TIDMULT
RNS Number : 6731D
Ultrasis PLC
30 January 2015
Ultrasis plc
("Ultrasis", the "Group" or the "Company")
Results for the year ended 31 July 2014
Ultrasis, the provider of interactive health care services,
announces its audited financial results for the year ended 31 July
2014:
-- 94% increase in recognised revenue to GBP1,833,000 (2013: GBP941,000)
-- Invoiced sales increased by173% to GBP1,968,000 (2013: GBP719,000)
-- 80% increase in operational costs to GBP3,791,000 (2013: GBP2,149,000)
-- Operating loss before exceptional costs reduced to GBP1,424,000 (2013: GBP2,768,000)
-- Significant investment in both human resources and estate to
provide national network of delivery has seen the team grow from 40
to over 65
-- Three acquisitions during the period enabling the Group to
diversify the range of products and services available
-- Proposed refinancing (announced post year-end) for over
GBP5.05 million of investment in new financial year, subject to
shareholder and Takeover Panel approval. The Board expects to post
a circular to shareholders with regards the proposed refinancing in
February.
John Smith, Interim Executive Chairman, said "The Group is
looking ahead to maximise the significant financial and strategic
investment made in both its human resource and physical estate
during the past 12 months. We look forward to further progress in
2015."
For all enquiries relating to Ultrasis please contact:
Ultrasis plc Tel: +44 (0) 20 7535
2050
John Smith, Interim Executive
Chairman
finnCap Ltd Tel: +44 (0) 20 7220
0500
Geoff Nash/Simon Hicks
Notes to Editors:
Ultrasis is a provider of health and social care services
providing access to physical and mental health services either face
to face or via technology. We deliver our range of healthcare
products to the consumer, health professionals, and the corporate
sector in the UK and Internationally. Ultrasis was the first
company to offer computerised products based on Cognitive
Behavioural Therapy (CBT) and interactive multimedia, and is still
a world leader in this field.
Interim Executive Chairman's statement for the year ended 31
July 2014
I want to begin my report by thanking our employees for their
tremendous efforts over the past 12 months, in particular their
absolute focus on delivering high quality and customer focused
services. The Group has been through a significant amount of change
during the past year as we look to deliver our growth strategy.
We have set about establishing a robust infrastructure capable
of delivering sustainable growth in revenue, whilst maintaining a
high quality service. We have recruited a substantial number of
employees and developed a national network of clinics and
facilities from which to deliver our services, as well as investing
in key central services which are essential to support a growing
company. We currently employ 65 people and are looking to increase
this to over 75 in the near future.
This investment and strategic direction has already started to
show a significant growth in invoiced sales across the Group to
GBP1,968,000 (2013: GBP719,000, 2012: GBP891,000), with the
recognised sales revenue increasing to GBP1,833,000 (2013:
GBP941,000). This reversal of the 'year on year' decline in sales
revenue of the Group justifies the diversification and acquisition
strategy adopted by the Board since I was appointed as Chief
Executive in June 2013. This strategy could not have been
implemented without the substantial and ongoing support of Mr Paul
Bell and the loan facilities he has made available to the
Group.
We are a company in transition and as part of this process of
change we have seen several colleagues leave the Board: Penelope
Tembra, Finance Director, Charlie Martin, Clinical Director, Gerald
Malone, Chair, Michael Mills Non-Executive Director and Dan Bate
Non-Executive Director. I want to thank them for the many years of
service that between them they have given to the Group.
It has also seen us recruit Alan Kershaw who joined the Board as
Executive Finance Director in June 2014. Alan brings a wealth of
plc experience and knowledge to the Board and we have already seen
the benefit of this appointment. We are actively looking to broaden
our board and appoint non executive directors, and expect to
provide further detail on this on completion of the proposed
refinancing.
In the past 12 months we have achieved significant progress in
delivering on the strategic objectives that the Board set out in
last year's annual report. These objectives will continue to form
the basis for measuring the Group's success for the current
financial year so I will take the opportunity to restate them:
-- Grow the customer base
-- Increase income and achieve profitability
-- Widen the range of services we provide
-- Develop new and innovative products and services
-- Increase the number of partners who distribute our products and services
-- Form strategic partnerships with public, voluntary and private sector partners
-- Enhance our reputation for providing quality products and services
Going forward
Today's results provide details of the Group's activities for
the financial year ending 31 July 2014 but much has happened since
the year end. The Board and the Senior Management Team remain
focused on growing the business and returning it to profitability
by delivering on our strategy to become a leading provider of
health and social care services.
The acquisitions we have made, and the contracts we have
subsequently won are now contributing significant and regular
income to the Group.
Crucially we have provisionally secured over GBP4.55 million of
new investment in the Group from Mr Paul Bell, Directors and others
and, in addition, the opportunity to raise up to a further
GBP500,000 by way of an open offer to our shareholders. This
investment is subject to approval by both the Panel on Takeovers
and Mergers and independent shareholders. I want to take this
opportunity to make it clear that without this proposed investment
the Group will not be in a position to continue to trade, and
therefore I would ask all shareholders to carefully consider the
future of the Group, and I hope, show their support at the
forthcoming General Meeting which is expected to take place in
March. I also want to take this opportunity to again publically
thank Mr Bell for his continued involvement both financially and
strategically as we continue to implement the Board's strategy to
bring success to the Group.
John Smith
Interim Executive Chairman
Strategic Report
Overview
The Ultrasis Group has four main operating companies, being
Ultrasis PLC, Ultrasis UK Limited, Screenetics UK Limited and
Health Assessments UK Limited. All of these companies operate in
the healthcare sector providing a range of complementary activities
to individuals both in the United Kingdom and beyond, both via
health professionals and directly. The focus of the Group's
activities remains on customers in the United Kingdom.
During the year under review the company acquired the
Screenetics group comprising Screenetics UK Limited, Health
Assessments UK Limited and Screenetics Limited in a cash and share
acquisition. In addition to this the Company also acquired the
business and assets of Step Success Limited and of the Waterloo
Health Clinic.
Strategy
The Group's strategic focus remains on growing the healthcare
offering both through organic growth and through acquiring other
organisations whose activities and people would complement those of
the existing offering. The Group aims to maximise the utilisation
of technology within healthcare, whilst ensuring that individuals
are treated as individuals, and are supported both remotely and
face to face.
The Board believes that this strategy will meet the healthcare
needs in the UK market, and will result in an improved financial
performance of the Group at a steady and sustainable level for the
future.
Results for the year
Operating losses for the year were GBP1,425,000 (2013:
GBP2,768,000); a result of the ongoing expansion of the group's
activities. Both the current and prior year figures are stated
after exceptional items.
Revenues
The Group's total recognised revenues are GBP1,833,000 (2013:
GBP941,000) of which revenue generated in the UK was GBP1,346,000
(2013: GBP818,000) and internationally generated revenue was
GBP540,000 (2013: GBP123,000). Total invoiced sales for the year
were GBP1,968,000 (2013: GBP719,000).
Expenditure
Total operating costs for the year were GBP3,706,000 (2013:
GBP2,056,000). The current and prior year figures do not include
exceptional items which included in 2013 the costs of GBP1,965,000
relating to the write down of the licence acquired with the
acquisition of Healthstar in 2006 to the English Speaking Consumer
market, and in 2014 to the gains of GBP800,000 made on
acquisitions.
Joint Venture
The Group's interest in its Joint Venture, USquared Interactive
is consolidated using the equity method. The Group's consolidated
balance sheet therefore includes a net provision of GBP78,000
(2013: GBP5,000) to recognise the cumulative losses in excess of
the cost of the investment in the Joint Venture.
The Group entered into a Joint Venture, Ki Health (UK) Limited,
during the year. It has not yet begun to trade in its own right and
therefore there are no amounts relevant to this entity to include
in the Group accounts.
Cash
At the balance sheet date the Group had cash reserves of
GBP122,000 (2013: GBP469,000) reflecting the cash effect of the
operating loss for the year. At this date the Group had undrawn
facilities of GBP1.03m under the terms of the loan facility with Mr
Paul Bell.
Key Performance Indicators
The Group currently uses the following KPIs to assess its
performance during the year:
1. Annual Invoiced Sales:
2014 2013
GBP'000 GBP'000
1,968 719
Turnover arises within the Group from software licensing and
healthcare services and the growth in the latter, both through
acquisition and organic growth, has been key to the Group's growth
this year. Due to the way that the Company's software licensing
business recognises its revenue there is a difference between the
level of invoiced sales achieved during the year and the revenue
recognised in the accounts. Invoiced sales impacts directly on cash
flow and is an important measure of how the Company is currently
performing in its market place.
2. Adjusted Operating (Loss)/ Profit:
2014 2013
GBP'000 GBP'000
(1,823) (1,430)
Adjusted Operating (Loss)/ Profit is based on invoiced sales and
before interest and tax, depreciation and amortisation and other
non-cash charges such as share based payments. This is before any
exceptional items are applied. This is a direct measure of how the
Group is performing on an operational basis. Notional non-cash
charges such as depreciation, amortisation and share based payments
charges which are required to be recognised in the statutory
accounts under current accounting standards do not affect the
Company's liquidity and by stripping these items out the Directors
are able to monitor more efficiently the operational performance of
the Company.
Analysis of KPIs
Sales have increased as compared to the prior year, primarily
due to the acquisitions made by the Group and also by the
significant Public Sector contract won during the year to deliver
health assessments for individuals. In order to deliver this
contract the Group expanded its team of health professionals across
a network of locations across the country. This initial investment
period resulted in higher operating losses.
Results and dividends
No dividend will be paid in respect of the year (2013: GBPnil)
and accordingly a consolidated loss after tax of GBP1,436,000
(2013: GBP2,771,000) is transferred to reserves.
Risk assessment
The Board is fully committed to the identification and
management of risk, especially in the following areas: Financial;
Operational; Personnel and Commercial.
Financial
The Group was loss making during the year and whilst many
customers are NHS trusts or large multi-national companies which
have strong credit profiles, the purchasing and payment process can
take longer than the Group's 30 day standard payment terms. The
loan financing facility provided by Mr Paul Bell has been assisting
the Group in managing this risk. Credit risk is managed in respect
of bank and cash balances by only holding balances at banks with
high credit ratings.
Operational
The Group's Beating the Blues product has continued to be
redeveloped over recent years. Alongside the technology
development, the use of this product has been reviewed and enhanced
with remote support being provided to customers, to enhance their
experience. In addition the more recently introduced face to face
services, continue to be developed and evolve to meet the growing
demand in the marketplace for healthcare services and products.
Personnel
As a customer centric business, the Group needs to attract and
retain high calibre personnel to deliver, develop and enhance the
services provided to our customers. The Group and our employees are
committed to delivering a quality service which meets our own
expectations, those of our peers and those of our customers where
possible. Employees are kept informed of key issues affecting them
and the Group through regular communication between management and
staff.
Commercial
The Group's strategy to broaden the range of healthcare products
and services has proven successful in recent months. This is
expected to continue to develop and enhance the commercial offering
available in the marketplace.
Consolidated Statement of Comprehensive Income
for the year ended 31 July 2014
2014 2013
Notes GBP'000 GBP'000
Revenue 2 1,833 941
Cost of sales (267) (20)
--------- --------
Gross profit 1,566 921
Operating expenses (3,791) (2,149)
Exceptional gain / (costs) 4
Purchase gain on business 800 -
acquisition
Impairment of intangible
fixed assets - (1,965)
Prior Year Adjustment
re JV accounting - 681
Directors severance costs - (256)
--------- --------
Administrative expenses (2,991) (3,689)
Operating loss before exceptional
costs (2,225) (1,228)
Operating loss after exceptional
costs (1,425) (2,768)
--------- --------
Finance costs (11) (3)
Finance income - -
(Loss) before taxation (1,436) (2,771)
--------- --------
Taxation 3 - -
Loss for the year 2 (1,436) (2,771)
Other comprehensive loss
Exchange differences on
foreign currency net investments
in subsidiaries (3) (4)
Total comprehensive loss
for the year attributable
to equity holders of the
parent (1,439) (2,775)
========= ========
Loss per share:
Basic and diluted loss
per share (p) 5 (0.08) (0.17)
========= ========
Consolidated Statement of Financial Position
as at 31 July 2014
Notes 2014 2013
GBP'000 GBP'000
Non-current assets
Intangible assets 6 1,261 581
Plant and equipment 62 29
Goodwill 932 -
Total non-current
assets 2,255 642
------------------------ ------ --------- -------------------
Current assets
Inventories 6 -
Trade and other
receivables 1,360 532
Cash and cash
equivalents 122 469
Total current
assets 1,488 1,001
------------------------ ------ --------- -------------------
Current liabilities
Trade and other
payables (1,296) (516)
Total current
liabilities (1,296) (516)
------------------------ ------ --------- -------------------
Net current assets 192 485
------------------------ ------ --------- -------------------
Long term liabilities
Trade and other
payables due in
more than one
year (2,028) (266)
Net assets 419 829
------------------------ ------ --------- -------------------
Equity
Share capital 1,789 1,709
Share premium 22,569 21,701
Share option reserve 1,010 999
Capital reduction
reserve 6,650 6,650
Merger reserve 2,324 2,324
Translation reserve (18) (16)
Convertible loan
stock 93 24
Retained losses (33,998) (32,562)
419 829
----------------------- ------ --------- -------------------
Consolidated Statement of Cash Flows
for the year ended 31 July 2014
2014 2013
GBP'000 GBP'000
Cash used in operations
Operating loss (1,425) (2,779)
Share based payments 11 (665)
Depreciation charge on
tangible fixed assets 67 20
Amortisation and impairment
of intangible fixed assets 120 2,151
Write down of Joint Venture 73 93
Acquisition of Business
& Assets (800) (45)
(Increase) in stock (6) -
Decrease/(Increase) in
receivables (828) 188
(Decrease)/Increase in
payables 919 (265)
-------------------------------- -------- --------
Net cash generated from/(used
in) operating activities (1,869) (1,302)
-------------------------------- -------- --------
Investing activities
Acquisition of Subsidiary (568) -
in Cash
Purchase of tangible fixed
asset (105) (12)
Profit / (Loss) on disposal 4 -
of tangible fixed assets
Interest received - 9
-------------------------------- -------- --------
Net cash used in investing
activities (669) (3)
-------------------------------- -------- --------
Financing activities
New shares issued 584 586
New loans received 1,550 125
New convertible loan stock
issued 69 24
Interest paid (11) (1)
Net cash used in financing
activities 2,192 734
-------------------------------- -------- --------
Net decrease in cash and
cash equivalents (346) (571)
Cash and cash equivalents
at beginning of period 469 1,046
Effects of exchange rate
changes on the balance
of cash held in foreign
currencies (2) (5)
Cash and cash equivalents
at end of period 122 469
-------------------------------- -------- --------
Consolidated Statement of Changes In Equity
for the year ended 31 July 2014
Share Share Share Capital Merger Translation Retained Convertible Total
capital premium option reduction reserve reserve losses loan
reserve reserve stock
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
Balance
brought
forward
1 August
2013 1,709 21,701 999 6,650 2,324 (15) (32,562) 24 829
Translation
differences
on foreign
currency - - - - - (3) - (3)
Retained
loss for
the year - - - - - - (1,436) (1,436)
Total
comprehensive
income
for the
year - - - - - (3) (1,436) (1,439)
--------------- -------- -------- -------- ---------- -------- ------------ --------- ------------ --------
New
convertible
loan stock
issued - - - - - - - 69 69
New shares
issued 80 868 - - - - - 948
Movement
on share
option
reserve - - 11 - - - - 11
=============== ======== ======== ======== ========== ======== ============ ========= ============ ========
Balance
carried
forward
31 July
2014 1,789 22,569 1,010 6,650 2,324 (18) (33,998) 93 419
=============== ======== ======== ======== ========== ======== ============ ========= ============ ========
Statement of accounting policies for the year ended 31 July
2014
1. Nature of financial information
The financial information set out in this announcement does not
comprise the Group's statutory accounts for the years ended 31 July
2014 or 31 July 2013.
The financial information has been extracted from the statutory
accounts of the Company for the years ended 31 July 2014 and 31
July 2013. The auditors reported on those accounts; their reports
for both years were unqualified but in the current year they drew
attention to the basis of preparation of the financial
statements.
The financial information set out in this announcement has been
prepared on a basis consistent with the accounting policies for
year ended 31 July 2014 which were substantially unchanged from the
year ended 31 July 2013 other than the accounting treatment for
Joint Ventures which has been changed to be in line with IAS 28
(Interests in Associates and Joint Ventures) and were disclosed in
the Annual Report and Accounts for that year.
2. Segment information
Management has determined the operating segments by considering
the business from both a geographic and operational perspective.
The Company currently considers there to be only one operational
class of business, interactive healthcare, although it is aware of
the significance of the Public Sector contract mentioned below
within this operational class. The Group's operations are in two
geographical segments, the United Kingdom and abroad. These
divisions are the business segments for which the Group reports its
segment information internally to the Board.
Management considers there to be one type of customer being
providers and/or users of healthcare products and services.
All inter-segment sales are transacted on an arm's length basis.
The results of each segment have been prepared using accounting
policies consistent with those of the Group as a whole.
Geographical Segments
UK Rest of Unallocated TOTAL
the World
2014 2013 2014 2013 2014 2013 2014 2013
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
--------------------- -------- -------- -------- -------- -------- -------- -------- --------
External
Revenue: 1,293 818 540 123 - - 1,833 941
--------------------- -------- -------- -------- -------- -------- -------- -------- --------
Total Revenues 1,293 818 540 123 - - 1,833 941
Operating
(loss): (1,425) (2,768) - - - - (1,425) (2,768)
Finance costs - - - - (11) (3) (11) (3)
Finance income - - - - - - - -
(Loss)/Profit
before taxation (1,425) (2,768) - - (11) (3) (1,436) (2,771)
Taxation - - - - - - - -
(Loss)/Profit
for the period
from continuing
operations (1,425) (2,768) - - (11) (3) (1,436) (2,771)
Assets 3,621 1,174 - - 122 469 3,743 1,643
Liabilities (3,324) (782) - - - - (3,324) (782)
Capital expenditure (105) (12) - - - - (105) (12)
Depreciation
& Amortisation (187) (2,171) - - - - (187) (2,171)
Share based
payments (11) (109) - - - - (11) (109)
--------------------- -------- -------- -------- -------- -------- -------- -------- --------
During the year under review, external revenue within the UK
segment includes revenue of GBP354,000 from a confidential Public
Sector contract.
3. Taxation
Tax charge
The tax charge for the period comprises:
2014 2013
GBP'000 GBP'000
Corporation tax - -
Deferred tax - -
-------- --------
- -
-------- --------
Factors Affecting Tax charge for the Current Year
The tax assessed for the year is higher than that resulting from
applying the standard rate of corporation tax (22%). The
differences are explained below:
2014 2013
% %
Standard rate of tax applying to profits
on ordinary activities before tax 22.33 23.67
----- -----
Effect of:
Expenses not deductible for tax purposes (2) -
Reversal of deferred tax assets previously
recognised - (13)
Tax losses not recognised (19) (9)
Capital allowances for period greater
than depreciation (1) (1)
Total tax charge/(credit) rate for the - -
year as a percentage of (loss)/profit
----- -----
Factors that may affect the future tax charge
Amounts of unprovided deferred tax assets are as follows:
2014 2013
Applicable tax rate 20% 20%
GBP'000 GBP'000
Trading losses and other losses 4,095 3,860
Capital losses 1,366 1,366
Depreciation in excess of capital
allowances 39 40
Fair value adjustments - (348)
5,500 4,918
-------- --------
On 22 June 2010 the Government announced its intention to
propose to Parliament a staggered reduction in the corporation tax
rate of 1% every year culminating in a rate of 24% for the tax year
2014/15. The 2011, 2012 and 2013 Budgets accelerated the reduction,
resulting in a rate of 24% from 1 April 2012 reducing to rate of
21% for the tax year 2014/15 and 20% for the tax year 2015/16.
4. Exceptional items
The Company acquired the business and assets of Step Success
Limited in November 2013 and of the Waterloo Health Clinic in
January 2014.
Step Success Limited brought an online activity monitoring
platform to the Group. The value of this acquisition has been
determined based on the estimated cost to develop the tool, the
value of the inherent intellectual property arising and the
investment needed to leverage the commercial opportunities which
were pre-existing at the date of acquisition. Step Success was
previously owned by two individuals who had invested significant
funds and effort to develop the platform. Ultrasis had previously
expressed an interest in the company but it was considered at that
time to be too expensive. Step Success approached Ultrasis with a
view to purchasing the contracts and business assets after it had
experienced some minor financial difficulties. Ultrasis concluded
the purchase at a much reduced cost and provided sufficient working
capital to ensure the business continued to trade.
Waterloo Health Clinic is a fully trading health clinic based in
central London providing travel health and general health
assessment medical facilities. A multiple of one times annual
turnover has been used to evaluate the inherent value of this
acquisition. This acquisition arose as the previous owners decided
to transfer the provision of all Occupational Health services to
other clinic locations, but were unable to complete this for their
London clinic. Ultrasis was approached to see if it could conclude
the transaction in very short order and hence the consideration was
minimal.
The Company has adopted IAS 28 (Interests in Associates and
Joint Ventures) during the period, and in so doing has now
accounted for its USA Joint Venture, U Squared Interactive, using
the equity method rather the proportionate consolidation method
which has been previously used. As a result of this it has been
necessary to reflect this change in both the current and prior year
figures, resulting in a prior year adjustment which has increased
the net assets of the Group in the prior year by GBP324,000. As a
result of this prior year adjustment the loss per share for the
prior year has reduced from 0.21p to 0.17p. It is impractical for
the Directors to determine the impact of this change on the Group
and Company's accounts prior to this
As part of the Board's annual review of the carrying value of
its intangible assets in the year ended 31 July 2013 the Directors
took the prudent view to write down the value of the licence
acquired with the acquisition of Healthstar in 2006 to the English
Speaking Consumer market incurring, non-cash, charges to the Income
Statement of GBP1,965,000. Recognising that market conditions have
changed, the Board is of the view that there is no immediate
prospect of realising revenue from exploitation of the assets and
accordingly, writing down their value is the prudent course to
take.
5. Loss per share
Pence per share
2014 2013
-------- --------
Basic loss per share (0.08) (0.17)
Diluted loss per share (0.08) (0.17)
The calculation of diluted loss per share assumes conversion of
all potentially dilutive ordinary shares, all of which arise from
share options. The calculations of the basic and diluted loss per
share are the same because exercising the share options would be
anti-dilutive.
The calculations of loss per share are based on the following
loss and numbers of shares:
Basic and diluted
2014 2013
GBP'000 GBP'000
Loss for the financial year (1,436) (2,771)
Number Number
of shares of shares
2014 2013
Weighted average number of shares
for basic earnings per share: 1,774,818,309 1,613,147,408
Contingently issuable shares 82,304,762 39,785,714
---------------- ----------------
Weighted average number of shares
for diluted earnings per share: 1,857,123,070 1,652,933,122
---------------- ----------------
6. Intangible assets
Retail Software BtB IP** Acquisition Business Total
product Develop-ment IP** of of Subsidiary*** Acquis-
rights Licence Getfit Ition
products ****
Group GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
Cost
At 1 August
2013 2,485 341 168 216 - - 3,210
Additions - - - - 932 800 1,732
Disposals - - - - - - -
--------- -------------- --------- ---------- ------------------ --------- --------
At 31 July
2014 2,485 341 168 216 932 800 4,942
--------- -------------- --------- ---------- ------------------ --------- --------
Amortisation
& Impairment
At 1 August
2013 2,485 64 40 40 - - 2,629
Charge
for year - 17 10 10 - 83 120
Disposals - - - - - - -
At 31 July
2014 2,485 81 50 50 - 83 2,749
Net book
value - 260 118 166 932 717 2,193
--------- -------------- --------- ---------- ------------------ --------- --------
** IP = Intellectual Property
*** Acquisition of Subsidiary - The Company acquired the entire
share capital of Screenetics UK Limited in October 2013 through a
cash and share acquisition.
**** Acquisition of Businesses - The Company acquired the
business and assets of Step Success Limited in November 2013 and of
the Waterloo Health Clinic in January 2014.
Step Success Limited brought an online activity monitoring
platform to the Group. The value of this acquisition has been
determined based on the estimated cost to develop the tool, the
value of the inherent intellectual property arising and the
investment needed to leverage the commercial opportunities which
were pre-existing at the date of acquisition. Step Success was
previously owned by two individuals who had invested significant
funds and effort to develop the platform. Ultrasis had previously
expressed an interest in the company but it was considered at that
time to be too expensive. Step Success approached Ultrasis with a
view to purchasing the contracts and business assets after it had
experienced some minor financial difficulties. Ultrasis concluded
the purchase at a much reduced cost and provided sufficient working
capital to ensure the business continued to trade.
Waterloo Health Clinic is a fully trading health clinic based in
central London providing travel health and general health
assessment medical facilities. A multiple of one times annual
turnover has been used to evaluate the inherent value of this
acquisition. This acquisition arose as the previous owners decided
to transfer the provision of all Occupational Health services to
other clinic locations, but were unable to complete this for their
London clinic. Ultrasis was approached to see if it could conclude
the transaction in very short order and hence the consideration was
minimal.
7. Annual Report and Accounts
Copies of the annual report and accounts for the year ended 31
July 2014 will be posted to shareholders tomorrow and will be
available from that date to download from the Company's website,
www.ultrasisplc.com.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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