Totally plc announces update on trading
The Board of Totally plc, a leading provider of a range of out-of-hospital services to the healthcare sector in the UK, has announced an update on trading for the 12 month period ended 31 March 2019, ahead of the audited final results which are expected to be announced by end of July 2019.
The Board is pleased to report that, for the year ended 31 March 2019, trading across the Group was in line with consensus market expectations. As at 31 March 2019 the Company had cash at bank of c. £7.5m in line with management expectations following satisfaction of anticipated liabilities.
The Group continues to make progress with its stated strategy and, over the course of the 12 month period, has announced in excess of c.£35m of value in new and renewed contracts across its operating subsidiaries. The pipeline remains strong and the Board is also pleased to confirm that in recent weeks its subsidiary businesses have been awarded a number of contract extensions, new business and pilot schemes worth a total of c.£7.7m which include:
c. £5.5m contract extension for the provision of urgent care services in South West London;
c. £1.3m contract extension for the provision of urgent care centres in Sunderland; and
c. £0.9m comprised of various extensions, new business and pilots across subsidiary businesses.
The extensive changes made to processes and procedures at Vocare since the acquisition in 2017 have yielded major improvements, as evidenced by the Care Quality Commission (“CQC”) re-rating services following their inspections. Of the 22 services inspected the CQC ratings in March 2019 and the comparative March 2018 CQC ratings were as follows:
The Board believes Totally is well positioned to take further market share within the integrated urgent care market and other community-based healthcare services. The Directors view the current financial year with confidence, as they continue to maximise synergies across the Group and pursue its stated buy and build strategy.
Wendy Lawrence, CEO of Totally, said: “2018 was a year of integration and improvement as we focused on integrating Vocare into the enlarged Group following its acquisition in October 2017. I am very pleased with the significant progress that has been achieved on this front and the successful results of the extensive changes that have been implemented across all subsidiaries to improve the quality of services, create synergies and reduce costs.
“We now look forward to the year ahead where we intend to continue to deliver high quality services, whilst seizing the opportunities that exist within the integrated urgent care sector, in line with the NHS’ Long Term Plan published in January 2019.”