Totally (AIM: TLY) said it has continued to trade strongly retaining a healthy cash position of around £10.2m as at 31 August 2020.
In a trading update, the healthcare service provider said it had been quick to respond to the pressures of the global pandemic and highlighted that it continues to adapt its approach to meet the needs of the NHS and other healthcare providers across the UK and Ireland.
Totally said two out of its three divisions have now started to remobilise following a slow period. The majority of services within its Planned Care division gradually reduced while insourcing business, Totally Healthcare ("THC"), saw all services paused in Spring 2020.
Despite this, the Company said its Urgent Care division has performed well during the period, responding to increases in demand, resulting in an increase in revenue.
Totally said its NHS 111 services division experienced significant increases in demand during the pandemic and has expanded accordingly ‘through the increased use of technology, to continue providing high quality patient consultations and care.’
The division is now preparing alongside the NHS for managing the winter period and any impact from COVID-19. As part of this it is engaging in the new 'Think 111' campaign, aimed at encouraging the use of 111 as a first port of call for anyone with symptoms of the virus.
Shares in Totally have risen sharply from lows of 9p in June to open higher at 19.75p this morning.
Some services for THC in Ireland have re-commenced as of June 2020 followed by further services in England during August. Totally said the business is ‘well-prepared’ across the UK and Ireland to reduce waiting lists, as restrictions around elective surgeries continue to lift.
The group added that THC is working closely with commissioners across the UK to mobilise insourcing services as local circumstances allow while services across the Planned Care division remain dependent on local commissioners and any updates to lockdown rules.
Whilst its divisions have all been impacted differently by COVID-19, Totally said it continues to provide the highest quality patient care ‘whilst standing shoulder to shoulder with the NHS.’
As at 31 August 2020 the company retains cash of c.£10.2m and holds no debt financing.
"The Group's preparation and planning for delivering services throughout the winter are well underway (as they always are at this time of the year) and the winter will likely bring
seasonal flu to add to the complexities of COVID-19,” said Chairman of Totally, Bob Holt. He added:
“Totally is well prepared for this and the services established over the last few months to specifically respond to COVID-19 remain in place and are ready to be mobilised as required.
Whilst the way we secure new business has changed, particularly given that new tenders are not currently available, we expect to continue growing and expanding, although revenues are unlikely to grow at previously anticipated rates.
The opportunities to expand existing services, provide new targeted services and work with new commissioners continue to present themselves, and we remain confident that Totally will continue to be a key partner for the NHS and other healthcare bodies across the UK."
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