TIDMMDG
RNS Number : 6393D
Mobile Doctors Group Plc
28 March 2011
Mobile Doctors Group Plc
Results for the year ended 30 November 2010
Mobile Doctors Group Plc (AIM: MDG.L), one of the leading
providers of medico-legal reports for personal injury claims in the
UK market, announces its final results for the year ended 30
November 2010.
Highlights:
-- Revenue of GBP27.0m compared to GBP27.6m in 2009;
-- Increase in pre-tax profits of 20% from GBP800,000 to
GBP960,000
-- Further repayments of GBP790,000 against senior debt;
Commenting on the results, Peter Opperman, Chairman, said:
"It gives me great pleasure to introduce the financial
statements for 2010 which show a 20% increase in pre-tax
profits.
The year ending 30 November 2010 was an opportunity to
consolidate on previous growth and focus on improving on
profitability. I am satisfied that this gives us a sustainable
platform for further growth in future years.
The results for the year continue to demonstrate the commitment
and contribution of our employees; I would like to extend my thanks
to all of them."
Enquiries to:
Mobile Doctors Group Plc Tel: 020 8787 2000
Matthew Game www.mobile-doctors.co.uk
Daniel Stewart & Company plc Tel: 020 7776 6550
Oliver Rigby
Notes to Editors:
-- Mobile Doctors, established in 1989, has grown organically to
become one of the leading suppliers of medico-legal reports for
personal injury claims in the UK. It provides independent and
objective medical evidence via a national panel of medical experts
and therapists.
-- Mobile Doctors has a database of approximately 2,500 medical
experts covering many areas of the UK and currently provides
approximately 70,000 reports out of approximately 625,000 reports
required annually.
-- In addition to its core medical report service, Mobile
Doctors has also successfully developed and launched Mobile Doctors
Ancillary Services and Mobile Doctors Rehabilitation Services.
Mobile Doctors Ancillary Services arranging MRI scans, X-Rays, CT
scans, and ultrasounds. Mobile Doctors Rehabilitation provides
after care services such as physiotherapy, hospital treatment and
cognitivebehaviouraltherapy.
-- Mobile Doctors Plc listed on AIM on 18(th) July 2007.
Chief Executive's Report
I am pleased to report a year during which we have consolidated
the growth achieved in the previous two years and increased pre-tax
profits by 20%.
The Group turnover for the year stabilized at GBP27.0m after a
period of rapid growth over the last two years. Pre-tax profits of
GBP960,000 (an increase of 20% compared with 2009) confirms our
strategy of business process outsourcing and working in partnership
with leading organizations. Post tax profits are GBP643,000 (an
increase of 25% over 2009). Over the year we have repaid GBP790,000
of long term debt and are on target to clear the balance by
December 2012.
Our partnerships with Steria, Nuffield Healthcare and TNT have
continued to enable us to enhance our operational processes and
deliver a broad range of rehabilitation and medical services and to
respond rapidly to the requirements of our customers.
Ongoing Strategy
The strategy we adopted in 2006 has now delivered a significant
and sustainable competitive cost advantage which, as these results
demonstrate, is delivering improved financial returns. We will
continue to target organic growth using both cost and service
advantages plus we will continue to seek acquisition targets that
meet our key criteria.
We continue to innovate in IT development. Key projects during
the year include the development of a platform to enable two-way
data exchange with our customers which will deliver processing
speed and efficiency benefits.
We continue to evaluate the options open for us to deliver a
range of healthcare services to both consumers and employers.
Key Performance Indicators
The day to day key indicators of business performance have not
changed from those reported last year, these are measured and
monitored based on the following categories: -
New instructions received and processed (3% increase in the
year);
Medical reports returned and processed (6% decrease in the
year);
Margins are measured daily against budget and used to determine
purchasing efficiencies; and
Daily cash collection (3% increase in the year).
A quality audit is undertaken on a daily basis for all key
operational processes, the results of which are collated and
presented to both the operational team and individuals each day by
the operations managers. The audit process is based on a
predetermined matrix and errors are recorded as low, medium and
high with a benchmark of 96% accuracy.
Dividend
No dividend will be paid for the year ended 30 November 2010
(2009: nil).
Current Trading and Outlook
We look forward to another year of profitable trading. The UK
Government is consulting on reforms to legislation which, if
implemented in full, could adversely affect funding for personal
injury claims. The Directors are of the opinion that the risk to
the business in the foreseeable future is small.
Matthew Game
Chief Executive
Consolidated Income Statement
for year ended 30 November 2010
Note 2010 2010 2009 2009
GBP000 GBP000 GBP000 GBP000
Revenue 26,965 27,560
Cost of sales (20,305) (21,298)
Gross profit 6,660 6,262
Administrative expenses (5,520) (5,547)
Operating profit before
financing costs 2,3,4 1,140 715
Financial income 5 544 856
Financial expenses 5 (724) (771)
Net financing (expense)/income (180) 85
Profit before tax 960 800
Taxation 6 (317) (285)
Profit for the year 643 515
Earnings per share
Basic 7 3.84p 3.08p
Diluted 7 3.84p 3.08p
Statements of Changes in Equity
for year ended 30 November 2010
Share Share Merger Retained Total
Group capital premium reserve earnings equity
Note GBP000 GBP000 GBP000 GBP000 GBP000
Balance at 1 December 2008 6,685 531 (4,113) (757) 2,346
Profit for the period - - - 515 515
Total recognised income
and expense - - - 515 515
Balance at 30 November
2009 6,685 531 (4,113) (242) 2,861
Profit for the period - - - 643 643
Total recognised income
and expense - - - 643 643
Balance at 30 November
2010 6,685 531 (4,113) 401 3,504
Share Share Retained Total
Company capital premium earnings equity
Note GBP000 GBP000 GBP000 GBP000
Balance at 1 December 2008 6,685 531 (411) 6,805
Loss for the period - - (27) (27)
Total recognised income
and expense - - (27) (27)
Balance at 30 November 2009 6,685 531 (438) 6,778
Loss for the period - - (27) (27)
Total recognised income
and expense - - (27) (27)
Balance at 30 November 2010 6,685 531 (465) 6,751
Consolidated Balance Sheet
at 30 November 2010
Note 2010 2009
GBP000 GBP000
ASSETS
Non-current assets
Property, plant and equipment 8 160 224
Intangible assets 9 8,450 8,492
Deferred tax asset 11 40 88
Total non-current assets 8,650 8,804
Current assets
Trade and other receivables 12 28,333 26,951
Cash and cash equivalents 13 106 38
Total current assets 28,439 26,989
Total assets 37,089 35,793
LIABILITIES
Current liabilities
Bank overdraft 13 522 202
Other interest-bearing
loans and borrowings 14 14,314 14,462
Trade and other payables 15 17,716 16,236
Current tax 115 314
Total current liabilities 32,667 31,214
Non-current liabilities
Other interest-bearing
loans and borrowings 14 918 1,718
Total liabilities 33,585 32,932
Net assets 3,504 2,861
EQUITY
Share capital 17 6,685 6,685
Share premium 531 531
Merger reserve (4,113) (4,113)
Retained earnings 401 (242)
Total equity 3,504 2,861
Company Balance Sheet
at 30 November 2010
Note 2010 2009
GBP000 GBP000
ASSETS
Non-current assets
Investments in subsidiaries 10 7,020 7,020
Total assets 7,020 7,020
LIABILITIES
Current liabilities
Trade and other payables 15 269 242
Total liabilities 269 242
Net assets 6,751 6,778
EQUITY
Share capital 17 6,685 6,685
Share premium 531 531
Retained earnings (465) (438)
Total equity 6,751 6,778
Cash Flow Statements
for year ended 30 November 2010
Note Group Company
2010 2009 2010 2009
GBP000 GBP000 GBP000 GBP000
Cash flows from operating activities
Profit/(loss) for the period 643 515 (27) (27)
Adjustments for:
Depreciation and amortisation 8,9 187 170 - -
Net financing expense/(income) 5 180 (85) - -
Taxation 6 317 285 (11) (11)
Operating profit/(loss) before
changes in working capital 1,327 885 (38) (38)
Increase in trade and other
receivables (1,383) (3,659) - -
Increase in trade and other
payables 2,023 3,448 27 27
Cash generated from operations 1,967 674 (11) (11)
Interest paid (724) (771) - -
Tax (paid)/received (467) (43) 11 11
Net cash from operating activities 776 (140) - -
Cash flows from investing activities
Interest received 5 1 3 - -
Acquisition of property, plant
and equipment 8,9 (81) (190) - -
Net cash from investing activities (80) (187) - -
Cash flows from financing activities
(Decrease)/increase in
borrowings (948) 224 - -
Net cash from financing activities (948) 224 - -
Net decrease in cash and cash
equivalents (252) (103) - -
Cash and cash equivalents at
start of period (164) (61) - -
Cash and cash equivalents at
30 November 13 (416) (164) - -
Report Circulation
Copies of this announcement are available from the Company's
registered office at 4 Bourne Court, Southend Road, Woodford Green,
Essex, IG8 8HD.
Copies of the Annual Report and Accounts will be sent to
shareholders by 7 April 2011 for approval at the Annual General
Meeting ("AGM") to be held at 09.00hrs on 28 April 2011at the
Company's registered office, 4 Bourne Court, Southend Road,
Woodford Green, Essex, IG8 8HD. The Annual Report and Accounts
together with the notice of AGM will be available on the Company's
website, www.mobile-doctors.co.uk, and will also be available at
the Company's registered office from 7 April 2011.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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