Edison Investment Research - EMIS Group (EMIS) EMIS Group - Loss of Welsh GP business

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Edison Investment Research

Katherine Thompson

EMIS Group - Loss of Welsh GP business

EMIS has been informed that it has not been selected as a preferred vendor for the NHS Wales Primary Care framework agreement. The 195 GP practices currently using EMIS Web, which generate annual revenues of cÂ Â£2m at below group average operating margins, will need to transition to a new supplier over the course of FY19 and FY20. We estimate that this could have a less than 0.5% impact on FY19 EPS and less than 1% on an ongoing basis once all practices have transitioned. So soon after the news regarding issues in the customer support process, this is clearly disappointing. However, the financial impact is marginal and confirms that EMIS is focused on profitability when winning or retaining business.

30/01/2018 3 EN

Underlying

EMIS Group

EMIS Group is engaged in connected healthcare software and services. Co. provides healthcare software, information technology and related services in the U.K. Co.'s brands include: EMIS Health, which provides clinical software; EMIS Care, which deliver diabetic retinopathy eye screening; Patient.info, an independent online health platform; and Egton, which provides non-clinical products and services as well as software to the social care sector. Co. has three operating segments, all of which involved with the supply and support of connected healthcare software and services: Primary & Community Care; Community Pharmacy; and Secondary & Specialist Care.

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GB00B61D1Y04 London Stock Exchange United Kingdom

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Edison Investment Research

Edison is an investment research and advisory company, with offices in North America, Europe, the Middle East and AsiaPac. The heart of Edison is our world renowned equity research platform and deep multi-sector expertise. At Edison Investment Research, our research is widely read by international investors, advisors and stakeholders. Edison Advisors leverages our core research platform to provide differentiated services including investor relations and strategic consulting.

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Analysts

Katherine Thompson

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EMIS Group - Loss of Welsh GP business

EMIS Group - H123 on track; 21.3p interim dividend declared

EMIS Group - CMA provisionally clears takeover of EMIS

EMIS Group - FY22 results in line

Manx Financial Group - Termination of coverage

musicMagpie - Termination of coverage

Topps Tiles - Accelerating growth through Q125

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