REG - Totally PLC - Trading Update

TotallyAnnouncement

07/05/2024 07:00

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RNS Number : 2260N  Totally PLC  07 May 2024

 

 

Totally plc

 ("Totally", "the Company" or "the Group")

 

Trading Update for 12 months ending 31 March 2024

 

The Board of Totally plc (AIM: TLY), a leading provider of frontline
healthcare services, corporate fitness and wellbeing services across
the UK and Ireland, today announces an update on trading for the 12 months
ended 31 March 2024 ("FY24").

 

Totally is pleased to report improved performance, against a tough operational
backdrop. This follows a review by the Board of its structures, systems and
processes to ensure it remains focused on growth and the provision of support
to its commissioners when required.

 

Totally anticipates, subject to audit, reporting revenue for the period of
£106 million (FY23: £135.7 million). The Group anticipates reporting
EBITDA(1) for the full year of c. £2.3 million (H1 24: £1.1 million). At
year end, the Company had gross cash of £2.3 million (30 September 2023:
£1.7 million).  The Group was cash positive during the H2 period, while net
debt remains unchanged from the interim period end. The Company continues to
have headroom on all bank covenants.

 

Whilst continuing to deliver quality services across the UK, the Group in FY24
has executed internal restructuring to right size the organisation in a
difficult operating environment. Actions during the second half of FY24
delivered further reductions in overhead costs leading to a full year
reduction in FY24 of £2.2 million and annualised savings of c.£3.5 million.
FY24 exceptional costs incurred to achieve these cost savings are forecast to
be £0.8 million.

 

The Totally management team is working closely with commissioners to support
them as they face the same service challenges seen across the sector. The
Company's long-term vision and purpose remain, to provide capacity and
expertise to support improved access and quality care to patients.  Our
operational teams remain committed to delivering quality care and driving
innovation into Totally's provision of services to deliver the efficiencies
the NHS need to tackle current challenges.

 

All Care Quality Commission (CQC) registered services continue to be
rated as "Good" and the Group enabled approximately two million people
across England and Ireland to access care and treatment.

 

A healthcare market full of opportunity

During the period, as 1 in 5 people in England are on waiting lists for
treatment(2), the Group increased the level of insourcing activity delivered
on behalf of several NHS Trusts across England and the Saolta Group in
Ireland. As announced on 10 January 2024, NHS England committed to a further
year with Totally as its sole resilience partner for NHS 111, increasing the
scope of the contract, renewed at c.£13 million per annum.

 

Since the publication of NHS planning guidance for 2024/25 last month,
Totally's management has seen increased opportunities to support commissioners
in managing demand and reducing waiting lists and the Group has rapidly
mobilised two new services to directly reduce waiting times for elective
care. The size of the opportunity, underpinned by operational progress made
internally to drive efficiency, performance, agility and innovation,
remains attractive.

 

Changes to the Board

In line with previous communications, Mike Rogers, Non-Executive Director,
will be stepping down from Totally's Board following the announcement of the
Group's preliminary results in the summer. Mike has served on the Totally
Board for nine years, and a search has been commenced to replace the vast
experience he brings to the Board.

 

Wendy Lawrence, Chief Executive Officer, Totally, said "We remain steadfast
in our commitment to stand alongside our healthcare colleagues to ensure the
population can access the care they need when they need it. Our teams have
worked tirelessly during times of unforeseen pressure with clarity and I am
proud of the way Totally has approached these times and managed its own
pressures without compromising quality."

 

"There is no doubt that the market continues to be difficult, and as
commissioners have considered the actions required to move forward, we have
also ensured that our house is in order. We have robustly addressed the cost
base, which ultimately protects the services we deliver to patients, our
workforce and long-term shareholder value. These cost savings supported our
performance for FY24 and will continue to do so in future years. I am
delighted to see new business opportunities emerging as we turn our focus to a
return to profitability and growth."

 

(1) EBITDA is defined as earnings before interest, tax, depreciation and
amortisation and excludes one-off exceptional items

(2) ONS survey undertaken 16 January to 15 February 2024.
(https://www.ons.gov.uk/peoplepopulationandcommunity/healthandsocialcare/healthcaresystem/datasets/nhswaitingtimes16januaryto15february2024)

 

For further information please contact:

 

 Totally plc                                                                020 3866 3330

 Wendy Lawrence, Chief Executive Officer

 Holly Smart, Director of Communications and Marketing

 Canaccord Genuity Limited (Nominated Adviser & Sole Corporate Broker)      020 7523 8000

 Bobbie Hilliam / Harry Rees

Notes to editors

 

About Totally

Totally is a leading provider of healthcare and wellbeing services across
the UK and Ireland, working in partnership with the NHS, other healthcare
providers and corporate customers to help address the challenges of increased
demand for healthcare services.

 

The Company is committed to pursuing a progressive buy-and-build consolidation
strategy within the fragmented healthcare market and looks to capitalise on
the attractive opportunities that its disruptive service model offers to
generate value to shareholders.

 

Totally helps healthcare commissioners and hospitals ensure patients can
access the most appropriate care quickly and efficiently by delivering quality
urgent care services, such as NHS 111 and urgent treatment centres, elective
care services including insourcing, outsourcing and elective care delivered
via 'Any Qualified provider', as well as community dermatology clinics; and
therapy servicing including first contact practitioner and a full
physiotherapy and podiatry offering.  Our corporate customer services also
play a role in reducing reliance on healthcare by promoting healthy lifestyles
and physical and mental health.

 

Healthcare services

 

Urgent Care: Totally's urgent care services are delivered under the Totally
Urgent Care brand, by Vocare and Greenbrook Healthcare. Both businesses have
a strong heritage and have been delivering quality urgent care services
including NHS 111, GP Out of Hours and Urgent Treatment centres on behalf of
the NHS for more than 25 years and 15 years respectively.

 

Elective care: Totally's elective care services are delivered by Pioneer
Healthcare, About Health and Premier Physical Healthcare.

 

·      Pioneer Healthcare was established in 2007 and delivers a wide
range of acute services to NHS patients, in partnership with independent
healthcare sector private hospitals across England, to help the NHS reduce
waiting lists whilst maintaining patient care and quality. Pioneer offer
services through insourcing and outsourcing agreements and through its Any
Qualified Provider status.

·      About Health has been delivering community-based specialist care
with a focus on delivering prompt assessment and treatment across the country
since 2008.

·      Premier Physical Healthcare was established in 2007 and provides
physiotherapy and podiatry services to NHS patients, often within a community
GP practice, and to the prison service.

 

Corporate Wellbeing Services

 

Energy Fitness Professionals ("EFP"): EFP is a corporate fitness provider
established in 1990 to address a gap in the market for workplace fitness,
which has grown to offer a range of services covering workplace wellbeing. EFP
manages 61 gyms on behalf of its corporate customers, with more than 14,000
members.

 

For more information visit www.totallyplc.com (http://www.totallyplc.com/)

 

 

 

 

 

 

 

 

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