Restatement of segmental reporting

RNS Number : 5938F
EMIS Group PLC
16 July 2019
 

 

 

16 July 2019

 

EMIS Group plc

("EMIS Group" or "the Group")

 

Restatement of segmental reporting

 

EMIS Group plc (AIM: EMIS.L), the UK leader in connected healthcare software and systems, today announces its restated segmental reporting.

 

Overview

The Group has previously presented its results split into four segments: Primary, Community & Acute Care; Community Pharmacy; Specialist & Care; and Patient.

 

As set out at the Group's November 2018 Capital Markets event and further to the Group's disposal of the non-core Specialist & Care segment, completed in April 2019, the business is now organised into two segments, EMIS Health and EMIS Enterprise, reflecting the Group's activities and the markets being served. Internal financial information is reported on this basis to the Group's chief operating decision-maker, the Group Board.

 

The EMIS Health segment comprises revenues generated from NHS organisations. The EMIS Enterprise segment comprises revenues predominantly from private sector sources, including the results of the Community Pharmacy and Patient segments, which were previously reported separately.

 

Each segment has its own management team, with Suzy Foster as Chief Executive Officer (CEO) for EMIS Health since 1 April 2019 and Ian Taylor as CEO for EMIS Enterprise. Both Suzy and Ian report directly to Andy Thorburn, CEO of EMIS Group plc.

 

Tables setting out the previous and new segmental reporting for the 2018 half year and full year comparative periods are set out below. With the exception of the previous segmental numbers for the year ended 31 December 2018, which have been extracted from the audited 2018 Annual Report and Accounts, the numbers are unaudited. The tables exclude the Group's discontinued Specialist & Care segment.

 



 

Segmental reporting for half year 2018


Previous segmental six months ended 30 June 2018

New segmental six months ended 30 June 2018


Primary,







Community

Community



EMIS 

EMIS


& Acute Care

Pharmacy

Patient

Total

Health

Enterprise

Total

£'000

£'000

£'000

£'000

£'000

£'000

£'000

Revenue

           60,604

        12,319

        1,501

         74,424

       48,641

        25,783

     74,424

Segmental operating profit / (loss) as reported internally

           16,100

           3,517

      (1,667)

        17,950

       11,235

          6,715

     17,950

Development costs capitalised

              1,720

                -

1,083

           2,803

1,282

1,521

        2,803

Amortisation of development costs

            (3,724)

       (306)

         (124)

        (4,154)

(3,267)

 (887)

(4,154)

Amortisation of acquired intangible assets

            (2,741)

           (288)

               -

         (3,029)

(1,602)

(1,427)

   (3,029)

Segmental operating profit / (loss)

            11,355

           2,923

         (708)

         13,570

         7,648

          5,922

      13,570

Group operating expenses^




            (713)



     (1,140)

Operating profit




         12,857



      12,430

Net finance costs




            (154)



         (149)

Share of result of joint venture




              318



           318

Profit before taxation from continuing operations




         13,021



    12,599

 

Segmental reporting for full year 2018


Previous segmental year ended 31 December 2018

New segmental year ended 31 December 2018


Primary,







Community

Community



EMIS 

EMIS


& Acute Care

Pharmacy

Patient

Total

Health

Enterprise

Total

£'000

£'000

£'000

£'000

£'000

£'000

£'000

Revenue

121,670

      25,044

        2,996

      149,710

     99,302

     50,408

   149,710

Segmental operating profit / (loss) as reported internally

       33,609

       7,575

      (3,203)

       37,981

       25,197

     12,784

    37,981

Development costs capitalised

           3,589

                  -

       2,193

         5,782

 2,968

2,814

        5,782

Amortisation of development costs

         (8,546)

           (613)

         (288)

      (9,447)

(7,287)

 (2,160)

      (9,447)

Amortisation of acquired intangible assets

         (5,626)

         (576)

               -

        (6,202)

 (3,348)

(2,854)

   (6,202)

Service level reporting charges

              1,657

               -

             -

           1,657

        1,657

              -

       1,657

Segmental operating profit / (loss)

         24,683

         6,386

  (1,298)

     29,771

       19,187

     10,584

      29,771

Group operating expenses^




      (1,484)



      (2,091)

Operating profit




      28,287



     27,680

Net finance costs




           (185)



         (180)

Share of result of joint venture




       615



           615

Profit before taxation from continuing operations




        28,717



      28,115

 

^ Group operating expenses have increased as a result of central costs previously allocated to the Specialist & Care segment that have not been reallocated on the new segmental basis.

 

For further information, contact:

 

EMIS Group plc                                                                                Tel: 0113 380 3000

Andy Thorburn, CEO

Peter Southby, CFO

www.emisgroupplc.com

 

Numis Securities Limited (Nominated Adviser & Broker)           Tel: 020 7260 1000

Oliver Hardy/Simon Willis/James Black

 

MHP Communications                                                                     Tel: 020 3128 8572

Reg Hoare/Giles Robinson/Patrick Hanrahan/Florence Mayo


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