EMIS revenues bolstered by market share maintenance

EMIS Group reported on Thursday that it expected its annual results to fall in line with expectations after it continued to benefit from growing recurring revenues and strong market shares.

The connected healthcare software and services provider said it had maintained its leading primary care market share in through its Primary, Community & Acute Care division, which made further progress in the community market with new contract wins and delivered growth over the calendar year.

Meanwhile, Community Pharmacy achieved "a strong performance" as it continued to roll out its pharmacy dispensary management product ProScript Connect, which is now deployed in over 80% of the estate.

The AIM-listed company also stated that its Specialist & Care division delivered "encouraging" revenue and profit growth, while the Patient division made good progress towards its vision of delivering the UK's first digital healthcare marketplace.

Net cash stood at £15.6m as at year-end, up from £14.0m at the same point the year before, following payment of all amounts due under the settlement agreement with NHS Digital relating to service level reporting issues announced in December.

Katherine Thompson, technology analyst at Edison Investment Research, said: "EMIS finished FY18 in a better position than it started the year. Trading was in line with expectations and the customer support issue uncovered a year ago has been resolved. The company has a strong cash position and can now focus fully on the development and roll-out of the EMIS-X platform."

EMIS Group's shares were down 2.50% at 897.00p at 1054 GMT.