Emis appoints new CEO following extensive search

Emis CEO Chris Spencer will retire this year

Healthcare software firm Emis has appointed Andy Thorburn as its new CEO following the decision by current chief executive Chris Spencer to retire this year.

Mr Thorburn, who will join the firm on May 1, recently returned to the UK after four years working for Digicel, latterly as group COO at the Caribbean and South Pacific based communications and entertainment provider.

Leeds-based Emis said Mr Thorburn has an "excellent" track record of achievement in his previous roles, both in the UK and overseas.

It added that while he was at Digicel, he was responsible for driving significant growth in revenues and profitability, both organically and through mergers and acquisitions.

Prior to joining Digicel, Mr Thorburn spent 16 years in the software industry with senior management roles at Intec, Chronicle Solutions and a number of Benchmark Capital Portfolio companies. He was also a managing director at BT Group.

Emis said that Mr Spencer has been a pivotal member of Emis's leadership team and a major contributor at both a strategic and operational level since he joined the group in 1999.

It has been agreed that he will be available to the group for an appropriate period of time under a consulting arrangement.

The group's chairman Mike O'Leary said: “We are delighted to announce the appointment of Andy Thorburn following an extensive search process for Chris’s replacement.

"Andy is a proven and outstanding business leader with an excellent track record in the software and IT sectors.

"The board is looking forward to working with Andy, at what is an exciting time in the group’s development, and helping him to strengthen further our position as the UK leader in connected healthcare software and services.

“Chris has given outstanding service to Emis Group for over seventeen years, including as chief executive since 2013, and we wish him a long and healthy retirement."

Analyst Chris Glasper at N+1 Singer has moved his recommendation on Emis to "buy" from "hold".

"After several years of incubation, Emis’s direct-to-consumer offering Patient is now entering a period of accelerated investment," said Mr Glasper.

"The ambition is to build a £50m revenue line over the next five years. Details are still somewhat light and there will be a drag on earnings this year and next, but we believe this is an exciting development and could be transformative for the group.

"The rest of the business is being restructured to match the move towards integrated care, which we also believe plays to Emis’s strengths. We move back to 'buy' with a new target price of 980p."