Totally hails ‘strong progress’ as it expects FY21 results to beat expectations
(TLY ) said it continues to make strong progress as it delivers healthcare services across the UK and Ireland in partnership with the NHS and other healthcare providers.
The Group, which provides a range of healthcare services across the UK, said it anticipates reporting EBITDA for the year ended 31 March 2021 ‘substantially ahead’ of current expectations and its previous record of £4m in underlying EBITDA for the same 2019 period.
Totally attributes its resiliency and improved trading performance to multiple factors but stated that this was primarily because of the Group being able to respond quickly to the numerous demands for its healthcare services during the pandemic, particularly for the NHS.
While all operations were impacted as a result of the pandemic, the Group said that with the increased demand for urgent healthcare support, it was well placed to respond quickly.
Over the course of the 12-month period, Totally announced numerous contract renewals and new business models being delivered, with many targeted to manage demand during the pandemic, which amounted to an aggregate contract value of around £92.5 million.
At the end of March 2021, the Group informed investors that it had been chosen as a qualified provider to Yorkshire Ambulance Service NHS Trust, the first agreement that Totally has entered into under the new NHS Integrated Care System framework.
To date, the Group has seen positive movement in its Care Quality Commission (CQC) ratings, resulting in all of its registered services now being rated as “Good.” Totally said these successes has placed it ‘in a strong position as a preferred partner of the NHS.’
Meanwhile, the Group’s insourcing division continues to be appointed by numerous hospitals across the UK and Ireland in order to reduce waiting lists that have built up as a result of elective care being paused during the COVID-19 period across the country.
The Directors now anticipate short-term significant growth for the insourcing division.
In addition, the Group’s Planned Care division has resumed services during the past few months, mobilising new dermatology services across as well as physiotherapy services.
As at 31 March 2021, the Company was in a healthy financial position with £14.8m of net cash compared to £8.9m in the comparative 2020 period. The Company highlighted that it has no debt financing and that all deferred HMRC payments have also been paid in full.
The Directors said they expect the Company to release its audited final results for the 12-month period ended 31 March 2021 in July 2021.
Today’s trading update highlights the Company’s strong progress as it continues to deliver its healthcare services across the UK and Ireland. Over the course of the year, Totally has secured a string of contracts which amount to an aggregate value of around £92.5 million.
Shares in Totally have increased by nearly 50% in value since the beginning of the year.
Reasons to 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.
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.
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.
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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