Totally secures contract extensions and further pilot funding worth c.£7.2m
(TLY ), the healthcare service provider in the UK and Ireland, has been awarded a number of contract extensions and continued pilot funding worth a total of around £7.2m.
The London-listed company, which works in partnership with the NHS, said the extensions and continued funding to pilot COVID-19 specific clinical services include 111 Clinical Assessment Services, Urgent Treatment Centre services and GP Out of Hours services.
The company told investors that these services have been awarded to Totally's wholly owned subsidiaries Vocare Limited ("Vocare"), and Greenbrook Healthcare Limited ("Greenbrook"), which together form Totally's Urgent Care division.
Commenting on the extensions and funding Wendy Lawrence, CEO of Totally, said; "Our Urgent Care division has seen a huge surge in demand over the past year, due primarily to the COVID-19 pandemic, and these contract extensions and pilot schemes are testament to the hard work and dedication being demonstrated by our staff across the country.”
She added, “I am delighted that the quality of services that Totally is offering to ease the burden on our healthcare system is being recognised, and I am extremely proud to continue standing shoulder-to-shoulder with the NHS during these crucial times."
The Company has been managed exceptional well throughout 2020, during a period of unprecedented demand for its traditional Urgent Cares services while innovating new offerings including the 111 Clinical Assessment service. These contract extensions in general, and the continued funding to pilot COVID-19 clinical services in particular, will provide investors with confidence of another strong year for the Company in 2021. Shares in Totally have doubled since the beginning of November 2020 to open 3.74% higher this morning at 28.32p following the announcement.
Reasons to Follow TLY
Totally is healthcare service provider in the UK and Ireland, working in partnership with the NHS and other providers to deliver healthcare services through its divisions of Urgent Care, Planned Care, and Insourcing.
Unique Market Position
Totally has established itself as a component of the provision of healthcare in Ireland the UK. Its Urgent Care, Planned Care and Insourcing services have all secured significant contracts across its target markets and now class themselves as ‘key partners’ to the NHS.
Resilient Operating Model
Urgent Care, Planned Care and Insourcing services all operate in complementary market segments at different parts of the healthcare cycle. In its 1H20 results for the six months ended 30 September 2020, the group demonstrated increasing revenue, service-led margins and a strong operating cash flow to support a progressive dividend policy for shareholders.
Fragmented Industry plays to M&A Strategy
Totally said it is committed to pursuing a progressive ‘buy-and-build’ consolidation strategy within the fragmented healthcare services industry. It has completed several acquisitions and continues to evaluate attractive opportunities that its disruptive service model offers.
Totally is a leading healthcare service provider in the UK and Ireland, working in partnership with the NHS and other providers to deliver healthcare services through its divisions of Urgent Care, Planned Care, and Insourcing.
Positive Recent Newsflow
Last month, the company said it had received a number of contract extensions for Clinical Assessment and GP Out of Hours Services and the provision of Urgent Treatment Centres across the North East of England, the Midlands and Greater London (the "Contracts").
In aggregate, the healthcare service provider in the UK and Ireland said the contracts awarded to Totally's wholly-owned subsidiaries Vocare Limited and Greenbrook Healthcare Limited, which together form Totally's Urgent Care Division, are worth a total of c.£9.8m.
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