Induction Healthcare Group
PLC
("Induction", the "Company", or the "Group")
Unaudited Interim
Results
for the six months ended 30
September 2024
Induction (AIM: INHC), a leading
digital health platform driving transformation of healthcare
systems, announces its unaudited interim results for the six
months ended 30 September 2024.
The Company's growth continues to be
driven by the Zesty portal, evidenced by recent wins and growing
ARR. Notwithstanding, the first half of the year was impacted by
the early election call which caused some contracts to be paused.
The new government's emphasis on digital health investments, in
addition to recent new business generation, provide a basis for the
Company to return to material growth.
Financial Highlights
· Revenues of £5.4m (H1 FY24: £6.1m)
· Gross
margin improvement to 78.2% (H1 FY24: 75.0%)
· Adjusted EBITDA Loss of £0.9m (H1 FY24: Loss
£0.01m)
· Operating loss increased to (£3.2m) (H1 FY24:
(£2.4m))
· Cash
position £3.1m (FY24 YE: £3.7m).
Operational Highlights
· 51%
increase in Zesty portal revenue compared to H1 FY24.
· 5
Zesty portal deployments in progress, bringing the total number of
Zesty portal Trusts to 23.
· 7
Trusts contracted for Zesty portal deployment or major upgrade in
FY26 & FY27, generating £0.7m new ARR.
· 3.9
million patients can now access Zesty portal via the NHS App, up
from 2.5 million 1 year ago.
· Attend
Anywhere revenue down £1.1m compared to H1 FY24 with shift to
utilisation-based contracts.
· Lower
revenue in H1 FY25 accounts for higher losses as expenditures
remain flat.
· Completed substantial engineering project to replace Attend
Anywhere call screen with Amazon Chime which will generate £0.4m
annual savings.
· Sold
Horizon Strategic Partners Limited for £1.2 million.
· NHS
Wales extension to 31 March 2025 for £0.5m.
o From April 2025, each Health Board will procure separately,
although negotiations are underway nationally to fund language and
hosting requirements.
o One Health Board already secured on a 2-year contract with
active engagement with the other six Health Boards.
Post Period End Highlights
· Secured £1.5m contract to digitise diagnostic referrals and
bookings in North Central London ICS which will contribute to
higher group revenue in H2.
Paul Tambeau, CEO of Induction
Healthcare, said: "The Zesty
portal continues to be our growth engine, with revenues up 51%
compared to the same period last year. We also secured several new
Zesty portal wins which will unseat our main competitors over the
next two years. However, our plan for this year was negatively
impacted by the early election as we had a number of contracts due
to be completed in Q1 paused. With Labour's emphasis on reducing
the elective recovery backlog, investing in the NHS App, and
empowering patients to take more control over their health,
Induction is in the right place at the right time to capitalise on
growth. Our recent win in North Central London, along with upcoming
pilot projects in cancer surveillance and smart uses of AI,
provides a basis for Induction to get back onto a growth trajectory
next year. We continue to manage cash carefully with no requirement
for immediate funding."
Enquiries
|
Induction
Christopher Samler, Chair
Paul Tambeau, Chief Executive
Officer
|
+44 (0)7712 194092
+44 (0)7983 104443
|
|
|
|
|
Singer Capital Markets (Nominated
Adviser and Broker)
|
+44 (0)20 7496 3000
|
|
Philip Davies
Jalini Kalaravy
|
|
About Induction - www.inductionhealthcare.com
Induction (AIM: INHC) Induction
delivers a suite of software solutions that transforms care
delivery and the patient journey through hospital. Our system-wide
applications help healthcare providers and administrators to
deliver care at any stage remotely as well as face-to-face - giving
the communities they serve greater flexibility, control and ease of
access. Purpose-built for integration with leading Electronic
Medical Record (EMR) platforms, our products offer immediate
stand-alone value that becomes even greater when integrated with
pre-existing systems. Used at scale by national and regional
healthcare systems, as well non-health government services, our
applications are relied upon by hundreds of thousands of clinicians
and millions of patients across almost every hospital in the
British Isles.
CEO
Review
Overview
Over the last six months, we have
been focused on implementing our FY25 plan that was based on four
goals:
1. To be a profitable business whilst building new revenue
streams that will accelerate growth into the future
2. To continue innovating and integrating our product suite in a
way that is validated by our customers and supports the delivery of
our revenue plans
3. To be customer centric and commercial in everything we
do
4. To implement and
continuously develop an inclusive, performance driven and
rewarding employee experience
I am pleased to say that we are
making progress on all four of these goals.
We have been successful in growing
Zesty portal revenue and building new revenue streams by 51% to
£2.0m (H1 FY24: £1.4m). We secured 5 new Zesty portal wins since 1
April 2024 worth £0.5m ARR which will go live in FY26 & FY27
and we are due to go live in our first Community & Mental
Health Trust shortly. Over the last year we have incorporated a
number of new features into Zesty portal and these are well
received by both new and existing customers. Furthermore, we see
increased interest for Zesty portal in the private health care
market.
These successes have been subdued by
the political environment. In particular, the call for an earlier
than expected election caused a number of contracts, which were due
to be completed in Q1, to be paused. However, the increased focus
by the new administration on healthcare spend in general and
particularly on digitisation as a means of increasing efficiency,
patient throughput and outcomes will benefit us in the medium term.
The team have continued to implement
changes to our cloud infrastructure to generate additional savings.
Our work to overhaul the Attend Anywhere call screen with Amazon
Chime will further improve margin as well as deliver a better user
experience for patients and clinicians. It also enhances our
flexibility for the future design and build of customer-focused
product enhancements.
With the divestment of Guidance, the
business is now focused on our core products and markets. We're
aligning the business to deliver on the next phase of patient
engagement platforms by digitising entire pathways and enabling
regions to efficiently manage high-risk patients, like those who
are being monitored for cancer. We consider the total addressable
market for digitising pathways to be material, and we are well
placed to capitalise on this opportunity. North Central London
represents our first foray into this strategic space.
We're also investing in our people
and working to improve our collaborative culture. Employee NPS
score is now +6, having improved 29 points over the last
year.
Financial Overview
We ended the first half of this year
with £5.4m in recognised revenue (including £0.2m relating to the
Guidance platform which was earned prior to its sale) down from a
total group income £6.1m over the same period last year (which
included £0.3m relating to Guidance).
The number of our Attend Anywhere
contract renewals held steady, however, price competition drove
income down to £3.2m (H1 FY24: £4.3m). Note: Income from the
Guidance product, which was sold during the period (see note 5 -
Discontinued operations) is disclosed separately as an asset and is
not reported in the P&L.
Gross margin in H1 improved to 78.2%
compared to 75.0% in the same period last year as a result of
continued rationalisation of the direct cost base including cloud
infrastructure.
Our operating loss after
depreciation and amortisation increased to £3.2m (H1 FY24: Loss
£2.4m). While contribution from our Zesty portal increased period
on period by £0.5m. The increased operating loss reflects the fall
in contribution from Attend Anywhere of £0.8m, plus one-time,
non-cash administrative expenses (£0.3m) and one-time termination
and professional costs relating to the business divestment
(£0.2m).
On an adjusted EBITDA position,
after accounting for non-recurring, non-cash items we ended H1 with
an adjusted Ebitda loss of £0.9m (H1 FY24: Loss £0.01m). This
translated into an H1 period end cash position of £3.1m (FY24 YE:
£3.7m).
Outlook
The new Labour government has made
reducing the elective recovery backlog a major priority for the NHS
as 6.3m patients are still waiting for an appointment. The recent
budget invested billions of pounds to add 40,000 new appointments
per week and technology will be a key enabler to manage that extra
capacity. The government has also targeted £2bn for technology
investments in the NHS which will include giving patients greater
access to their information and greater control of their experience
through the NHS App. Induction has been working with the NHS to
integrate our solutions into the NHS App and we believe we are well
positioned to drive new growth through these
investments.
The government is investing in
community diagnostic centres so that patients can get into
treatment sooner. Our recent win in North Central London, and the
associated technology that we are developing to digitise diagnostic
referrals and appointments, positions Induction well to generate
new regional wins as we can connect hospitals with diagnostic
centres.
The government and clinicians alike
emphasise the importance of diagnosing patients who have cancer
sooner. Our platform has the capability to manage patients on a
cancer pathway by sending them notifications to complete a form or
book an appointment as part of a surveillance program. The platform
integrates these capabilities with video appointments so that
patients don't have to travel for routine follow-ups. We are in the
final stages of contract negotiations for a cancer surveillance
pilot project which, if successful, will unlock new revenue streams
for Induction.
While the competitive threat of
Microsoft Teams and other solutions remains, our team has done a
good job of communicating the value and fit-for-healthcare nature
of our video appointments solution and the erosion of our share has
been lower than anticipated. However, we expect some revenue churn
in Attend Anywhere as Wales moves from a national contract to each
Health Board procuring their video solution with pricing
commensurate with their utilisation. We also expect this loss to be
made up by a new large contract that we expect to announce before
the end of the financial year. We're also gaining traction within
the private market, having just secured a new Attend Anywhere
contract in the occupational health sector
Despite FY25 seeing lower revenue
than the previous year, we are very well positioned to capitalise
on the new Labour government's priorities and expect to generate
new growth from FY26 and beyond.
Induction Healthcare Group
Plc
Condensed Consolidated Statement of
Comprehensive Income (Unaudited)
For the six months ended 30 September 2024
|
|
|
30
September
2024
|
|
30 September
2023
|
|
|
|
Unaudited
|
|
Unaudited
|
|
|
Note
|
£'000
|
|
£'000
|
|
Revenue from contracts with customers
|
2
|
5,189
|
|
6,057
|
|
Cost of sales
|
|
(1,132)
|
|
(1,514)
|
|
Gross Profit
|
|
4,057
|
|
4,543
|
|
|
|
|
|
|
|
Sales and marketing
expenses
|
3
|
(552)
|
|
(578)
|
|
Development expenses
|
3
|
(4,407)
|
|
(4,652)
|
|
Administrative expenses
|
3
|
(2,332)
|
|
(1,731)
|
|
Operating loss
|
|
(3,234)
|
|
(2,418)
|
|
|
|
|
|
|
|
Finance Costs
|
|
(1)
|
|
(2)
|
|
Finance Income
|
|
83
|
|
2
|
|
Loss
before tax
|
|
(3,152)
|
|
(2,418)
|
|
Taxation
|
|
525
|
|
-
|
|
Loss
for the period from continuing operations
|
|
(2,627)
|
|
(2,418)
|
|
|
|
|
|
|
|
(Loss) / Profit from discontinued
operations, net of tax
|
5
|
(226)
|
|
755
|
|
Gain on sale of disposal
group
|
|
525
|
|
-
|
|
Loss
for the period
|
|
(2,328)
|
|
(1,663)
|
|
|
|
|
|
|
|
Loss
per share from operations
|
|
|
|
|
|
- Basic
|
4
|
(0.03)
|
|
(0.03)
|
|
- Diluted
|
4
|
(0.03)
|
|
(0.03)
|
Induction Healthcare Group
Plc
Condensed Consolidated Statement of
Comprehensive Income (Unaudited)
For the six months ended 30 September 2024
|
|
|
30 September
2024
|
|
30 September
2023
|
|
|
|
Unaudited
|
|
Unaudited
|
|
|
Note
|
£'000
|
|
£'000
|
|
Loss
for the period
|
|
(2,328)
|
|
(1,663)
|
|
|
|
|
|
|
|
Other comprehensive income
|
|
|
|
|
|
Items that may be reclassified to profit or
loss
|
|
|
|
|
|
Foreign currency translation
differences
|
|
63
|
|
(394)
|
|
Reclassified to profit and loss
during the period
|
|
-
|
|
162
|
|
Other comprehensive income for the financial
period
|
|
63
|
|
(232)
|
|
|
|
|
|
|
|
Total comprehensive loss for the financial
period
|
|
(2,265)
|
|
(1,895)
|
|
|
|
|
|
|
Induction Healthcare Group
Plc
Condensed Consolidated Statement of
Financial Position
As
at 30 September 2024
|
|
|
30 September
2024
|
|
31
March 2024
|
|
|
|
Unaudited
|
|
Audited
|
|
|
Note
|
£'000
|
|
£'000
|
|
Non-current assets
|
|
|
|
|
|
Goodwill
|
|
10,264
|
|
10,264
|
|
Intangible Assets
|
|
9,269
|
|
11,162
|
|
Property, Plant and
Equipment
|
|
5
|
|
6
|
|
Deferred tax assets
|
|
382
|
|
501
|
|
Total non-current assets
|
|
19,920
|
|
21,933
|
|
|
|
|
|
|
|
Current assets
|
|
|
|
|
|
Trade and other
receivables
|
6
|
1,229
|
|
3,758
|
|
Contract Assets
|
|
1,997
|
|
1,366
|
|
Current tax receivable
|
|
-
|
|
814
|
|
Cash and cash equivalents
|
|
3,131
|
|
3,690
|
|
Convertible loan
|
|
816
|
|
-
|
|
Assets held for sale
|
|
-
|
|
1,813
|
|
Total current assets
|
|
7,173
|
|
11,441
|
|
Total assets
|
|
27,093
|
|
33,374
|
|
|
|
|
|
|
|
Non-current liabilities
|
|
|
|
|
|
Contract liabilities
|
|
(1,121)
|
|
(3,920)
|
|
Deferred tax liabilities
|
|
(2,812)
|
|
(2,831)
|
|
Total non-current liabilities
|
|
(3,933)
|
|
(6,751)
|
|
|
|
|
|
|
|
Current liabilities
|
|
|
|
|
|
Trade and other payables
|
7
|
(1,696)
|
|
(3,571)
|
|
Contract liabilities
|
|
(3,251)
|
|
(1,702)
|
|
Liabilities associated with assets
held for sale
|
|
-
|
|
(913)
|
|
Other financial
liabilities
|
|
(23)
|
|
(57)
|
|
Total current liabilities
|
|
(4,970)
|
|
(6,243)
|
|
Total liabilities
|
|
(8,903)
|
|
(12,994)
|
|
Net
assets/(liabilities)
|
|
18,190
|
|
20,380
|
|
|
|
|
|
|
|
Equity attributable to equity holders of the
parent
|
|
|
|
|
|
Share capital
|
|
469
|
|
469
|
|
Share premium
|
|
41,976
|
|
41,976
|
|
Merger reserve
|
|
(1,043)
|
|
(1,106)
|
|
Translation reserve
|
|
1,641
|
|
1,566
|
|
Other reserves
|
|
20,205
|
|
20,205
|
|
Accumulated deficit
|
|
(45,058)
|
|
(42,730)
|
|
Total equity
|
|
18,190
|
|
20,380
|
Induction Healthcare Group
Plc
Condensed Consolidated Statement of
Cash Flows
For the six months ended 30 September 2024
|
|
|
For the period
ended
|
|
For the period
ended
|
|
For the
year
ended
|
|
|
|
30 September
2024
|
|
30 September
2023
|
|
31
March
2024
|
|
|
Note
|
£'000
|
|
£'000
|
|
£'000
|
|
Cash
flows from operating activities
|
|
|
|
|
|
|
|
Loss for the financial
period
|
|
(2,328)
|
|
(1,663)
|
|
(3,257)
|
|
Adjustments for:
|
|
|
|
|
|
|
|
Depreciation
|
|
1
|
|
1
|
|
2
|
|
Amortisation
|
|
2,274
|
|
2,150
|
|
4,029
|
|
Finance costs
|
|
1
|
|
2
|
|
11
|
|
Finance income
|
|
(83)
|
|
(2)
|
|
(6)
|
|
Share-based payment
expense
|
|
75
|
|
199
|
|
299
|
|
Net foreign exchange gain
|
|
-
|
|
-
|
|
(180)
|
|
Taxation
|
|
20
|
|
-
|
|
(962)
|
|
Gain on sale of discontinued
operations, net of tax
|
|
(525)
|
|
(750)
|
|
(750)
|
|
|
|
1,763
|
|
1,600
|
|
2,443
|
|
|
|
|
|
|
|
|
|
Decrease / (increase) in trade and
other receivables and contract assets
|
6
|
1,968
|
|
146
|
|
(1,224)
|
|
(Decrease) / increase in trade and
other payables and contract liabilities
|
7
|
(3,202)
|
|
(1,731)
|
|
591
|
|
(Decrease) in provisions
|
|
(19)
|
|
(503)
|
|
-
|
|
Interest received
|
|
67
|
|
2
|
|
6
|
|
Interest paid
|
|
(1)
|
|
(2)
|
|
(11)
|
|
Income taxes received
|
|
814
|
|
365
|
|
365
|
|
Net
cash generated from / (used in) operating
activities
|
|
(938)
|
|
(1,786)
|
|
(1,087)
|
|
|
|
|
|
|
|
|
|
Cash
flows from investing activities
|
|
|
|
|
|
|
|
Disposal of discontinued operations,
net of cash
|
|
400
|
|
750
|
|
750
|
|
Acquisition of intangible
assets
|
|
(47)
|
|
-
|
|
-
|
|
Payment of Software development
costs
|
|
-
|
|
-
|
|
(329)
|
|
Net
cash from investing activities
|
|
353
|
|
750
|
|
421
|
|
|
|
|
|
|
|
|
|
Cash
flow from financial activities
|
|
|
|
|
|
|
|
Payment of lease
liabilities
|
|
(34)
|
|
(33)
|
|
(70)
|
|
Issue of ordinary shares
|
|
-
|
|
-
|
|
7
|
|
Net
cash from financing activities
|
|
(34)
|
|
(33)
|
|
(63)
|
Induction Healthcare
Condensed Consolidated Statement of
Cash Flows
For the six months ended 30 September 2024
(continued)
|
|
|
For the period ended
30
|
|
For the period
ended
|
|
For the
year
ended
|
|
|
|
30 September
2024
|
|
30 September
2023
|
|
31
March
2024
|
|
|
Note
|
£'000
|
|
£'000
|
|
£'000
|
|
Net
increase in cash equivalents
|
|
(619)
|
|
(1,069)
|
|
(729)
|
|
Cash and cash equivalents at the
beginning of the financial period
|
|
3,690
|
|
4,287
|
|
4,287
|
|
Effects of exchange rate changes on
cash and cash equivalents
|
|
60
|
|
(163)
|
|
132
|
|
Cash
and cash equivalents at the end of the financial
period
|
|
3,131
|
|
3,055
|
|
3,690
|
Notes to the Condensed Consolidated
Interim Financial Statements
1. Accounting
Policies
1.1. Reporting entity
Induction Healthcare Group PLC
("Induction", the "Group" or the "Company") is publicly listed on
the AIM market of the London Stock Exchange ("LSE"), and
incorporated, domiciled and registered in the United Kingdom. The
registered number is 11852026 and the registered address is C/O
Pinsent Masons 30 Crown Place, Earl Street, London, England, EC2A
4ES.
1.2. Basis of
preparation
These interim financial statements
have been prepared and approved by the directors in accordance with
International Financial Reporting Standards ("Adopted IFRSs"). They
do not include all the information required for a complete set of
IFRS financial statements. However, selected explanatory notes are
included to explain events and transactions that are significant to
an understanding of the changes in the Group's financial position
and performance since the most recent annual consolidated financial
information included in the annual report and accounts as of and
for the year ended 31 March 2024.
The accounting policies applied are
consistent with those applied in the most recent consolidated
annual report and accounts for the year ended 31 March 2024, which
are available on the Company's website at
www.inductionhealthcare.com under "Investors - Financial Reports
& Publications"
Subsidiaries are fully consolidated
from the date of acquisition, being the date on which the Group
obtained control and continue to be consolidated until the date
when such control ceases. The financial information of the
subsidiaries is prepared for the same reporting period as the
Group, using consistent accounting policies. All intra-group
balances, transactions, unrealised gains and losses resulting from
intra-group transactions are eliminated in full.
Changes in the Group's interest in a
subsidiary that do not result in a loss of control are accounted
for as equity transactions.
When the Group loses control over a
subsidiary, the assets and liabilities are derecognised along with
any related non-controlling interest and other components of
equity. Any resulting gain or loss is recognised in profit or
loss. Any interest retained in the former subsidiary is
measured at fair value when control is lost.
These interim condensed
consolidated financial statements are unaudited and were approved
by the Board of Directors and authorised for issue on
5th November 2024 and are available on the Company's
website at www.inductionhealthcare.com under "Investors - Financial
Reports & Publications".
2. Revenue
Revenue by performance
obligations
|
|
|
Period to 30 September
2024
|
|
Period to 30 September
2023
|
|
|
|
£'000
|
|
£'000
|
|
Provision of software
|
|
3,939
|
|
5,221
|
|
Post-contract support and
maintenance
|
|
225
|
|
165
|
|
Set-up services
|
|
75
|
|
169
|
|
Professional services
|
|
513
|
|
225
|
|
Text message revenue
|
|
437
|
|
277
|
|
Total revenue from contracts with customers
|
|
5,189
|
|
6,057
|
3. Expenses by
nature
|
|
|
Period to 30 September
2024
|
|
Period to 30 September
2023
|
|
|
|
£'000
|
|
£'000
|
|
Employee benefit expense
|
|
3,675
|
|
3,686
|
|
Contractors
|
|
780
|
|
814
|
|
Amortisation of intangible
assets
|
|
1,944
|
|
2,150
|
|
Depreciation of property, plant and
equipment
|
|
1
|
|
1
|
|
Professional and legal
fees
|
|
155
|
|
48
|
4. Earnings per
share
Basic EPS is calculated by dividing
the profit for the year attributable to ordinary equity holders of
the parent by the weighted average number of ordinary shares
outstanding during the year.
Diluted EPS is calculated by
dividing the profit attributable to ordinary equity holders of the
parent (after adjusting for interest on the convertible preference
shares) by the weighted average number of ordinary shares
outstanding during the year plus the weighted average number of
ordinary shares that would be issued on conversion of all the
dilutive potential ordinary shares into ordinary
shares.
The following table reflects the
income and share data used in the basic and diluted EPS
calculations:
Loss attributable to ordinary shares (basic and
diluted)
|
|
|
Period to 30 September
2024
|
|
Period to 30 September
2023
|
|
|
|
£'000
|
|
£'000
|
|
Loss attributable to ordinary shares
used in calculating basic loss per share and diluted loss per
share
|
|
|
|
|
|
Loss from continuing
operations
|
|
(2,627)
|
|
(2,418)
|
|
(Loss) / Profit from discontinued
operations
|
|
(266)
|
|
755
|
|
Gain on sale of disposal
Group
|
|
525
|
|
-
|
|
|
|
(2,328)
|
|
(1,663)
|
Weighted average number of ordinary shares (basic and
diluted)
|
|
|
Period to 30 September
2024
|
|
Period to 30 September
2023
|
|
Shares in issue on 1 April
|
|
93,849,376
|
|
92,380,300
|
|
Weighted-average number of ordinary shares
|
|
93,849,376
|
|
92,380,300
|
|
Basic loss
per share from continuing operations
|
|
(0.03)
|
|
(0.03)
|
|
Total basic loss per
share
|
|
(0.03)
|
|
(0.03)
|
|
Diluted
loss per share from continuing operations
|
|
(0.03)
|
|
(0.03)
|
|
Total diluted loss per
share
|
|
(0.03)
|
|
(0.03)
|
5. Discontinued
operations
On 1 July 2024 the Company disposed
of its wholly owned subsidiary, Horizon Strategic Partners Limited,
for consideration of £1.2 million, consisting of a £0.8m loan issue
and £0.4m in Cash.
|
|
|
|
30 September
2024
|
|
|
|
|
£'000
|
|
Revenue
|
|
|
186
|
|
|
Cost of Sales
|
|
|
-
|
|
|
Gross profit/(loss)
|
|
|
186
|
|
|
|
|
|
|
|
|
Operating expenses
|
|
|
(82)
|
|
|
Impairment
|
|
|
(330)
|
|
|
Net
operating loss
|
|
|
(226)
|
|
|
|
|
|
|
|
|
Finance income
|
|
|
-
|
|
|
Finance costs
|
|
|
-
|
|
|
Loss before tax from discontinued operations
|
|
|
(226)
|
|
|
Tax
|
|
|
-
|
|
|
Loss for the period from discontinued
operations
|
|
|
(226)
|
|
|
|
|
|
|
|
The net cash flows incurred by
discontinued operations are as follows:
|
|
|
|
30 September
2024
|
|
|
|
|
£'000
|
|
Operating
|
|
|
(106)
|
|
Investing
|
|
|
-
|
|
Financing
|
|
|
-
|
|
Net
cash outflow
|
|
|
(106)
|
|
|
|
|
|
6. Trade and other
receivables
|
|
|
30 September
2024
|
|
31 March
2024
|
|
|
|
£'000
|
|
£'000
|
|
Receivables from third-party
customers
|
|
930
|
|
3,510
|
|
Other receivables
|
|
103
|
|
167
|
|
Prepayments
|
|
196
|
|
81
|
|
Total trade and other receivables
|
|
1,229
|
|
3,758
|
Trade receivables are non-interest
bearing and are generally on terms of 30 days. Included within
trade and other receivables is £nil expected to be recovered in
more than 12 months.
7. Trade and other
payables
|
|
|
30 September
2024
|
|
31 March
2024
|
|
|
|
£'000
|
|
£'000
|
|
Trade payables
|
|
392
|
|
1,195
|
|
Accruals
|
|
810
|
|
1,656
|
|
Social security and other
taxes
|
|
438
|
|
665
|
|
Other payables
|
|
56
|
|
55
|
|
Total trade and other payables
|
|
1,696
|
|
3,571
|
All trade and other payables are
non-interest bearing and are normally settled on 30-day terms.
Included within trade and other payables is £nil expected to be
recovered in more than 12 months.
8. Significant events after the
reporting date
At the end of October the group
signed a contract worth £1.5m to transform patient access to
diagnostic tests across the North Central London Integrated Care
System. (FY24: None).
This project will deliver
significant enhancements to Induction's integrated platform which
will connect the Royal Free London NHS Foundation Trust,
Whittington Health NHS Trust, and their corresponding Community
Diagnostics Centres in Wood Green and Finchley.
