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DJ Positive Healthcare Plc Half-year Report

 
TIDMDOC 
 
POSITIVE HEALTHCARE PLC 
 ("Positive Healthcare" or the "Company" and, together with its subsidiaries, 
                                 the "Group") 
 
            INTERIM RESULTS FOR THE PERIOD ENDED 30 SEPTEMBER 2017 
 
I am pleased to present the interim condensed consolidated financial results of 
Positive Healthcare Plc for the period from 1 April 2017 to 30 September 2017. 
 
On 1 June 2017, the Company announced a change in its accounting reference 
date, from 31 December to 31 March. As a result, the Company will use the 
Interim Results for the period from 1 January 2016 to 30 June 2016 as a basis 
for comparison for the results reported in these financial statements. 
 
Business and operations 
 
Despite challenging trading conditions within the healthcare sector, I am 
delighted to report that in the 6 months to September 2017 group sales amounted 
to GBP4.67million. Group gross profit margins to September 2017 were at 
approximately 17%, and the business is profitable at GBP63,697 (Profit before 
tax) for the period. 
 
As the Group's last set of published interim accounts were for the period to 30 
June 2016, at which date the Group had just completed the acquisition of 
Capital Care Services (UK) Limited and Fine Locums Limited, the results of 
these two subsidiaries were not included within the Group's income statement 
for the period ended 30 June 2016. 
 
Outlook 
 
For the first half of 2017 the business has adapted to the challenges of 
continuing rate caps and margin compression and the introduction of IR35 in 
April. Costs have been and continue to be strictly controlled, and perpetual 
re-investment in new hires, higher margin sectors and technology will continue 
for the rest of the year. 
 
I would like to take this opportunity to thank the entire staff for their hard 
work and passion in successfully delivering our business objectives. 
 
Gary Ashworth                           Christopher Paul Ledbury 
 
Chairman                                Chief Executive Officer 
 
The Directors of Positive Healthcare accept responsibility for this 
announcement. 
 
For further information, please contact: 
 
Positive Healthcare plc 
Chris Ledbury - CEO 
www.positiveplc.co.uk. 
Tel: +44 (0) 203 587 7566 
Email: chris@positivementalhealth.co.uk 
 
Peterhouse Corporate Finance Limited 
Fungai Ndoro and Mark Anwyl 
Tel: +44 (0) 20 7469 0930 
 
 
CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME 
FOR THE PERIOD ENDED 30 SEPTEMBER 2017 
 
                                                    Unaudited    Unaudited     Audited 
 
                                                  6 Months to  6 Months to   Period to 
 
                                                 30 September      30 June    31 March 
 
                                                         2017         2016        2017 
 
                                                            GBP            GBP           GBP 
 
Revenue                                             4,670,168    1,140,993   7,803,986 
 
Cost of sales                                     (3,857,213)    (885,983) (6,209,243) 
 
Gross profit                                          812,955      255,010   1,594,743 
 
Administrative expenses                             (708,832)    (306,902) (1,592,199) 
 
Exceptional costs                                           -    (154,300)   (154,300) 
 
Finance cost                                         (40,426)     (46,574)   (124,017) 
 
Profit/(loss) before tax                               63,697    (252,766)   (275,773) 
 
Taxation                                              (5,620)            -      11,086 
 
Profit/(loss) for the year                             58,077    (252,766)   (264,687) 
 
Attributable to: 
 
Owners of the parent                                   52,482    (252,766)   (262,639) 
 
Non-controlling interest                                5,595            -     (2,048) 
 
                                                       58,077    (252,766)   (264,687) 
 
 
 
Earnings per share                                      Pence         Pence      Pence 
 
Basic earnings per share attributable                   1.050       (5.055)    (5.253) 
to equity holders of the parent 
 
Diluted earnings per share                              1.050       (5.055)    (5.253) 
attributable to equity holders of the 
parent 
 
 
CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION 
AS AT 30 SEPTEMBER 2017 
 
                                        Unaudited as at Unaudited as at Audited as at 
 
                                           30 September         30 June      31 March 
 
                                                   2017            2016          2017 
 
                                                      GBP               GBP             GBP 
 
ASSETS 
 
Non-current assets 
 
Intangible assets                             1,001,269       1,002,540     1,001,778 
 
Property, plant and                              85,156          81,168        90,645 
equipment 
 
                                              1,086,425       1,083,708     1,092,423 
 
Current assets 
 
Trade and other                               2,186,481       1,954,601     1,758,061 
receivables 
 
Cash and cash equivalents                        18,921         116,491        49,108 
 
                                              2,205,402       2,071,092     1,807,169 
 
TOTAL ASSETS                                  3,291,827       3,154,800     2,899,592 
 
EQUITY AND LIABILITIES 
 
Equity attributable to equity holders 
 
Share capital                                    50,000          50,000        50,000 
 
Retained earnings/                            (210,157)       (252,766)     (262,639) 
(deficit) 
 
Non-controlling interest                        242,330         238,784       236,735 
 
Total equity                                     82,173          36,018        24,096 
 
Non-current liabilities 
 
Borrowings                                    1,330,675       1,330,675     1,330,675 
 
                                              1,330,675       1,330,675     1,330,675 
 
Current liabilities 
 
Trade and other payables                      1,878,979       1,788,107     1,544,821 
 
                                              1,878,979       1,788,107     1,544,821 
 
TOTAL EQUITY AND                              3,291,827       3,154,800     2,899,592 
LIABILITIES 
 
 
Company Registration number: 09852871 
 
 
 
END 
 

(END) Dow Jones Newswires

December 29, 2017 04:13 ET (09:13 GMT)