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Induction Healthcare Group PLC shares jumped on Monday after the firm said that nearly all of its existing Induction Attend Anywhere contracts with the NHS have been extended or renewed.
Shares were up 24% at 54.00 pence each on Monday morning in London.
Induction Attend Anywhere is a suite of services that introduced video consultations into everyday practice across NHS Health services in England, Scotland and Wales, Induction said.
The health-focused technology firm reported that the NHS extended or renewed 94% of the existing contracts.
Further, the contracts have new terms ranging between 1 and 3 years, whereas the initial contracts were for a one-year term.
As a result of these renewals, £6.6 million of annual recurring revenue will be recognised in the financial year ending March 31, 2023.
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