Trading at UK healthcare software provider EMIS was in line with management expectations in fiscal 2011 despite the uncertainty in the wider NHS IT market. Although detailed figures haven’t been revealed yet, we know that recurring revenue remains at over 80% and that preparations for the ‘accelerated rollout’ of EMIS Web stepped up a gear with the number of employees rising 8% to 950 in the second half of 2011. EMIS’ balance sheet has strengthened further with net cash of £7.8m at the year-end, up from £1.7m a year ago.
EMIS now provides over half the GPs in the UK, and around a third of pharmacies, with software. Its EMIS Web product fits well with the government’s cross-organisational healthcare strategy and EMIS, being focused on primary care, stands a good chance of benefiting from the forthcoming reorganisation of the NHS. We’re not, therefore, surprised that the management team is positive about the outlook for the new financial year and ‘confident of the Group’s strategic positioning and growth prospects.’