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Totally PLC on Wednesday reported a swing to interim profit as it maintained its full-year guidance. The Derby, England-based provider of healthcare and wellbeing services across the UK and Ireland reported a 25% decline in revenue in the half-year to September 30 to £41.7 million from the £55.8 million a year prior. It was an outcome in line with board expectations. However, the AIM-listed firm swung to a modest pretax profit of £5,000, from a loss of £1.9 million the previous year, despite continued wage pressures serving as a drag. Totally confirmed six new contracts valued at £7.5 million during the period, all of which will be realised within the current financial year. A further 14 were renewed at a total value of £19 million. Cost of sales for the firm fell 25% to £34.5 million from £46.1 million a year prior, helping its bottom line. Totally reported a reduction in gross cash for the interim period, down 18% to £1.4 million from £1.7 million. In line with last year, Totally did not propose an interim dividend. Its half-year results follow on from the renewal of its rolling credit facility last week for a further two years at £3.5 million. The firm acknowledged the continuation of ‘significant challenges’ in the healthcare market going forward, but expressed confidence in meeting its full-year revenue guidance of £85 million through a combination of a strong cost management culture and robust organisation Totally Chief Executive Wendy Lawrence said: ‘The board has increased confidence in the near to long term prospects of the business, and we remain confident that the business is well-positioned for growth.’ Shares in Totally are down 3.3% at 9.42 pence on Wednesday afternoon in London. Copyright 2024 Alliance News Ltd. All Rights Reserved
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