TIDMMDG
RNS Number : 8803J
Mobile Doctors Group Plc
07 July 2011
7 July 2011
Mobile Doctors Group Plc
Interim Results for the six months ended 31 May 2011
Mobile Doctors Group Plc (AIM: MDG.L), one of the leading
providers of medico-legal reports for personal injury claims in the
UK market, today announces its interim results for the six months
ended 31 May 2011.
Financial highlights:
-- Revenue: GBP13.94m (2010: GBP12.61m)
-- Gross margin 24.2% (2010: 22.4%)
-- Profit before tax: GBP625,000 (2010: GBP298,000)
Commenting on the results, Matthew Game, Chief Executive
Officer, said:
"The first half of 2011 has been very positive. We continue to
focus on our core strategic principles and have seen a strong
performance in terms of both new business and margin improvement
resulting in a 110% growth in PBT on the same period last year. We
are now in our fifth year of working with business process
outsourcers and the maturity of these relationships is beginning to
demonstrate fundamental improvements both in terms of customer
experience and process efficiencies. The second half of the year
has started positively."
Enquiries to:
Mobile Doctors Group Plc Tel: 020 8787 2000
Matthew Game www.mobile-doctors.co.uk
----------------------------- --------------------------
Daniel Stewart & Company plc Tel: 020 7776 6550
Oliver Rigby
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Notes to Editors:
-- Mobile Doctors, established in 1989, has grown organically to
become one of the leading suppliers of medico-legal reports for
personal injury claims in the UK. It provides independent and
objective medical evidence via a national panel of medical experts
and therapists.
-- Mobile Doctors has a database of approximately 2,500 medical
experts covering many areas of the UK and currently provides
approximately 69,000 reports out of approximately 625,000 reports
required annually.
-- In addition to its core medical report service, Mobile
Doctors also provides ancillary services such as arranging MRI
scans, X-Rays, CT scans, and ultrasounds and rehabilitation
services such as physiotherapy, hospital treatment and
cognitivebehaviouraltherapy.
-- Mobile Doctors Group Plc listed on AIM on 18 July 2007.
Chief Executive Officer's Statement
Summary
The first half of 2011 has been very positive. Having continued
to focus on our core strategic principles we have seen a strong
performance in terms of both new business and margin improvement
resulting in a 110% growth in PBT on the same period last year. We
are now in our fifth year of working with business process
outsourcers and the maturity of these relationships is beginning to
demonstrate fundamental improvements both in terms of customer
experience and process efficiencies. The second half of the year
has started positively.
Market
According to the 09/10 Data Monitor report, the number of
accidents reported by the Compensation Recovery Unit (CRU) rose
from 797,007 in 2008-09 to 846,946 in
2009-10, an increase of 6.3%. Mobile Doctors Group has continued
to increase its share of the market organically and has grown
revenue by 11% in comparison to the same period last year.
Key developments
The group continues to be focused on business process
outsourcing and over the past few months we have been working with
a leading global healthcare solutions provider, to improve our
customer service responsiveness to inbound telephone enquiries.
Following a very successful transition of our customer service
centre within the UK and positive feedback from our customers, we
expect to announce that our new partners will be handling all of
our first line telephone support from July 2011.
We have been working with our IT partner Steria to deliver a
generic platform for two-way data transfer which was deployed in
May this year. This platform enables us to accept instructions
directly from our customers' own case management systems and feed
back information instantly without the need for operator
intervention. This innovation and initiative will continue to be
developed in support of our strategy of process automation to
deliver greater value to our customers.
We are continuing to develop our long term contractual and
strategic relationships with Steria (who manage our back office
processing and IT support); Nuffield Health (who manage the
physiotherapy, diagnostics and rehabilitation needs of our
customers) and TNT (who manage all of our in and out-bound mail,
print, scanning and logistics) and look forward to establishing a
similar relationship with our new customer services partner.
I am pleased to be able to welcome Robert Bright to the board as
non-executive director. Robert brings a wealth of experience in the
insurance industry and has extensive board room experience,
currently serving on the board of directors of Rias PLC, Ageas (UK)
Limited and KwikFit Insurance Services Limited, amongst others.
Financial summary
The first six months of the financial year have been encouraging
with a 12% increase in the level of instructions compared to the
same period last year and a corresponding 11% increase in
revenues.
Gross margins for the period have been maintained at between 24%
and 25%. Overheads as a percentage of revenue have not increased
year-on-year.
The Group continues to operate comfortably within its working
capital facilities, and continues to repay its long-term borrowings
on schedule.
Outlook
Although there is new legislation proposed by the Government in
terms of the reform of Legal Aid in England and Wales and the
implementation of Lord Jackson's recommendations, Mobile Doctors
does not believe that this will impact on the requirement of
medical evidence for personal injury claims.
For some time we have been working on a new consumer product
offering private GP services on a national basis. I am pleased to
announce that the development of this product is progressing very
well and hope to launch the service during the first quarter of
2012.
As the Group now has net distributable profits, it is our
intention to introduce a dividend policy within the next 12
months.
Our strategic focus remains unchanged as we maintain and
continue to build a highly stable and scalable low-cost operating
platform and I am pleased to report that we have had a positive
start to the second half of the year and we look forward to
reporting our year end results.
Matthew Game
Chief Executive
July 2011
Condensed Consolidated Income Statement
for the period ended 31 May 2011
Six months ended Six months ended
Note 31 May 2011 31 May 2010
GBP000 GBP000 GBP000 GBP000
Revenue 13,941 12,605
Cost of sales (10,565) (9,785)
--------- --------
Gross profit 3,376 2,820
Administrative expenses (2,667) (2,423)
--------- --------
Operating profit before
financing costs 709 397
Financial income 3 282 269
Financial expenses 3 (366) (368)
------- --------
Net financing expense (84) (99)
--------- --------
Profit before tax 625 298
Taxation (197) (120)
--------- --------
Profit for the period 428 178
--------- --------
Earnings per share
Basic 7 2.56p 1.07p
Diluted 7 2.56p 1.07p
Revenue and profits are derived from continuing activities. The
entire profit for the period is attributable to equity holders of
the Company.
Condensed Consolidated Balance Sheet
at 31 May 2011
Note 31 May 30 Nov
2011 2010
GBP000 GBP000
ASSETS
Non-current assets
Property, plant and equipment 4 141 160
Intangible assets 5 8,444 8,450
Deferred tax asset 39 88
------- -------
Total non-current assets 8,624 8,650
------- -------
Current assets
Trade and other receivables 29,318 28,333
Cash and cash equivalents 51 106
------- -------
Total current assets 29,369 28,439
------- -------
Total assets 37,993 37,089
LIABILITIES
Current liabilities
Bank overdraft 637 522
Other interest-bearing loans
and borrowings 15,058 14,314
Trade and other payables 17,524 17,716
Current tax 222 314
------- -------
Total current liabilities 33,441 32,667
------- -------
Non-current liabilities
Other interest-bearing loans
and borrowings 620 918
------- -------
Total liabilities 34,061 33,585
------- -------
Net assets 3,932 3,504
------- -------
EQUITY
Share capital 6,685 6,685
Share premium 531 531
Merger reserve (4,113) (4,113)
Retained earnings 829 401
------- -------
Total equity 3,932 3,504
------- -------
Condensed Consolidated Cash Flow Statement
for the period ended 31 May 2011
Six months ended
Note 31 May
2011 2010
GBP000 GBP000
Cash flows from operating activities
Profit for the period 428 178
Adjustments for:
Depreciation and amortization 4,5 90 90
Net financing costs 3 84 99
Taxation 197 120
-------- --------
Operating profit before changes in
working capital 799 487
Increase in trade and other receivables (982) (782)
Increase in trade and other payables 89 558
-------- --------
Cash generated from operations (94) 263
Interest paid (366) (368)
Tax paid (91) -
-------- --------
Net cash from operating activities (551) (105)
-------- --------
Cash flows from investing activities
Interest received 1 -
Acquisition of property, plant and
equipment 4,5 (66) (70)
Net cash from investing activities (65) (70)
-------- --------
Cash flows from financing activities
Increase in borrowings 446 597
-------- --------
Net cash from financing activities 446 597
-------- --------
Net (decrease)/increase in cash and
cash equivalents (170) 422
Cash and cash equivalents at start
of period (416) (164)
-------- --------
Cash and cash equivalents at end
of period (586) 258
-------- --------
Notes
(forming part of the interim financial statements)
1 Accounting policies
Basis of preparation
The interim financial statements have been prepared in
accordance with the AIM Rules for Companies February 2010. The
interim financial statements are presented in pounds sterling,
rounded to the nearest thousand and have been prepared on the
historical cost basis.
The interim financial statements for the six months ended 31 May
2011 have not been audited and do not constitute statutory accounts
within the meaning of section 435 of the Companies Act 2006.
Comparative information presented in the Condensed Consolidated
Balance Sheet is extracted from the consolidated statutory accounts
of Mobile Doctors Group plc for the year ended 30 November 2010.
Those accounts have been reported upon by the Company's auditors
and delivered to the registrar of companies. The report of the
auditors:
(i) was unqualified;
(ii) did not include a reference to any matters to which the
auditors drew attention by way of emphasis without qualifying their
report, and;
(iii) did not contain a statement under section 498 of the
Companies Act 2006.
Significant accounting policies
The interim financial statements should be read in conjunction
with and have been prepared on a basis consistent with the
accounting policies that were applied in the preparation of the
Group's financial statements for the year ended 30 November 2010.
Current taxation has been calculated at the expected average rate
of 26.67% for the financial year ending 30 November 2011. Deferred
tax balances have been calculated at the rate at which they are
expected to reverse.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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