After confirming it met FY11 expectations in January, and is upbeat on prospects for 2012 (see EMIS has positive outlook), leading GP systems supplier EMIS has now delivered an impressive set of results. For the twelve months ended 31 December, revenue was up 18% to £73.2m, and adjusted operating profit was up 14% to £20.8m - although the margin slipped a point to 28%.
EMIS’ top line has benefitted from its August 2010 acquisition of pharmacy systems provider RX Systems (see here) – contributing £13.6m to the group in the year. Excluding this, organic growth would have been 4.7% - still pretty good in an otherwise declining UK healthcare market (see UK Public Sector SITS Market Trends & Forecasts, 2011) – and an acceleration in organic growth since the half year (see EMIS in good health).
We are speaking with CEO Sean Riddell this morning and will provide more analysis later in UKHotViewsExtra, but only for TechMarketView subscribers.