Half-year report

DXS INTERNATIONAL PLC

HALF YEAR RESULTS

DXS International plc ("DXS", the "Company"), the digital clinical decision support company, today announces its unaudited interim results for the 6 months ended 31 October 2019.

Financial Highlights:

• Turnover for the period held steady at £1,650,000;
• The Company continued its investment into research and development with £600,000 invested in the period;
• EBIT is up from (£6,003) to £124,300 for the period;
• Net Profit after tax at £202,000 is up from £70,000 for the same period in the previous year;

Operational Highlights:

DXS achieved a conditional NHS Digital Care Services (GP IT Futures) contract. The award is subject to final assurance accreditation due to be achieved by 15th December 2019. The contract award ensured that our current solution will once again be centrally funded by the NHS. This is the new NHS centrally funded framework that funds digital technology solutions for the UK NHS Primary Care sector.

The Company is also at an advanced stage of achieving central funding for each of its newly completed solutions under the new GPIT Futures framework. Our new, advanced digital clinical decision support solution pilots continue to provide valuable and positive end-user feedback.

Outlook:

• The imminent commencement of GPIT Futures in early 2020 is an exciting milestone for DXS. After an arduous 12-month-long tender process, DXS has again been awarded an NHS contract. This enables Primary Care NHS organisations such as GP practices to procure DXS solutions paid for from a central fund.
• Caps have been removed from pricing which have been a limiting factor on our current revenue under GPSoC2, the current framework agreement. Revenues under the new GP IT Futures Framework, which begins in January 2020, are expected to increase.
• Our new suite of solutions, into which we have invested more than £4 million are aligned with the NHS’ long term plan and promise to deliver major benefits to patients, clinicians and the NHS. Our new solutions are focused on helping clinicians manage long-term conditions with the initial focus on the UK’s 10 million hypertensive patients.

David Immelman, Chief Executive Officer, commented:

"I am very pleased with the progress achieved in the first half of 2019. Our improved overall results were achieved through a process of efficiency improvements and consolidation. Our recent GPIT Futures contract award, together with the launch of our three new products and their associated revenue potential, bode well for 2020. Supported by an amazing team of motivated capable people we believe that the company is heading for significant achievements”.

INTERIM RESULTS to 31 OCTOBER 2019

CONSOLIDATED INCOME STATEMENT

for the six-month period ended 31 October 2019

STATEMENT of FINANCIAL POSITION  

as at 31 October 2019

Statement of Cash Flows

for the six-month period ended 31 October 2019

The above figures have not been reviewed by the company's auditors LDP Luckmans.

The Directors of DXS International plc accept responsibility for this announcement

Contacts:

Notes to Editors

About DXS:

DXS International presents up to date treatment guidelines and recommendations, from Clinical Commissioning Groups and other trusted NHS sources, to doctors, nurses and pharmacists in their workflow and during the patient consultation. This effective clinical decision support ultimately translates to improved healthcare outcomes delivered more cost effectively and which should significantly contribute towards the NHS achieving its projected efficiency savings.