Totally plc (TLY), a frontline healthcare and corporate wellness services provider, has today released an update on trading for the 12-month period ending 31 March 2023.
The company is expected to report EBITDA in line with consensus market expectations, according to unaudited draft numbers. At year-end, the company had gross cash of £6.4 million (31 March 2022: £15.3 million) and net cash at the same date was £3.9 million. Insourcing and outsourcing revenue, delivered through Pioneer Healthcare, doubled in FY23 compared to the previous year.
Totally undertook multiple actions during the last quarter of the period to manage and control costs driven by high inflation and national workforce challenges, leading to exceptional costs being incurred for FY23 and to a lesser extent, in the current financial year. The Group's restructuring efforts will bring together all healthcare services under one healthcare delivery business focused on Urgent Care and Elective Care, realising economies of scale and removing duplicated costs, leading to enhanced operational and financial performance of the businesses.
Totally said its management team is working closely with healthcare commissioners to respond to opportunities to support the reduction of record waiting lists for elective care and meet waiting time targets in urgent care.
Totally added that Corporate Fitness revenues, delivered through Energy Fitness Professionals, have returned to almost pre-pandemic levels with the addition of new contracts and equipment installations for existing customers.
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Despite well-documented external headwinds, Totally is navigating these challenges impressively, and remains well-positioned to alleviate pressure on NHS services. Looking forward, restructuring the business and the removal of duplicated costs should see Totally reap financial and operational rewards in FY24.
In addition, Totally has secured a number of new contracts and framework agreements in 2023, most recently announcing two new contracts for urology services in Ireland and a key position on a new framework agreement in Wales. On top of this, Totally is continuing to benefit from new business opportunities driven by employers wanting to entice employees back into the workplace, with Corporate Fitness revenues almost at pre-pandemic levels.
Overall, Totally is well-placed to provide the NHS with high-quality healthcare services for both urgent and elective care, continuing to improve healthcare outcomes for patients across the UK. Totally expects to release its final results for FY23 in July 2023, so make sure to to be notified of this update.