Healthcare software firm Emis saw reported operating profit halve as total revenue edged up 1 per cent in the year ended December 31, 2017.
The Leeds-based group said it continues to be financially strong, completing 2017 with recurring revenues up 4 per cent representing 83 per cent of total revenues, a net cash position of £14m and access to debt facilities of up to £60m.
Total revenue was up from £158.7m in 2016 to £160.4m. While recurring revenue was up 4 per cent from £128.5m to £133.5m.
Reported operating profit fell from £23.5m to £10.6m but adjusted operating profit fell 3 per cent to £37.4m.
Andy Thorburn, CEO of Emis, said: “Emis Group has been built on solid foundations, which remain firmly in place today. We continue to lead the way in joined-up healthcare IT, with market-leading positions, high levels of recurring revenue and a strong financial position.
“Whilst we are proud of what we have already achieved in delivering connected healthcare, we are continuing to build on this with operational enhancements and key projects that will give us a stable platform for future growth.
“I believe that the robust management of legacy matters is essential, to both enhance our culture and improve performance going forward. This means being more performance-led, with greater accountability, improved operational execution and an increased focus on our customers, users, partners, patients and their needs. To support this,
“I have engaged closely with senior NHS figures, and have committed the Group to further strengthen its alignment with the strategic priorities of its key customers and users over the period ahead, placing Emis Group firmly at the heart of the connected IT future of the NHS.
“While our focus currently is on dealing with a number of key projects set out in today’s announcement, we are also working on our detailed plans for growth.
“I look forward to sharing more details of this with the market and our shareholders later in the year, as the group continues to invest and adapt to the new models of care that are emerging digitally across our markets.”