EMIS Group’s first full year results since going public (see here), show the UK-based GP software supplier grew revenue 8% to £62.4m in the twelve months to 31 December, and pre-tax profits by 11% to £16.1m (a 26% margin vs. 25% in FY09). Excluding the acquisition of pharmacy software provider RX Systems (see here), which contributed £4.98m in revenue in the year (and £550k in operating profit), EMIS’ organic growth was more or less flat.
The one big disappointment for EMIS seems to be its loss-making Canadian business EMIS Inc, which has failed to perform as expected. It will now exit the business, and it expects to take £2.5m in charges in 2011, of which £900k will be cash-related.
EMIS also announced the retirement of chairman Tony Jones, also one of its three founders. He is replaced by Michael Kevin O'Leary, former CEO of Marlborough Stirling and Huon Corp and former exec director of Misys, who will take on the role of non-executive chairman. O’Leary currently holds other non-exec roles at Headlam Group and Psion, and is also chairman of Digital Healthcare Ltd, a Cambridge-based healthcare software supplier to the UK diabetic retinopathy screening programme.
We will provide a more detailed analysis on EMIS's performance in UKHotViewsExtra later.