatively low. One Health
has also sought to expand geographically from its Head Office in
Sheffield into neighbouring counties, which meet the required
criteria. Currently, the Company's activities are focused in
Yorkshire, Lincolnshire, Derbyshire, Nottinghamshire and
Leicestershire.
One Health's business model has focused to date on four main
areas: being Spine, Orthopaedics, General Surgery and Gynaecology.
The split of inpatient procedures in the year to 31 March 2023 was
as follows: Spine 15% Orthopaedics 60% General Surgery 15%
Gynaecology 10%.
Spine and orthopaedics are particularly attractive areas for One
Health as the Directors believe that they benefit from powerful
growth drivers in terms of an ageing demographic, physical
inactivity and an increasing proportion of the population being
categorised as obese. Within orthopaedics, the most common
surgeries performed by One Health are knee and hip replacements
One Health Group Plc
Consolidated Statement of Comprehensive Income
for the Year Ended 31 March 2023
31.3.23 31.3.22
GBP GBP GBP GBP
TURNOVER 20,501,807 17,515,441
Cost of sales 16,865,547 13,935,050
GROSS PROFIT 3,636,260 3,580,391
Administrative expenses 3,411,706 2,299,500
224,554 1,280,891
Other operating income 104,209 75,891
OPERATING PROFIT 328,763 1,356,782
Income from fixed asset investments - (38,949)
Interest receivable and similar
income 18,909 452
18,909 (38,497)
347,672 1,318,285
Gain/loss on revaluation of investment
property (170,620) -
177,052 1,318,285
Interest payable and similar
expenses 96,907 (71,435)
PROFIT BEFORE TAXATION 80,145 1,389,720
Tax on profit 19,842 229,702
PROFIT FOR THE FINANCIAL YEAR 60,303 1,160,018
OTHER COMPREHENSIVE INCOME
Revaluation of freehold property 260,452 -
Deferred tax on revaluation (65,113) -
Income tax relating to components
of other comprehensive income - -
OTHER COMPREHENSIVE INCOME
FOR THE YEAR, NET OF INCOME
TAX 195,339 -
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR 255,642 1,160,018
Profit attributable to:
Owners of the parent 60,303 1,160,018
Total comprehensive income attributable to:
Owners of the parent 255,642 1,160,018
Earnings per share expressed in pence per share:
Basic 2.30 11.60
Diluted 2.22 10.53
Underlying 11.29 11.13
One Health Group Plc
Consolidated Balance Sheet
31 March 2023
31.3.23 31.3.22
GBP GBP GBP GBP
FIXED ASSETS
Tangible assets 1,346,897 1,116,289
Investment property 1,691,285 1,861,905
3,038,182 2,978,194
CURRENT ASSETS
Debtors 4,326,079 4,177,462
Cash at bank and in hand 3,284,548 3,684,980
7,610,627 7,862,442
CREDITORS
Amounts falling due within
one year 3,833,191 4,322,467
NET CURRENT ASSETS 3,777,436 3,539,975
TOTAL ASSETS LESS CURRENT LIABILITIES 6,815,618 6,518,169
CREDITORS
Amounts falling due after
more than one year (1,071,122) (1,085,431)
PROVISIONS FOR LIABILITIES (59,794) (21,764)
NET ASSETS 5,684,702 5,410,974
CAPITAL AND RESERVES
Called up share capital 52,551 10,000
Share premium 365,448 -
Revaluation reserve 278,554 83,215
Share option reserve 242,658 305,293
Retained earnings 4,745,492 5,012,466
SHAREHOLDERS' FUNDS 5,684,702 5,410,974
One Health Group Plc
Consolidated Statement of Changes in Equity
for the Year Ended 31 March 2023
Called up
share Retained Share
capital earnings premium
GBP GBP GBP
Balance at 1 April 2021 10,000 3,852,448 -
Changes in equity
Total comprehensive income - 1,160,018 -
Balance at 31 March 2022 10,000 5,012,466 -
Changes in equity
Increase in share capital 42,551 (40,000) 365,448
Share option charge - - -
Dividends - (710,355) -
Transfer to/from retained earnings 423,078 -
Total comprehensive income 60,303
Balance at 31 March 2023 52,551 4,745,492 365,448
Share
Revaluation option Total
reserve reserve equity
GBP GBP GBP
Balance at 1 April 2021 83,215 26,860 3,972,523
Changes in equity
Total comprehensive income - - 1,160,018
Share option charge 278,433 278,433
Balance at 31 March 2022 83,215 305,293 5,410,974
Changes in equity
Increase in share capital - - 367,999
Share option charge - 360,443 360,443
Dividends - - (710,355)
Transfer to/from retained earnings - (423,708) -
Total comprehensive income 195,339 - 255,642
Balance at 31 March 2023 278,554 242,658 5,684,703
One Health Group Plc
Notes to the Consolidated Cash Flow Statement
for the Year Ended 31 March 2023
1. RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED
FROM OPERATIONS
31.3.23 31.3.22
GBP GBP
Profit before taxation 80,145 1,389,720
Depreciation charges 52,624 29,654
Loss on disposal of fixed assets - 5,731
Gain on revaluation of fixed assets 170,620 -
Share option provision 360,443 272,133
Finance costs 96,907 (71,435)
Finance income (18,909) 38,497
741,830 1,664,300
(Increase)/decrease in trade and other debtors (173,853)
441,496
(Decrease)/increase in trade and other creditors (358,614)
1,427,988
Cash generated from operations 209,363 3,533,784
2. CASH AND CASH EQUIVALENTS
The amounts disclosed on the Cash Flow Statement in respect of
cash and cash equivalents are in respect of these Balance Sheet
amounts:
Year ended 31 March 2023
31.3.23 1.4.22
GBP GBP
Cash and cash equivalents 3,284,548 3,684,980
Year ended 31 March 2022
31.3.22 1.4.21
GBP GBP
Cash and cash equivalents 3,684,980 1,706,032
3. ANALYSIS OF CHANGES IN NET FUNDS
At 1.4.22 Cash flow At 31.3.23
GBP GBP GBP
Net cash
Cash at bank and in hand 3,684,980 (400,432) 3,284,548
3,684,980 (400,432) 3,284,548
Debt
Debts falling due within 1 year (14,310) - (14,310)
Debts falling due after 1 year (1,085,431) 14,309
(1,071,122)
(1,099,741) 14,309 (1,085,432)
Total 2,585,239 (386,123) 2,199,116
Notes to the Consolidated Financial Statements
for the Year Ended 31 March 2023
1. STATUTORY INFORMATION
One Health Group Plc is a public company, registered in England
and Wales. The company's registered number and registered office
address can be found on the General Information page.
2. ACCOUNTING POLICIES
Basis of preparing the financial statements
These financial statements have been prepared in accordance with
Financial Reporting Standard 102 "The Financial Reporting Standard
applicable in the UK and Republic of Ireland" and the Companies Act
2006. The financial statements have been prepared under the
historical cost convention as modified by the revaluation of
certain assets.
The financial statements have been prepared on a going concern
basis. The Directors have reviewed and considered relevant
information, including the annual budget and future cash flows in
making their assessment. The Directors have tested their cash flow
analysis to take into account the impact on their business of
possible scenarios, alongside the measures that they can take to
mitigate the impact of possible scenarios. Based on these
assessments, given the measures that could be undertaken to
mitigate the current adverse conditions, and the current resources
available, the Directors have concluded that they can continue to
adopt the going concern basis in preparing the annual report and
accounts.
The accounts are presented in Sterling currency and rounded to
the nearest pound.
Financial Reporting Standard 102 - reduced disclosure
exemptions
The group has taken advantage of the exemption from disclosing
the company key management personnel compensation, as required by
FRS 102 paragraph 33.7.
Basis of consolidation
The group consolidated financial statements include the
financial statements of the company and all of its subsidiary
undertakings, together with the group's share of the results of
associates made up to 31 March 2023.
A subsidiary is an entity controlled by the group. Control is
the power to govern the financial and operating policies of an
entity so as to obtain benefits from its activities. Where the
group owns less than 50% of the voting powers of an entity but
controls the entity by virtue of an agreement with other investors
which give it control of the financial and operating policies of
the entity, it accounts for that entity as a subsidiary.
Where a subsidiary has different accounting policies to the
group, adjustments are made to those subsidiary financial
statements to apply the group's accounting policies when preparing
the consolidated financial statements.
Any subsidiary undertakings or associates sold or acquired
during the year are included up to, or from, the dates of change of
control or change of significant influence respectively.
All intra-group transactions, balances, income and expenses are
eliminated on consolidation. Adjustments are made to eliminate the
profit or loss arising on transactions with associates to the
extent of the group's interest in the entity.
Significant judgements and estimates
In preparing the financial statements it is necessary to make
certain judgements, estimates and assumptions that affect the
amounts recognised in the financial statements. These assumptions
are reassessed annually as part of the accounts preparation
process.
The critical judgments that the directors have made in the
process of applying the Group's accounting policies that have the
most significant effect on the statutory financial statements are
discussed below.
(i) Assessing indicators of impairment
In assessing whether there have been any indicators of
impairment assets, the directors have considered both external and
internal sources of information such as market conditions,
counterparty credit ratings and experience of recoverability. There
have been no indicators of impairments identified during the
current financial year.
Key sources of estimation uncertainty
(i) Determining useful economic lives of tangible fixed
assets
The Group depreciates tangible fixed assets over their estimated
useful lives. The estimation of the useful lives of assets is based
on historic performance as well as expectations about future use
and therefore requires estimates and assumptions to be applied by
management. The actual lives of these assets can vary depending on
variety of factors, including technological innovation, product
life cycles and maintenance programmes.
The judgment is applied by management when determining the
residual values for tangible fixed assets. When determining the
residual value management aim to assess the amount that the Group
would currently obtain for the disposal of the asset, if it were
already of the condition expected at the end of its useful life.
Where possible this is done with reference to external market
prices.
(ii) Recoverability of debtors
The Group establishes a provision for debtors that are estimated
not to be recoverable. When assessing recoverability, the directors
have considered factors such as the ageing of debtors, past
experience of recoverability and the credit profile of individual
or groups of customers.
(iii) Valuation of property
The freehold and investment property are subject to revaluations
carried out on a regular basis. The split between properties is
based on square footage of the properties. Four valuations are
provided depending upon the varying occupancy options, and the
average of the two most realistic scenarios is used for the
revaluation exercise.
Turnover
Turnover consists of the provision of medical and clinical
services, sale of medical implants, and recharge of direct costs
incurred. Turnover is recognised when the procedure of consultation
has taken place. All turnover is generated in the United
Kingdom.
Dividend income is recognised when the right to receive payment
is established.
Tangible fixed assets
Tangible assets are started at cost less accumulated
depreciation and accumulated impairment losses. Depreciation on
other assets is provided at the following annual rates in order to
write off the cost, less estimated residual value of each asset
over its estimated useful life.
Freehold property -2% straight line
Long leasehold -10% straight line
Plant and machinery - 15% straight line
Fixtures and fittings - 10% straight line
Computer equipment - 25% straight line
The assets' residual values. useful lives and depreciation
methods are reviewed, if appropriate at the end of each reporting
period. The effect of any change is accounted for
prospectively.
Investment property
Investment property is shown at most recent valuation. Any
aggregate surplus or deficit arising from changes in fair value is
recognised in the Consolidated Income Statement.
Investment in a subsidiary company
Investment in subsidiary company is held at cost less
accumulated impairment losses.
Financial instruments
The Group has elected to apply the provisions of Section 11
'Basic Financial Instruments' and Section 12 'Other Financial
Instruments Issues' of FRS 102 to all of its financial
instruments.
Basic financial assets, including trade and other receivables,
cash and bank balances and investments in commercial paper, are
initially recognised at transaction price, unless the arrangement
constitutes a financing transaction, where the transaction is
measured at the present value of the future receipts discounted at
a market rate of interest. Such assets are subsequently carried at
amortised cost using the effective interest method.
At the end of each reporting period financial assets measured at
amortised cost are assessed for objective evidence of impairment.
If an asset is impaired the impairment loss is the difference
between the carrying amount and the present value of the estimated
cash flows discounted at the asset's original effective interest
rate. The impairment loss is recognised in profit or loss.
If there is a decrease in the impairment loss arising from an
event occurring after the impairment was recognised, the impairment
is reversed. The reversal is such that the current carrying amount
does not exceed what the carrying amount would have been had the
impairment not previously been recognised. The impairment reversal
is recognised in profit or loss.
Financial assets are derecognised when (a) the contractual
rights to the cash flows from the asset expire or are settled or
(b) substantially all the risks and rewards of the ownership of the
asset are transferred to another party or (c) control of the asset
has been transferred to another party who has the practical ability
to unilaterally sell the asset to an unrelated third party without
imposing additional restrictions.
Basic financial liabilities, including trade and other payables,
bank loans, loans from fellow group companies and preference shares
that are classified as debt, are initially recognised at
transaction price, unless the arrangement constitutes a financing
transaction, where the debt instrument is measured at the present
value of the future receipts discounted at a market rate of
interest. Debt instruments are subsequently carried at amortised
cost, using the effective interest rate method.
Fees paid on the establishment of loan facilities are recognised
as transaction costs of the loan to the extent that it is probable
that some or all of the facility will be drawn down. In this case,
the fee is deferred until the draw-down occurs. To the extent there
is no evidence that it is probable that some or all of the facility
will be drawn down, the fee is capitalised as a pre-payment for
liquidity services and amortised over the period of the facility to
which it relates.
Trade payables are obligations to pay for goods or services that
have been acquired in the ordinary course of business from
suppliers. Accounts payable are classified as current liabilities
if payment is due within one year or less. If not, they are
presented as non-current liabilities. Trade payables are recognised
initially at transaction price and subsequently measured at
amortised cost using the effective interest method.
Financial liabilities are derecognised when the liability is
extinguished, that is when the contractual obligation is
discharged, cancelled or expires.
Cash and cash equivalents
Cash and cash equivalents include cash in hand, deposits held at
call with banks, other short-term highly liquid investments with
original maturities of three months or less and bank overdrafts.
Bank overdrafts are shown within borrowings in current
liabilities.
Distributions to equity holders
Dividends and other distributions to company's shareholders are
recognised as a liability in the financial statements in the period
in which the dividends and other distributions are approved by the
company's directors. These amounts are recognised in the statement
of changes in equity.
Related party transactions
The company discloses transactions with related parties which
are not wholly owned with the same group. It does not disclose
transactions with its parent or with members of the same group that
are wholly owned
Taxation
Taxation for the year comprises current and deferred tax. Tax is
recognised in the Consolidated Statement of Comprehensive Income,
except to the extent that it relates to items recognised in other
comprehensive income or directly in equity.
Current or deferred taxation assets and liabilities are not
discounted.
Current tax is recognised at the amount of tax payable using the
tax rates and laws that have been enacted or substantively enacted
by the balance sheet date.
Deferred tax
Deferred tax is recognised in respect of all timing differences
that have originated but not reversed at the balance sheet
date.
Timing differences arise from the inclusion of income and
expenses in tax assessments in periods different from those in
which they are recognised in financial statements. Deferred tax is
measured using tax rates and laws that have been enacted or
substantively enacted by the year end and that are expected to
apply to the reversal of the timing difference.
Unrelieved tax losses and other deferred tax assets are
recognised only to the extent that it is probable that they will be
recovered against the reversal of deferred tax liabilities or other
future taxable profits.
Hire purchase and leasing commitments
Rentals paid under operating leases are charged to the
Consolidated Income Statement on a straight line basis over the
period of the lease.
Pension costs and other post-retirement benefits
The group operates a defined contribution pension scheme.
Contributions payable to the group's pension scheme are charged to
the Consolidated Income Statement in the period to which they
relate.
Employee benefits
The group provides a range of benefits to employees, including
annual bonus arrangements, paid holiday arrangements and defined
benefit and defined contribution pension plans.
Short term benefits, including holiday pay and other similar
non-monetary benefits, are recognised as an expense in the period
in which the service is received.
The group operates a number of country-specific defined
contribution plans for its employees. A defined contribution plan
is a pension plan under which the group pays fixed contributions
into a separate entity. Once the contributions have been paid the
group has no further payment obligations. The contributions are
recognised as an expense when they are due. Amounts not paid are
shown in accruals in the balance sheet. The assets of the plan are
held separately from the group in independently administered
funds.
The group operates a number of annual bonus plans for employees.
An expense is recognised in the profit and loss account when the
group has a legal or constructive obligation to make payments under
the plans as a result of past events and a reliable estimate of the
obligation can be made.
The group provides share-based payment arrangements to certain
employees. Equity-settled arrangements are measured at fair value
(excluding the effect of non- market based vesting conditions) at
the date of the grant. The fair value is expensed on a
straight-line basis over the vesting period. The amount recognised
as an expense is adjusted to reflect the actual number of shares or
options that will vest.
Where equity-settled arrangements are modified, and are of
benefit to the employee, the incremental fair value is recognised
over the period from the date of modification to date of vesting.
Where a modification is not beneficial to the employee there is no
change to the charge for share-based payment. Settlements and
cancellations are treated as an acceleration of vesting and the
unvested amount is recognised immediately in the income
statement.
3. CRITICAL ACCOUNTING JUDGEMENTS AND KEY SOURCES OF ESTIMATION UNCERTAINTY
Estimates and judgements are continually evaluated and are based
on historical experience and other factors, including expectations
of future events that are believed to be reasonable under the
circumstances.
4. TURNOVER
The turnover and profit before taxation are attributable to the
principal activities of the group.
An analysis of turnover by class of business is given below:
31.3.23 31.3.22
GBP GBP
Provision of medical services 18,659,473 16,139,406
Direct costs recharged 1,156,656 718,084
Sale of medical implants 436,183 439,225
Clinical services income 249,495 218,726
20,501,807 17,515,441
An analysis of turnover by geographical market is given
below:
31.3.23 31.3.22
GBP GBP
United Kingdom 20,501,807 17,515,441
20,501,807 17,515,441
5. EARNINGS PER SHARE
Basic earnings per share is calculated by dividing the earnings
attributable to ordinary shareholders by the weighted average
number of ordinary shares outstanding during the period.
Diluted earnings per share is calculated using the weighted
average number of shares adjusted to assume the conversion of all
dilutive potential ordinary shares.
Reconciliations are set out below.
Earnings per share 31.03.23 31.03.22
Basic EPS GBP GBP
Reported Earnings 60,303 1,160,018
Weighted average number of shares 10,053,619 10,000,000
Earnings per share (pence) 0.60 11.60
========================== ======================
Fully Diluted EPS GBP GBP
Reported Earnings 60,303 1,160,018
Weighted average number of shares 10,417,424 11,019,990
Earnings per share (pence) 0.58 10.53
========================== ======================
Underlying EPS GBP GBP
Adjusted EBITDA 1,532,386 1,376,301
Depreciation (52,624) (35,386)
Interest (77,998) 32,938
Underlying profit before taxation 1,401,764 1,373,853
Taxation (266,335) (261,032)
Underlying earnings 1,135,429 1,112,821
--------------------------------------- -------------------------- ----------------------
Weighted average number of shares 10,053,619 10,000,000
Underlying Earnings per share (pence) 11.29 11.13
========================== ======================
6. DIVIDS
The total distribution of dividends for the year ended 31 March
2023 was GBP710,355 (2022; GBPnil)
Total dividend paid in respect of the financial year of 6.00p
per share.
7. TANGIBLE FIXED ASSETS
TANGIBLE FIXED
ASSETS
Group
Freehold Long Plant Fixtures Computer
Property leasehold and machinery and fittings equipment Total
GBP GBP GBP GBP GBP GBP
COST OR
VALUTAION
At 1 April
2022 732,842 137,509 50,172 109,837 134,946 1,165,306
Additions - 12,500 - - 11,340 23,840
Disposals - - - (13,240) (6,492) (19,732)
Revaluations 260,452 - - - - 260,452
----------------- ----------------- ----------------- ----------------- ----------------- --------------
At 31 March
2023 993,294 150,009 50,172 96,597 139,794 1,429,866
----------------- ----------------- ----------------- ----------------- ----------------- --------------
DEPRECIATION
At 1 April
2022 - 2,292 8,665 13,789 24,271 49,017
Charge for
year - 14,792 6,208 9,660 21,963 52,623
Eliminated on
disposal - - - (12,179) (6,492) (18,671)
----------------- ----------------- ----------------- ----------------- ----------------- --------------
At 31 March
2023 - 17,084 14,873 11,270 39,742 82,969
----------------- ----------------- ----------------- ----------------- ----------------- --------------
NET BOOK
VALUE
At 31 March
2023 993,294 132,925 35,299 85,327 100,052 1,346,897
================= ================= ================= ================= ================= ==============
At 31 March
2022 732,842 135,217 41,507 96,048 110,675 1,116,289
================= ================= ================= ================= ================= ==============
Group
Cost or valuation at 31 March 2023 is represented
by:
Freehold Long Plant Fixtures Computer
Property leasehold and machinery and fittings equipment Total
GBP GBP GBP GBP GBP GBP
Valuation in
2023 260,452 - - - - 260,452
Cost 732,842 150,009 50,172 96,597 139,794 1,169,414
----------------- ----------------- ----------------- ----------------- ----------------- --------------
993,294 150,009 50,172 96,597 139,794 1,429,866
================= ================= ================= ================= ================= ==============
The 31 March 2023 Valuations were carried out by Eddison's,
Chartered Surveyors.
8. INVESTMENT PROPERTY
Group
Total
GBP
FAIR VALUE
At 1 April 2022 1,861,905
Revaluations (170,620)
At 31 March 2023 1,691,285
NET BOOK VALUE
At 31 March 2023 1,691,285
At 31 March 2022 1,861,905
Investment Property relates to a 100% share in residential
properties on the site.
Fair value at 31 March 2023 is represented by:
GBP
Valuation in 2021 83,215
Valuation in 2023 (170,620)
Cost 1,778,690
1,691,285
The 31 March 2023 valuations were carried out by Eddison's,
Chartered Surveyors.
9. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
Group
31.03.23 31.03.23
GBP GBP
Trade debtors 4,087,365 2,798,338
Amounts owed by participating interests 170,808 1,301,060
VAT - -
Prepayments 67,906 78,064
---------- ----------
4,326,079 4,177,462
========== ==========
Trade debtors are stated after a bad debt provision of GBP51,000
(2022: GBP51,000).
Amounts owed by group undertakings are unsecured, interest free,
and have no fixed date of repayment, and are repayable on
demand.
10. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
Group
31.03.23 31.03.23
GBP GBP
Bank loans and overdrafts (see note 19) 14,310 14,310
Trade creditors 885,985 915,303
Amounts owed to group undertakings - -
Tax 46,925 152,353
Social security and other taxes 41,827 36,616
VAT 8,755 4,781
Other creditors 369,553 170,606
LLP Member accounts 63,262 194,916
Accruals and deferred income 2,402,574 2,833,582
3,833,191 4,322,467
========== ==========
LLP member accounts refers to the Capital and Current Account
balances due to members and associates of the LLP's as at 31 March
2023.
Amounts owed by group undertakings are unsecured, interest free,
and have no fixed date of repayment, and are repayable on
demand.
11. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
Group
31.03.23 31.03.23
GBP GBP
Bank loans (see note 13) 1,071,122 1,085,431
========== ==========
12. LOANS
An analysis of the maturity of loans is given below:
Group
31.3.23 31.3.22
GBP GBP
Amounts falling due within one year or on demand:
Bank loans 14,310 14,310
Amounts falling due between one and two years:
Bank loans - 1-2 years 1,071,122 14,806
Amounts falling due between two and five years:
Bank loans - 2-5 years - 1,070,625
The loan is subject to a charge dated 28 May 2021 between the
company and Handelsbanken plc.
The loan is for the purpose of purchasing the commercial and
residential property and has a repayment date of 28 August 2024.
Interest is charged at 2.75% above BEBR.
13. LEASING AGREEMENTS
Minimum lease payments fall due as follows:
Group
Non-cancellable operating leases
31.3.23 31.3.22
GBP GBP
Within one year 17,031 32,372
14. SECURED DEBTS
The following secured debts are included within creditors:
Group
31.3.23 31.3.22
GBP GBP
Bank loans 1,085,432 1,099,741
The loan is subject to a charge dated 28 May 2021 between the
company and Handelsbanken plc.
The loan is for the purpose of purchasing the commercial and
residential property, and has a repayment date of 28 August 2024.
Interest is charged at 2.75% above BEBR.
15. FINANCIAL INSTRUMENTS
Financial assets and liabilities are measured at fair value or
amortised cost, and are referred to in the notes relating to
debtors and creditors.
16. PROVISIONS FOR LIABILITIES
Group Company
31.3.23 31.3.22
GBP GBP
Deferred tax
Accelerated capital allowances 77,196 63,958
Property Revaluation 43,262 15,811
Deferred tax on share options (60,664) (58,005)
59,794 21,764
Group
Deferred
tax
GBP
Balance at 1 April 2022 21,764
Accelerated capital allowances (5,289)
Property revaluation 17,068
Share option reserve 11,901
CT rate change uplift 14,350
Balance at 31 March 2023 59,794
17. CALLED UP SHARE CAPITAL
Allotted, issued and fully paid:
Number: Class: Nominal 31.3.23 31.3.22
value: GBP GBP
10,510,093 Ordinary GBP0.00 5 52,551 10,000
510,093 Ordinary shares of GBP0.005 each were allotted as fully
paid at a premium of 140p per share during the year.
The share capital was subdivided from GBP0.001 ordinary shares
to GBP0.005 ordinary shares on 24 October 2022. GBP40,000 of
reserves were transferred to share capital in October 2022 and a
further GBP2,551 of share capital was issued during the year.
18. RESERVES
Retained earnings
The retained earnings account includes all current year and
prior year profits earnt.
Share option reserve
The share option reserve includes the cumulative charge
recognised for share based payments, less any credits for options
that have been excised or cancelled.
Share premium
Share premium account represents the excess of the issue price
over the nominal value of shares issued.
Revaluation reserve
The revaluation reserve represents the fair value gains
recognised in respect of the Group's freehold and investment
property portfolio.
19. SHARE-BASED PAYMENT TRANSACTIONS
The group operates two share-based payment schemes for its
employees and consultants; one approved EMI scheme to employees and
one unapproved scheme to consultants.
A) Employee share option scheme
Employees were are granted share options in the company as part
of the employee share scheme. The options are granted with a fixed
exercise price, are exercisable two years after the date of grant
and expire ten years after the date of grant.
Employees are not entitled to dividends until the shares are
exercised. Employees are required to remain in employment with the
group until exercise, otherwise the awards lapse. On exercise of
the options by the employees, the group issues equity shares
previously held as treasury shares by the Employee Benefit
Trust.
B) Unapproved share option scheme
In addition to the employee share option scheme, certain
consultants participate in being offered share options in the
unapproved scheme. The options are granted with a fixed exercise
price, are exercisable two years after the date of grant and expire
ten years after the date of grant.
Consultants are not entitled to dividends until the shares are
exercised. Vesting of the options is subject to continued
involvement with the group.
On exercise of the options by the consultants, the group issues
new equity shares.
All schemes
A reconciliation of share option movements over the year to 31
March 2023 is shown below:
2023 2022
Exercise Exercise
No Price No Price
Outstanding at 1
April 1,019,990 66.67p 1,055,000 66.67p
Exercised (634,300) (66.67p) - -
Forfeited (21,885) (66.67p) (35,010) (66.67p)
Outstanding at
31 March 363,805 66.67p 1,019,990 66.67p
All the options vested in February 2023, and the charge for the
year was GBP360,443 (2022: GBP272,133).
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END
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