Induction Healthcare Group PLC firing on all cylinders; says cash reserves increased significantly “after the end of the period”

Induction Healthcare Group PLC (AIM:INHC) said it ended its fiscal year with all metrics in line with previously updated guidance, adding that it broke even based on underlying earnings.

Revenue for the 12 months to March 31 was £12m, while annual recurring revenue is now £15m, up from £1.8m at the same time last year .

The digital health specialist said it ended the year with £8million in the bank, adding that its cash position had increased “significantly” after the end of the period.

This follows strong contract renewals with NHS England for Induction’s Attend Anywhere service which allows doctors to hold virtual consultations.

Looking ahead, the company said it will invest additional funds in projects that “support and de-risk” its financial goals for 2023 and beyond.

Chief executive James Balmain said the scale of opportunity for his booking platform Induction Zesty had “increased dramatically” in recent months.

“We will use the additional cash that has been generated to accelerate investments in our product development and delivery capability, where we expect to see further growth in stable, high-quality revenues as the push for the digital transformation of the NHS continues,” he added. .

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