Wendy Lawrence of Totally: Strong revenue growth gives us confidence in our prospects moving forward
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Wendy Lawrence, CEO of discusses their trading update, which despite experiencing some short term cost pressures, sees the business delivering strong revenue growth over the medium to long term and is confident in their prospects moving forward.
Highlights
Totally continues to deliver strong revenue growth against the prior year and in line with consensus market expectations. The growth of NHS waiting lists have been well-publicised and Totally has seen revenue for insourcing and outsourcing services, which target the reduction of waiting lists, double in the year to date.
In addition, the new contract awarded in January 2023 for the delivery of NHS 111 resilience support delivers additional organic revenue growth. This contract went live during February 2023.
The Company has however been impacted by the combined impact of high inflation, national strikes, which increase pressure on services and scheduling, and clinical workforce shortages which increase reliance on agency staff for the delivery of urgent care services.
Totally now expects EBITDA for the twelve months ending 31 March 2023 to be c. £6.3 million which is below current consensus market expectations.
Totally has, and continues to take, multiple actions to manage and control costs whilst continuing to deliver essential services on behalf of the NHS. As these actions are managed and executed, some impact on forecasts for the first quarter of the next financial year is anticipated.
Cash at period end is expected to be c.£5.5 million and the Company intends to maintain its dividend in line with previous expectations.
The Board remains confident in the prospects of the Company and expects continued growth moving forward.
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